Transcode Therapeutics Reports $34.7 Million Net Loss for 2025, Driven by Increased Expenses

Transcode Therapeutics, Inc. reported a net loss of $34.7 million for the year ended December 31, 2025, compared to a net loss of $16.8 million for the previous year. The increased loss was primarily attributed to higher research and development expenses and acquisition-related transaction costs. The company's operating expenses totaled $28.0 million in 2025, a significant increase from $15.7 million in 2024. As of December 31, 2025, Transcode held $17.8 million in cash, which it believes will be sufficient to fund operations through approximately year-end 2026.

Research and development expenses increased to $13.4 million in 2025 from $9.7 million in 2024, driven by higher clinical trial spending, drug production costs, and intellectual property expenses. General and administrative expenses also rose sharply to $14.6 million, compared to $6.0 million in the prior year, primarily due to $8.8 million in acquisition-related transaction costs. The company also reported a $9.3 million expense related to the change in fair value of warrant liabilities, offset by a $1.6 million gain on the change in fair value of contingent consideration. Grant income increased from $524 thousand to $1.3 million, reflecting funding from the National Cancer Institute.

Strategic developments for Transcode included the October 2025 acquisition of Polynoma, LLC, an immuno-oncology company developing Seviprotimut-L, a melanoma vaccine. In connection with the acquisition, Transcode issued Series A and Series B Non-Voting Convertible Preferred Stock to DEFJ, LLC. The company also entered into an Investment Agreement with DEFJ, resulting in a $25 million investment. In March 2026, Transcode entered into an Exclusive Licensing Agreement with Unleash Immuno Oncolytics, Inc., acquiring a pre-clinical candidate program involving genetically-engineered adenoviruses.

Operationally, Transcode completed the Phase 1a portion of its clinical trial for TTX-MC138, its lead therapeutic candidate, and announced a collaboration to evaluate TTX-MC138 as part of the PRE-I-SPY clinical trial platform. As of April 3, 2026, the company had 12 full-time employees. The company is focused on advancing TTX-MC138 in a planned Phase 2a clinical trial and exploring potential synergies between TTX-MC138 and Seviprotimut-L. The company also entered into a Standby Equity Purchase Agreement with YA II PN, LTD for up to $14 million of shares of Common Stock and up to $6 million of convertible notes. Transcode anticipates seeking stockholder approval for the conversion of the Series A and Series C Preferred Stock into common stock.