TransCode Therapeutics | 10-Q: FY2025 Q3 Revenue: USD 0

Revenue: As of FY2025 Q3, the actual value is USD 0.

EPS: As of FY2025 Q3, the actual value is USD -5.82.

EBIT: As of FY2025 Q3, the actual value is USD -4.555 M.

Operating Expenses

• Research and Development: Increased by $1,934 thousand for the three months ended September 30, 2025, compared to the same period in 2024, primarily due to increased clinical trial spending and drug production costs. For the nine months ended September 30, 2025, R&D expenses increased by $1,879 thousand compared to the same period in 2024.
• General and Administrative: Increased by $462 thousand for the three months ended September 30, 2025, due to increased professional fees and compensation costs. However, for the nine months ended September 30, 2025, there was a decrease of $493 thousand compared to the same period in 2024, primarily due to reduced compensation-related expenses and legal fees.

Other Income (Expense)

• Change in Fair Value of Warrant Liability: Recorded as an expense of $279 thousand for the three months ended September 30, 2025, and $9,676 thousand for the nine months ended September 30, 2025, due to a higher share price and exercises of Series D warrants.
• Grant Income: Increased by $10 thousand for the three months ended September 30, 2025, and by $485 thousand for the nine months ended September 30, 2025, due to the recognition of income from the 2024 NIH Award.

Cash Flow

• Net Cash Used in Operating Activities: Approximately $11.4 million for the nine months ended September 30, 2025, compared to $10.2 million for the same period in 2024, reflecting the net loss and changes in working capital.
• Net Cash Provided by Financing Activities: $8.4 million for the nine months ended September 30, 2025, primarily from the sale of equity securities.

Future Outlook and Strategy

• Core Business Focus: The company plans to advance the development of its lead therapeutic candidate, TTX-MC138, and other candidates, with a focus on a planned Phase 2a clinical trial. The company believes its cash and the proceeds from the October 2025 Investment are sufficient to fund operations into the fourth quarter of 2026.
• Non-Core Business: The company acquired ABCJ, LLC, and its subsidiary Polynoma, LLC, to expand its portfolio with seviprotimut-L, a Phase 3-ready investigational vaccine for melanoma, indicating a strategic move to diversify its therapeutic offerings.