TransCode reports progress and plans for cancer drug trials

BOSTON – TransCode Therapeutics, Inc. (NASDAQ: RNAZ), an RNA oncology company, has announced its financial results for 2023 and provided updates on its business progress, including advancements in its lead therapeutic candidate, TTX-MC138, aimed at treating metastatic cancer.

The interim CEO and CFO, Tom Fitzgerald, highlighted the company's achievement of bringing TTX-MC138 into clinical trials and raising over $25 million in equity financings despite difficult financial markets.

In 2023, TransCode initiated and obtained preliminary results from a Phase 0 clinical trial with radiolabeled TTX-MC138. The trial indicated the delivery of the therapeutic to metastatic lesions in a breast cancer patient. Additionally, the company entered into two strategic collaborations, with Debiopharm and Akribion Genomics, to expand the applications of its TTX platform.

The company's research and development expenses increased to $12.3 million in 2023, up from $10.2 million in the previous year, while general and administrative expenses decreased to $7.2 million from $8.4 million. TransCode reported an operating loss of $19.4 million for the year, compared to $18.6 million in 2022. As of December 31, 2023, the company had cash reserves of approximately $2.8 million.

Looking ahead to 2024, TransCode aims to initiate a Phase 1 clinical trial for TTX-MC138, subject to FDA authorization. The company plans to report preliminary results from this trial and publish preclinical results supporting the use of TTX-MC138 in glioblastoma and pancreatic cancer, as well as other preclinical candidates. TransCode expects to fund its operations into the late third quarter or early fourth quarter of 2024, with the help of recent equity financing.

TransCode's focus remains on defeating metastatic disease through its proprietary TTX nanoparticle platform and RNA therapeutics. The company's lead candidate, TTX-MC138, targets metastatic tumors overexpressing microRNA-10b, and it is also developing a portfolio of RNA therapeutic candidates for various cancers.

The information in this article is based on a press release statement from TransCode Therapeutics, Inc.

As TransCode Therapeutics, Inc. (NASDAQ: RNAZ) continues to make strides in the field of RNA oncology with its lead therapeutic candidate, TTX-MC138, it's important for investors to consider the financial health and market performance of the company.

InvestingPro data indicates a challenging financial landscape for TransCode, with a market cap of only $4.48 million USD and an operating loss of $19.42 million USD in the last twelve months as of Q4 2023. This is reflective of the company's increased research and development expenses and the competitive nature of the biotech industry. Furthermore, the stock's price performance has been notably poor, with a 1-year total return plummeting by -99.76%.

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InvestingPro Tips for TransCode shed light on some critical aspects. The company holds more cash than debt on its balance sheet, which can be a sign of financial prudence in managing its capital. However, it is also quickly burning through cash and analysts do not expect the company to be profitable this year. These insights are crucial for investors who are evaluating the company's potential for growth and sustainability in a highly volatile market.

For investors seeking a deeper dive into TransCode's financial metrics and stock performance, InvestingPro offers a wealth of additional tips. There are 13 more InvestingPro Tips available, which can be accessed by visiting the company's specific page on Investing.com/pro. For those interested in a subscription, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.

With these insights, investors can make more informed decisions about their interest in TransCode Therapeutics, weighing the potential of its innovative RNA therapeutics against the financial challenges the company faces.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.