TransCode Therapeutics, Inc., an RNA oncology company, reported a net loss of $16.8 million for the year ended December 31, 2024, compared to a net loss of $18.5 million in 2023. Research and development expenses decreased by $2.6 million, primarily due to reduced scientific research activities and staff reductions, partially offset by increased clinical trial costs. General and administrative expenses also decreased by $1.2 million, mainly due to lower staff costs and professional fees. The company had $5.8 million in cash at the end of 2024.
Significant changes occurred during the year, including the commencement of a Phase I/II clinical trial for its lead therapeutic candidate, TTX-MC138, in the third quarter of 2024 following FDA approval. The company also completed a Phase 0 clinical trial with one patient, announcing preliminary data suggesting effective targeting of metastatic lesions and pharmacodynamic activity. Furthermore, TransCode completed several financings, including a January 2024 offering that raised net proceeds of approximately $6.2 million, a July 2024 offering that raised gross proceeds of $3.0 million, and a November 2024 private placement that raised gross proceeds of approximately $8 million. A March 2025 equity financing raised approximately $8.8 million.
The company's strategic developments included amending its collaboration agreement with MD Anderson Cancer Center, focusing solely on participation in the Phase I/II clinical trial and eliminating up to $10 million in future payments. TransCode also received a second NIH Direct to Phase II SBIR Award in September 2024 for $1.99 million to support IND-enabling and clinical trial activities for TTX-MC138. As of March 20, 2025, the company employed seven full-time employees.
Operational developments included the dosing of the first patient in the Phase I/II clinical trial in September 2024, and subsequent dosing of patients in cohorts 2, 3, and 4. Preliminary data from the trial indicated no significant safety concerns through cohort 3. The company also noted material weaknesses in its internal control over financial reporting, which remain unremediated. The company's preclinical programs include TTX-siPDL1, TTX-RIGA, and TTX-siMYC.
TransCode's outlook is contingent upon securing additional funding to support operations and complete clinical trials. The company anticipates continued losses for the foreseeable future and emphasizes the inherent risks associated with biopharmaceutical development, regulatory approvals, and market commercialization. The company stated that it does not anticipate paying cash dividends in the foreseeable future.
About Transcode Therapeutics, Inc.
About 10-K Filings
A 10-K form is a comprehensive annual report that public companies in the United States must file with the SEC, providing a detailed overview of the company's financial condition, performance, and business strategies.
Key points about the 10-K:
- Frequency: Filed annually, typically within 60 to 90 days after the end of the company's fiscal year.
-
Content: It includes:
- Detailed financial statements audited by an independent accounting firm
- Management's Discussion and Analysis (MD&A) of financial condition and results
- Description of the company's business, properties, and legal proceedings
- Risk factors and market risks
- Executive compensation and corporate governance information
- Importance: Considered the most comprehensive and important document a public company files with the SEC.
- Length: Often exceeds 100 pages due to its extensive and detailed nature.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.