The balance sheet remains structurally fragile, evidenced by a $25.7 million goodwill concentration representing a significant portion of the $157.2 million total asset base.
| Total Current Assets | 16.75M | 21.98M | 7.09M | 4.46M | 7.38M | 22.73M | 831.22K | 204.47K | 214.65K |
| Cash & Short-Term Investments | 12.84M | 17.81M | 5.81M | 2.77M | 4.98M | 20.83M | 828.02K | 204.47K | 212.98K |
| Cash Only | 12.84M | 17.81M | 5.81M | 2.77M | 4.97M | 20.83M | 828.02K | 204.47K | 212.98K |
| Short-Term Investments | 0 | 0 | 0 | 0 | 9.41K | 0 | 0 | 0 | 0 |
| Accounts Receivable | 2.3M | 3.25M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Sales Outstanding | - | - | - | - | - | - | - | - | - |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 1.02M | 529.04K | 517.48K | 1.14M | 1.02M | 1.84M | 0 | 0 | 0 |
| Total Non-Current Assets | 140.42M | 140.41M | 201.16K | 714.26K | 208.58K | 206.27K | 224.15K | 12.27K | 0 |
| Property, Plant & Equipment | 346.75K | 370.68K | 89.31K | 602.4K | 208.58K | 206.27K | 0 | 0 | 0 |
| Fixed Asset Turnover | 0.00x | - | - | - | - | - | - | - | - |
| Goodwill | 25.74M | 25.74M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 114.3M | 114.3M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 12.27K | 0 |
| Other Non-Current Assets | 25K | 0 | 111.86K | 111.86K | 0 | 0 | 224.15K | 0 | 0 |
| Total Assets | 157.16M | 162.4M | 7.29M | 5.17M | 7.59M | 22.94M | 1.06M | 216.74K | 214.65K |
| Asset Turnover | 0.00x | - | - | - | - | - | - | - | - |
| Asset Growth % | 3321.63% | 2126.32% | 41.1% | -31.87% | -66.92% | 2073.5% | 386.92% | 0.98% | - |
| Total Current Liabilities | 5.38M | 3.49M | 2.77M | 3.49M | 4.35M | 2.53M | 404.86K | 62.94K | 117.68K |
| Accounts Payable | 5M | 0 | 2.58M | 0 | 0 | 2.02M | 0 | 27.26K | 0 |
| Days Payables Outstanding | 20.21K | - | 1.76K | - | - | 17.33K | - | - | - |
| Short-Term Debt | 0 | 0 | 38.29K | 0 | 0 | 0 | 0 | 0 | 35.69K |
| Deferred Revenue (Current) | 0 | 0 | 0 | 27.06K | 0 | 30.53K | 0 | 0 | 0 |
| Other Current Liabilities | 128.5K | 0 | 26.11K | 0 | 0 | -2.02M | -1 | 35.69K | 0 |
| Current Ratio | 3.11x | 6.29x | 2.56x | 1.28x | 1.70x | 8.97x | 2.05x | 3.25x | 1.82x |
| Quick Ratio | 3.11x | 6.29x | 2.56x | 1.28x | 1.70x | 8.97x | 2.05x | 3.25x | 1.82x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 7.27M | 148.57M | 6.54M | 38.29K | 0 | 0 | 4.06M | 1.25M | 600.93K |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 2.09M | 927.81K | 436.21K |
| Capital Lease Obligations | 0 | 0 | 0 | 38.29K | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 683.45K | 226.07K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 6.81M | 148.34M | 6.54M | 0 | 0 | 0 | 1.97M | 323.5K | 164.72K |
| Total Liabilities | 12.64M | 152.06M | 9.31M | 3.53M | 4.35M | 2.53M | 4.46M | 1.31M | 718.61K |
| Total Debt | 0 | 0 | 38.29K | 450.57K | 0 | 0 | 2.09M | 927.81K | 471.9K |
| Net Debt | -12.84M | -17.81M | -5.77M | -2.32M | -4.97M | -20.83M | 1.26M | 723.34K | 258.92K |
| Debt / Equity | 0.00x | - | - | 0.27x | - | - | - | - | - |
| Debt / EBITDA | -0.00x | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 0.40x | - | - | - | - | - | - | - | - |
| Interest Coverage | -4563.50x | -5203.81x | -623.88x | -330.78x | -1.00x | -70.98x | -4.94x | -2.87x | - |
| Total Equity | 144.52M | 10.34M | -2.02M | 1.64M | 3.24M | 20.4M | -3.41M | -1.1M | -503.97K |
| Equity Growth % | 2267.29% | 611.98% | -223.03% | -49.37% | -84.12% | 698.68% | -210.54% | -117.77% | - |
| Book Value per Share | 157.61 | 14.99 | -5.67 | 302.49 | 199.78 | 1937.37 | -427.15 | -171.30 | -2621.96 |
| Total Shareholders' Equity | 144.52M | 10.34M | -2.02M | 1.64M | 3.24M | 20.4M | -3.41M | -1.1M | -503.97K |
| Common Stock | 92 | 92 | 103 | 63 | 2 | 1.29K | 464 | 764 | 764 |
| Retained Earnings | -115.65M | -97.86M | -63.2M | -46.42M | -27.87M | -10.31M | -3.46M | -1.12M | -510.78K |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -11.8K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Clinical Trial Funding Runway
As reported in recent financial statements, TransCode Therapeutics' equity base has experienced extreme volatility, swinging from a deficit of $2.0 million in 2024Q4 to $144.5 million in 2026Q1, primarily driven by dilutive financing activities rather than organic growth or operational value creation within the business.
The trajectory of the balance sheet suggests a reliance on external capital injections to offset persistent operating losses. Investors should monitor whether these periodic equity raises can continue to support the company's clinical ambitions without further eroding shareholder value through excessive dilution.
Based on the 2026Q1 balance sheet, goodwill accounts for $25.7 million of the $157.2 million total asset base, indicating that a significant portion of the company's reported value is tied to intangible assets rather than tangible infrastructure or productive clinical assets.
The presence of substantial goodwill warrants further investigation into the underlying valuation assumptions, as these assets may be subject to impairment if clinical trials for the TTX-MC138 platform fail to meet efficacy milestones. The minimal PPE balance of $346.7K confirms the company's asset-light, R&D-focused operational model.
According to the most recent quarterly data, the company maintains a cash position of $12.8 million, which, when viewed against the backdrop of ongoing clinical trial expenditures, suggests a limited runway that may necessitate further capital market intervention to sustain operations through the next fiscal year.
While the current ratio of 3.11 appears superficially healthy, it is heavily influenced by the timing of equity raises and does not reflect the underlying cash burn rate. The company's liquidity position remains vulnerable to any delays in clinical trial enrollment or unexpected increases in research-related overhead.
As indicated by the historical data, the company's equity position has fluctuated wildly, including a negative equity balance in 2024Q4, which suggests that the balance sheet is highly sensitive to the timing of financing rounds rather than the accumulation of retained earnings or operational success.
The reliance on equity financing to maintain a positive net asset position creates a distortion where the balance sheet appears stronger immediately following a capital raise, despite no improvement in the underlying business fundamentals. This pattern suggests that the company's financial stability is entirely contingent on the continued appetite of capital markets for high-risk biotech equity.
Quick answers to the most common questions about buying RNAZ stock.
As of 2025, TransCode Therapeutics, Inc. (RNAZ) had total assets of $162.4M including $22.0M in current assets.
TransCode Therapeutics, Inc. (RNAZ) carries total debt of $0.0M, offset by $17.8M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
TransCode Therapeutics, Inc. (RNAZ) has total shareholders' equity (book value) of $10.3M ($14.99 book value per share). Book value represents the net worth of the company belonging to common stock holders.
TransCode Therapeutics, Inc. (RNAZ) reported a current ratio of 6.29x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.