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.) | 689,713 | 12,558 | 5,424 | 16,222 | 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.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|
| Revenue | — | — | — | — | — | — | — |
| Gross profit | — | — | — | — | — | — | — |
| Net income | — | -$2.3M | -$6.8M | -$17.6M | -$18.5M | -$16.8M | -$34.7M |
Recent filings and events
- Shareholder rights changed The terms attaching to the shares themselves have changed. Item 3.03
- Charter or fiscal year changed A change to the company's governing documents, or to when its year ends. Item 5.03
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Shareholder rights changed Item 3.03
- Charter or fiscal year changed Item 5.03
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Other event Item 8.01
- Director nominations Dates and mechanics for shareholders proposing directors. Item 5.08
- Delisting notice The exchange has told the company it no longer meets the rules for staying listed - usually price, market cap, or filings that are late. Item 3.01
- Delisting notice Item 3.01
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
Others in SIC 2834
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| LLY | ELI LILLY & Co | $1.20T | 55.5x | 44.7% |
| JNJ | JOHNSON & JOHNSON | $635.76B | 23.9x | 6.0% |
| ABBV | AbbVie Inc. | $504.76B | 121.0x | 8.6% |
| MRK | Merck & Co., Inc. | $358.41B | 20.0x | 1.3% |
| ABT | ABBOTT LABORATORIES | $180.63B | 27.9x | 5.7% |
| PFE | PFIZER INC | $171.16B | 22.1x | -1.6% |
| VRTX | VERTEX PHARMACEUTICALS INC / MA | $132.80B | 34.2x | 8.9% |
| BMY | BRISTOL MYERS SQUIBB CO | $125.59B | 17.8x | -0.2% |