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entrada THERAPEUTICS Entrada Therapeutics Reports Third Quarter 2021 Financial Results December 9 , 2021 Successful completion of upsized $ 208.7 million Initial Public Offering BOSTON , Dec. 09 , 2021 ( GLOBE NEWSWIRE ) -- Entrada Therapeutics , Inc. ( Nasdaq : TRDA ) , a biopharmaceutical company aiming to transform the lives of patients by establishing intracellular Endosomal Escape Vehicle ( EEVTM ) therapeutics as a new class of medicines , today reported financial results for the third quarter ended September 30 , 2021 and highlighted recent business updates . " This quarter has been transformational for Entrada as we made meaningful progress across all areas of our business , including the advancement of our pipeline of EEV therapeutic candidates , " said Dipal Doshi , President and Chief Executive Officer of Entrada Therapeutics . " The successful close of our upsized initial public offering in November has placed us in a strong financial position to advance our lead neuromuscular candidate , ENTR - 601-44 , for patients with DMD who are exon 44 skipping amenable , through initial clinical data . The financing also enables us to move our second program , an EEV - PMO for patients with DM1 , into clinical development as well as advance additional pipeline assets from our proprietary EEV platform . " In November , Entrada completed an upsized Initial Public Offering ( IPO ) raising $ 208.7 million in gross proceeds . The Company closed its IPO , issuing a total of 10,436,250 shares of Entrada's common stock , which included the exercise in full by the underwriters of their option to purchase an additional 1,361,250 shares of common stock , at a public offering price of $ 20.00 per share . The net proceeds after deducting underwriting discounts , commissions and other estimated offering expenses were approximately $ 190.9 million . Third Quarter 2021 Financial Results Cash Position : As of September 30 , 2021 , cash and cash equivalents were $ 122.2 million . This amount does not include net proceeds from the November 2021 closing of the Company's IPO , which raised approximately $ 190.9 million , after deducting underwriting discounts , commissions and other estimated offering costs . Research & Development ( R & D ) Expenses : R & D expenses for the third quarter of 2021 were $ 10.5 million as compared to $ 5.7 million for the same period in 2020. This increase was primarily due to additional investment in preclinical studies to support future clinical trials , and higher personnel costs ( including non - cash stock - based compensation ) . General & Administrative ( G & A ) Expenses : G & A expenses for the third quarter of 2021 were $ 3.9 million as compared to $ 1.3 million for the same period in 2020. This increase was primarily due to higher personnel costs ( including non - cash stock - based compensation ) , legal and other professional fees , and facilities costs . Net Loss : Net loss for the third quarter of 2021 was $ 14.4 million , compared to $ 7.0 million for the third quarter of 2020 . About Entrada Therapeutics Entrada Therapeutics is a biopharmaceutical company aiming to transform the lives of patients by establishing a new class of medicines , Endosomal Escape Vehicles ( EEVTM ) therapeutics , to engage intracellular targets that have long been considered inaccessible and undruggable . The Company's EEV therapeutics are designed to enable the efficient intracellular delivery of a wide range of therapeutics into a variety of organs and tissues with an improved therapeutic index . Through its proprietary , highly versatile and modular EEV Platform , Entrada is building a robust development portfolio of oligonucleotide- , antibody- and enzyme - based programs for the potential treatment of neuromuscular diseases , immunology , oncology and diseases of the central nervous system . The Company's lead oligonucleotide programs include ENTR - 601-44 targeting Duchenne muscular dystrophy ( DMD ) , and a follow - on program targeting myotonic dystrophy type 1 ( DM1 ) . For more information about Entrada , please visit our website , www.entradatx.com , and follow us on Twitter and LinkedIn . Forward - Looking Statements This press release contains forward - looking statements that involve substantial risks and uncertainties . All statements , other than statements of historical facts , contained in this press release , including statements regarding Entrada's strategy , future operations , prospects and plans , objectives of management , the potential of the EEV platform and the establishment of EEV therapeutics as a new class of medicines , the advancement of ENTR - 601-44 through initial clinical data , the movement of an EEV - PMO candidate for the treatment of DM1 into clinical development , the potential therapeutic benefits of its EEV candidates and the sufficiency of its cash resources , constitute forward - looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. The words " anticipate , ” “ believe , ” “ continue , ” “ could , ” “ estimate , " " expect , " " intend , ” “ may , ” “ might , ” " objective , " " ongoing , ” “ plan , ” “ predict , ” “ project , ” “ potential , " " should , " or " would , " or the negative of these terms , or other comparable terminology are intended to identify forward - looking statements , although not all forward - looking statements contain these identifying words . Entrada may not actually achieve the plans , intentions or expectations disclosed in these forward - looking statements , and you should not place undue reliance on these forward - looking statements . Actual results or events could differ materially from the plans , intentions and expectations disclosed in these forward- looking statements as a result of various important factors , including : uncertainties inherent in the identification and development of product candidates , including the conduct of research activities and the initiation and completion of preclinical studies and clinical trials ; uncertainties as to the availability and timing of results from preclinical studies ; the timing of and Entrada's ability to submit and obtain regulatory clearance for investigational new drug applications and initiate clinical trials ; whether results from preclinical studies will be predictive of the results of later preclinical studies and clinical trials ; whether Entrada's cash resources will be sufficient to fund the Company's foreseeable and unforeseeable operating expenses and capital expenditure requirements ; uncertainties associated with the impact of the COVID - 19 pandemic on Entrada's business and operations ; as well