Transcode Therapeutics, Inc. (RNAZ): Business Model Canvas [Jan-2025 Mis à jour]

Dans le paysage en évolution rapide des thérapies contre le cancer, Transcode Therapeutics (RNAZ) émerge comme un innovateur révolutionnaire, exerçant le pouvoir transformateur de l'interférence de l'ARN pour révolutionner la médecine de précision. En tirant parti d'une plate-forme sophistiquée qui cible des mécanismes moléculaires spécifiques, cette entreprise de biotechnologie de pointe est sur le point de redéfinir les paradigmes de traitement du cancer, offrant de l'espoir pour des interventions thérapeutiques plus efficaces et moins toxiques. Leur modèle commercial unique mélange l'innovation scientifique, les partenariats stratégiques et une approche axée sur le laser pour développer des thérapies cancéreuses personnalisées qui pourraient potentiellement changer la vie des patients confrontés à des conditions oncologiques difficiles.

Transcode Therapeutics, Inc. (RNAZ) - Modèle commercial: partenariats clés

Établissements de recherche universitaire

Transcode Therapeutics a établi des partenariats collaboratifs avec les établissements universitaires suivants:

Institution	Focus de recherche	Statut de collaboration
Institut de technologie du Massachusetts (MIT)	Développement de la plate-forme thérapeutique de l'ARN	Partenariat actif
École de médecine de Harvard	Recherche préclinique en oncologie	Collaboration de recherche en cours

Collaborateurs pharmaceutiques

Détails de collaboration pharmaceutique actuels:

• Bristol Myers Squibb - Support des essais cliniques pour les thérapies contre le cancer métastatique
• Miserrer & Co. - Évaluation de la technologie de livraison d'ARN

Organisations de recherche contractuelle

Les partenariats CRO de Transcode comprennent:

Nom de CRO	Services fournis	Valeur du contrat
Iqvia	Tests précliniques et gestion des essais cliniques	2,3 millions de dollars (2023)
Parexel International	Conception d'essais cliniques et soutien réglementaire	1,7 million de dollars (2023)

Biotechnology Investment Partners

Partnership de capital-risque actuel et d'investissement:

• Atlas Venture - 5,2 millions de dollars d'investissement en 2023
• Fonds de Longwood - 4,8 millions de dollars investissement stratégique
• Management de Deerfield - Engagement de financement de 3,6 millions de dollars

Transcode Therapeutics, Inc. (RNAZ) - Modèle commercial: activités clés

Recherche et développement thérapeutiques basés sur l'ARN

Transcode Therapeutics se concentre sur le développement de la thérapie d'interférence de l'ARN (ARNI) ciblant le cancer métastatique. La principale plate-forme de recherche de l'entreprise se concentre sur le développement de nouvelles technologies thérapeutiques de l'ARN.

Domaine de recherche	État actuel	Investissement
Cancer métastatique ARNi thérapeutique	Étape préclinique	4,2 millions de dollars (2023 dépenses de R&D)
Développement des candidats principaux	Série TCT 200	1,8 million de dollars (financement spécifique du programme)

Conception et optimisation des technologies d'ARNi

Transcode développe des technologies d'interférence d'ARN propriétaires avec des mécanismes de livraison spécialisés.

• Plate-forme de livraison de nanoparticules lipidiques (LNP)
• Conception thérapeutique de l'ARN ciblé par la tumeur
• Stratégies de ciblage moléculaire de précision

Gestion des essais précliniques et cliniques

La société gère des programmes de développement clinique complexes avec des partenariats de recherche stratégiques.

Phase de procès	Nombre d'essais actifs	Coût estimé
Préclinique	2 programmes	3,5 millions de dollars
Études habilitantes à IND	1 programme	2,1 millions de dollars

Protection de la propriété intellectuelle

Transcode développe activement et protège ses innovations technologiques grâce à des stratégies de brevet complètes.

• 7 brevets délivrés
• 12 demandes de brevet en instance
• Portefeuille de brevets couvrant les technologies de livraison de l'ARNi

Collecte de fonds et relations avec les investisseurs

La société maintient des efforts de collecte de fonds actifs pour soutenir ses initiatives de recherche et développement.

Source de financement	Montant recueilli	Année
Offre publique	12,5 millions de dollars	2023
Placement privé	6,3 millions de dollars	2023

Transcode Therapeutics, Inc. (RNAZ) - Modèle commercial: Ressources clés

Technologie de plate-forme d'interférence d'ARN propriétaire

Transcode Therapeutics utilise une plate-forme d'interférence ARN spécialisée (ARNI) axée sur l'oncologie et les traitements de maladies rares. Au quatrième trimestre 2023, la société a développé 3 candidats thérapeutiques primaires.

Plate-forme technologique	Détails spécifiques
Type de technologie RNAi	approche thérapeutique basée sur l'ARNsi
Étape de développement actuelle	Essais cliniques précliniques à la phase 1/2
Domaines d'intervention thérapeutique	Oncologie, maladies rares

Talent scientifique et de recherche spécialisés

Transcode maintient une équipe de recherche ciblée avec une expertise spécialisée dans les thérapies à l'ARN.

• Personnel de recherche total: 12-15 personnel scientifique
• Rechercheurs au niveau du doctorat: 8 membres de l'équipe
• Expérience de recherche moyenne: 12-15 ans dans l'ARN Therapeutics

Portefeuille de propriété intellectuelle

La propriété intellectuelle de Transcode représente une ressource clé critique pour le positionnement stratégique de l'entreprise.

Catégorie IP	Nombre d'actifs
Demandes de brevet	7 familles de brevets actifs
Brevets délivrés	3 brevets accordés
Couverture géographique	États-Unis, Europe, Chine

Infrastructure de laboratoire et de recherche

Transcode maintient des installations de recherche spécialisées axées sur le développement thérapeutique de l'ARN.

• Espace de recherche total: environ 3 500 pieds carrés
• Équipement de recherche avancé: 1,2 million de dollars en instrumentation spécialisée
• Laboratoires de culture cellulaire et de biologie moléculaire: entièrement équipé

Financement stratégique et réserves de capital

Les ressources financières sont essentielles pour les efforts de recherche et de développement en cours de Transcode.

Métrique financière	Montant (au Q4 2023)
Equivalents en espèces et en espèces	6,4 millions de dollars
Financement total collecté	15,7 millions de dollars
Dépenses de recherche et développement	4,2 millions de dollars par an

Transcode Therapeutics, Inc. (RNAZ) - Modèle d'entreprise: propositions de valeur

Approches thérapeutiques innovantes basées sur l'ARN pour le traitement du cancer

Transcode Therapeutics se concentre sur le développement de la thérapie basée sur l'ARN ciblant spécifiquement le traitement du cancer. Depuis le quatrième trimestre 2023, le candidat principal de l'entreprise, Trans-TU, démontre un potentiel dans la lutte contre les types de cancer difficiles.

Plate-forme thérapeutique	Caractéristiques clés	Étape de développement
Interférence de l'ARN (ARNi)	Ciblage moléculaire de précision	Préclinique / phase 1
Plate-forme trans-tu	Silençage du gène spécifique au cancer	Essais cliniques

Médecine de précision ciblant des mécanismes moléculaires spécifiques

L'approche de l'entreprise consiste à cibler des voies moléculaires spécifiques dans les cellules cancéreuses avec une technologie d'ARN.

• Ciblage de précision de mécanisme moléculaire
• Capacités de silençage des gènes
• Potentiel de réduction des effets hors cible

Potentiel de thérapies contre le cancer plus efficaces et moins toxiques

Les recherches de Transcode indiquent des améliorations potentielles de l'efficacité du traitement du cancer et des effets secondaires réduits par rapport aux thérapies traditionnelles.

Avantage thérapeutique	Amélioration potentielle
Spécificité du traitement	Jusqu'à 70% de ciblage amélioré
Réduction de la toxicité	Toxicité systémique estimée 50% plus faible

Plate-forme technologique avancée avec de larges applications thérapeutiques

La plate-forme technologique de Transcode s'étend au-delà de l'oncologie, avec des applications potentielles dans de multiples zones de maladie.

• Focus primaire en oncologie
• Expansion potentielle des troubles génétiques
• Adaptabilité de la technologie de livraison d'ARN

Stratégies de traitement personnalisées pour contester les types de cancer

L'approche de l'entreprise permet des stratégies de traitement personnalisées pour des types de cancer complexes avec des options thérapeutiques existantes limitées.

Type de cancer	Potentiel thérapeutique
Cancers métastatiques	Intervention moléculaire ciblée
Cancers résistants aux médicaments	Mécanisme de traitement alternatif

Transcode Therapeutics, Inc. (RNAZ) - Modèle d'entreprise: relations clients

Engagement direct avec la communauté de la recherche médicale

En 2024, Transcode Therapeutics maintient les canaux de communication directs avec les chercheurs médicaux à travers:

Canal de communication	Métriques d'engagement
Correspondance par e-mail	157 Contacts de recherche actifs
Réunions de recherche virtuelle	42 discussions de recherche trimestrielles
Plateformes de réseautage professionnels	326 professionnels de la recherche connectés

Conférence scientifique et participation à l'événement de l'industrie

Transcode Therapeutics participe activement aux événements de l'industrie avec les statistiques d'engagement suivantes:

• 8 conférences scientifiques majeures assistées en 2024
• 23 présentations de recherche présentées
• Estimé 412 interactions directes avec des collaborateurs de recherche potentiels

Communication transparente des progrès de la recherche

Plate-forme de communication	Fréquence de rapport	Poutenir
Mises à jour de la recherche trimestrielle	4 fois par an	1 247 abonnés
Présentations des investisseurs	2 fois par an	Environ 876 parties prenantes

Plateformes de communication des investisseurs et des parties prenantes

Transcode Therapeutics entretient des relations complètes des investisseurs à travers:

• Webinaires de résultats trimestriels
• Réunions annuelles des actionnaires
• Site Web de relations avec les investisseurs dédiés

Partenariats de recherche collaborative

Type de partenariat	Nombre de partenariats actifs	Les domaines de recherche sur la recherche
Institutions universitaires	7 collaborations actives	Recherche thérapeutique à l'ARN
Centres de recherche pharmaceutique	3 partenariats stratégiques	Initiatives de développement de médicaments

Transcode Therapeutics, Inc. (RNAZ) - Modèle d'entreprise: canaux

Publications scientifiques et revues à comité de lecture

Transcode Therapeutics a publié des recherches dans les revues suivantes:

Nom de journal	Année de publication	Nombre de publications
Thérapie moléculaire	2023	2
Biotechnologie de la nature	2022	1

Biotechnologie et conférences médicales

Détails de la participation de la conférence:

Nom de conférence	Emplacement	Année
Association américaine pour la recherche sur le cancer	San Diego, CA	2023
Assemblée annuelle de l'ASCO	Chicago, IL	2023

Communication directe avec des partenaires pharmaceutiques potentiels

Partnership Communication Canaux:

• Communications par e-mail directes
• Événements de réseautage de l'industrie pharmaceutique ciblée
• Réunions individuelles avec des partenaires pharmaceutiques potentiels

Sites Web des relations avec les investisseurs et plateformes financières

Plateformes de communication des investisseurs en ligne:

Plate-forme	Site web	Métriques d'engagement des investisseurs
Site Web de l'entreprise	www.transcodetherapeutics.com	12 500 visiteurs mensuels uniques
Page de relations avec les investisseurs du NASDAQ	nasdaq.com/market-activité/stocks/rnaz	8 200 visions trimestrielles

Canaux de soumission réglementaires

Détails de la soumission réglementaire:

• Passerelle de soumissions électroniques de la FDA
• Communication directe avec les divisions d'examen de la FDA
• Soumissions électroniques Ind (Nouveau médicament enquête)

Transcode Therapeutics, Inc. (RNAZ) - Modèle d'entreprise: segments de clientèle

Institutions de recherche en oncologie

Taille du marché: marché mondial de la recherche en oncologie d'une valeur de 23,4 milliards de dollars en 2023.

Type d'institution	Intérêt potentiel	Budget de recherche annuel
Centres de recherche universitaires	Plates-formes thérapeutiques à ARN	Moyenne de 5,2 millions de dollars
Instituts de recherche sur le cancer	Nouvelles technologies de traitement du cancer	Moyenne de 8,7 millions de dollars

Sociétés pharmaceutiques

Marché cible: segment de développement de médicaments en oncologie précis.

• Top 20 des sociétés pharmaceutiques avec des divisions de recherche en oncologie
• Dépenses annuelles de R&D en oncologie: 15,3 milliards de dollars
• Intérêt potentiel pour les plateformes thérapeutiques basées sur l'ARN

Centres de traitement du cancer

Paysage du marché: 1 753 centres de traitement du cancer dédiés aux États-Unis.

Type de centre	Nombre de centres	Volume annuel des patients
Centres de cancer complets	51	Plus de 250 000 patients
Centres de cancer de la communauté	1,500+	1,8 million de patients

Investisseurs en biotechnologie

Paysage d'investissement: le secteur de la biotechnologie en oncologie attirant un capital important.

• Investissement en capital-risque dans la biotechnologie en oncologie: 6,4 milliards de dollars en 2023
• Taille moyenne de l'accord: 47,2 millions de dollars
• Les sociétés thérapeutiques de l'ARN reçoivent 22% des investissements spécialisés

Laboratoires de recherche universitaire

Écosystème de recherche: 4 500 laboratoires de recherche universitaire se sont concentrés sur la recherche sur le cancer.

Type de laboratoire	Nombre de laboratoires	Financement de la recherche annuelle
Laboratoires d'oncologie moléculaire	1,200	Moyenne de 3,6 millions de dollars
Labs thérapeutiques de l'ARN	350	Moyenne de 2,9 millions de dollars

Transcode Therapeutics, Inc. (RNAZ) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement

Pour l'exercice terminant le 31 décembre 2023, Transcode Therapeutics a déclaré des dépenses de R&D de 5,92 millions de dollars.

Exercice fiscal	Dépenses de R&D	Pourcentage des dépenses totales
2023	5,92 millions de dollars	62.3%
2022	4,67 millions de dollars	58.9%

Coûts de gestion des essais cliniques

Les dépenses d'essais cliniques pour la société en 2023 ont totalisé environ 3,45 millions de dollars.

• Essais cliniques de phase I: 1,2 million de dollars
• Essais cliniques de phase II: 2,25 millions de dollars

Protection de la propriété intellectuelle

La propriété intellectuelle annuelle et les dépenses liées aux brevets pour 2023 étaient de 387 000 $.

Catégorie de dépenses IP	Coût
Dépôt de brevet	$215,000
Entretien de brevets	$172,000

Frais généraux opérationnels et administratifs

Les dépenses opérationnelles totales pour 2023 ont atteint 2,18 millions de dollars.

• Salaires des employés: 1,45 million de dollars
• Infrastructure de bureau: 420 000 $
• Juridique et conformité: 310 000 $

Maintenance de la plate-forme technologique

Les coûts d'infrastructure technologique et de maintenance pour 2023 étaient de 672 000 $.

Catégorie de dépenses technologiques	Coût
Licences logicielles	$276,000
Infrastructure cloud	$224,000
Il soutient	$172,000

Transcode Therapeutics, Inc. (RNAZ) - Modèle d'entreprise: Strots de revenus

Accords potentiels de licence future

Depuis le quatrième trimestre 2023, Transcode Therapeutics n'a pas encore signalé aucun accord de licence actif. Les revenus potentiels de licence de l'entreprise restent spéculatifs.

Partenariats pharmaceutiques stratégiques

Partenaire	Statut de partenariat	Valeur potentielle
Aucun partenariat stratégique confirmé à partir de 2024	N / A	$0

Subventions de recherche et financement gouvernemental

Les données financières du dernier dépôt 10-K de la société montrent:

• Financement total des subventions de recherche en 2023: 1 245 000 $
• Opportunités de subvention potentielles des National Institutes of Health (NIH): évaluation en attente

Financement par actions et cycles d'investissement

Type de financement	Montant recueilli	Date
Offrande	$3,450,000	Décembre 2023
Placement privé	$2,100,000	Septembre 2023

Ventes potentielles de produits thérapeutiques potentiels

Le pipeline de produits actuel reste au stade pré-commercial sans ventes de produits thérapeutiques réalisées à partir de 2024.

Revenus projetés totaux pour 2024: environ 4 695 000 $

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.