Transcode Therapeutics Inc Financials
This page shows Transcode Therapeutics Inc (RNAZ) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 6 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
A liability-funded cash cushion is now supporting development-stage spending, separating near-term liquidity from long-term balance-sheet strength.
Financing cash inflow of$31.5M more than covered FY2025 operating cash use of$19.5M , so the company finished the year with a larger cash buffer despite ongoing losses. The tradeoff is a much more liability-funded structure than FY2024, even though the current ratio improved to 6.3x.
Research intensity increased: R&D rose to
Capital spending was only
Financial Health Signals
Transcode Therapeutics Inc does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.
Transcode Therapeutics Inc passes 4 of 6 computable financial strength tests (3 of the nine could not be computed from available data). 2 of 4 profitability signals pass, all 2 leverage/liquidity signals pass.
Transcode Therapeutics Inc reported a net loss of $34.7M while operations used $19.5M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Transcode Therapeutics Inc reported an operating loss of $28.0M against $7K in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
Transcode Therapeutics Inc's EBITDA was -$28.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 79.6% from the prior year.
Transcode Therapeutics Inc reported -$34.7M in net income in fiscal year 2025. This represents a decrease of 106.9% from the prior year.
Transcode Therapeutics Inc earned -$52.59 per diluted share (EPS) in fiscal year 2025.
Not reported for fiscal year 2025.
Cash & Balance Sheet
Transcode Therapeutics Inc recorded an outflow of $19.5M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. This represents a decrease of 46.2% from the prior year.
Transcode Therapeutics Inc held $17.8M in cash as of fiscal year 2025; long-term debt is not reported for that period.
Not reported for fiscal year 2025.
Margins & Returns
Transcode Therapeutics Inc's ROE was -335.4% in fiscal year 2025, measuring profit generated per dollar of shareholder equity.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Capital Allocation
Transcode Therapeutics Inc invested $13.4M in research and development in fiscal year 2025. This represents an increase of 38.3% from the prior year.
Transcode Therapeutics Inc invested $7K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 69.4% from the prior year.
Not reported for fiscal year 2025.
RNAZ Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 |
|---|---|---|---|---|---|---|---|
| R&D Expenses | N/A | $13.4M+38.3% | $9.7M-20.9% | $12.3M+19.9% | $10.2M+271.6% | $2.8M+868.1% | $284K |
| SG&A Expenses | N/A | $5.8M-3.1% | $6.0M-16.8% | $7.2M-14.8% | $8.4M+147.3% | $3.4M+668.3% | $442K |
| Operating Income | N/A | -$28.0M-78.7% | -$15.7M+19.4% | -$19.4M-4.2% | -$18.6M-202.9% | -$6.2M-746.6% | -$727K |
| Interest Expense | N/A | $7K-75.3% | $27K-52.0% | $56K+74.8% | $32K-66.4% | $95K-75.9% | $395K |
| Income Tax | N/A | $226K | $0 | $0 | $0-100.0% | $53K | $0 |
| Net Income | N/A | -$34.7M-106.9% | -$16.8M+9.7% | -$18.5M-5.6% | -$17.6M-156.7% | -$6.8M-192.0% | -$2.3M |
| EPS (Diluted) | — | -$52.59 | -$1336.63 | -$3419.01 | -$1082.79 | -$0.81 | -$0.51 |
Not reported in any period shown, so not listed: Revenue, Cost of Revenue, Gross Profit.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
RNAZ Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 |
|---|---|---|---|---|---|---|
| Total Assets | $162.4M+2126.3% | $7.3M+41.1% | $5.2M-31.9% | $7.6M-66.9% | $22.9M+2073.5% | $1.1M |
| Current Assets | $22.0M+209.9% | $7.1M+59.2% | $4.5M-39.6% | $7.4M-67.5% | $22.7M+2634.8% | $831K |
| Cash & Equivalents | $17.8M+206.5% | $5.8M+110.0% | $2.8M-44.3% | $5.0M-76.1% | $20.8M+2415.2% | $828K |
| Goodwill | $25.7M | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $152.1M+1532.8% | $9.3M+163.9% | $3.5M-18.8% | $4.3M+71.6% | $2.5M-43.2% | $4.5M |
| Current Liabilities | $3.5M+26.1% | $2.8M-20.6% | $3.5M-19.7% | $4.3M+71.6% | $2.5M+525.9% | $405K |
| Total Equity | $10.3M+612.0% | -$2.0M-223.0% | $1.6M-49.4% | $3.2M-84.1% | $20.4M+698.7% | -$3.4M |
| Retained Earnings | -$97.9M-54.8% | -$63.2M-36.2% | -$46.4M-66.5% | -$27.9M-170.4% | -$10.3M-197.7% | -$3.5M |
Not reported in any period shown, so not listed: Inventory, Accounts Receivable, Long-Term Debt.
RNAZ Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 |
|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$22.6M | -$19.5M-46.3% | -$13.3M+26.2% | -$18.1M-14.7% | -$15.8M-199.3% | -$5.3M-968.4% | -$493K |
| Capital Expenditures | N/A | $7K-69.4% | $22K-38.9% | $36K-64.7% | $101K-60.4% | $255K | N/A |
| Free Cash Flow | N/A | -$19.5M-46.2% | -$13.4M+26.2% | -$18.1M-14.2% | -$15.9M-187.3% | -$5.5M | N/A |
| Investing Cash Flow | N/A | -$4K+79.6% | -$22K+38.9% | -$36K+64.7% | -$101K+59.9% | -$252K | N/A |
| Financing Cash Flow | N/A | $31.5M+92.2% | $16.4M+3.1% | $15.9M+265542.4% | $6K-100.0% | $25.5M+2185.4% | $1.1M |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
RNAZ Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 |
|---|---|---|---|---|---|---|
| Return on Equity | -335.4% | N/A | -1130.3%-588.3pp | -542.0%-508.5pp | -33.5% | N/A |
| Return on Assets | -21.3%+208.3pp | -229.7%+129.1pp | -358.8%-127.3pp | -231.5%-201.6pp | -29.8%+192.3pp | -222.1% |
| Current Ratio | 6.29+3.7x | 2.56+1.3x | 1.28-0.4x | 1.70-7.3x | 8.97+6.9x | 2.05 |
| Debt-to-Equity | 14.71 | N/A | 2.15+0.8x | 1.34+1.2x | 0.12 | N/A |
Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Net Margin, FCF Margin.
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Frequently Asked Questions
Is Transcode Therapeutics Inc profitable?
No, Transcode Therapeutics Inc (RNAZ) reported a net income of -$34.7M in fiscal year 2025.
What is Transcode Therapeutics Inc's EBITDA?
Transcode Therapeutics Inc (RNAZ) had EBITDA of -$28.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Transcode Therapeutics Inc's return on equity (ROE)?
Transcode Therapeutics Inc (RNAZ) has a return on equity of -335.4% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Transcode Therapeutics Inc's free cash flow?
Transcode Therapeutics Inc (RNAZ) recorded an outflow of $19.5M in free cash flow during fiscal year 2025. This represents a -46.2% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Transcode Therapeutics Inc's operating cash flow?
Transcode Therapeutics Inc (RNAZ) recorded an outflow of $19.5M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Transcode Therapeutics Inc's total assets?
Transcode Therapeutics Inc (RNAZ) had $162.4M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Transcode Therapeutics Inc's capital expenditures?
Transcode Therapeutics Inc (RNAZ) invested $7K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Transcode Therapeutics Inc spend on research and development?
Transcode Therapeutics Inc (RNAZ) invested $13.4M in research and development during fiscal year 2025.
What is Transcode Therapeutics Inc's current ratio?
Transcode Therapeutics Inc (RNAZ) had a current ratio of 6.29 as of fiscal year 2025, which is generally considered healthy.
What is Transcode Therapeutics Inc's debt-to-equity ratio?
Transcode Therapeutics Inc (RNAZ) had a debt-to-equity ratio of 14.71 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Transcode Therapeutics Inc's return on assets (ROA)?
Transcode Therapeutics Inc (RNAZ) had a return on assets of -21.3% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
How does Transcode Therapeutics Inc's liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, Transcode Therapeutics Inc (RNAZ) held $17.8M in cash, cash equivalents and investments, and reported an operating cash outflow of $19.5M over that year. Dividing the one by the other, the reported balance equals about 11 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
What is Transcode Therapeutics Inc's Piotroski F-Score?
Transcode Therapeutics Inc (RNAZ) has a Piotroski F-Score of 4 out of 6 computable signals; 3 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Transcode Therapeutics Inc's earnings high quality?
Transcode Therapeutics Inc (RNAZ) reported a net loss of $34.7M while operations used $19.5M of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Transcode Therapeutics Inc cover its interest payments?
Transcode Therapeutics Inc (RNAZ) reported an operating loss of $28.0M against $7K in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.