Transcode Therapeutics, Inc. SEC 10-Q Report
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Transcode Therapeutics, Inc., a biotechnology company focused on developing RNA therapeutics for oncology, has released its Form 10-Q report for the third quarter of 2024. The report provides a comprehensive overview of the company's financial performance and significant business developments, including clinical trial progress and strategic initiatives.
Financial Highlights
- Operating Loss: $(3.17) million, reflecting a decrease in operating expenses compared to the previous year.
- Net Loss Attributable to Common Stockholders: $(12.09) million, significantly impacted by a change in fair value of warrant liability.
- Net Loss Per Share: $(2.51), based on a weighted-average of 4,823,317 common shares outstanding.
Business Highlights
- Company Overview: Transcode Therapeutics, Inc. is focused on developing RNA therapeutics for oncology, with its lead candidate TTX-MC138 targeting microRNA-10b, a regulator of metastatic cell viability in various cancers. The company is advancing its TTX platform to improve delivery of RNA therapeutics to tumors.
- Phase 1 Clinical Trial: The company commenced a Phase I/II clinical trial for TTX-MC138 in the third quarter of 2024, following FDA approval. The trial is a multicenter, open-label study in patients with advanced solid tumors, with preliminary data indicating no significant safety issues in early cohorts.
- SBIR Awards: Transcode received a Direct to Phase II SBIR Award from the National Cancer Institute in September 2024, totaling approximately $2 million to support clinical trial activities for TTX-MC138 over two years.
- Recent Developments: The company completed a Phase 0 clinical trial demonstrating delivery of TTX-MC138 to metastatic lesions, supporting further clinical evaluation. The trial's results suggest the potential of the TTX platform for drug delivery.
- March 2025 Equity Financing: Transcode raised approximately $10 million through a registered direct offering, issuing 10,250,000 shares of common stock and accompanying warrants, to support its operations and clinical trials.
- Nasdaq Listing: The company received a notice from Nasdaq regarding non-compliance with the minimum bid price requirement, and plans to appeal the potential delisting decision.
- Future Outlook: Transcode plans to continue developing its lead candidate and other programs, while exploring strategic partnerships to support its operations. The company anticipates needing additional capital to fund its activities beyond the fourth quarter of 2025.
SEC Filing: Transcode Therapeutics, Inc. [ RNAZ ] - 10-Q - May. 14, 2025