The company exhibits no commercial revenue generation, with R&D expenditures reaching $5.1 billion in 2026Q1, underscoring the intense capital requirements of its current development phase.
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 28.72K | 0 | 534.86K | 516.75K | 98.61K | 42.47K | 0 | 0 | 0 |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - |
| Gross Profit | -28.72K | 0 | -534.86K | -516.75K | -98.61K | -42.47K | 0 | 0 | 0 |
| Gross Margin % | - | - | - | - | - | - | - | - | - |
| Gross Profit Growth % | - | 100% | -3.5% | -424.05% | -132.18% | - | - | - | - |
| Operating Expenses | 32.11M | 27.98M | 15.13M | 18.9M | 18.57M | 6.11M | 726.6K | 456.87K | 384.52K |
| OpEx % of Revenue | - | - | - | - | - | - | - | - | - |
| Selling, General & Admin | 2.23B | 5.77M | 5.51M | 6.64M | 8.33M | 3.35M | 442.14K | 230.56K | 301.46K |
| SG&A % of Revenue | - | - | - | - | - | - | - | - | - |
| Research & Development | 5.12B | 13.42M | 9.62M | 12.26M | 10.23M | 2.75M | 284.46K | 226.31K | 82.53K |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 8.79M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -32.14M | -27.98M | -15.66M | -19.42M | -18.67M | -6.15M | -726.6K | -456.87K | -384K |
| Operating Margin % | - | - | - | - | - | - | - | - | - |
| Operating Income Growth % | - | -78.66% | 19.35% | -4.03% | -203.45% | -746.56% | -59.04% | -18.98% | - |
| EBITDA | -32.05M | -27.87M | -15.13M | -18.9M | -18.57M | -6.11M | -1.95M | -450.25K | 0 |
| EBITDA Margin % | - | - | - | - | - | - | - | - | - |
| EBITDA Growth % | -112.28% | -84.23% | 19.98% | -1.8% | -203.95% | -213.37% | -332.94% | - | - |
| D&A (Non-Cash Add-back) | 86.94K | 114.18K | 534.86K | 516.75K | 98.61K | 42.47K | 0 | 0 | 384K |
| EBIT | -29.67M | -34.43M | -16.73M | -18.49M | -17.56M | -6.75M | -1.95M | -450.25K | -384K |
| Net Interest Income | 164.44K | 72.58K | -26.13K | -50.61K | -17.54M | -94.41K | -394.44K | -156.93K | 0 |
| Interest Income | 170.94K | 79.2K | 684 | 5.29K | 20.41K | 664 | 136 | 34 | 68.92K |
| Interest Expense | 6.5K | 6.62K | 26.81K | 55.9K | 17.56M | 95.07K | 394.57K | 156.97K | 0 |
| Other Income/Expense | -7.77M | -6.45M | -1.09M | 872.42K | 1.1M | -692.26K | -1.62M | -150.35K | -69.44K |
| Pretax Income | -39.9M | -34.44M | -16.75M | -18.55M | -17.56M | -6.84M | -2.34M | -607.21K | -453.44K |
| Pretax Margin % | - | - | - | - | - | - | - | - | - |
| Income Tax | 457.38K | 226.07K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | -1.15% | -0.66% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -40.36M | -34.66M | -16.75M | -18.55M | -17.56M | -6.84M | -2.34M | -607.21K | -453.44K |
| Net Margin % | - | - | - | - | - | - | - | - | - |
| Net Income Growth % | -58.19% | -106.87% | 9.66% | -5.59% | -156.67% | -191.97% | -286.01% | -33.91% | - |
| Net Income (Continuing) | -40.36M | -34.66M | -16.75M | -18.55M | -17.56M | -6.84M | -2.34M | -607.21K | -453.44K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -44.02 | -52.59 | -47.14 | -3453.53 | -1080.00 | -648.00 | -293.76 | -72.00 | -2359.09 |
| EPS Growth % | 49.31% | -11.56% | 98.63% | -219.77% | -66.67% | -120.59% | -308% | 96.95% | - |
| EPS (Basic) | - | -52.59 | -47.14 | -3453.65 | -73187.37 | -648.00 | -293.76 | -72.00 | -2359.09 |
| Diluted Shares Outstanding | 916.97K | 689.71K | 356.12K | 5.42K | 16.22K | 10.53K | 7.98K | 6.41K | 192 |
| Basic Shares Outstanding | 916.97K | 689.71K | 356.12K | 5.42K | 16.22K | 10.53K | 7.98K | 6.41K | 192 |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - |
Clinical Trial Funding Runway
As reported in recent financial statements, TransCode Therapeutics continues to prioritize clinical development, with R&D expenses reaching a significant $5.1 billion in 2026Q1, reflecting the intense capital requirements inherent in advancing the TTX-MC138 platform through critical human trials while maintaining necessary laboratory and intellectual property infrastructure.
The company's cost structure is entirely dominated by R&D outlays, which have consistently outpaced SG&A expenses, signaling a singular focus on clinical validation. Investors should monitor whether these expenditures translate into meaningful target engagement data, as the current burn rate appears to be accelerating without any offsetting commercial revenue.
Based on the provided income statement data, the company's operating income remains deeply negative, with a loss of $7.3 million in 2026Q1, indicating that the firm has yet to achieve any meaningful operating leverage as it scales its clinical trial activities and associated administrative overhead.
The lack of revenue generation means that every dollar spent on operations directly expands the net loss, leaving no room for efficiency gains in the current business model. The widening gap between R&D investment and operational output suggests that the company is currently in a high-risk phase of capital consumption.
According to historical income statements, the company's net income is consistently negative, with a $17.8 million loss in 2026Q1, suggesting that reported EPS figures are primarily a function of ongoing clinical trial funding requirements rather than core operational performance or sustainable business profitability.
The volatility in EPS, including significant swings across the observed periods, appears to be driven by non-operating items and the absence of revenue, which complicates traditional valuation metrics. Investors should focus on cash burn and clinical milestones rather than earnings, as the latter currently provides little insight into the company's long-term viability.
As indicated by the financial data, the company's reliance on continuous capital consumption to fund R&D, evidenced by the $17.8 million net loss in 2026Q1, raises significant questions regarding the sustainability of its current funding model in the absence of a strategic partnership or commercialized product.
Short-term observers may point to the narrow cash runway as a primary risk factor, suggesting that the company may be forced into dilutive financing rounds to maintain operations. The fundamental challenge remains whether the IONP platform can achieve clinical validation before the current liquidity position is exhausted.
Quick answers to the most common questions about buying RNAZ stock.
For fiscal year 2025, TransCode Therapeutics, Inc. (RNAZ) reported total revenue of $0.0M.
TransCode Therapeutics, Inc. (RNAZ) reported a net loss of $34.7M for the fiscal year ending 2025.