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TransCode Therapeutics, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The company reported a net loss of $2,321,387 for the quarter and $10,839,013 for the nine months ended September 30, 2024. This compares to a net loss of $5,299,962 and $14,458,548 for the same periods in 2023.
Research and development expenses decreased to $1,227,386 for the quarter from $3,342,644 in the previous year. For the nine months ended September 30, 2024, these expenses were $6,067,983, down from $8,899,904 in 2023.
General and administrative expenses were $938,026 for the quarter, a decrease from $1,967,608 in the previous year. For the nine-month period, these expenses totaled $4,500,326, compared to $6,421,024 in 2023.
TransCode reported cash of $1,875,862 as of September 30, 2024, down from $2,767,598 at the end of 2023. The company noted that it expects its cash reserves to fund operations into late 2024.
The company highlighted ongoing efforts to raise additional capital and the potential need to amend, delay, or reduce its development programs if additional funding is not secured.
The filing mentions that TransCode received a Direct to Phase II SBIR Award from the National Cancer Institute in September 2024, totaling $1,999,972 to support its Phase1a clinical trial with its lead candidate, TTX-MC138.
TransCode is facing potential delisting from the Nasdaq Capital Market due to non-compliance with certain listing rules and has appealed to a Nasdaq Hearings Panel.
The company is conducting a Phase I/II clinical trial with TTX-MC138, which commenced in the third quarter of 2024, and has closed enrollment in its Phase 0 trial following preliminary results.
TransCode continues to focus on its lead therapeutic candidate, TTX-MC138, and other programs while exploring strategic partnerships and additional funding opportunities.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the TransCode Therapeutics Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.