TransCode Therapeutics Reports 2023 Results; Provides Business Update - Seite 3

2023 Financial Highlights (amounts are approximate)

• Cash was $2.8 million on December 31, 2023, compared to $4.97 million on December 31, 2022.
• Research and development expenses were $12.3 million in 2023 compared to $10.2 million in 2022.
• General and administrative expenses were $7.2 million in 2023 compared to $8.4 million in 2022.
• Operating loss was $19.4 million in 2023 compared to $18.6 million in 2022.
  

Financial Guidance

TransCode expects that its cash of approximately $2.8 million as of December 31, 2023, together with approximately $6.2 million in net proceeds received from the sale of common stock and warrants in a January 2024 registered direct offering, will be sufficient to fund planned operations into late third quarter or early fourth quarter of 2024. 

About TransCode Therapeutics

TransCode is a clinical-stage oncology company focused on treating metastatic disease. The company is committed to defeating cancer through the intelligent design and effective delivery of RNA therapeutics based on its proprietary TTX nanoparticle platform. The company’s lead therapeutic candidate, TTX-MC138, is focused on treating metastatic tumors which overexpress microRNA-10b, a unique, well-documented biomarker of metastasis. In addition, TransCode is developing a portfolio of first-in-class RNA therapeutic candidates designed to overcome the challenges of RNA delivery and thus unlock therapeutic access to a variety of novel genetic targets that could be relevant to treating a variety of cancers.

Forward-Looking Statements

This release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, statements about the occurrence or expected timing and outcome of the Phase 1 clinical trial, statements concerning the conduct and results of clinical trials, statements concerning the occurrence or the timing and outcome of expected regulatory filings, statements concerning the effects of any of our therapeutic candidates, statements concerning preclinical studies and the outcomes of those studies, statements about what trials may indicate about the effects of any of our therapeutic candidates, statements concerning our research programs, statements about TransCode’s goals to advance its therapeutic candidate portfolio, statements concerning collaborations with other parties, statements concerning TransCode’s development programs and its TTX technology platform generally and statements concerning TransCode’s financial position and cash runway. Any forward-looking statements in this press release are based on management’s current expectations of future events and are subject to a number of risks and uncertainties that could cause actual results to differ materially and adversely from those set forth in or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to: the risk associated with drug discovery and development; the risk that the results of our clinical trials will not be consistent with our pre-clinical studies or expectations or with preceding clinical trials; risks associated with the timing and outcome of TransCode’s planned regulatory submissions; risks associated with TransCode’s conduct of clinical trials; risks associated with obtaining, maintaining and protecting intellectual property; risks associated with TransCode’s ability to enforce its patents against infringers and defend its patent portfolio against challenges from third parties; risks of competition from other companies developing products for similar uses; risks associated with TransCode’s financial condition and its need to obtain additional funding to support its business activities, including TransCode’s ability to continue as a going concern; risks associated with TransCode’s dependence on third parties; and risks associated with geopolitical events and pandemics, including the COVID-19 coronavirus. For a discussion of these and other risks and uncertainties, and other important factors, any of which could cause TransCode’s actual results to differ from those contained in or implied by the forward-looking statements, see the section entitled “Risk Factors” in TransCode’s Annual Report on Form 10-K for the year ended December 31, 2023, as well as discussions of potential risks, uncertainties and other important factors in any subsequent TransCode filings with the Securities and Exchange Commission. All information in this press release is as of the date of the release; TransCode undertakes no duty to update this information unless required by law.