Detailed financial statements for TransCode Therapeutics, Inc. (RNAZ): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
TransCode Therapeutics, Inc. is a biopharmaceutical firm dedicated to pioneering and marketing therapeutic agents and diagnostic tools specifically aimed at combating and detecting metastatic disease. Central to its pipeline is TTX-MC138, a lead therapeutic compound currently undergoing preclinical evaluation for its potential in treating advanced, spreading cancers.
Analysis Summary
Trailing-twelve-month margins: gross margin 0.0%, operating margin 0.0%, net margin 0.0%.
At the current price of $1.68, RNAZ has negative trailing earnings (P/E not meaningful) and an ROE of -58.08%. Market capitalisation stands at $2M.
Balance sheet quality for RNAZ: current ratio of 6.3. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cost of Revenue | 0 | 0 | 0 | $42470 | $98606 | $516746 | $534857 | 0 |
| Gross Profit | 0 | 0 | 0 | -$42470 | -$98606 | -$516746 | -$534857 | 0 |
| Research & Development | $82532 | $226309 | $284459 | $2.8M | $10.2M | $12.3M | $9.6M | $13.4M |
| Selling, General & Admin | $301464 | $230556 | $442145 | $3.4M | $8.3M | $6.6M | $5.5M | $5.8M |
| Operating Expenses | $384518 | $456865 | $726604 | $6.1M | $18.6M | $18.9M | $15.1M | $28.0M |
| Operating Income | -$383996 | -$456865 | -$726604 | -$6.2M | -$18.7M | -$19.4M | -$15.7M | -$28.0M |
| EBITDA | -$69444 | -$450247 | -$1.9M | -$6.7M | -$17.5M | -$18.0M | -$16.2M | -$34.3M |
| Interest Expense | 0 | $156965 | $394573 | $95070 | $17.6M | $55899 | $26813 | $6616 |
| Pre-tax Income | -$453440 | -$607212 | -$2.3M | -$6.8M | -$17.6M | -$18.5M | -$16.8M | -$34.4M |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $226068 |
| Net Income | -$453440 | -$607212 | -$2.3M | -$6.8M | -$17.6M | -$18.5M | -$16.8M | -$34.7M |
| EPS | $-2359.09 | $-72.00 | $-293.76 | $-648.00 | $-73187.37 | $-3453.65 | $-47.14 | $-52.59 |
| EPS (Diluted) | $-2359.09 | $-72.00 | $-293.76 | $-648.00 | $-1080.00 | $-3453.53 | $-47.14 | $-52.59 |
| Shares Outstanding (Diluted) | $192 | $6407 | $7979 | $10532 | $16221 | $5424 | $356115 | $689713 |
Balance Sheet (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $212979 | $204471 | $828016 | $20.8M | $5.0M | $2.8M | $5.8M | $17.8M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | 0 | 0 | 0 | 0 | $360229 | 0 | 0 | $3.3M |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $214646 | $204471 | $831215 | $22.7M | $7.4M | $4.5M | $7.1M | $22.0M |
| Property, Plant & Equipment | 0 | 0 | 0 | $206268 | $208581 | $602401 | $89305 | $370681 |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $25.7M |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $114.3M |
| Total Assets | $214646 | $216743 | $1.1M | $22.9M | $7.6M | $5.2M | $7.3M | $162.4M |
| Accounts Payable | 0 | $27257 | 0 | $2.0M | 0 | 0 | $2.6M | $3.1M |
| Short-term Debt | $35685 | 0 | 0 | 0 | 0 | 0 | $38291 | 0 |
| Total Current Liabilities | $117682 | $62942 | $404862 | $2.5M | $4.3M | $3.5M | $2.8M | $3.5M |
| Long-term Debt | $436215 | $927810 | $2.1M | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | $718613 | $1.3M | $4.5M | $2.5M | $4.3M | $3.5M | $9.3M | $152.1M |
| Retained Earnings | -$510777 | -$1.1M | -$3.5M | -$10.3M | -$27.9M | -$46.4M | -$63.2M | -$97.9M |
| Total Equity | -$503967 | -$1.1M | -$3.4M | $20.4M | $3.2M | $1.6M | -$2.0M | $10.3M |
| Total Debt | $471900 | $927810 | $2.1M | 0 | 0 | $450571 | $38291 | 0 |
| Net Debt | $258921 | $723339 | $1.3M | -$20.8M | -$5.0M | -$2.3M | -$5.8M | -$17.8M |
| Working Capital | $96964 | $141529 | $426353 | $20.2M | $3.0M | $964848 | $4.3M | $18.5M |
Cash Flow (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Net Income | -$453440 | -$607212 | -$2.3M | -$6.8M | -$17.6M | -$18.5M | -$16.8M | -$34.7M |
| Depreciation & Amortization | 0 | 0 | 0 | $42470 | $98606 | $516746 | $534857 | $114177 |
| Stock-based Compensation | $22379 | $1397 | $45444 | $185996 | $395329 | 0 | $1.7M | $485428 |
| Change in Working Capital | $24941 | -$4704 | $309763 | $432386 | $1.3M | -$1.1M | -$351479 | $15567 |
| Operating Cash Flow | -$299572 | -$508508 | -$492971 | -$5.3M | -$15.8M | -$18.1M | -$13.3M | -$19.5M |
| Capital Expenditure | 0 | 0 | 0 | -$254820 | -$100918 | -$35609 | -$21761 | -$6660 |
| Acquisitions | 0 | 0 | 0 | $3000 | 0 | 0 | 0 | $2224 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$299572 | -$508508 | -$492971 | -$5.5M | -$15.9M | -$18.1M | -$13.4M | -$19.5M |
Growth & Margins (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Net Income Growth (YoY) | -33.9% | -286.0% | -192.0% | -156.7% | -5.6% | +9.7% | -106.9% | |
| EPS Growth (YoY) | +96.9% | -308.0% | -120.6% | -11194.3% | +95.3% | +98.6% | -11.6% | |
| Shares Change (YoY) | +3233.3% | +24.5% | +32.0% | +54.0% | -66.6% | +6465.0% | +93.7% | |
| FCF Growth (YoY) | -69.7% | +3.1% | -1020.1% | -187.3% | -14.2% | +26.2% | -46.2% | |
| Effective Tax Rate | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.7% |
Per-Share Data (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-1558.57 | $-79.37 | $-61.78 | $-524.28 | $-977.96 | $-3338.63 | $-37.51 | $-28.31 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $192 | $6407 | $7979 | $10532 | $16221 | $5424 | $356115 | $689713 |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | -58.08% |
| Return on Invested Capital | -23.73% |
| Return on Assets | -28.33% |
| Gross Margin | 0.00% |
| Operating Margin | 0.00% |
| Net Margin | 0.00% |
Financial Health
| Debt / Equity | 0.00 |
| Current Ratio | 1.97 |
| Piotroski F-Score | 3 |
| Altman Z-Score | -1.26 |
Key Ratios (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| P/E | -1160.30 | -38017.47 | -9318.01 | -2028.24 | -4.76 | -1.23 | -1.40 | -0.13 |
| P/B | -1043.97 | -15979.44 | -6408.18 | 678.39 | 1743.07 | 14.10 | -11.66 | 0.46 |
| P/S | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Operating Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Net Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
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