Transcode Therapeutics, Inc. (RNAZ) stock soared 55.66% in the current-market trading session at the price of $4.08 following the publication of preclinical data supporting the therapeutic potential of TTX-MC138 in breast cancer. Transcode is a leading RNA oncology company that employs RNA therapeutics to treat cancerous cells. The drug candidates designed by the company target a variety of tumor types.
RNAZ Published Data Supporting Therapeutic Potential of TTX-MC138
On 23rd September 2021, RNAZ announced the publication of preclinical data in Cancer Nanotechnology supporting its drug candidate, TTX-MC138. The article has published after the thorough research conducted at the Athinoula A. Martinos Center in Radiology Department.
CEO of TransCode, Michael Dudley, remarked that their TTX technology develops upon previous experience with iron oxide nanoparticles that have been used earlier in humans for imaging. This technology will assist in patient selection for future treatment and potentially minimize risks in future clinical studies. This research confirms the pharmacokinetic profile of TTX-MC138 that supports the delivery of RNA-based therapy for solid tumors. Their Phase-0 study has the potential to build a clinical proof-of-concept for this therapy, he added.
Second Quarter 2021 Financial Results
On 23rd August 2021, RNAZ published financial results for the second quarter ended 30th June 2021 and provided recent business developments. The company has completed an initial public offering of approximately 7,187,500 shares of common stock. It resulted in aggregate gross proceeds of roughly $28.8 million. The company reported an operating loss of $356 thousand in the second quarter ended 30th June 2021. Operating loss was $92 thousand in the same period of 2020. Net income was $2.8 million, or $0.60 per basic share and $0.51 per diluted share, for the second quarter ended 30th June 2021. For the second quarter ended 30th June 2020, net loss was $127 thousand, or $0.03 per basic and diluted share.
RNAZ reported cash and cash equivalents of $80 thousand as of 30th June 2021. For the second quarter ended 30th June 2021, research and development expenses were approximately $212 thousand. R&D expenses were $75 thousand in the same quarter of the previous year. The increase resulted from higher purchases of materials, license fees, lab facility expenses, and share-based compensation expenses. General and administrative expenses were $144 thousand in the second quarter ended 30th June 2021. In the same quarter of the prior year, G&A expenses were approximately $177 thousand. The increase resulted from higher legal, accounting insurance, and share-based compensation expenses.
