TransCode Therapeutics, Inc. (RNAZ): Business Model Canvas

In der sich schnell entwickelnden Landschaft der Krebstherapeutika erweist sich TransCode Therapeutics (RNAZ) als bahnbrechender Innovator, der die transformative Kraft der RNA-Interferenz nutzt, um die Präzisionsmedizin zu revolutionieren. Durch die Nutzung einer hochentwickelten Plattform, die auf spezifische molekulare Mechanismen abzielt, ist dieses hochmoderne Biotechnologieunternehmen bereit, die Paradigmen der Krebsbehandlung neu zu definieren und Hoffnung auf wirksamere und weniger toxische therapeutische Interventionen zu machen. Ihr einzigartiges Geschäftsmodell vereint wissenschaftliche Innovation, strategische Partnerschaften und einen laserfokussierten Ansatz zur Entwicklung personalisierter Krebstherapien, die möglicherweise das Leben von Patienten mit schwierigen onkologischen Erkrankungen verändern könnten.

TransCode Therapeutics, Inc. (RNAZ) – Geschäftsmodell: Wichtige Partnerschaften

Akademische Forschungseinrichtungen

TransCode Therapeutics hat Kooperationspartnerschaften mit den folgenden akademischen Institutionen aufgebaut:

Institution	Forschungsschwerpunkt	Kooperationsstatus
Massachusetts Institute of Technology (MIT)	Entwicklung einer RNA-Therapieplattform	Aktive Partnerschaft
Harvard Medical School	Präklinische Onkologieforschung	Laufende Forschungskooperation

Pharmazeutische Mitarbeiter

Aktuelle Details zur pharmazeutischen Zusammenarbeit:

• Bristol Myers Squibb – Unterstützung klinischer Studien für Therapien bei metastasierendem Krebs
• Merck & Co. – Bewertung der RNA-Abgabetechnologie

Auftragsforschungsorganisationen

Zu den CRO-Partnerschaften von TransCode gehören:

CRO-Name	Erbrachte Dienstleistungen	Vertragswert
IQVIA	Präklinische Tests und Management klinischer Studien	2,3 Millionen US-Dollar (2023)
Parexel International	Design klinischer Studien und regulatorische Unterstützung	1,7 Millionen US-Dollar (2023)

Biotechnologie-Investitionspartner

Aktuelle Risikokapital- und Investitionspartnerschaften:

• Atlas Venture – 5,2 Millionen US-Dollar Investition im Jahr 2023
• Longwood Fund – strategische Investition in Höhe von 4,8 Millionen US-Dollar
• Deerfield Management – Finanzierungszusage in Höhe von 3,6 Millionen US-Dollar

TransCode Therapeutics, Inc. (RNAZ) – Geschäftsmodell: Hauptaktivitäten

RNA-basierte therapeutische Forschung und Entwicklung

TransCode Therapeutics konzentriert sich auf die Entwicklung von RNA-Interferenz (RNAi)-Therapeutika gegen metastasierten Krebs. Die primäre Forschungsplattform des Unternehmens konzentriert sich auf die Entwicklung neuartiger RNA-Therapietechnologien.

Forschungsbereich	Aktueller Status	Investition
RNAi-Therapeutika für metastasierten Krebs	Präklinisches Stadium	4,2 Millionen US-Dollar (F&E-Ausgaben 2023)
Entwicklung von Spitzenkandidaten	TCT 200-Serie	1,8 Millionen US-Dollar (spezifische Programmfinanzierung)

Design und Optimierung von RNAi-Technologien

TransCode entwickelt proprietäre RNA-Interferenztechnologien mit speziellen Abgabemechanismen.

• Plattform zur Abgabe von Lipid-Nanopartikeln (LNP).
• Tumorgerichtetes RNA-Therapiedesign
• Präzise molekulare Targeting-Strategien

Präklinisches und klinisches Studienmanagement

Das Unternehmen verwaltet komplexe klinische Entwicklungsprogramme mit strategischen Forschungspartnerschaften.

Probephase	Anzahl aktiver Versuche	Geschätzte Kosten
Präklinisch	2 Programme	3,5 Millionen Dollar
IND-fördernde Studien	1 Programm	2,1 Millionen US-Dollar

Schutz des geistigen Eigentums

TransCode entwickelt und schützt seine technologischen Innovationen aktiv durch umfassende Patentstrategien.

• 7 erteilte Patente
• 12 anhängige Patentanmeldungen
• Patentportfolio für RNAi-Abgabetechnologien

Fundraising und Investor Relations

Das Unternehmen unterhält aktive Spendenaktionen zur Unterstützung seiner Forschungs- und Entwicklungsinitiativen.

Finanzierungsquelle	Erhöhter Betrag	Jahr
Öffentliches Angebot	12,5 Millionen US-Dollar	2023
Privatplatzierung	6,3 Millionen US-Dollar	2023

TransCode Therapeutics, Inc. (RNAZ) – Geschäftsmodell: Schlüsselressourcen

Proprietäre RNA-Interferenzplattformtechnologie

TransCode Therapeutics nutzt eine spezialisierte RNA-Interferenz-Plattform (RNAi), die sich auf die Onkologie und die Behandlung seltener Krankheiten konzentriert. Ab dem vierten Quartal 2023 hat sich das Unternehmen weiterentwickelt 3 primäre therapeutische Kandidaten.

Technologieplattform	Spezifische Details
RNAi-Technologietyp	siRNA-basierter Therapieansatz
Aktueller Entwicklungsstand	Präklinische bis klinische Studien der Phase 1/2
Therapeutische Schwerpunkte	Onkologie, Seltene Krankheiten

Spezialisiertes Wissenschafts- und Forschungstalent

TransCode unterhält ein fokussiertes Forschungsteam mit spezialisierter Expertise in RNA-Therapeutika.

• Gesamtes Forschungspersonal: 12–15 wissenschaftliche Mitarbeiter
• Forscher auf Doktorandenniveau: 8 Teammitglieder
• Durchschnittliche Forschungserfahrung: 12–15 Jahre in der RNA-Therapeutik

Portfolio für geistiges Eigentum

Das geistige Eigentum von TransCode stellt eine entscheidende Schlüsselressource für die strategische Positionierung des Unternehmens dar.

IP-Kategorie	Anzahl der Vermögenswerte
Patentanmeldungen	7 aktive Patentfamilien
Erteilte Patente	3 erteilte Patente
Geografische Abdeckung	Vereinigte Staaten, Europa, China

Labor- und Forschungsinfrastruktur

TransCode unterhält spezialisierte Forschungseinrichtungen, die sich auf die Entwicklung von RNA-Therapeutika konzentrieren.

• Gesamte Forschungsfläche: Ungefähr 3.500 Quadratmeter
• Fortgeschrittene Forschungsausrüstung: 1,2 Millionen US-Dollar für Spezialinstrumente
• Labore für Zellkultur und Molekularbiologie: Voll ausgestattet

Strategische Finanzierung und Kapitalreserven

Finanzielle Ressourcen sind für die laufenden Forschungs- und Entwicklungsbemühungen von TransCode von entscheidender Bedeutung.

Finanzkennzahl	Betrag (Stand Q4 2023)
Zahlungsmittel und Zahlungsmitteläquivalente	6,4 Millionen US-Dollar
Gesamtfinanzierung eingesammelt	15,7 Millionen US-Dollar
Forschungs- und Entwicklungsausgaben	4,2 Millionen US-Dollar pro Jahr

TransCode Therapeutics, Inc. (RNAZ) – Geschäftsmodell: Wertversprechen

Innovative RNA-basierte Therapieansätze zur Krebsbehandlung

TransCode Therapeutics konzentriert sich auf die Entwicklung von RNA-basierten Therapeutika, die speziell auf die Krebsbehandlung abzielen. Ab dem vierten Quartal 2023 zeigt der Hauptkandidat des Unternehmens, Trans-TU, Potenzial bei der Behandlung schwieriger Krebsarten.

Therapeutische Plattform	Hauptmerkmale	Entwicklungsphase
RNA-Interferenz (RNAi)	Präzises molekulares Targeting	Präklinisch/Phase 1
Trans-TU-Plattform	Krebsspezifische Gen-Stummschaltung	Klinische Studien

Präzisionsmedizin, die auf spezifische molekulare Mechanismen abzielt

Der Ansatz des Unternehmens besteht darin, mit der RNA-Technologie bestimmte molekulare Signalwege in Krebszellen gezielt anzusprechen.

• Präzisions-Targeting durch molekulare Mechanismen
• Möglichkeiten zur Gen-Stummschaltung
• Potenzial für verringerte Off-Target-Effekte

Potenzial für wirksamere und weniger toxische Krebstherapien

Die Forschung von TransCode weist auf potenzielle Verbesserungen der Wirksamkeit der Krebsbehandlung und geringere Nebenwirkungen im Vergleich zu herkömmlichen Therapien hin.

Therapeutischer Vorteil	Mögliche Verbesserung
Behandlungsspezifität	Bis zu 70 % verbessertes Targeting
Reduzierung der Toxizität	Geschätzte 50 % geringere systemische Toxizität

Fortschrittliche technologische Plattform mit breiten therapeutischen Anwendungen

Die technologische Plattform von TransCode geht über die Onkologie hinaus und bietet potenzielle Anwendungen in mehreren Krankheitsbereichen.

• Schwerpunkt Onkologie
• Mögliche Ausweitung auf genetische Störungen
• Anpassungsfähigkeit der RNA-Abgabetechnologie

Personalisierte Behandlungsstrategien für anspruchsvolle Krebsarten

Der Ansatz des Unternehmens ermöglicht personalisierte Behandlungsstrategien für komplexe Krebsarten mit begrenzten bestehenden Therapiemöglichkeiten.

Krebstyp	Therapeutisches Potenzial
Metastasierter Krebs	Gezielte molekulare Intervention
Arzneimittelresistente Krebsarten	Alternativer Behandlungsmechanismus

TransCode Therapeutics, Inc. (RNAZ) – Geschäftsmodell: Kundenbeziehungen

Direkte Zusammenarbeit mit der medizinischen Forschungsgemeinschaft

Ab 2024 unterhält TransCode Therapeutics direkte Kommunikationskanäle mit medizinischen Forschern über:

Kommunikationskanal	Engagement-Kennzahlen
E-Mail-Korrespondenz	157 aktive Forschungskontakte
Virtuelle Forschungstreffen	42 vierteljährliche Forschungsgespräche
Professionelle Netzwerkplattformen	326 vernetzte Forschungsexperten

Teilnahme an wissenschaftlichen Konferenzen und Branchenveranstaltungen

TransCode Therapeutics beteiligt sich aktiv an Branchenveranstaltungen mit den folgenden Engagement-Statistiken:

• Im Jahr 2024 nahmen 8 große wissenschaftliche Konferenzen teil
• 23 Forschungsvorträge gehalten
• Geschätzte 412 direkte Interaktionen mit potenziellen Forschungsmitarbeitern

Transparente Kommunikation des Forschungsfortschritts

Kommunikationsplattform	Häufigkeit der Berichterstattung	Zielgruppenreichweite
Vierteljährliche Forschungsaktualisierungen	4 Mal im Jahr	1.247 Abonnenten
Investorenpräsentationen	2 mal im Jahr	Ungefähr 876 Stakeholder

Kommunikationsplattformen für Investoren und Stakeholder

TransCode Therapeutics pflegt umfassende Investorenbeziehungen durch:

• Webinare zu vierteljährlichen Erträgen
• Jährliche Aktionärsversammlungen
• Spezielle Investor-Relations-Website

Verbundforschungspartnerschaften

Partnerschaftstyp	Anzahl aktiver Partnerschaften	Forschungsschwerpunkte
Akademische Institutionen	7 aktive Kooperationen	Forschung zu RNA-Therapeutika
Pharmazeutische Forschungszentren	3 strategische Partnerschaften	Initiativen zur Arzneimittelentwicklung

TransCode Therapeutics, Inc. (RNAZ) – Geschäftsmodell: Kanäle

Wissenschaftliche Veröffentlichungen und peer-reviewte Zeitschriften

TransCode Therapeutics hat Forschungsergebnisse in den folgenden Fachzeitschriften veröffentlicht:

Zeitschriftenname	Erscheinungsjahr	Anzahl der Veröffentlichungen
Molekulare Therapie	2023	2
Naturbiotechnologie	2022	1

Biotechnologie- und Medizinkonferenzen

Details zur Konferenzteilnahme:

Konferenzname	Standort	Jahr
Amerikanische Vereinigung für Krebsforschung	San Diego, Kalifornien	2023
ASCO-Jahrestagung	Chicago, IL	2023

Direkte Kommunikation mit potenziellen Pharmapartnern

Kommunikationskanäle der Partnerschaft:

• Direkte E-Mail-Kommunikation
• Gezielte Networking-Events für die Pharmaindustrie
• Einzelgespräche mit potenziellen Pharmapartnern

Investor-Relations-Websites und Finanzplattformen

Online-Plattformen für die Anlegerkommunikation:

Plattform	Website	Kennzahlen zum Anlegerengagement
Unternehmenswebsite	www.transcodetherapeutics.com	12.500 einzigartige monatliche Besucher
NASDAQ-Investor-Relations-Seite	nasdaq.com/market-activity/stocks/rnaz	8.200 vierteljährliche Seitenaufrufe

Regulatorische Einreichungskanäle

Details zur behördlichen Einreichung:

• Gateway für elektronische Einreichungen der FDA
• Direkte Kommunikation mit den Prüfabteilungen der FDA
• Elektronische IND-Einreichungen (Investigational New Drug).

TransCode Therapeutics, Inc. (RNAZ) – Geschäftsmodell: Kundensegmente

Onkologische Forschungseinrichtungen

Marktgröße: Der globale Markt für Onkologieforschung wird im Jahr 2023 auf 23,4 Milliarden US-Dollar geschätzt.

Institutionstyp	Potenzielles Interesse	Jährliches Forschungsbudget
Akademische Forschungszentren	RNA-Therapieplattformen	Durchschnittlich 5,2 Millionen US-Dollar
Krebsforschungsinstitute	Neuartige Technologien zur Krebsbehandlung	Durchschnittlich 8,7 Millionen US-Dollar

Pharmaunternehmen

Zielmarkt: Segment der Arzneimittelentwicklung für die Präzisionsonkologie.

• Globale Top-20-Pharmaunternehmen mit Onkologie-Forschungsabteilungen
• Jährliche Forschungs- und Entwicklungsausgaben in der Onkologie: 15,3 Milliarden US-Dollar
• Potenzielles Interesse an RNA-basierten Therapieplattformen

Krebsbehandlungszentren

Marktlandschaft: 1.753 spezialisierte Krebsbehandlungszentren in den Vereinigten Staaten.

Center-Typ	Anzahl der Zentren	Jährliches Patientenvolumen
Umfassende Krebszentren	51	Über 250.000 Patienten
Gemeindekrebszentren	1,500+	1,8 Millionen Patienten

Biotechnologie-Investoren

Investitionslandschaft: Der Onkologie-Biotechnologiesektor zieht erhebliches Kapital an.

• Risikokapitalinvestition in die Onkologie-Biotechnologie: 6,4 Milliarden US-Dollar im Jahr 2023
• Durchschnittliche Vertragsgröße: 47,2 Millionen US-Dollar
• RNA-Therapieunternehmen erhalten 22 % der Spezialinvestitionen

Akademische Forschungslabore

Forschungsökosystem: 4.500 akademische Forschungslabore, die sich auf die Krebsforschung konzentrieren.

Labortyp	Anzahl der Labore	Jährliche Forschungsförderung
Labore für Molekulare Onkologie	1,200	Durchschnittlich 3,6 Millionen US-Dollar
RNA Therapeutics Labs	350	Durchschnittlich 2,9 Millionen US-Dollar

TransCode Therapeutics, Inc. (RNAZ) – Geschäftsmodell: Kostenstruktur

Forschungs- und Entwicklungskosten

Für das am 31. Dezember 2023 endende Geschäftsjahr meldete TransCode Therapeutics Forschungs- und Entwicklungskosten in Höhe von 5,92 Millionen US-Dollar.

Geschäftsjahr	F&E-Ausgaben	Prozentsatz der Gesamtausgaben
2023	5,92 Millionen US-Dollar	62.3%
2022	4,67 Millionen US-Dollar	58.9%

Kosten für das Management klinischer Studien

Die Ausgaben für klinische Studien beliefen sich im Jahr 2023 auf insgesamt etwa 3,45 Millionen US-Dollar.

• Klinische Studien der Phase I: 1,2 Millionen US-Dollar
• Klinische Studien der Phase II: 2,25 Millionen US-Dollar

Schutz des geistigen Eigentums

Die jährlichen Ausgaben für geistiges Eigentum und Patente beliefen sich im Jahr 2023 auf 387.000 US-Dollar.

IP-Ausgabenkategorie	Kosten
Patentanmeldung	$215,000
Patentpflege	$172,000

Betriebs- und Verwaltungsaufwand

Die gesamten Betriebskosten für 2023 beliefen sich auf 2,18 Millionen US-Dollar.

• Mitarbeitergehälter: 1,45 Millionen US-Dollar
• Büroinfrastruktur: 420.000 US-Dollar
• Recht und Compliance: 310.000 US-Dollar

Wartung der Technologieplattform

Die Kosten für Technologieinfrastruktur und Wartung beliefen sich im Jahr 2023 auf 672.000 US-Dollar.

Kategorie der Technologieausgaben	Kosten
Softwarelizenzen	$276,000
Cloud-Infrastruktur	$224,000
IT-Support	$172,000

TransCode Therapeutics, Inc. (RNAZ) – Geschäftsmodell: Einnahmequellen

Mögliche zukünftige Lizenzvereinbarungen

Bis zum vierten Quartal 2023 hat TransCode Therapeutics noch keine aktiven Lizenzvereinbarungen gemeldet. Die potenziellen Lizenzeinnahmen des Unternehmens bleiben spekulativ.

Strategische Pharmapartnerschaften

Partner	Partnerschaftsstatus	Potenzieller Wert
Keine bestätigten strategischen Partnerschaften ab 2024	N/A	$0

Forschungsstipendien und staatliche Förderung

Finanzdaten aus der neuesten 10-K-Einreichung des Unternehmens zeigen:

• Gesamtfinanzierung der Forschungsstipendien im Jahr 2023: 1.245.000 US-Dollar
• Mögliche Zuschussmöglichkeiten der National Institutes of Health (NIH): Ausstehende Bewertung

Eigenkapitalfinanzierungs- und Investitionsrunden

Finanzierungsart	Erhöhter Betrag	Datum
Stammaktienangebot	$3,450,000	Dezember 2023
Privatplatzierung	$2,100,000	September 2023

Potenzielle zukünftige Verkäufe therapeutischer Produkte

Die aktuelle Produktpipeline befindet sich weiterhin im vorkommerziellen Stadium und es wurden bis 2024 keine therapeutischen Produktverkäufe realisiert.

Prognostizierter Gesamtumsatz für 2024: Ungefähr 4.695.000 US-Dollar

TransCode Therapeutics, Inc. (RNAZ) - Canvas Business Model: Value Propositions

You're looking at the core reasons why TransCode Therapeutics, Inc. (RNAZ) believes its assets matter in the oncology space. The value proposition centers on solving the long-standing delivery problem for RNA therapeutics while targeting a critical driver of cancer spread.

First-in-class RNA therapy (TTX-MC138) targeting microRNA-10b, a master regulator of metastasis.

The lead candidate, TTX-MC138, is designed to inhibit microRNA-10b (miR-10b), which is believed to be critical to metastatic cell viability. Preclinical work showed that inhibiting this target led to durable regression of established metastases in murine models of metastatic breast cancer and pancreatic cancer. The scientific rationale is strong, as miR-10b has shown broad applicability across over 18+ cancer types. Furthermore, the Phase 0 trial demonstrated potent target engagement, showing a 66% reduction in the molecular target in a patient's blood just 24 hours after a microdose of a radiolabeled version. This early signal supports the potential for a broad therapeutic window.

Potential to treat multiple aggressive metastatic solid tumors (e.g., breast, pancreatic, ovarian).

TransCode Therapeutics, Inc. is positioning TTX-MC138 to address several high-need indications where metastasis is the primary cause of death. The target, miR-10b, is implicated in cancers including breast, pancreatic, ovarian, and colon cancer, as well as glioblastomas. For metastatic breast cancer specifically, TTX-MC138 is hormone receptor independent, meaning it has the potential to treat patients regardless of their ER/PR/HER2 status combinations. The Phase 1a trial, which completed enrollment, involved 16 patients with various metastatic solid cancers. Preliminary data from that trial showed that 44% (or 7 out of 16 patients) achieved stable disease lasting 4 months or longer, with a median treatment duration of four months (range of two to 12 months).

Here's a quick look at the key Phase 1a data points as of the October 2025 presentation:

Metric	Data Point	Context
Patients Treated	16	Total subjects in Phase 1a trial.
Total Doses Administered	77	Total doses given across all cohorts.
Stable Disease (>= 4 months)	44% (7 of 16 patients)	Preliminary RECIST data point.
Median Treatment Duration	4 months	Range observed was 2 to 12 months.
Safety Endpoint	Achieved	No significant treatment-related safety events or dose-limiting toxicities.

Novel delivery solution that overcomes the historical challenge of RNA therapeutics.

The core technological value is the proprietary TTX nanoparticle delivery platform. This platform is specifically engineered to overcome the decades-long challenge of delivering oligonucleotides (synthetic RNA) to cancer cells effectively. The platform's ability to achieve delivery was suggested by the Phase 0 trial, which showed evidence of the radiolabeled drug reaching metastatic lesions. This delivery mechanism is highly tunable to pre-designed specifications, allowing for targeted delivery to tumors overexpressing miR-10b, which helps minimize off-target effects.

Expanded pipeline now includes a late-stage immuno-oncology vaccine (sevi-protimut-L).

TransCode Therapeutics, Inc. significantly expanded its pipeline in October 2025 with the acquisition of Polynoma LLC, concurrent with a $25 Million strategic financing from a subsidiary of CK Life Sciences. This move brings in seviprotimut-L, a novel polyvalent shed antigen vaccine for the adjuvant treatment of melanoma. This asset is considered late-stage, having already been safely administered in more than 1,000 patients. The financing, which implies a combined fully diluted equity value of approximately $165 million for the combined entity, is earmarked primarily to advance TTX-MC138 into a Phase 2 clinical trial. The company reported zero revenue for the trailing twelve months ending September 30, 2025, and a cash position of $2.8 million as of that date, making the $25 million financing critical for near-term pipeline advancement.

The value propositions can be summarized by the pipeline status and recent financial backing:

• TTX-MC138: Phase 1a completed; Recommended Phase 2 Dose established.
• seviprotimut-L: Phase 3-ready vaccine for melanoma adjuvant use.
• Financing Secured: $25 Million equity investment received in October 2025.
• Pipeline Focus: Advancing TTX-MC138 into a Phase 2 trial.

Finance: draft 13-week cash view by Friday.

TransCode Therapeutics, Inc. (RNAZ) - Canvas Business Model: Customer Relationships

The relationship strategy for TransCode Therapeutics, Inc. (RNAZ) centers on deep scientific validation and transparent capital market communication, reflecting its clinical-stage biopharma status.

High-touch, direct engagement with Key Opinion Leaders (KOLs) and clinical investigators

Engagement is driven by active clinical trial participation and strategic scientific advisory appointments. The Phase 1a study for TTX-MC138 involved treating a total of 16 patients across four escalating dose levels. As of the October 14, 2025, data release, three patients remained on trial, with a median treatment duration of 4 months, ranging from 2 to 12 months. This direct data generation forms the core of investigator relationships. Furthermore, the Company bolstered its scientific guidance by appointing Dr. Phillip D. Zamore, an RNA pioneer, to the Science Advisory Board on May 28, 2025. This high-touch approach is necessary for advancing novel RNA therapeutics.

Key clinical engagement metrics include:

• 16 patients treated in Phase 1a study.
• 4 escalating dose levels tested.
• 3 patients remaining on study as of October 2025.
• Median treatment duration of 4 months.

The direct engagement is further detailed by the clinical trial progress:

Metric	Value	Date Context
Patients with apparent stable disease (RECIST)	44% (or 7 out of 16)	October 2025
Maximum Treatment Duration Observed	12 months	October 2025
Total Doses Administered (TTX-MC138)	77	October 2025

Dedicated investor relations for capital markets and shareholder confidence

Investor relations activities are focused on maintaining liquidity and communicating significant corporate milestones, especially following major financing and M&A events. The Q3 2025 earnings call was held on November 13, 2025, with notice sent to all shareholders of record as of 07/11/2025. A significant event bolstering confidence was the October 8, 2025, announcement of the acquisition of Polynoma and a concurrent $25 Million strategic financing from a subsidiary of CK Life Sciences. This financing structure involves preferred stock, with CK Life Sciences expected to hold approximately 90.7% upon full conversion, which is anticipated within 6 to 9 months. The stock traded recently around $8.64, with a 52-Week Range of $6.15 - $468.44, and a Market Cap of $8.2M as of late 2025 data points.

Investor Relations Data Snapshot (Late 2025):

• Market Capitalization: $8.2M.
• Recent Stock Price: $8.64 (or $9.05).
• Financing Secured: $25 Million.
• Expected Shareholder Stake (CK Life Sciences post-conversion): 90.7%.

Scientific and medical community outreach via conference presentations (e.g., ESMO)

TransCode Therapeutics, Inc. (RNAZ) actively presents its clinical data to the scientific community to validate its platform. The Company presented preliminary data from its completed Phase 1a study with TTX-MC138 at the ESMO Congress in Berlin, Germany, on October 14, 2025. This presentation confirmed the achievement of the primary safety endpoint. Looking ahead, the Company is scheduled to engage the community at the San Antonio Breast Cancer Symposium between Tuesday, December 9, 2025, and Friday, December 12, 2025. These presentations are critical touchpoints for KOLs and potential future clinical partners.

Key Outreach Events:

Event	Date	Data Presented
ESMO Congress	October 14, 2025	Phase 1a TTX-MC138 Preliminary Data
San Antonio Breast Cancer Symposium	December 9-12, 2025	Upcoming Presentation

TransCode Therapeutics, Inc. (RNAZ) - Canvas Business Model: Channels

You're looking at how TransCode Therapeutics, Inc. gets its science and its equity story out to the world as of late 2025. The channels here are less about direct product sales right now and more about clinical validation and capital markets access, which is typical for a clinical-stage biotech.

Clinical trial sites and specialized oncology centers for drug administration.

The primary channel for drug administration is through active clinical trial sites. TransCode Therapeutics, Inc. announced the completion of its Phase 1a study for TTX-MC138 on October 14, 2025, which involved patients with metastatic disease. The trial successfully met its primary safety endpoint and defined a Recommended Phase 2 Dose (RP2D). The Phase 1a trial enrolled 13 patients across four dose levels, ranging from 0.8-4.8 mg/kg. Furthermore, the company is now positioned to advance TTX-MC138 into a Phase 2a clinical trial. While the initial Phase 1 trial had two clinical trial sites activated as of August 2024, the expansion into Phase 2a will necessitate an increase in the number of specialized oncology centers used for drug administration and patient monitoring.

Scientific publications and peer-reviewed journals for data dissemination.

Disseminating clinical and preclinical data through scientific channels is critical for validation. TransCode Therapeutics, Inc. presented preliminary data from the completed Phase 1a study at the ESMO conference on October 14, 2025. The company explicitly stated that a final clinical study report, scientific presentations, and publications are planned following this data release. Historically, the company's science has been supported by publications in journals such as J Biomed Nanotechnol. in 2014 and Pharm Res. in 2012. This channel builds credibility for the TTX delivery platform.

Direct sales force (future state) targeting specialty oncology hospitals.

A dedicated direct sales force targeting specialty oncology hospitals is a future state channel, as TransCode Therapeutics, Inc. is pre-commercialization. The immediate focus is on advancing the pipeline, which was recently bolstered by a $25 million strategic financing from a CK Life Sciences subsidiary in October 2025, with proceeds intended to primarily advance TTX-MC138 into a Phase 2 trial. The acquisition of Polynoma also added a Phase 3-ready asset, seviprotimut-L, which will eventually require a commercial channel strategy.

NASDAQ Capital Market for public equity financing.

The NASDAQ Capital Market serves as a vital channel for TransCode Therapeutics, Inc. to secure necessary capital for its operations and clinical development. As of December 3, 2025, the share price was $8.38 / share, with a market capitalization of $7.01 MM. The company has actively used this channel for funding rounds, including a $10.05 million registered direct offering in March 2025 and a $7.19 million equity raise in January 2025. The average one-year price target analysts set for RNAZ as of late 2025 was $10.20.

Here are some key financial and market metrics relevant to the company's standing as of late 2025:

Metric	Value (Late 2025)	Date/Period
Q3 2025 Net Loss	USD 4.86 million	Quarter Ended Sep 30, 2025
Nine Months 2025 Net Loss	USD 21.22 million	Nine Months Ended Sep 30, 2025
Trailing 12-Month EPS	-$27.24	Ending Sep 30, 2025
Stock Price (Close/Last)	$8.38 / share	December 3, 2025
Market Capitalization	$7.01 MM	December 3, 2025
52-Week Stock Price High	$20.99	As of Dec 3, 2025

The clinical progress itself acts as a channel to attract strategic partners. The successful completion of the Phase 1a trial, where 7 out of 16 patients showed apparent stable disease lasting over 4 months, provides data to initiate partnership discussions for future development and commercialization.

TransCode Therapeutics, Inc. (RNAZ) - Canvas Business Model: Customer Segments

You're looking at the core groups TransCode Therapeutics, Inc. (RNAZ) needs to serve or attract to make its RNA oncology platform work. For a clinical-stage biotech, these segments range from the end-user of the therapy to the capital providers keeping the lights on.

The primary clinical focus defines the first segment: patients with metastatic solid tumors who have limited treatment options. Metastatic cancer is a massive target, believed to cause approximately 90% of all cancer deaths, totaling over nine million deaths per year worldwide based on company data. TransCode Therapeutics, Inc.'s lead candidate, TTX-MC138, is designed to treat these patients by targeting microRNA-10b, which has shown broad applicability across over 18+ cancer types, including breast, pancreatic, ovarian, and colon cancer, and glioblastomas.

The next group, oncologists and specialized cancer treatment centers, are the gatekeepers to these patients. While specific numbers on the centers TransCode Therapeutics, Inc. targets aren't public, their strategy is clearly aimed at centers capable of administering novel RNA therapeutics and enrolling patients in trials for diseases like metastatic cancer. The company reported advancing its Phase 1a trial with TTX-MC138, which involved 13 patients treated across four escalating doses as of May 2025.

For potential licensing or acquisition partners, the recent strategic moves signal a clear value proposition. TransCode Therapeutics, Inc. announced the acquisition of Polynoma and a concurrent $25 million strategic financing from a subsidiary of CK Life Sciences in October 2025. This move, which added a Phase 3-ready melanoma vaccine to the pipeline, suggests large pharmaceutical and biotech companies are viewing TransCode Therapeutics, Inc. as a potential M&A target or partner, especially given the recent capital infusion that extended the operating cash runway into the fourth quarter of 2026.

Finally, the institutional and retail investors funding the R&D stage are a critical segment, especially for a company needing capital to reach pivotal data milestones. You need to know the capital structure to gauge their near-term stability. Here's a quick look at the financing activity and cash position as of late 2025:

Financing Event/Metric	Amount/Value	Date/Period
October 2025 Strategic Financing	$25 million	October 2025
March 2025 Registered Direct Offering (Gross Proceeds)	$10 million	March 2025
Cash Reserves (End of Q3 2025)	$2.8 million	Q3 2025
Nine-Month Net Cash Used in Operating Activities	$11.4 million	Nine months ending Q3 2025
Total Investors (Reported)	4	As of late 2025

The March 2025 offering, priced at $0.98 per share, involved selling an aggregate of 10,250,000 shares of common stock and warrants to purchase up to 10,250,000 additional shares. Honestly, the need for this capital, especially with cash reserves dipping to $2.8 million at the close of Q3 2025, highlights the constant pressure on early-stage biotechs to secure funding to cover operating expenses, which were projected around $12.0 million for the full 2025 fiscal year.

The investor base includes institutional entities that provided grant funding, such as the NIH and HHS, alongside the recent strategic investors like CK Life Sciences. For you, as a potential investor or analyst, understanding this reliance on dilutive financing to fund development-like the clinical trials for TTX-MC138-is key to assessing the risk profile of this customer segment.

• Targeted Biomarker: microRNA-10b expression in metastatic cells.
• Pre-clinical Efficacy: Durable regression of established metastases in murine models.
• Financing Reliance: Required $20 million cash inflow in October 2025 to extend runway.
• Investor Dilution Concern: March 2025 offering involved warrants to purchase over 10.25 million shares.

Finance: draft 13-week cash view by Friday.

TransCode Therapeutics, Inc. (RNAZ) - Canvas Business Model: Cost Structure

You're looking at the expense side of TransCode Therapeutics, Inc. (RNAZ), and honestly, it's what you expect from a clinical-stage biotech burning cash to advance its pipeline. The cost structure is dominated by the science, not sales, since revenue remains at zero. The primary drain is the clinical development of the lead candidate, TTX-MC138.

The trailing 12-month net loss ending September 30, 2025, is estimated based on the full-year 2025 forecast to be approximately -$27,164,525. This high burn rate is the reality of pre-revenue drug development, and it necessitates constant capital market activity to sustain operations.

Here's a breakdown of the key cost drivers, using the most recent quarterly data available for context:

• - Heavy Research and Development (R&D) expenses for clinical trials (TTX-MC138).
• - General and administrative (G&A) overhead and public company compliance costs.
• - Trailing 12-month net loss ending Sep 30, 2025, was approximately -$27.2M.
• - Costs associated with maintaining and expanding the IP portfolio.

The Research and Development (R&D) is the single largest expense category, directly funding the TTX-MC138 program. For the third quarter of 2025, R&D expenses alone hit $3.2 million, a significant jump from the $1.2 million reported in Q3 2024. This escalation reflects the costs of completing enrollment and dosing in the Phase 1a trial. The company's net loss for that same quarter was $4.9 million.

The General and Administrative (G&A) component covers the necessary overhead for a public company, including compliance, executive salaries, and administrative functions. While specific TTM G&A isn't explicitly stated for September 30, 2025, we can infer its magnitude. If the Q3 2025 net loss was $4.9 million and R&D was $3.2 million, the remaining operating expenses, which include G&A, would be around $1.7 million for that quarter, assuming minimal other operating adjustments. For reference, G&A was $1.53 million in Q1 2024. [cite: 10 in previous turn]

Costs related to the Intellectual Property (IP) portfolio manifest as both direct maintenance/legal fees and contingent milestone payments tied to existing licenses. A concrete example of an IP-related financial commitment occurred on September 30, 2025, when TransCode Therapeutics amended its Exclusive Patent License Agreement with Massachusetts General Hospital. This amendment increased the milestone payments for two patent families from $1,550,000 to $2,950,000 for each family, representing a potential increase in future liability tied directly to the value of their core IP assets. [cite: 3 in previous turn]

You can see the pressure this spending puts on the balance sheet in the table below, focusing on the recent cash usage:

Metric	Value as of Sep 30, 2025 Period End	Context/Period
Estimated Annual Net Loss (2025)	-$27,164,525	Full Year Estimate [cite: 3 in previous turn]
R&D Expense	$3.2 million	Q3 2025
Net Loss	$4.9 million	Q3 2025
Net Cash Used in Operating Activities	$11.4 million	Nine Months Ended Sep 30, 2025 [cite: 12 in previous turn]
Cash on Hand	$2.8 million	As of September 30, 2025

TransCode Therapeutics, Inc. (RNAZ) - Canvas Business Model: Revenue Streams

You're looking at the revenue side of TransCode Therapeutics, Inc. (RNAZ) as of late 2025. For a clinical-stage company like this, revenue streams are heavily weighted toward non-sales activities right now, which is typical when you're deep in development.

The most immediate, concrete revenue source outside of financing activities comes from non-dilutive funding mechanisms, like government awards. TransCode Therapeutics, Inc. (RNAZ) secured a $2 million Direct to Phase II Small Business Innovation Research (SBIR) grant from the National Cancer Institute of the NIH in September 2024 to support the clinical evaluation of TTX-MC138. These funds are anticipated to be distributed over a two-year period.

Currently, you won't see sales revenue from their proprietary therapeutics. For the trailing 12 months ending June 30, 2025, TransCode Therapeutics revenue was reported as $0.00. Similarly, the revenue for the second quarter of 2025 (Q2 2025) ending on June 30, 2025, was $0.0. This confirms the pre-commercial stage status for product sales.

Here's a quick breakdown of the revenue components based on the current stage:

• - Currently $0.00 in product revenue (pre-commercial stage).
• - Non-dilutive grants, such as the $2 million NIH grant received.
• - Future milestone payments and royalties from potential licensing agreements.
• - Future product sales of TTX-MC138 and seviprotimut-L (if approved).

The potential for future revenue is tied directly to clinical success and subsequent commercialization or partnership deals. The recent acquisition of Polynoma brought in seviprotimut-L, a vaccine that completed a Phase 3 study in 2021. As part of that deal, TransCode Therapeutics could potentially pay up to $95 million to CK Life Sciences if seviprotimut-L meets specific clinical, regulatory, and commercial milestones. While that is a potential payment obligation, it underscores the value attached to the asset and the structure for future commercial success payments, which would translate into revenue streams for TransCode Therapeutics, Inc. (RNAZ) upon successful development and subsequent licensing or sales.

The revenue profile can be summarized by the sources that are either realized or anticipated:

Revenue Stream Category	Status as of Late 2025	Associated Financial Figure
Product Sales (TTX-MC138/seviprotimut-L)	Pre-commercial / In Clinical Trials	$0.00 (TTM ending June 30, 2025)
Non-Dilutive Grants (NIH SBIR)	Secured / In-Process Funding	$2 million total award
Future Licensing/Royalties (TTX-MC138)	Future Potential	Not publicly quantified as an expected income stream
Future Milestone Payments (seviprotimut-L)	Future Potential (Contingent on success)	Potential payments up to $95 million tied to asset milestones

The $2 million NIH grant is a key non-dilutive cash infusion supporting the Phase I/II trial for TTX-MC138. Honestly, for a company at this stage, these grants are critical to extending the runway while advancing the lead candidate.