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Collaboration and License Agreements | 3 Months Ended
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Mar. 31, 2025
Revenue from Contract with Customer [Abstract] |
Collaboration and License Agreements | Collaboration and License Agreements Vertex Agreement T he Company and Vertex closed their Strategic Collaboration and License Agreement in February 2023, as amended in October 2023 (the "Vertex Agreement"), pursuant to which the Company granted Vertex an exclusive worldwide license to research, develop, manufacture and commercialize VX-670, the Company’s intracellular EEV-based therapeutic candidate for the treatment of myotonic dystrophy type 1 ("DM1"), as well as any additional EEV-based therapeutic candidates that may be identified by the Company for the potential treatment of DM1 in the course of the parties’ global research collaboration. The Vertex Agreement provides for a four-year global research collaboration under which Entrada will continue to perform preclinical development of the Company's partnered candidate VX-670, as well as work on additional EEV-based therapeutic candidates f or the potential treatment of DM1 (the "Research Plan"). Vertex is obligated to reimburse the Company’s research expenses incurred in performing activities under the Research Plan. The Company determined that the Vertex Agreement contains two performance obligations: (1) the combination of the exclusive license and the performance of the research activities for VX-670 (“Performance Obligation One”) and (2) research activities performed on additional EEV-based therapeutic candidates for the potential treatment of DM1 (“Performance Obligation Two”). During the three months ended March 31, 2025, the Company recognized $20.6 million in revenue under the Vertex Agreement, including $1.6 million of cost reimbursements and $18.9 million from amounts that were recorded in deferred revenue as of December 31, 2024. In connection with nearing completion of its research activities for VX-670 under the Research Plan, the Company revised its forecasted costs for Performance Obligation One. Accordingly, the Company recorded a cumulative catch-up adjustment of $12.3 million during the three months ended March 31, 2025. During the three months ended March 31, 2024, the Company recognized $58.1 million of revenue under the Vertex Agreement, including $2.0 million of cost reimbursements, $38.7 million related to a cumulative catch-up adjustment for the clinical advancement milestone achieved in the first quarter of 2024 and $17.4 million from amounts recorded in deferred revenue as of December 31, 2023. The aggregate amount of the transaction price allocated to the Company’s unsatisfied performance obligations recorded in deferred revenue at March 31, 2025 is $1.7 million. The Company will recognize the deferred revenue related to the research and development services based on a cost input method, over the remaining term of the Research Plan.

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- Definition The entire disclosure for collaborative arrangements in which the entity is a participant, including a) information about the nature and purpose of such arrangements; b) its rights and obligations thereunder; c) the accounting policy for collaborative arrangements; and d) the income statement classification and amounts attributable to transactions arising from the collaborative arrangement between participants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -SubTopic 10 -Topic 808 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479402/808-10-50-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b) -SubTopic 10 -Topic 808 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479402/808-10-50-1 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 808 -Publisher FASB -URI https://asc.fasb.org/808/tableOfContent + Details
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