Analogy 1: An early-stage Moderna or BioNTech, focused on developing mRNA cancer vaccines.

Analogy 2: A preclinical CRISPR Therapeutics, using gene editing to fight metastatic cancer.

Analogy 3: An early-stage Alnylam Pharmaceuticals, but for siRNA-based treatments of metastatic cancer.

• TTX-MC138: A preclinical stage therapeutic candidate for the treatment of metastatic cancer.
• TTX-siPDL1: An siRNA-based modulator designed to target programmed death-ligand 1.
• TTX-siLIN28B: An siRNA-based inhibitor targeting the RNA-binding protein LIN28B.
• TTX-RIGA: An RNA–based agonist aimed at stimulating the RIG-I-driven immune response within the tumor microenvironment.
• TTX-CRISPR: A CRISPR/Cas9–based therapy platform developed for the repair or elimination of cancer-causing genes in tumor cells.
• TTX-mRNA: An mRNA-based platform used for the development of cancer vaccines intended to activate cytotoxic immune responses against tumor cells.

TransCode Therapeutics (RNAZ) is a biopharmaceutical company with its lead therapeutic candidates and programs currently in the preclinical stage. At this stage of development, the company is primarily focused on research, development, and clinical trials rather than commercial sales of approved drugs or diagnostics.

Therefore, TransCode Therapeutics does not currently have major customers in the traditional sense of selling commercialized products or services.

Philippe P. Calais, PharmD, PhD, Chief Executive Officer and Executive Chairman of the Board

Dr. Calais brings over 23 years of experience as a CEO and board member for public and private biotechnology companies across North America and Europe. His extensive background includes initial public offerings (IPOs), various equity financings, investor relations, mergers and acquisitions (M&A), asset sales, and complex international company restructurings.

Thomas A. Fitzgerald, MBA, Chief Financial Officer, Vice President, and Director

Mr. Fitzgerald offers over two decades of strategic and operational experience in life sciences. He has been with TransCode Therapeutics since 2018 and previously served as interim CEO. His expertise encompasses financial management, business operations, and strategic planning. Prior to TransCode, he held senior leadership roles, including interim CEO and CFO, at Velico Medical, Inc., a medical technology company.

Zdravka Medarova, PhD, Chief Scientific Officer and Chief Technology Officer, Co-founder

As a co-founder and scientific innovator behind TransCode's platform technology, Dr. Medarova is a geneticist and cancer biologist with extensive experience in molecular biology, genetics, and tumor biology and therapy. She developed the company's core nanodelivery platform and identified microRNA-10b as a therapeutic target in established metastases. She is instrumental in driving TransCode's technological innovation and scientific strategy.

Oliver Steinbach, PhD, Vice President of Research & Development

Dr. Steinbach is a seasoned research and development leader with considerable preclinical and clinical experience in product and solution creation. His expertise spans collaborations and alliances within the pharmaceutical, diagnostics, and medical technology industries. He is dedicated to the growth and success of commercially-oriented organizations.

Susan Duggan, MBA, RN, Senior Vice President of Operations

Ms. Duggan is an experienced professional in operations management, combining a strong business acumen with a deep understanding of healthcare delivery. As a Registered Nurse, she ensures efficient and effective execution of the company's programs, optimizing workflows and supporting the operational infrastructure for scientific and commercial objectives.

1. Clinical Trial and Regulatory Approval Risk: The company's future and financial health are entirely dependent on the successful development and regulatory approval of its drug candidates, particularly its lead therapeutic candidate, TTX-MC138. All of its products are in preclinical stages or early clinical trials, meaning they face a long, expensive, and uncertain path to market with a high likelihood of failure at any stage of development. Unfavorable results or delays in clinical trials could jeopardize the entire business.
2. Funding and Liquidity Risk: TransCode Therapeutics is a pre-revenue company with significant operating expenses due to its research and development activities. The company relies entirely on capital raises to fund its operations and has a high cash burn rate, indicating a continuous need for additional financing. The inability to secure sufficient funding could impact its ability to advance drug candidates and continue as a going concern. Delisting from Nasdaq, a risk the company has faced, would further complicate its ability to raise equity capital.
3. Intellectual Property Risk: The success of TransCode Therapeutics hinges on its ability to obtain, maintain, and protect its intellectual property, including patents. There are inherent risks in enforcing these patents against infringers and defending its patent portfolio against challenges from third parties, which can be costly and time-consuming.

The primary emerging threat for TransCode Therapeutics is the rapid advancement and clinical success of competing biopharmaceutical companies in two key areas:

1. Metastatic Cancer Therapies: Given TransCode Therapeutics' lead candidate (TTX-MC138) and other programs are in preclinical stages for treating metastatic cancer, a clear threat emerges from other companies successfully developing and bringing to market highly effective and safe therapies for metastatic cancer. Many larger, well-funded pharmaceutical and biotech companies have drugs in advanced clinical trials or already approved for various forms of metastatic disease. Their success could establish new standards of care or capture significant market share before TransCode Therapeutics' candidates even reach human clinical trials, potentially diminishing the future market opportunity and viability of RNAZ's pipeline.
2. Advanced Therapeutic Platforms (siRNA, CRISPR, mRNA): TransCode Therapeutics relies on cutting-edge technologies like siRNA, CRISPR/Cas9, and mRNA-based platforms. These are highly competitive fields with numerous well-established and well-funded companies (e.g., Alnylam Pharmaceuticals, CRISPR Therapeutics, Moderna) that are further along in development, some with approved products or late-stage clinical candidates. The emergence of a competitor demonstrating superior efficacy, delivery, safety, or broader application of these technologies for cancer treatment could render TransCode Therapeutics' platforms and preclinical programs less competitive or technologically obsolete before they can be clinically validated.

The addressable markets for TransCode Therapeutics' main products, which focus on treating metastatic disease, are significant on a global scale.

The global metastatic cancer treatment market was valued at approximately $63.18 billion in 2020 and is projected to reach $161.67 billion by 2027, growing at a compound annual growth rate (CAGR) of 12.3% from 2021 to 2027. Another estimate places the global metastatic cancer drugs market at $67.7 billion in 2022, with a projection to reach $136.9 billion by 2032 at a CAGR of 7.3%. More recently, the global market for cancer therapeutics emphasizing recurrent and metastatic divisions was estimated at $116.1 billion in 2024 and is expected to grow to $168.0 billion by 2029, at a CAGR of 7.7%. The metastatic cancer treatment market size is estimated to be $91.44 billion in 2026, with projections to reach $134.39 billion by 2031 at an 8.01% CAGR.

More specifically, for individual types of metastatic cancer:

• Metastatic Breast Cancer: The global metastatic breast cancer treatment market was valued at $17.13 billion in 2021 and is anticipated to grow to $41.74 billion by 2030, with a CAGR of 10.4%. Other reports suggest the global metastatic breast cancer therapeutics market is projected to grow from $21.80 billion in 2024 to $51.22 billion in 2032, at a CAGR of 11.27%.
• Metastatic Non-Small Cell Lung Cancer (NSCLC): The global metastatic non-small cell lung cancer market size was calculated at $18.50 billion in 2025 and is predicted to increase to approximately $50.30 billion by 2035, expanding at a CAGR of 10.52% from 2026 to 2035. The metastatic lung adenocarcinoma treatment market alone was valued at $4.90 billion in 2024 and is projected to reach $9.29 billion by 2030, growing at a CAGR of 11.3%.
• Metastatic Colorectal Cancer: The global metastatic colorectal cancer market reached $3.4 billion in 2022 and is expected to reach $4.8 billion by 2030, growing with a CAGR of 4.6% during the forecast period 2024-2031. Another analysis projects the market to grow from $6.78 billion in 2024 to $19.06 billion by 2035, reflecting a strong CAGR of 9.75%. The market is also estimated to be valued at $10.95 billion in 2025 and is expected to reach $19.13 billion by 2032, with a CAGR of 8.3%.
• Metastatic Melanoma: The metastatic melanoma market was valued at $6.5 billion in 2021 and is expected to grow to $16.09 billion by 2029, at a CAGR of approximately 12%. The global metastatic melanoma therapeutics market is estimated to be valued at $8.00 billion in 2025 and is expected to reach $18.02 billion by 2032, exhibiting a CAGR of 12.3%.

TransCode Therapeutics (NASDAQ: RNAZ), a biopharmaceutical company focused on RNA therapeutics for metastatic disease, is currently pre-revenue. Its future revenue growth over the next 2-3 years will be primarily driven by the advancement of its pipeline, strategic acquisitions, and potential partnerships.

Here are the key expected drivers of future revenue growth:

1. Advancement and Clinical Success of TTX-MC138: The company's lead therapeutic candidate, TTX-MC138, is progressing through clinical trials. TransCode Therapeutics, in collaboration with Quantum Leap Healthcare Collaborative, submitted an Investigational New Drug (IND) amendment for a Phase 2a dose-expansion trial of TTX-MC138 in colorectal cancer, with a planned start in the first half of 2026. Successful progression through this and subsequent clinical phases, leading to regulatory approval, would be a significant revenue driver. Preclinical data also supports the therapeutic potential of TTX-MC138 in glioblastoma, suggesting potential for future clinical evaluation in additional indications.
2. Development and Commercialization of Seviprotimut-L: In October 2025, TransCode Therapeutics acquired Polynoma LLC, adding seviprotimut-L, a Phase 3-ready candidate for the adjuvant treatment of stage IIB and IIC melanoma, to its portfolio. The successful completion of its Phase 3 trial and subsequent commercialization would represent a substantial and more immediate revenue opportunity compared to earlier-stage pipeline assets.
3. Strategic Partnerships and Licensing Agreements for Pipeline Candidates: TransCode Therapeutics has a robust preclinical pipeline, including TTX-siPDL1, TTX-siLIN28B, TTX-RIGA, TTX-CRISPR, and TTX-mRNA. The company has engaged in partnership discussions with pharmaceutical companies regarding the development of several of these preclinical programs. Successful collaborations or licensing agreements for these assets could generate milestone payments and future royalties, contributing to revenue growth.
4. Expansion of Pipeline through Internal Development and Acquisitions: The company's strategy involves product innovation with its proprietary RNA platform. Continued internal development of its existing early-stage programs and potential future strategic acquisitions of promising assets could broaden its therapeutic reach and create additional revenue streams in the longer term.

Share Repurchases

• TransCode Therapeutics (RNAZ) has not reported any share repurchases made or authorized within the last 3-5 years.

Share Issuance

• TransCode Therapeutics closed its initial public offering (IPO) on July 13, 2021, issuing 7,187,500 shares of common stock for gross proceeds of $28,750,000.
• The company completed multiple public and registered direct offerings, including a July 2024 offering that raised $3,000,000 from 10,000,000 shares, and a March 2025 offering that generated approximately $10 million in gross proceeds from 10,250,000 shares and accompanying warrants.
• In October 2025, TransCode Therapeutics received a $25 million equity investment from CK Life Sciences.

Inbound Investments

• In July 2021, TransCode Therapeutics completed its initial public offering, raising gross proceeds of $28,750,000.
• In October 2025, concurrent with the acquisition of Polynoma LLC, TransCode Therapeutics secured a $25 million equity investment from CK Life Sciences.

Outbound Investments

• In October 2025, TransCode Therapeutics acquired 100% of Polynoma LLC, a biopharmaceutical company focused on immuno-oncology with a late-stage melanoma vaccine candidate.
• On March 3, 2026, the company entered into an exclusive, worldwide, royalty-free license agreement with Unleash Immuno Oncolytics, Inc., to develop three drug candidates (UIO-524, UIO-525, and UIO-526), paying with 1,136,364 shares of a new series of non-voting convertible preferred stock.

Capital Expenditures

• TransCode Therapeutics reported capital expenditures of -$500 in the last 12 months.
• As of September 30, 2025, the trailing twelve months (TTM) average capital expenditure over 3 years was $47.12K.
• Capital expenditures are primarily focused on product development activities, including clinical trials for its lead therapeutic candidate, TTX-MC138, and related Investigational New Drug (IND)-enabling studies.