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Transcode Therapeutics | 10-K: Annual report

SEC announcement ·  Apr 1 17:14
Summary by Moomoo AI
Transcode Therapeutics, a biopharmaceutical company, has reported its annual financial results and business developments for the year ending December 31, 2023. The company, trading under the symbol 'RNAZ' on the Nasdaq Capital Market, has not declared or paid any cash dividends on its capital stock and does not anticipate doing so in the foreseeable future. Transcode's financial performance details were not provided in the announcement, thus no specific revenue, operating profit, net profit, or diluted earnings per share metrics can be reported. However, the company has engaged in significant business development activities, including the sublease of office and laboratory space in Newton, Massachusetts, and the authorization from the FDA to conduct a Phase 0 clinical trial for its lead therapeutic candidate, TTX...Show More
Transcode Therapeutics, a biopharmaceutical company, has reported its annual financial results and business developments for the year ending December 31, 2023. The company, trading under the symbol 'RNAZ' on the Nasdaq Capital Market, has not declared or paid any cash dividends on its capital stock and does not anticipate doing so in the foreseeable future. Transcode's financial performance details were not provided in the announcement, thus no specific revenue, operating profit, net profit, or diluted earnings per share metrics can be reported. However, the company has engaged in significant business development activities, including the sublease of office and laboratory space in Newton, Massachusetts, and the authorization from the FDA to conduct a Phase 0 clinical trial for its lead therapeutic candidate, TTX-MC138. Transcode has also submitted an IND for a Phase I/II clinical trial with TTX-MC138 and expects FDA review completion in the second quarter of 2024. The company's future plans focus on advancing its proprietary TTX delivery mechanism to improve outcomes for cancer patients, with several therapeutic candidates in preclinical stages. Transcode has also entered into a strategic collaboration with The University of Texas M.D. Anderson Cancer Center, committing up to $10 million over the term of the collaboration. Financially, Transcode has undergone restructuring to reduce expenses, including a reduction in headcount and the resignation of its President and CEO, Michael Dudley. Thomas A. Fitzgerald has been appointed as President and Interim CEO. The company has completed several financings throughout the year, including a registered direct offering in December 2023 and a public offering in January 2024, to support its operations and clinical trials. Transcode's cash position as of December 31, 2023, was approximately $2.8 million, with additional funds raised in January 2024 expected to sustain operations into late third or early fourth quarter of 2024.

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