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RNAZ

TransCode Therapeutics, Inc.

RNAZ

TransCode Therapeutics, Inc. • NASDAQ
$9.29 ▲ 0.87% (+0.08)
Market Cap $8.52 M
52w High $468.44
52w Low $6.15
Dividend Yield 0%
P/E -0.04
Volume 1.21K
Outstanding Shares 916.88K

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $0 $4.556M ▲ $-4.856M ▼ 0% $-5.825K ▼ $-4.845M ▼
Q2-2025 $0 $4.221M ▲ $-4.277M ▲ 0% $-5.13 ▲ $-4.263M ▲
Q1-2025 $0 $3.12M ▼ $-12.085M ▼ 0% $-70.28 ▼ $-12.034M ▼
Q4-2024 $0 $5.092M ▲ $-5.916M ▼ 0% $-16.61 ▼ $-5.791M ▼
Q3-2024 $0 $2.038M $-2.321M 0% $15.34 $-2.183M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $2.836B ▲ $5.227B ▲ $3.801B ▲ $1.426B ▲
Q2-2025 $7.375M ▼ $8.266M ▼ $2.119M ▼ $6.148M ▼
Q1-2025 $11.569M ▲ $13.194M ▲ $2.902M ▼ $10.293M ▲
Q4-2024 $5.811M ▲ $7.294M ▲ $9.313M ▲ $-2.019M ▼
Q3-2024 $1.876M $3.936M $2.284M $1.652M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-4.856M ▼ $-4.083M ▲ $0 $-455.726K ▼ $-4.539M ▼ $-4.083M ▲
Q2-2025 $-4.277M ▲ $-4.194M ▼ $0 $0 ▼ $-4.194M ▼ $-4.194M ▼
Q1-2025 $-12.085M ▼ $-3.097M ▲ $0 ▲ $8.855M ▲ $5.758M ▲ $-3.097M ▲
Q4-2024 $-5.916M ▼ $-3.146M ▲ $-500 ▲ $7.082M ▲ $3.935M ▲ $-3.147M ▲
Q3-2024 $-2.321M $-3.913M $-12.87K $2.447M $-1.479M $-3.925M

Five-Year Company Overview

Income Statement

Income Statement TransCode is a classic early‑stage biotech: it has essentially no product revenue yet and has been running consistent operating losses each year. The losses appear modest in absolute dollars but very large on a per‑share basis because of repeated reverse stock splits. Spending is mainly research, development, and overhead rather than cost of goods, since there is nothing commercialized. At this stage, the income statement mainly tells you that the company is in a long investment phase, dependent on future trial success or partnerships before it can move toward meaningful sales.

Balance Sheet

Balance Sheet The balance sheet is very thin. Assets are small and mostly cash, with no meaningful property or equipment base, which is typical for a platform biotech that outsources a lot of work. There is essentially no debt, which reduces financial leverage risk but also reflects limited borrowing capacity. Equity is very small as well, signaling that prior losses have largely consumed shareholders’ capital. Overall, the company looks financially fragile and likely reliant on future capital raises to fund operations and trials.

Cash Flow

Cash Flow Cash is consistently flowing out of the business from operating activities, reflecting ongoing R&D and corporate costs without offsetting revenue. Capital spending is negligible, so free cash flow is basically the same as operating cash flow and is firmly negative. This pattern is normal for development‑stage biotech but underlines that the company will periodically need new funding, probably through equity or partnerships, to keep its trials and platform work going.

Competitive Edge

Competitive Edge TransCode is trying to carve out a specialized niche in RNA‑based oncology, focused on metastatic cancer and powered by its TTX nanoparticle delivery platform. The technology aims to solve a hard problem in RNA therapy: getting the drug into tumors effectively and safely, with built‑in imaging to track delivery. That gives it a differentiated scientific story and potential moat via intellectual property and platform versatility. However, the company is very small and early compared with much larger RNA players and oncology companies, so it faces intense competition for talent, partners, and attention. Its position will depend heavily on whether clinical data convincingly show that TTX works better or differently than existing delivery systems.

Innovation and R&D

Innovation and R&D Innovation is the clear strength here. The TTX platform is designed to carry different types of RNA payloads into tumors and even allow real‑time imaging of where the therapy goes, which is quite distinctive. The lead program targets a key driver of metastasis, while the preclinical pipeline spans immune modulation, checkpoint inhibition, CRISPR‑based gene editing, and mRNA approaches. This platform angle creates many potential shots on goal from one core technology. The flip side is that everything is still at an early stage: the lead candidate is in an initial safety trial, and the rest are preclinical, so technical and clinical risk is high and timelines are long.

Summary

TransCode is an early, high‑risk biotech with an ambitious RNA delivery platform and a focus on metastatic cancer, an area of major unmet need. Financially, it is pre‑revenue, runs recurring losses, has a very small capital base, and burns cash, implying ongoing dependence on external financing and potential dilution, echoed by its history of repeated reverse splits. Scientifically, it offers a differentiated theranostic delivery technology and a broad, flexible pipeline, but all of this is still largely unproven in humans. The company’s future will be shaped primarily by the results of its Phase 1 trial for the lead asset and its ability to secure partnerships or funding to advance the broader platform, with considerable uncertainty around both outcomes and timing.

NEWS

November 17, 2025 · 8:01 AM UTC

TransCode Therapeutics Expands Executive Team with Appointment of Dr. Michel Janicot as Senior Development Officer

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October 14, 2025 · 8:06 AM UTC

TransCode Therapeutics presents preliminary data from its completed Phase 1a study with TTX-MC138 in metastatic disease at ESMO

Read more