Transcode Therapeutics, a platform delivery company focusing on oncology, reported no income tax benefit or expense for Q1 2024, maintaining a full valuation allowance against its net deferred tax assets due to historical net operating losses. The company is appealing a Nasdaq delisting notice for failing to meet the Minimum Bid Price Requirement, with a hearing scheduled for June 25, 2024. Transcode's lead therapeutic candidate, TTX-MC138, targets miRNA-10b, a master regulator in various cancers. The company received FDA approval to conduct a Phase I/II clinical trial for TTX-MC138, expected to commence mid-2024. Other preclinical stage programs include TTX-siPDL1, TTX-RIGA, TTX-CRISPR, and TTX-mRNA, all utilizing the proprietary TTX delivery mechanism. Transcode's restructuring in December 2023 reduced headcount and prioritized the...Show More

Transcode Therapeutics, a platform delivery company focusing on oncology, reported no income tax benefit or expense for Q1 2024, maintaining a full valuation allowance against its net deferred tax assets due to historical net operating losses. The company is appealing a Nasdaq delisting notice for failing to meet the Minimum Bid Price Requirement, with a hearing scheduled for June 25, 2024. Transcode's lead therapeutic candidate, TTX-MC138, targets miRNA-10b, a master regulator in various cancers. The company received FDA approval to conduct a Phase I/II clinical trial for TTX-MC138, expected to commence mid-2024. Other preclinical stage programs include TTX-siPDL1, TTX-RIGA, TTX-CRISPR, and TTX-mRNA, all utilizing the proprietary TTX delivery mechanism. Transcode's restructuring in December 2023 reduced headcount and prioritized the Phase I clinical trial of TTX-MC138. The company entered a collaboration with Debiopharm to develop targeted mRNA delivery to cancer cells. Despite regaining compliance with Nasdaq's stockholders' equity requirement, Transcode's common stock faces potential delisting due to not meeting the Minimum Bid Price Requirement. Financially, Transcode has not generated revenue from product sales and has incurred significant operating losses. As of March 31, 2024, the company had an accumulated deficit of approximately $49.7 million and cash of $4.9 million, expected to fund operations into Q3 2024. Transcode's future plans include advancing clinical development of TTX-MC138, expanding its product candidate pipeline, and seeking additional funding to support operations.