Transcode Therapeutics, Inc.
RNAZ evidence brief
What we can confirm
- BioSniper Score:
- 6.3 / 10
- Market Cap:
- $1.8M
- Lead Asset:
- seviprotimut-l (Phase 3)
What it means
What to watch
Prepared research question
What matters most for RNAZ—catalysts, financial risk and supporting evidence?
Traceable citations · Unknowns marked
BioSniper AI · RNAZ
Transcode Therapeutics, Inc. (RNAZ) is a clinical-stage biotechnology company developing RNA-based therapeutics and immuno-oncology programs for advanced and metastatic cancers, with its lead candidate TTX-MC138 in Phase 1/2a trials.
Key risk: Cash runway limited
BioSniper Score
Based on 3 of 6 signals
Limited data coverage
Market Cap
$1.8M
Cash Runway
—
Lead Asset
seviprotimut-l (Phase 3)
Next Catalyst
—
Financial data as of Jun 30, 2026.
Tracking 5 pipeline candidates · 1 clinical trial for Transcode Therapeutics, Inc..
Transcode Therapeutics, Inc. (RNAZ) is a clinical-stage biotechnology company developing RNA-based therapeutics and immuno-oncology programs for advanced and metastatic cancers, with its lead candidate TTX-MC138 in Phase 1/2a trials.
- Lead candidate TTX-MC138, an antisense inhibitor of microRNA-10b delivered via the proprietary TTX platform, is in Phase 1/2a for advanced solid tumors [pipeline].
- Phase 1a trial of TTX-MC138 met its primary safety endpoint with positive tolerability and disease stabilization in multiple patients, with no dose-limiting toxicities [news · 2026-06-03].
- Cash and equivalents were $8.4M as of 2026-06-30, with net income of -$6.8M and shareholders' equity of -$27.7M [sec].
- The company expects its cash to support operations through approximately year-end 2026, but anticipates needing additional capital for continued R&D and clinical costs [sec_mda · as of 2026-08-14].
- TransCode has a collaboration with Quantum Leap Health Care Collaborative to evaluate TTX-MC138 in the PRE-I-SPY clinical trial platform [pipeline].
What works
- Phase 1a trial of TTX-MC138 successfully met its primary safety endpoint with positive tolerability and no dose-limiting toxicities, and showed disease stabilization in multiple patients [news · 2026-06-03].
- The company's TTX platform is designed for tumor-targeted RNA delivery, potentially enabling previously undruggable RNA targets [sec_mda · as of 2026-04-15].
- TransCode has a collaboration with Quantum Leap Health Care Collaborative to evaluate TTX-MC138 in the PRE-I-SPY clinical trial platform, which may accelerate development [pipeline].
What to weigh
- The company has negative shareholders' equity of -$27.7M as of 2026-06-30 and a net loss of -$6.8M, indicating ongoing financial strain [sec].
- Cash of $8.4M as of 2026-06-30 is expected to fund operations only through approximately year-end 2026, and the company will require additional capital for continued R&D and clinical activities [sec_mda · as of 2026-08-14].
- TransCode has no product revenue and its ability to achieve profitability depends on successful development and commercialization of product candidates, which is uncertain [sec_mda · as of 2026-08-14].
- The accumulated deficit is approximately $122.4 million as of 2026-08-14, reflecting substantial historical losses [sec_mda · as of 2026-08-14].
From the filings
Quoted directly from source documents.
Phase 1a trial of TTX-MC138 met safety endpoint with disease stabilization
“The trial met its primary endpoint of safety, with positive tolerability, combined with disease stabilization in multiple patients, and the absence of dose-limiting toxicities with its lead therapeutic candidate TTX-MC138.”
News · June 3, 2026
Cash expected to support operations through year-end 2026
“We believe that this cash, along with the proceeds from the sale of the Second Convertible Note, will be sufficient to support our operating expenses and capital expenditure requirements through approximately year end 2026.”
SEC MD&A · August 14, 2026
Accumulated deficit of approximately $122.4 million
“of approximately $122.4 million.”
SEC MD&A · August 14, 2026
TTX-MC138 is an antisense inhibitor of microRNA-10b delivered via TTX platform
“Antisense inhibitor of oncogenic microRNA-10b”
Risks & what to watch (4)›
Key risks
- Cash runway limited — Cash of $8.4M as of 2026-06-30 expected to fund operations only through year-end 2026; additional capital needed [sec_mda · as of 2026-08-14].
- No product revenue — Company has no product revenue; profitability depends on successful development and commercialization, which is uncertain [sec_mda · as of 2026-08-14].
- Negative equity and accumulated deficit — Shareholders' equity -$27.7M and accumulated deficit ~$122.4M as of 2026-08-14, indicating significant financial liabilities [sec] [sec_mda · as of 2026-08-14].
- Clinical development risk — TTX-MC138 is still in early Phase 1/2a; no assurance of regulatory approval or commercial success [pipeline].
What to watch
- Progress of the ongoing Phase 2a colorectal cancer trial of TTX-MC138 [news · 2026-09-03].
- Ability to secure additional financing given cash runway ending around year-end 2026 [sec_mda · as of 2026-08-14].
- Updates from the collaboration with Quantum Leap Health Care Collaborative on the PRE-I-SPY trial platform [pipeline].
- Further clinical data from the Phase 1a follow-up and any new catalysts discussed in investor webinars [news · 2026-09-28].
Sources: News · Pipeline · SEC MD&A · Generated October 11, 2026 · How we verify sources →
Run Transcode Therapeutics, Inc. through your own thesis
Use the pipeline, catalyst, financial, FDA, and market facts on this page as inputs to a protocol you control.
Your protocol can:
- Turn available Transcode Therapeutics, Inc. facts into screen rules or deeper checks
- Show cited findings, blockers, and unresolved evidence together
- Save the logic and rerun it as the company evidence changes
Evidence & data
Score breakdownBased on 3 of 6 signals · derived from public data
Cash runway data unavailable
Net income -$7M
Lead: Phase 3
5 candidates
No upcoming catalysts tracked
No insider transactions in the last 180 days
Pipeline
Regulatory
Financials
Institutional Holdings
Source: SEC Form 13F · as of Mar 2026Institutional holders
8
Total value held
$266K
| Holder | Shares | Value |
|---|---|---|
| geode capital management, llc | 12,740 | $110K |
| ubs group ag | 8,295 | $71K |
| vanguard capital management llc | 6,545 | $56K |
| vanguard fiduciary trust co | 2,982 | $26K |
| tower research capital llc (trc) | 228 | $2K |
| wells fargo & company/mn | 55 | $474 |
| sbi securities co., ltd. | 12 | $103 |
| royal bank of canada | 8 | $0 |
Short Interest
as of Apr 21, 2026- % of float
- 5.5%
- Days to cover
- 4.9
- Shares short
- 49,976
- Daily short volume
- -
Short percent of float and days-to-cover reflect reported short positioning. Daily short volume is the exchange-reported short share of a single day's trading volume and is noisier. See the most-shorted biotech ranking →
RNAZ short interestGovernance
Frequently asked questions
What is the AI investment thesis for Transcode Therapeutics, Inc.?
Transcode Therapeutics, Inc. (RNAZ) is a clinical-stage biotechnology company developing RNA-based therapeutics and immuno-oncology programs for advanced and metastatic cancers, with its lead candidate TTX-MC138 in Phase 1/2a trials.
What is Transcode Therapeutics, Inc.'s lead drug candidate?
Transcode Therapeutics, Inc.'s most advanced tracked candidate is seviprotimut-l (Phase 3) for Adjuvant treatment of patients with Stages IIB and IIC melanoma.
Who is the CEO of Transcode Therapeutics, Inc.?
Dr. Philippe P. Calais Ph.D., Pharm., Pharm.D. is the chief executive officer of Transcode Therapeutics, Inc. (RNAZ).
Where is Transcode Therapeutics, Inc. headquartered?
Transcode Therapeutics, Inc. (RNAZ) is headquartered in Boston, MA, United States.
What therapeutic areas does Transcode Therapeutics, Inc. focus on?
Transcode Therapeutics, Inc. develops therapies across Oncology.
The AI overview and BioSniper Score are neutral, data-derived signals built from public SEC filings, ClinicalTrials.gov and FDA records — not investment advice.