RNAZ

TransCode is a clinical-stage immuno-oncology company with zero product revenue in every year on record (FY2021–FY2025) and a net loss that ballooned to -$34.7M in FY2025 from -$16.8M the year prior — a >2x deterioration, with operating cash burn of -$19.5M against just $17.8M of cash. That is well under twelve months of runway at the current burn, which is the single most important fact here: this company survives only by raising more capital, and it will. The lead asset TTX-MC138 (targeting microRNA-10b in metastatic tumors) is only entering a *planned* Phase 2a trial, and the newly-acquired Seviprotimut-L melanoma vaccine is still investigational — there is no approved product, no revenue line, and no near-term path to self-funding.

The balance sheet optically 'improved' — total assets jumped +2,126% to $162M — but this is an artifact of the October 2025 Polynoma acquisition (issuing Series A/B preferred to DEFJ, an affiliate of CK Life Sciences), not operating progress. Note that $162M of assets minus $10.5M of liabilities leaves ~$151M, yet stockholders' equity is only $10.3M: the ~$141M gap sits in convertible preferred outside permanent equity. Each Series A share converts into 10,000 common shares (1,242 shares ≈ 12.4M common) and Series B another ~2.2M — against a common float of just 917K shares. The current $8.61 price and ~$8M common market cap are almost meaningless because conversion of the preferred would multiply the share count roughly 16-fold, crushing per-share value. The -96% collapse in share count and the -$52.59 EPS also signal a recent reverse split — a classic Nasdaq-compliance / distressed-issuer move.