Transcode Therapeutics, Inc., a platform delivery company focused on oncology, reported its financial statements for the quarter ending September 30, 2024. The company has not generated any revenue from product sales and reported an income tax benefit (expense) of $0 for both the current and previous year's quarters. Transcode has recorded a full valuation allowance against its net deferred tax assets due to historic net operating losses. The company's financial performance shows net losses of approximately $10.8 million for the nine months ended September 30, 2024, and an accumulated deficit of approximately $57.3 million. Transcode's cash balance as of September 30, 2024, was approximately $1.9 million, which is expected to fund operations into late 2024. In terms of business development, Transcode's lead therapeutic candidate, TTX-MC138, targets microRNA...Show More

Transcode Therapeutics, Inc., a platform delivery company focused on oncology, reported its financial statements for the quarter ending September 30, 2024. The company has not generated any revenue from product sales and reported an income tax benefit (expense) of $0 for both the current and previous year's quarters. Transcode has recorded a full valuation allowance against its net deferred tax assets due to historic net operating losses. The company's financial performance shows net losses of approximately $10.8 million for the nine months ended September 30, 2024, and an accumulated deficit of approximately $57.3 million. Transcode's cash balance as of September 30, 2024, was approximately $1.9 million, which is expected to fund operations into late 2024. In terms of business development, Transcode's lead therapeutic candidate, TTX-MC138, targets microRNA-10b and has received IND Study May Proceed notifications from the FDA for a Phase 0 clinical trial and a Phase I/II clinical trial. The company has other solid tumor programs in preclinical stages and has received NIH SBIR Awards to support its research partnership and clinical trial activities. Regarding future plans, Transcode is focused on advancing its Phase 1 clinical trial with TTX-MC138 and has received a formal extension from the Nasdaq Hearings Panel to regain compliance for continued listing. The company also plans to continue its clinical trial currently underway at MD Anderson following the termination of their collaboration agreement. Transcode's strategy includes pursuing additional clinical trials, seeking regulatory approvals, and potentially commercializing product candidates. However, the company acknowledges the need for substantial additional funding to support its operations and pursue its business strategy.