TransCode Therapeutics, Inc. has reported its financial results for the second quarter of 2025, revealing a net loss of approximately $4.3 million, a decrease from the $5.2 million loss recorded in the same period of 2024. For the six months ending June 30, 2025, the company reported a net loss of $16.4 million, compared to $8.5 million for the first half of 2024. The company's total operating expenses for the second quarter were approximately $4.2 million, down from $5.1 million year-over-year, primarily due to reduced research and development costs and lower general and administrative expenses.
TransCode's cash position improved, with cash and cash equivalents totaling approximately $7.4 million as of June 30, 2025, compared to $5.8 million at the end of 2024. The company has not generated any revenue from product sales, as it remains in the clinical development stage, focusing on its lead therapeutic candidate, TTX-MC138, which is designed to target metastatic cancer cells. The company has received grant income of $501,529 for the first half of 2025, a significant increase from $27,057 in the same period of 2024, reflecting funding from the National Cancer Institute.
In terms of operational developments, TransCode has made strategic changes, including a restructuring of its research and development activities. The company has relocated its operations to a short-term office rental space in Woburn, Massachusetts, and is negotiating a sponsored research agreement with Michigan State University. As of June 30, 2025, the company had a total of seven employees, down from previous headcounts, as part of its cost management strategy. The company also amended its collaboration agreement with MD Anderson Cancer Center, focusing solely on participation in its ongoing Phase I/II clinical trial.
Looking ahead, TransCode anticipates that its cash reserves will be sufficient to fund operations into the fourth quarter of 2025. However, the company acknowledges the need for additional capital to support ongoing research and development activities, including clinical trials for TTX-MC138. The company has expressed uncertainty regarding its ability to raise further funds, which could impact its operational plans and development timelines. TransCode remains focused on advancing its therapeutic candidates and exploring strategic partnerships to enhance its product pipeline and market presence.
About Transcode Therapeutics, Inc.
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