Persistent cash burn is evident in the 2026Q1 free cash flow deficit of $41.7 million, highlighting a structural reliance on external funding to support ongoing research activities.
| Cash from Operations | -131.7M | -128.51M | -41.56M | 139.8M | -93.79M | -50.86M | -25.57M | -10.8M |
| Operating CF Margin % | - | -505.53% | -19.72% | 108.36% | - | - | - | - |
| Operating CF Growth % | -200.88% | -209.24% | -129.73% | 249.07% | -84.39% | -98.91% | -136.74% | - |
| Net Income | -166.12M | -143.75M | 65.63M | -6.68M | -94.62M | -51.16M | -26.52M | -5.1M |
| Depreciation & Amortization | 254K | 425K | 3.77M | 2.84M | 1.9M | 1.12M | 326K | 104K |
| Stock-Based Compensation | 9.41M | 19.61M | 17.91M | 13.11M | 9.89M | 2.53M | 325K | 294K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 10.68M | 0 | -10.02M | -5.78M | 151K | 74K | 20K | -6.27M |
| Working Capital Changes | 14.08M | -4.8M | -118.85M | 136.31M | -11.11M | -3.42M | 282K | 174K |
| Change in Receivables | 1.26M | 2.5M | 2.2M | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 752K | -1.8M | 991K | -2.81M | 5.29M | -715K | 631K | 367K |
| Cash from Investing | 139.01M | 116.81M | -27.8M | -138.4M | -148.65M | -4.58M | -2.32M | -630K |
| Capital Expenditures | 59K | -1.04M | -3.16M | -5.61M | -2.89M | -4.58M | -2.32M | -630K |
| CapEx % of Revenue | 1.03% | 4.09% | 1.5% | 4.35% | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 637K | 887K | 102.96M | 21.04M | 479K | 307.46M | 50.09M | 38K |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 637K | 887K | 99.61M | 19.41M | 479K | 306.52M | 49.84M | 38K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | 0 | 3.36M | 1.63M | 0 | 939K | 247K | 0 |
| Net Change in Cash | 7.95M | -10.82M | 33.61M | 22.45M | -245.91M | 252.02M | 22.2M | 16.84M |
| Free Cash Flow | -131.64M | -129.55M | -44.72M | 134.19M | -96.67M | -55.44M | -27.89M | -11.43M |
| FCF Margin % | -2294.2% | -509.63% | -21.21% | 104.01% | - | - | - | - |
| FCF Growth % | -126.93% | -189.73% | -133.32% | 238.81% | -74.37% | -98.8% | -143.97% | - |
| FCF per Share | -3.15 | -3.13 | -1.15 | 4.06 | -3.09 | -1.78 | -0.89 | -10.91 |
| FCF Conversion (FCF/Net Income) | 0.79x | 0.89x | -0.63x | -20.91x | 0.99x | 0.99x | 0.96x | 2.32x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 4.62M | 14.72M | 0 | 0 | 0 | 0 |
Clinical milestone funding dependency
As reported in financial statements, the relationship between net income and operating cash flow is highly erratic, with OCF/NI ratios swinging from -27.94 in 2024Q4 to 2.22 in 2025Q1, illustrating that accounting earnings provide little insight into the company's actual cash-generating capacity.
The extreme divergence between net income and operating cash flow suggests that non-cash items and milestone-driven revenue recognition significantly distort the bottom line. Investors should monitor this disconnect, as it implies that reported earnings are largely decoupled from the underlying cash burn required to sustain the EEV platform development.
Based on recent SEC filings, Entrada's free cash flow trajectory remains consistently negative, with quarterly outflows reaching as high as $41.7 million in 2026Q1, highlighting a structural reliance on external capital to fund ongoing research and development activities without any offsetting commercial product revenue.
The negative FCF margins, which reached -192.9% in 2025Q1, underscore the capital-intensive nature of the company's current clinical-stage operations. This trend suggests that the firm is in a high-burn phase where cash preservation is likely the primary constraint on pipeline expansion and long-term strategic flexibility.
According to the provided cash flow data, working capital changes have been highly volatile, including a $35.9 million outflow in 2024Q4 followed by a $10.2 million inflow in 2025Q3, reflecting the episodic nature of milestone-based collaboration payments and the timing of research-related liabilities.
These fluctuations suggest that the company's liquidity position is highly sensitive to the timing of partner payments and operational expenditures. Such variability warrants further investigation into the predictability of future cash inflows, as the current working capital cycle appears to be driven more by accounting milestones than operational efficiency.
Based on reported figures, stock-based compensation has remained a consistent feature of the cash flow statement, averaging approximately $4.5 million per quarter, which effectively masks the true economic cost of talent acquisition required to maintain the company's competitive position in the Boston biotech hub.
While SBC is a non-cash expense, its persistence suggests that the company's actual operational burn is higher than the headline cash flow figures might imply. Investors should consider these costs as a form of ongoing dilution that is necessary to retain the specialized expertise required for the EEV platform's success.
Quick answers to the most common questions about buying TRDA stock.
Entrada Therapeutics, Inc. (TRDA) generated $-128.5M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Entrada Therapeutics, Inc. (TRDA) reported negative free cash flow of $129.6M in 2025, indicating capital requirements exceeded cash from operations.
Entrada Therapeutics, Inc. (TRDA) spent $1.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.