Cambridge biotech tracker · Boston
Transcode Therapeutics
Listed on Nasdaq as RNAZ, filed under SEC industry code 2834 (pharmaceutical preparations). Fiscal year ends in December. Numbers below are from the company’s own SEC filings through Q2 '26.
- Cash & investments
- $8.4M
- Q2 '26 · Jun 30, 2026
- Burn per quarter
- $5.7M
- avg. operating cash flow, 4 qtrs
- Runway
- 4.5 mo
- Under 12 months
- Net loss
- $6.8M
- Q2 '26
- R&D expense
- $3.7M
- 54% of opex
- Raised, last 4 qtrs
- +$22.7M
- net financing cash flow
Cash & investments
Quarter-end balance
Operating cash flow
Per quarter; below zero is burn
R&D expense
Per quarter
Two views of the runway
Compare across the clusterThe outside view
4.5 months
Cash at Q2 '26 divided by the average burn of the last four quarters, $1.9M a month.
Management’s own date
Into late 2026
Oct–Dec 2026
Guidance counts money received after quarter end, so it is not converted into a burn rate.
“Management believes that cash at June 30, 2026, along with proceeds from the July 2026 sale of a convertible note, are sufficient to fund the Company's operations and capital requirements to approximately year-end 2026.”
Pipeline
1 active trial, through phase 1/2.
Phase 1/2 · 1
| Study | Phase | Status | Enrolled | Primary completion |
|---|---|---|---|---|
| Study of TTX-MC138 in Subjects With Advanced Solid TumorsNCT06260774 · Advanced Solid TumorPhase 1/2Sep 2025 | Phase 1/2 | Active, not recruiting |
Interventional studies where this company is the lead sponsor, from ClinicalTrials.gov. Primary completion is when the last patient is measured on the primary endpoint, which is when the data exists rather than when it is announced. Extension, rollover and healthy-volunteer studies are listed but marked as non-catalysts, because they finish long after the result that mattered. Sponsors revise these dates as enrollment moves, so an estimate is a plan rather than a promise.
The controller’s read
What the filings say.
Generated from the numbers above using the same questions I ask when I open a client’s books: how long the cash lasts, what is driving the gap between loss and burn, and where the accounting judgment sits.
Get this read on your companyAbout 4.5 months of runway
Cash and investments of $8.4M at Q2 '26 against an average operating cash burn of $5.7M per quarter over the last four reported quarters runs out around October 2026. Under a year of runway is where ASC 205-40 going-concern evaluations, financing timing, and cost plans all get decided at once.
Cash position up $6.5M since Q3 '24
Net financing inflows of $22.7M over the last four quarters, from equity, debt, or ATM sales, more than covered operating burn. The balance is the number the board watches; the trend is the number the auditors watch.
R&D is 54% of operating expenses
$3.7M of R&D against $6.8M of total operating expenses in Q2 '26, with G&A at $2.5M. For a clinical-stage company, the accounting questions live inside that R&D line: CRO and CMC accruals, milestone recognition, and what gets capitalized versus expensed under ASC 730.
$64K of deferred revenue on the balance sheet
Usually an upfront collaboration or license payment that is recognized as obligations are satisfied. It is cash already received, so it supports runway without showing up as revenue yet.
Stockholders' deficit of $27.7M
Liabilities exceed assets on the balance sheet. That is common with royalty financings, convertible debt, or large deferred revenue balances, and it is a fact auditors and exchange listing rules both pay attention to.
Accumulated deficit of $122M
Total losses since inception. It is also roughly the size of the net operating loss carryforward the tax provision has to track, subject to Section 382 limits after each ownership change.
Cash-only balance shown
This company either holds no marketable securities or tags them under a name the tracker does not read. If the 10-Q reports a larger cash-and-investments figure, that figure is the right one.
Quarterly detail, eight quarters
| Quarter | Cash & inv. | Op. cash flow | Net income | R&D | G&A | Revenue | Stock comp | Financing |
|---|---|---|---|---|---|---|---|---|
| Q3 '24 · Sep 30, 24 | $1.9M | −$3.9M | −$2.3M | $1.2M | $938K | — | $204K | $2.4M |
| Q4 '24 · Dec 31, 24 | $5.8M | −$3.1M | −$5.9M | $3.6M | $1.5M | — | $169K | $7.1M |
| Q1 '25 · Mar 31, 25 | $11.6M | −$3.1M | −$12.1M | $2.2M | $952K | — | $158K | $8.9M |
| Q2 '25 · Jun 30, 25 | $7.4M | −$4.2M | −$4.3M | $2.6M | $1.7M | — | $132K | $0 |
| Q3 '25 · Sep 30, 25 | $2.8M | −$4.1M | −$4.9M | $3.2M | $1.4M | — | $134K | −$456K |
| Q4 '25 · Dec 31, 25 | $17.8M | −$8.1M | −$13.4M | $5.5M | $1.8M | — | $62K | $23.1M |
| Q1 '26 · Mar 31, 26 | $12.8M | −$5.0M | −$17.8M | $5.1M | $2.2M | — | — | — |
| Q2 '26 · Jun 30, 26 | $8.4M | −$5.4M | −$6.8M | $3.7M | $2.5M | — | — | — |
Source: SEC EDGAR XBRL company facts, latest filed value for each period. Fourth quarters are derived from annual less nine-month figures; quarterly cash flows are derived from year-to-date amounts. Not investment advice. If a figure disagrees with the filing, the filing is right.