TransCode Therapeutics, Inc. reported its financial results for the period ending September 30, 2024, revealing significant changes in its financial position compared to the previous fiscal period. The company, which focuses on developing innovative cancer treatments, has not generated any revenue and continues to operate at a loss.

As of September 30, 2024, TransCode's total current assets decreased to $3.6 million from $4.5 million at the end of 2023, while total assets fell to $3.9 million from $5.2 million. Current liabilities also decreased to $2.3 million from $3.5 million. The accumulated deficit increased to approximately $57.3 million, up from $46.4 million at the end of 2023. Total stockholders’ equity showed a slight increase to $1.7 million from $1.6 million.

For the three months ended September 30, 2024, operating expenses were reported at $2.2 million, a significant reduction from $5.3 million in the same period of 2023. For the nine-month period, operating expenses totaled $10.6 million, down from $15.3 million year-over-year. The net loss for the third quarter was approximately $2.3 million, an improvement from a loss of $5.3 million in the prior year. For the nine months, the net loss was $10.8 million, compared to $14.5 million in 2023.

The company’s cash position as of September 30, 2024, was approximately $1.9 million, a decrease from $7.5 million at the same time last year. This cash is expected to fund operations into late 2024, but TransCode acknowledges the need for additional capital to support ongoing operations and clinical trials, particularly for its lead candidate, TTX-MC138.

In terms of strategic developments, TransCode received a Direct to Phase II SBIR Award from the National Cancer Institute in September 2024, totaling nearly $2 million to support clinical trial activities. However, the company also faced challenges, including a termination of its collaboration with MD Anderson while continuing its clinical trial there. Additionally, TransCode has undergone significant workforce reductions, decreasing from 19 employees at the end of 2022 to 8 by September 30, 2024.

The company is currently addressing compliance issues with Nasdaq, having received notices of non-compliance with listing rules. An appeal was filed, and an extension was granted to regain compliance by the end of 2024. The company’s future remains uncertain, with potential restructuring of liabilities if additional capital cannot be raised.