Transcode Therapeutics, Inc.

Listed Company

RNAZCIK 0001829635NasdaqEmerging GrowthPharmaceutical PreparationsDelawareFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$-34.66M

Total Assets

—

Equity

—

Shares Out

950.3K

Op. Cash Flow

$-19.52M

Business

Transcode Therapeutics, Inc. is an RNA oncology company that designs and delivers RNA therapeutics to tumors and metastatic sites using its proprietary TTX drug design engine. It develops therapeutic candidates including TTX-MC138 (an antisense oligonucleotide targeting miR-10b), TTX-siPDL1 (an siRNA modulating PD-L1), TTX-RIGA (a RIG‑I agonist) and TTX‑siMYC, and supports radiolabeled and other payload formats. Its activities span discovery, preclinical studies and early clinical trials as distinct programmatic efforts. The company conducts clinical development primarily in the United States and leverages academic collaborations, contract manufacturers and global licensing and commercialization channels.

Summary from filing dated 2025-04-15

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Research and development	13	10	12	10	3
General and administrative expenses	6	6	7	8	3
Acquisition-related transaction costs	9	—	—	—	—
Total general and administrative	15	6	—	—	—
Total operating expenses	28	16	19	19	6
Operating loss	−28	−16	−19	−19	−6
Change in fair value of warrant liabilities	−9	−938,690	—	—	−6,109
Change in fair value of contingent consideration	2	—	—	—	—
PIPE warrant Issuance Costs	—	−596,957	—	—	—
Grant income	1	524,064	923,035	1	278,333
Gain on sale of equipment	—	500	—	—	−3,082
Currency exchange gain (loss)	−112,065	−57,062	—	—	—
Interest income	79,198	684	5,285	20,410	664
Interest expense	−6,616	−26,813	—	—	—
Total other income (expense)	−6	−1	872,421	1	−692,264
Loss before income taxes	−34	−17	—	—	—
Deferred income tax provision	−226,068	—	—	—	—
Net Loss	−35	−17	−19	−18	−7
Deemed dividend arising from warrant modification	—	−30,601	—	—	—
Accrual of paid-in-kind dividends on Series A Non-Voting Convertible Preferred Stock	−2	—	—	—	—
Net loss attributable to common stockholders	−36	−17	−19	—	—
Net loss attributable to common stockholders, diluted	−36	−17	−19	—	—
Weighted-average common shares outstanding, Basic	689,713	12,558	5,424	16,222	8
Weighted-average common shares outstanding, Diluted	689,713	12,558	5,424	16,222	8
Net loss per share, Basic	−52.59	−1,337	−3,419	−1,083	−0.81
Net loss per share, Diluted	−52.59	−1,337	−3,419	−1,083	−0.81

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash	18	6	3	5	21
Grant receivable	952,460	0	—	360,229	—
Reimbursement right	2	—	—	—	—
Due from related party	638	—	—	—	—
Prepaid expenses and other current assets	919,440	1	2	2	2
Total current assets	22	7	4	7	23
Property and equipment, net of depreciation	370,681	51,574	120,707	208,581	206,268
Goodwill	26	—	—	—	—
In-process research and development, carrying value	114	—	—	—	—
Right-of-use asset, net of amortization	—	37,731	481,694	—	—
Security deposit	—	111,856	111,856	—	—
Total assets	162	7	5	8	23
Accounts payable and accrued expenses	3	3	3	4	3
Deferred grant income	0	25,408	27,057	0	30,528
Short-term lease liability	—	38,291	412,280	—	—
Total current liabilities	3	3	3	4	3
Contingent Consideration	6	—	—	—	—
Deferred tax liability	226,068	—	—	—	—
Long-term liabilities	7	7	38,291	—	—
Total liabilities	11	9	4	4	3
Commitments and contingencies	—	—	—	—	—
Common stock - $0.0001 par value, 290,000,000 shares authorized at December 31, 2025 and 2024; 916,968 and 36,753 shares issued and outstanding at December 31, 2025 and 2024, respectively	92	4	2	2	1,291
Additional paid-in capital	108	61	48	31	31
Accumulated deficit	−98	−63	−46	−28	−10
Total stockholders' equity (deficit)	10	−2	2	3	20
Total liabilities, Series A Non-Voting Convertible Preferred Stock and stockholders' equity (deficit)	162	7	5	8	23

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net loss	−35	−17	−19	−18	−7
Depreciation	76,446	90,894	123,483	98,606	42,470
Amortization of right-of-use asset	37,731	443,963	393,263	—	—
Non-cash transaction costs	7	—	—	—	—
Share-based compensation expense	485,428	2	1	395,329	185,996
Due from related parties	−638	—	—	—	—
Prepaid expenses and other current assets	477,261	405,573	362,912	−144,444	−2
Accounts payable and accrued expenses	216,541	−343,123	−1	2	2
Deferred grant income	−25,408	−1,649	27,057	−30,528	30,528
Grants receivable	−952,460	—	360,229	−360,229	—
Security deposit	111,856	—	−111,856	—	—
Operating lease liability	−38,291	−412,280	−424,385	—	—
Deferred Tax Liability	226,068	—	—	—	—
Net cash used in operating activities	−20	−13	−18	−16	−5
Cash acquired through the acquisition of Polynoma	2,224	—	—	—	—
Purchase of equipment	−6,660	−21,761	−35,609	−100,919	−254,820
Net cash used in investing activities	−4,436	−21,761	−35,609	−100,919	−251,820
Proceeds from offering of preferred stock (Series B), net of offering costs	23	—	—	—	—
Net proceeds from sales of common stock	9	16	16	—	—
Net cash provided by financing activities	32	16	16	5,989	26
Net change in cash	12	3	−2	−16	20
Interest related to insurance premium payment plan	6,501	16,629	32,861	37,115	17,870
Exercise of Series D warrants	15	—	—	—	—
Accrual of paid-in-kind dividends on Series A Non-Voting Convertible Preferred Stock	2	—	—	—	—
Preferred stock issued in connection with acquisition of Polynoma	133	—	—	—	—
Common stock issued in connection with acquisition of Polynoma	1	—	—	—	—

Filings

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