TransCode Therapeutics, Inc. (RNAZ) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 10, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 14, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the RNAZ SEC filings page.
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).
TransCode’s reported business remains development-led, with cash needs funded mainly by financing rather than operating revenue.
Earnings and cash flow diverge materially: FY2025’s net loss was$34.7M while operating cash flow was-$19.5M , indicating that noncash items or working-capital effects materially shaped the accounting result. Because free cash flow was also-$19.5M against only$7K of capital spending, the cash requirement came almost entirely from ongoing operations rather than physical reinvestment.
The cost structure is development-heavy: research and development reached
The balance sheet was reset at a much larger scale: reported assets expanded from
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 -$6.8M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 60.8% from the same quarter a year earlier. Against the prior quarter it is up 61.8%.
TransCode Therapeutics, Inc. reported -$6.8M in net income in Q2 2026. This represents a decrease of 57.8% from the same quarter a year earlier. Against the prior quarter it is up 62.0%.
Not reported for Q2 2026.
Cash & Balance Sheet
TransCode Therapeutics, Inc. held $8.4M in cash as of Q2 2026; long-term debt is not reported for that period.
Not reported for Q2 2026.
Not reported for Q2 2026.
Margins & Returns
None of these metrics is reported for Q2 2026.
Capital Allocation
TransCode Therapeutics, Inc. invested $3.7M in research and development in Q2 2026. This represents an increase of 44.0% from the same quarter a year earlier. Against the prior quarter it is down 27.7%.
Not reported for Q2 2026.
Not reported for Q2 2026.
RNAZ Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| R&D Expenses | $3.7M+44.0% | $5.1M+130.1% | N/A | $3.2M+157.5% | $2.6M-16.7% | $2.2M+26.2% | N/A | $1.2M-63.3% |
| SG&A Expenses | $2.5M+53.2% | $2.2M+133.5% | N/A | $1.4M+49.3% | $1.7M-18.6% | $952K-37.8% | N/A | $938K-52.3% |
| Operating Income | -$6.8M-60.8% | -$17.8M-459.9% | N/A | -$4.6M-110.6% | -$4.2M+17.5% | -$3.2M+3.6% | N/A | -$2.2M+59.2% |
| EBITDA | -$6.8M-60.8% | -$17.7M-461.5% | N/A | -$4.6M-112.0% | -$4.2M+17.2% | -$3.2M+3.0% | N/A | -$2.1M+59.3% |
| Interest Expense | N/A | N/A | N/A | $6K-44.8% | N/A | $114-98.8% | N/A | $11K-37.6% |
| Income Tax | N/A | N/A | N/A | N/A | N/A | $0 | N/A | $0 |
| Net Income | -$6.8M-57.8% | -$17.8M-47.2% | N/A | -$4.9M-109.2% | -$4.3M+17.6% | -$12.1M-263.3% | N/A | -$2.3M+56.2% |
| EPS (Basic) | -$7.17-39.8% | -$21.28+69.7% | -$18.10+60.6% | -$5.82-3883.6% | -$5.13-654.2% | -$70.16-228.6% | -$45.93+51.7% | -$0.15+99.7% |
| EPS (Diluted) | -$7.17 | -$21.28 | -$18.10 | -$5.82 | -$5.13 | -$70.16 | -$45.93 | -$146.06 |
| Diluted Shares (Avg) | 957,191 | 916,968 | N/A | 833,683 | 833,653 | 172,262 | N/A | 15,893 |
Not reported in any period shown, so not listed: Revenue, Cost of Revenue, Gross Profit.
RNAZ Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $151.0M+1726.8% | $157.2M+1091.2% | $162.4M+2126.3% | $5.2M+32.8% | $8.3M+71.3% | $13.2M+81.0% | $7.3M+41.1% | $3.9M-61.5% |
| Current Assets | $10.6M+29.1% | $16.7M+28.4% | $22.0M+209.9% | $4.8M+31.5% | $8.2M+87.9% | $13.0M+94.3% | $7.1M+59.2% | $3.6M-61.5% |
| Cash & Equivalents | $8.4M+13.7% | $12.8M+10.9% | $17.8M+206.5% | $2.8M+51.2% | $7.4M+119.8% | $11.6M+135.4% | $5.8M+110.0% | $1.9M-74.8% |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill | $25.7M | $25.7M | $25.7M | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $178.7M+8334.6% | $155.9M+5273.2% | $152.1M+1532.8% | $3.8M+66.4% | $2.1M-39.5% | $2.9M+7.2% | $9.3M+163.9% | $2.3M-60.5% |
| Current Liabilities | $5.4M+245.0% | $5.4M+114.3% | $3.5M+26.1% | $3.0M+29.9% | $1.6M-55.3% | $2.5M-7.3% | $2.8M-20.6% | $2.3M-59.2% |
| Non-Current Liabilities | $7.3M+1209.9% | $7.3M+1753.3% | $7.0M+7.4% | $833K | $554K | $392K | $6.5M+16983.4% | $0-100.0% |
| Total Equity | -$27.7M-550.5% | $1.3M-87.8% | $10.3M+612.0% | $1.4M-13.7% | $6.1M+364.9% | $10.3M+124.5% | -$2.0M-223.0% | $1.7M-62.8% |
| Retained Earnings | -$122.4M-53.8% | -$115.6M-53.6% | -$97.9M-54.8% | -$84.4M-47.4% | -$79.6M-44.8% | -$75.3M-51.4% | -$63.2M-36.2% | -$57.3M-35.3% |
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. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$5.4M-28.8% | -$5.0M-60.8% | -$8.1M-158.8% | -$4.1M-4.4% | -$4.2M-79.3% | -$3.1M+21.3% | -$3.1M+44.4% | -$3.9M-11.6% |
| Depreciation & Amortization | $24K+78.1% | $24K+78.1% | -$18K-276.1% | $5K-70.2% | $13K-58.5% | $13K-58.2% | $10K-67.3% | $16K-48.6% |
| Stock-Based Compensation | N/A | N/A | N/A | N/A | N/A | $158K-13.9% | N/A | N/A |
| Capital Expenditures | N/A | N/A | N/A | N/A | N/A | N/A | $500 | $13K+179.4% |
| Free Cash Flow | N/A | N/A | N/A | N/A | N/A | N/A | -$3.1M+44.4% | -$3.9M-11.8% |
| Investing Cash Flow | N/A | N/A | N/A | N/A | N/A | N/A | -$500 | -$13K-179.4% |
| Financing Cash Flow | N/A | N/A | $23.1M+226.5% | -$456K-118.6% | $0-100.0% | $8.9M+45.5% | $7.1M+624.0% | $2.4M-66.9% |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
RNAZ Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Return on Equity | N/A | -1421.2%-1303.8pp | N/A | -340.5%-200.0pp | -69.6%+323.0pp | -117.4%-44.8pp | N/A | -140.5%-21.1pp |
| Return on Assets | -4.5%+47.3pp | -11.3%+80.3pp | N/A | -92.9%-33.9pp | -51.7%+55.9pp | -91.6%-46.0pp | N/A | -59.0%-7.2pp |
| Current Ratio | 1.97-3.3x | 3.11-2.1x | 6.29+3.7x | 1.600.0x | 5.27+4.0x | 5.20+2.7x | 2.56+1.3x | 1.58-0.1x |
| Debt-to-Equity | N/A | 124.59+124.3x | 14.71 | 2.67+1.3x | 0.34-2.3x | 0.28-0.3x | N/A | 1.38+0.1x |
Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Net Margin, Asset Turnover, FCF Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| TransCode Therapeutics, Inc. RNAZ | FY2025 | N/A | -$34.7M | N/A | $31.5M | — |
| IN8bio, Inc. INAB | FY2025 | N/A | -$19.4M | N/A | $13.2M | — |
| Cyclacel Pharmaceuticals, Inc. 6% Cnvrtbl. Prfrd. Stock CYCCP | FY2025 | $747K | $3.0M | N/A | $9.6M | — |
| Aprea Therapeutics, Inc. APRE | FY2025 | N/A | -$12.6M | N/A | $7.6M | — |
| Bolt Biotherapeutics, Inc. BOLT | FY2025 | $7.7M | -$33.4M | N/A | $7.9M | 64/100 |
| ESSA Pharma Inc. EPIX | FY2024 | N/A | -$28.5M | N/A | $9.5M | — |
Where TransCode Therapeutics, Inc. Ranks
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.
What is TransCode Therapeutics, Inc.'s P/E ratio?
TransCode Therapeutics, Inc. (RNAZ) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (FY2025). The market capitalization is $31.5M as of Oct 10, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is TransCode Therapeutics, Inc.'s price-to-sales ratio?
TransCode Therapeutics, Inc. (RNAZ) has no price-to-sales ratio at the moment: no revenue reported. The market capitalization is $31.5M as of Oct 10, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
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.