Revenue volatility remains extreme, with the firm reporting a 95.7% year-over-year decline in 2026Q1 as collaboration payments dried up, leading to a persistent negative operating margin of -48.3%.
| Sales/Revenue | 5.74M | 25.42M | 210.78M | 129.01M | 0 | 0 | 0 | 0 |
| Revenue Growth % | -96.67% | -87.94% | 63.38% | - | - | - | - | - |
| Cost of Goods Sold | 40.05M | 4.1M | 0 | 0 | 0 | 0 | 326K | 104K |
| COGS % of Revenue | - | 16.11% | - | - | - | - | - | - |
| Gross Profit | -34.31M | 21.32M | 210.78M | 129.01M | 0 | 0 | -326K | -104K |
| Gross Margin % | -598.01% | 83.89% | 100% | 100% | - | - | - | - |
| Gross Profit Growth % | - | -89.88% | 63.38% | - | - | 100% | -213.46% | - |
| Operating Expenses | 144.1M | 177.32M | 163.77M | 132.18M | 97.25M | 51.13M | 26.34M | 11.82M |
| OpEx % of Revenue | - | 697.55% | 77.7% | 102.45% | - | - | - | - |
| Selling, General & Admin | 40.9M | 41.05M | 38.47M | 32.29M | 30.64M | 15.2M | 5.24M | 3.61M |
| SG&A % of Revenue | - | 161.48% | 18.25% | 25.03% | - | - | - | - |
| Research & Development | 143.25M | 142.27M | 125.31M | 99.88M | 66.61M | 35.93M | 21.1M | 8.22M |
| R&D % of Revenue | - | 559.65% | 59.45% | 77.42% | - | - | - | - |
| Other Operating Expenses | -2.69M | -6M | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -178.41M | -156M | 47.01M | -3.16M | -97.25M | -51.13M | -26.67M | -11.82M |
| Operating Margin % | -3109.29% | -613.66% | 22.3% | -2.45% | - | - | - | - |
| Operating Income Growth % | - | -431.83% | 1586.75% | 96.75% | -90.21% | -91.72% | -125.53% | - |
| EBITDA | -178.13M | -155.57M | 50.78M | -321K | -95.35M | -50.01M | -26.34M | -11.72M |
| EBITDA Margin % | -3104.34% | -611.99% | 24.09% | -0.25% | - | - | - | - |
| EBITDA Growth % | -2356.77% | -406.34% | 15920.56% | 99.66% | -90.67% | -89.86% | -124.75% | - |
| D&A (Non-Cash Add-back) | 284K | 425K | 3.77M | 2.84M | 1.9M | 1.12M | 326K | 104K |
| EBIT | -171.7M | -142.83M | 47.01M | -3.16M | -97.25M | -51.13M | -26.52M | -11.82M |
| Net Interest Income | 3.92M | 0 | 19.47M | 15.22M | 0 | 0 | 0 | 0 |
| Interest Income | 3.92M | 0 | 19.47M | 15.22M | 2.63M | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 2.63M | 0 | 0 | 0 |
| Other Income/Expense | 13.26M | 13.17M | 19.47M | 15.22M | 2.63M | -31K | 144K | 6.72M |
| Pretax Income | -165.16M | -142.83M | 66.48M | 12.06M | -94.62M | -51.16M | -26.52M | -5.1M |
| Pretax Margin % | -2878.29% | -561.84% | 31.54% | 9.34% | - | - | - | - |
| Income Tax | 962K | 924K | 859K | 18.74M | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | -0.58% | -0.65% | 1.29% | 155.45% | 0% | 0% | 0% | 0% |
| Net Income | -166.12M | -143.75M | 65.63M | -6.68M | -94.62M | -51.16M | -26.52M | -4.65M |
| Net Margin % | -2895.05% | -565.48% | 31.13% | -5.18% | - | - | - | - |
| Net Income Growth % | -770.34% | -319.04% | 1081.69% | 92.93% | -84.95% | -92.88% | -470.51% | - |
| Net Income (Continuing) | -166.12M | -143.75M | 65.63M | -6.68M | -94.62M | -51.16M | -26.52M | -5.1M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -3.97 | -3.47 | 1.68 | -0.20 | -2.79 | -1.60 | -0.84 | -4.44 |
| EPS Growth % | -596.09% | -306.55% | 940% | 92.83% | -74.38% | -90.48% | 81.08% | - |
| EPS (Basic) | - | -3.47 | 1.76 | -0.20 | -2.79 | -1.60 | -0.84 | -4.44 |
| Diluted Shares Outstanding | 41.84M | 41.37M | 39M | 33.05M | 31.29M | 31.22M | 31.25M | 1.05M |
| Basic Shares Outstanding | 41.84M | 41.37M | 37.31M | 33.05M | 31.29M | 31.22M | 31.25M | 1.05M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Clinical milestone dependency
As evidenced by the 87.94% year-over-year revenue decline reported in recent filings, Entrada's top-line trajectory is entirely dictated by the episodic nature of collaboration milestone payments rather than recurring commercial product sales, creating significant quarter-to-quarter variability that complicates traditional growth forecasting for the firm.
The revenue profile is highly sensitive to the timing of research milestones under the Vertex partnership, which obscures the underlying operational progress of the EEV platform. Investors should interpret these fluctuations as a reflection of accounting recognition schedules rather than a genuine deceleration in the company's research and development momentum.
Based on the reported financial statements, Entrada maintains a rigid cost structure dominated by research and development expenses, which consistently exceed $30 million per quarter, effectively consuming the entirety of collaboration-derived revenue and driving the company's persistent negative operating margins observed over the last several periods.
The company's expense discipline appears focused on clinical trial execution, with SG&A remaining relatively stable while R&D costs scale to support pipeline advancement. This structure suggests that the firm is prioritizing long-term asset development over near-term profitability, leaving the income statement highly vulnerable to any delays in clinical trial enrollment or regulatory setbacks.
According to the provided income statement data, the quality of reported earnings is heavily influenced by the non-recurring nature of collaboration revenue, which, when combined with significant stock-based compensation expenses, suggests that the net income figures are not indicative of the company's underlying cash-generating capability.
The reliance on ASC 606 revenue recognition means that reported figures often decouple from actual cash inflows, potentially misleading investors regarding the firm's true liquidity position. Analysts should focus on the burn rate and the remaining deferred revenue balance to better assess the sustainability of the current operating model.
While the EEV platform offers a theoretical advantage in intracellular delivery, the income statement reveals a precarious reliance on external funding, as the company's inability to generate consistent operating income suggests that the market may be overestimating the speed at which these preclinical assets can reach commercialization.
Short-term margin compression and the lack of a diversified revenue base present a significant risk if clinical readouts fail to meet expectations. The current valuation appears to hinge on the assumption of future milestone payments, which may not materialize if the lead programs encounter the same regulatory hurdles that have historically plagued similar oligonucleotide-based therapies.
Quick answers to the most common questions about buying TRDA stock.
For fiscal year 2025, Entrada Therapeutics, Inc. (TRDA) reported total revenue of $25.4M.
Entrada Therapeutics, Inc. (TRDA) reported a net loss of $143.8M for the fiscal year ending 2025.
Entrada Therapeutics, Inc. (TRDA) reported an operating income of $-156.0M, resulting in an operating profit margin of -613.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Entrada Therapeutics, Inc. (TRDA) generated $21.3M in gross profit for the year, representing a gross profit margin of 83.9%. This demonstrates the company's core pricing power and production efficiency.