TransCode Therapeutics (RNAZ) AI Stock Analysis

• Market Cap: $7.34M
• Dividend Yield: N/A
• Average Volume (3M): 282.59K
• Price to Earnings (P/E): ―
• Beta (1Y): 3.02
• Revenue Growth: N/A
• EPS Growth: 96.75%
• Country: US
• Employees: 7
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): N/A
• Shares Outstanding: 916,968
• 10 Day Avg. Volume: 825,542
• 30 Day Avg. Volume: 282,592
• PEG Ratio: 0.01
• Price to Book (P/B): -11.66
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -1.76
• Enterprise Value/Market Cap: -384.89
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: 19.05K
• Enterprise Value/Ebitda: 44.48
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 44 Neutral
• Price Target: $7.00 ▲(0.57% Upside)

The score is held down primarily by weak financial performance (no revenue, widening losses, and ongoing cash burn) and bearish technicals (price below key moving averages with negative MACD). Offsetting support comes from multiple positive corporate catalysts (trial progress, collaborations, and financing/M&A), but valuation remains challenged due to loss-making results and no dividend yield.

Positive Factors

Delivery platform: systemic brain delivery

Peer-reviewed preclinical evidence that TTX-MC138 is systemically delivered to brain tumors and extends survival suggests TransCode’s delivery platform can overcome nucleic acid delivery barriers. This durable technical capability supports expanded indication potential and long-term competitive differentiation in RNA oncology.

Clinical progression: Phase 1a completion

Meeting primary safety endpoints and establishing a recommended Phase 2 dose materially de-risks early development. It enables structured efficacy testing, informs trial design, and improves partnerability and fundraising prospects as the program advances into planned Phase 2a clinical evaluation.

Strategic M&A and committed funding

Acquiring Polynoma adds a late-stage vaccine asset and clinical expertise while the $25M investment provides non-dilutive capital and project funding. These structural moves diversify the pipeline, add talent and manufacturing capacity, and extend runway versus a single-asset development path.

Negative Factors

No revenue; widening net losses

The company has generated no revenue while net losses widened to -$27.1M TTM, indicating lack of commercial traction and persistent negative earnings. Over the medium term this necessitates continual external financing and elevates dilution and execution risk for advancing clinical programs.

Persistent cash burn

Consistent negative operating and free cash flow (about -$14.5M TTM) shows the business is not self-funding. Durable cash burn relative to company scale increases dependence on capital markets, risks project delays if funding tightens, and can force unfavorable financings that dilute shareholders.

Equity volatility and negative equity episodes

Periods of negative shareholder equity reflect accumulated deficits and recurring financing activity. This structural balance-sheet weakness can constrain strategic flexibility, complicate partnership or licensing negotiations, and increase the cost and conditionality of future financings.

TransCode Therapeutics Business Overview & Revenue Model

Company Description

TransCode Therapeutics, Inc., a biopharmaceutical company, engages in the development and commercialization of drugs and diagnostics for treating and identifying metastatic disease. Its lead therapeutic candidate, TTX-MC138, is a preclinical stage product for the treatment of metastatic cancer. The company's products in preclinical programs include TTX-siPDL1, an siRNA-based modulator of programmed death-ligand 1; TTX-siLIN28B, an siRNA-based inhibitor of RNA-binding protein LIN28B. Its cancer agnostic programs comprise TTX-RIGA, an RNA–based agonist of the RIG-I-driven immune response in the tumor microenvironment; TTX-CRISPR, a CRISPR/Cas9–based therapy platform for the repair or elimination of cancer-causing genes inside tumor cells; and TTX-mRNA, an mRNA-based platform for the development of cancer vaccines meant to activate cytotoxic immune responses against tumor cells. The company was incorporated in 2016 and is based in Boston, Massachusetts.

How the Company Makes Money

TransCode Therapeutics primarily generates revenue through the development and potential commercialization of its RNA-based therapeutic candidates. The company may enter into collaborative agreements or partnerships with larger pharmaceutical companies to co-develop or license its technologies, which can result in upfront payments, milestone payments, and royalties on sales. Additionally, TransCode might receive funding through grants or research collaborations that support their R&D activities. As a biotechnology firm, the company's earnings are heavily reliant on the successful clinical development and eventual market approval of its drug candidates.

TransCode Therapeutics Financial Statement Overview

Summary

Weak fundamentals driven by no revenue, widening net losses (to about -$27.1M TTM), and persistent operating/free cash burn (about -$14.5M TTM). Low/zero debt is a modest offset, but equity volatility (including negative equity in some years) and ongoing funding needs remain key risks.

Income Statement

The company has generated no revenue across the periods provided (including TTM (Trailing-Twelve-Months)), while losses remain large and persistent. Net loss widened from about -$6.8M (2021) to -$16.8M (2024) and -$27.1M in TTM (Trailing-Twelve-Months), indicating a rising cost base without offsetting commercial traction. While this profile is not unusual for early-stage biotech, the lack of revenue visibility and expanding losses weigh heavily on earnings quality.

Balance Sheet

Leverage appears low (debt is minimal to zero in most years; TTM (Trailing-Twelve-Months) shows no debt), which reduces near-term solvency risk. However, equity has been volatile and in some years negative (e.g., 2020 and 2024), which is a meaningful balance-sheet weakness and can reflect accumulated deficits and financing dependence. Return on equity is negative in TTM (Trailing-Twelve-Months), consistent with ongoing losses, despite a very large equity figure shown in TTM (Trailing-Twelve-Months).

Cash Flow

Cash burn is significant and persistent: operating cash flow is negative every year provided, reaching about -$13.3M (2024) and -$14.5M in TTM (Trailing-Twelve-Months). Free cash flow is similarly negative, indicating the business is not self-funding and likely relies on external capital. A positive free cash flow growth figure in TTM (Trailing-Twelve-Months) suggests burn may have moderated versus the prior period, but absolute cash outflows remain large relative to the company’s scale.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	0.00	0.00	0.00	0.00	0.00	0.00
Gross Profit	-148.36K	-534.86K	-516.75K	-98.61K	-42.47K	0.00
EBITDA	-63.56M	-16.19M	-17.97M	-17.47M	-6.71M	-1.95M
Net Income	-63.98M	-16.75M	-18.55M	-17.56M	-6.84M	-2.34M
Balance Sheet
Total Assets	5.23B	7.29M	5.17M	7.59M	22.94M	1.06M
Cash, Cash Equivalents and Short-Term Investments	2.84B	5.81M	2.77M	4.98M	20.83M	828.02K
Total Debt	0.00	38.29K	450.57K	0.00	0.00	2.09M
Total Liabilities	3.80B	9.31M	3.53M	4.35M	2.53M	4.46M
Stockholders Equity	1.43B	-2.02M	1.64M	3.24M	20.40M	-3.41M
Cash Flow
Free Cash Flow	-37.21M	-13.36M	-18.11M	-15.86M	-5.52M	-492.97K
Operating Cash Flow	-37.21M	-13.34M	-18.07M	-15.76M	-5.27M	-492.97K
Investing Cash Flow	-1.00K	-21.76K	-35.61K	-100.92K	-251.82K	0.00
Financing Cash Flow	30.05M	16.40M	15.91M	5.99K	25.52M	1.12M

TransCode Therapeutics Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 6.96
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For RNAZ, the sentiment is Neutral. The current price of 6.96 is below the 20-day moving average (MA) of 7.73, below the 50-day MA of 8.62, and below the 200-day MA of 9.95, indicating a neutral trend. The MACD of -0.35 indicates Negative momentum. The RSI at 49.08 is Neutral, neither overbought nor oversold. The STOCH value of 88.26 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for RNAZ.

TransCode Therapeutics Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
GLTO	52 Neutral	$32.75M	-1.80	-114.81%	―	―	37.42%
INAB	52 Neutral	$10.89M	-0.33	-189.72%	―	―	70.57%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
VYNE	49 Neutral	$18.96M	-0.71	-70.67%	―	6.29%	7.42%
RNAZ	44 Neutral	$7.34M	-0.03	-1763.01%	―	―	96.75%
KPRX	44 Neutral	$7.91M	-0.88	-32.58%	―	-100.00%	-463.97%
LYRA	40 Underperform	$6.69M	-0.09	-404.48%	―	-59.21%	68.97%

TransCode Therapeutics Corporate Events

TransCode Therapeutics reports promising preclinical glioblastoma results

On January 6, 2026, TransCode Therapeutics announced the publication in the Journal of Functional Biomaterials of preclinical data showing that its lead RNA-based candidate TTX-MC138 successfully targeted glioblastoma multiforme tumors in murine models, delivered antisense oligonucleotides systemically to brain tumors, suppressed the miR-10b target, increased apoptotic activity and significantly extended survival. The findings, generated in collaboration with Michigan State University, underscore the potential of TransCode’s TTX delivery platform to overcome key barriers to nucleic acid delivery in brain cancers, complement existing IND-enabling, pharmacokinetic, biodistribution and toxicity work already completed for TTX-MC138, and strengthen the rationale for advancing the candidate from its current Phase 1a testing in metastatic disease toward future clinical evaluation in glioblastoma, with a Phase 2a trial in metastatic indications planned for the first half of 2026.

The most recent analyst rating on (RNAZ) stock is a Hold with a $6.50 price target. To see the full list of analyst forecasts on TransCode Therapeutics stock, see the RNAZ Stock Forecast page.

TransCode Therapeutics Strengthens Board with Veteran Financial Expert

On December 19, 2025, TransCode Therapeutics appointed veteran life sciences executive Jack E. Stover to its board of directors, designating him an independent director and financial expert with a term running until the 2026 annual meeting. Stover, who brings more than three decades of operational, financial and strategic leadership across drug development, diagnostics, specialty pharmaceuticals and SPAC-led transactions, will join TransCode’s Audit Committee and Nominating and Corporate Governance Committee, succeeding Dr. Magda Marquet on the Audit Committee; his appointment is expected to bolster the company’s governance, capital markets credibility and strategic execution as it advances its RNA and immuno-oncology programs. On December 22, 2025, the company publicly announced his appointment via press release, underscoring its emphasis on seasoned board leadership during a critical development phase for its cancer-focused pipeline.

The most recent analyst rating on (RNAZ) stock is a Buy with a $280.00 price target. To see the full list of analyst forecasts on TransCode Therapeutics stock, see the RNAZ Stock Forecast page.

TransCode Announces Collaboration for Phase 2a Trial

On December 11, 2025, TransCode Therapeutics announced a collaboration with Quantum Leap Healthcare Collaborative to evaluate their lead therapeutic candidate, TTX-MC138, in a Phase 2a dose-expansion trial as part of the PRE-I-SPY clinical trial platform. The trial, set to begin in the first half of 2026, will enroll up to 45 colorectal cancer patients who are ctDNA positive after standard therapy. This collaboration aims to assess TTX-MC138’s efficacy in treating minimal residual disease, potentially offering a new therapeutic option for patients at risk of developing metastatic disease, following positive results from TransCode’s Phase 1 trial.

The most recent analyst rating on (RNAZ) stock is a Buy with a $280.00 price target. To see the full list of analyst forecasts on TransCode Therapeutics stock, see the RNAZ Stock Forecast page.

TransCode Therapeutics Amends Preferred Stock Designation

On October 27, 2025, TransCode Therapeutics amended and restated its Certificate of Designation for Series A and B Preferred Stock, following agreements with DEFJ, LLC. This amendment clarifies limitations on stock issuance and removes conversion rights in the event of Nasdaq delisting, impacting the company’s stock structure and governance.

The most recent analyst rating on (RNAZ) stock is a Buy with a $280.00 price target. To see the full list of analyst forecasts on TransCode Therapeutics stock, see the RNAZ Stock Forecast page.

TransCode Therapeutics Completes Phase 1a Trial for TTX-MC138

On October 14, 2025, TransCode Therapeutics announced the completion of its Phase 1a clinical trial for TTX-MC138, an investigational inhibitor of microRNA-10b, showing promising safety and efficacy results. The trial met its primary safety endpoint and defined a recommended Phase 2 dose, with 44% of patients experiencing stable disease for over four months, supporting advancement to a Phase 2a trial. The results suggest TTX-MC138’s potential as a new therapeutic option for metastatic diseases, aligning with its mechanism of action and offering a basis for further efficacy evaluation.

The most recent analyst rating on (RNAZ) stock is a Buy with a $280.00 price target. To see the full list of analyst forecasts on TransCode Therapeutics stock, see the RNAZ Stock Forecast page.