Transcode Therapeutics, Inc. RNAZ
TransCode is a clinical-stage company pioneering immuno-oncology and RNA therapeutics for treatment of high risk and advanced cancers. Our lead therapeutic product candidate is TTX-MC138, an antisense inhibitor of an oncogenic microRNA. TTX-MC138 has recently completed a Phase 1a clinical trial. In addition to other RNA-targeted product candidates, we are conducting research and development of a cancer vaccine product candidate and an oncolytic immunotherapy platform.
Polynoma Acquisition. On October 8, 2025, we entered into a Membership Interest Purchase Agreement (the "Purchase Agreement") with DEFJ, LLC, a Delaware limited liability company, ("DEFJ") pursuant to which we acquired 100% of the issued and outstanding membership interests of ABCJ, LLC, a Delaware limited liability company, ("ABCJ") (such transaction, the "Acquisition"). In the Acquisition, we issued 1,152.9568 shares of our Series A Non-Voting Convertible Preferred Stock (the "Series A Preferred Stock") to DEFJ. Each share of Series A Preferred Stock is convertible into 10,000 shares of common stock. Prior to the Acquisition, ABCJ was a wholly owned subsidiary of DEFJ and an indirect wholly owned subsidiary of CK Life Sciences Int'l., (Holdings) Inc., a listed entity on the Main Board of the Hong Kong Stock Exchange.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| R&D | $13.4M | $9.7M | $12.3M | $10.2M | $2.8M | $284.5K | — |
| SG&A | $5.8M | $6.0M | $7.2M | $8.4M | $3.4M | $442.1K | — |
| Total operating expenses | $28.0M | $15.7M | $19.4M | $18.6M | $6.2M | $726.6K | — |
| Operating income | -$28.0M | -$15.7M | -$19.4M | -$18.6M | -$6.2M | -$726.6K | — |
| Interest expense | $6.6K | $26.8K | $55.9K | $32.0K | $95.1K | $394.6K | — |
| Pre-tax income | -$34.4M | -$16.8M | -$18.5M | -$17.6M | -$6.8M | -$2.3M | — |
| Income tax | $226.1K | $0 | $0 | $0 | $53.1K | $0 | — |
| Net income | -$34.7M | -$16.8M | -$18.5M | -$17.6M | -$6.8M | -$2.3M | — |
| EPS, basic | -52.59 | -1,336.63 | -3,419.01 | -1,082.79 | -0.81 | -0.51 | — |
| EPS, diluted | -52.59 | -1,336.63 | -3,419.01 | -1,082.79 | -0.81 | -0.51 | — |
| Shares, diluted (wtd. avg.) | $689.7K | $12.6K | $5.4K | $16.2K | $8.4M | $4.6M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Cash and equivalents | $17.8M | $5.8M | $2.8M | $5.0M | $20.8M | $828.0K | $204.5K |
| Total current assets | $22.0M | $7.1M | $4.5M | $7.4M | $22.7M | $831.2K | — |
| Property, plant and equipment | $370.7K | $51.6K | $120.7K | $208.6K | $206.3K | — | — |
| Goodwill | $25.7M | — | — | — | — | — | — |
| Other intangibles | $114.3M | — | — | — | — | — | — |
| Total assets | $162.4M | $7.3M | $5.2M | $7.6M | $22.9M | $1.1M | — |
| Accounts payable | $3.5M | $2.7M | $3.1M | $4.3M | $2.5M | $369.2K | — |
| Total current liabilities | $3.5M | $2.8M | $3.5M | $4.3M | $2.5M | $404.9K | — |
| Total liabilities | $10.5M | $9.3M | $3.5M | $4.3M | $2.5M | $4.5M | — |
| Retained earnings | -$97.9M | -$63.2M | -$46.4M | -$27.9M | -$10.3M | -$3.5M | — |
| Total equity | $10.3M | -$2.0M | $1.6M | $3.2M | $20.4M | -$3.4M | -$1.1M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -$19.5M | -$13.3M | -$18.1M | -$15.8M | -$5.3M | -$493.0K | — |
| Depreciation and amortisation | $76.4K | $90.9K | $123.5K | $98.6K | $42.5K | $0 | — |
| Stock-based compensation | $485.4K | $1.7M | $1.0M | $395.3K | $186.0K | $45.4K | — |
| Capital expenditure | $6.7K | $21.8K | $35.6K | $100.9K | $254.8K | — | — |
| Investing cash flow | -$4.4K | -$21.8K | -$35.6K | -$100.9K | -$251.8K | — | — |
| Financing cash flow | $31.5M | $16.4M | $15.9M | $6.0K | $25.5M | $1.1M | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-052941.
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