What Transcode Therapeutics does

TransCode Therapeutics, Inc. is a clinical-stage immuno-oncology and RNA therapeutics company developing treatments for metastatic and advanced cancers. The company is built around its proprietary TTX (Targeted Delivery) Platform, an iron oxide nanoparticle delivery system functionalized with dextran and amino groups that is designed to transport therapeutic oligonucleotides (antisense oligos, siRNA, mRNA, RIG-I agonists) to tumors and metastatic sites, and which is described as benefiting from a 30+ year clinical safety record from related iron oxide nanoparticle use in humans.

The lead asset, TTX-MC138, is a first-in-class antagomiR targeting microRNA-10b, a master regulator of metastatic tumor cell viability. The company completed Phase 1a dose escalation and in May 2026 initiated a Phase 2a trial in ctDNA-positive colorectal cancer. The broader pipeline includes TTX-siPDL1 (FDA Orphan Drug Designation in pancreatic cancer), TTX-RIGA, TTX-CRISPR, 64Cu-TTX-MC138 (a radiotheranostic for PET imaging), and TTX-mRNA (cancer vaccine). The portfolio was expanded in October 2025 with the Polynoma acquisition, which added the melanoma vaccine candidate Seviprotimut-L, and in March 2026 via an exclusive license from Unleash Immuno Oncolytics covering UIO-524/525/526, an oncolytic immunotherapy directed at muscle-invasive bladder cancer and other solid tumors.

The company is pre-revenue with no approved products. Its business model centers on advancing investigational assets through clinical milestones while pursuing inbound licensing arrangements for the TTX platform and pipeline candidates across immunotherapy, gene editing, radiotherapy, cancer vaccines, diagnostics, and targeted therapies. Capital is sourced from equity financings (approximately $100 million raised since the 2021 NASDAQ IPO under ticker RNAZ) and NIH non-dilutive grants. Headquartered in Boston, Massachusetts with 11–50 employees, the company reported a trailing twelve-month net loss of $27.13 million as of December 2025, with the stock declining more than 91% year-to-date and management identifying ability to continue as a going concern as a forward-looking risk.

Name

Transcode Therapeutics

Legal name

TransCode Therapeutics, Inc.

Website

https://transcodetherapeutics.com

Company type

Public

Founded year

2021

Operating status

Operating

Headcount range

11–50 employees

Short description

TransCode Therapeutics is a clinical-stage RNA oncology and immuno-oncology company developing therapeutics for metastatic and advanced cancers via its proprietary TTX iron oxide nanoparticle delivery platform, with lead asset TTX-MC138 in Phase 2a trials for colorectal cancer and a broadened pipeline acquired via Polynoma and licensed from Unleash Immuno Oncolytics.

Ownership category

akta.pro rank

Product category

RNA Oncology Therapeutics

NAICS

Research and Development in Biotechnology (except Nanobiotechnology) (541714), Biological Product (except Diagnostic) Manufacturing (325414)

SIC

Biological Products, (No Disgnostic Substances) (2836), Pharmaceutical Preparations (2834)

akta.pro primary industry

mRNA Therapeutics (vaccines, protein replacement, immuno-oncology) (HLAAADAA)

akta.pro secondary industries

RNA Therapeutics Platforms & Design (sequence design, target ID/validation, AI/bioinformatics) (HLAAADAG), RNA Chemistry & Oligonucleotide Engineering (backbones, modifications, stereochemistry) (HLAAADAE), RNA Manufacturing & CMC (oligo synthesis, IVT, purification, formulation, QC) (HLAAADAF), Oncology Gene Therapies (incl. oncolytic vectors & gene-modified approaches) (HLAAACAF), Therapeutic Vaccines (e.g., Cancer/Chronic Infection) (HLAIAEAG), Personalized Therapeutic Design (neoantigen vaccines, individualized cell/gene therapies) (HLAAANAK)

Keywords

• RNA oncology therapeutics
• Metastatic cancer treatment
• Nanoparticle drug delivery
• MicroRNA cancer therapy
• Immuno-oncology pipeline

Headquarters

HQ city

Newton

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Technology or R&D, Personnel, Operations, Marketing or Sales, Others

Revenue model

1. No Product Revenue (Pre-Commercial Clinical Stage): TransCode is a clinical-stage company with no commercial products and no product revenue. The company has been investing approximately $100 million since its 2021 IPO through equity financing and government-funded non-dilutive grants. Net loss was $27.13 million over the trailing twelve months. Future revenue potential would derive from licensing deals, partnerships, and eventually product commercialization (none of which are currently active revenue streams).
2. Non-Dilutive Government Grant Funding: NIH grants supporting clinical development of TTX-MC138 and pipeline candidates, including a $2 million Direct to Phase II SBIR grant (2024) and prior-year grants totaling nearly $871,000 (third-year grant 2023). These provide non-dilutive capital to fund clinical trials.

Go-to-market motion2 records

Distribution channels4 records

Core offering

TransCode Therapeutics is a clinical-stage RNA oncology company that develops and commercializes drugs for the treatment of metastatic cancer. Its core offering is the proprietary TTX iron oxide nanoparticle delivery platform used to deliver therapeutic oligonucleotides (antisense, siRNA, mRNA, RIG-I agonists) to tumors and metastases. The lead clinical candidate TTX-MC138 inhibits microRNA-10b and is currently being evaluated in Phase 1a/2a clinical trials for metastatic cancers, with a broader pipeline spanning immunotherapy, gene-editing, radiopharmaceutical, and cancer vaccine candidates.

Product overview

TransCode Therapeutics operates as a clinical-stage oncology company organized around its proprietary TTX Delivery Platform — iron-oxide magnetic nanoparticles engineered to ferry therapeutic nucleic acids into tumors and metastatic cells. The lead asset, TTX-MC138 (a microRNA-10b inhibitor), has completed Phase 1a and entered Phase 2a, while the broader pipeline extends across TTX-siPDL1 (an FDA Orphan-Designated siRNA targeting PD-L1 for pancreatic cancer), TTX-RIGA (RIG-I immunotherapy), TTX-CRISPR (gene-editing), 64Cu-TTX-MC138 (radiopharmaceutical imaging/diagnostic), TTX-mRNA (cancer vaccine), and a miRNA detection diagnostic platform. The portfolio was further broadened through the October 2025 acquisition of Polynoma, which added the melanoma vaccine Seviprotimut-L, and the March 2026 license of UIO-524, UIO-525, and UIO-526 from Unleash Immuno Oncolytics for muscle-invasive bladder cancer.

Differentiator

Problem solved

Functional benefit

Brands

• TTX-MC138: Lead therapeutic candidate designed to inhibit microRNA-10b for treating metastatic cancers; first-in-class antagomiR program.
• TTX
• TTX-siPDL1
• TTX-RIGA
• 64Cu-TTX-MC138
• Seviprotimut-L
• UIO-524
• UIO-525
• UIO-526

Products and services

• TTX-MC138
• TTX Delivery Platform
• TTX-siPDL1
• TTX-RIGA
• TTX-CRISPR
• 64Cu-TTX-MC138
• TTX-mRNA
• Seviprotimut-L
• UIO-524
• UIO-525
• UIO-526
• miRNA Detection Diagnostics

Quantifiable outcome

• 64% (9/14 evaluable patients) achieved stable disease lasting six months in Phase 1a trial
• +6 more outcomes

Named customers3 records

Segments5 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Six partnerships are on record, tiered flagship / core and core.

• Quantum Leap Healthcare Collaborative (QLHC)flagship / coreStrategic or Co-development Partner · 27 May 2026Collaboration for Phase 2a clinical trial of TTX-MC138 in ctDNA-positive colorectal cancer under the PRE-I-SPY platform. Trial expected to enroll up to 45 patients with principal investigators from University of Minnesota and Mayo Clinic Comprehensive Cancer Center, and trial chair from MD Anderson Cancer Center. QLHC sponsors and manages the I-SPY Trial programs.
• Michigan State UniversitycoreStrategic or Co-development Partner · 27 April 2026Sponsored research agreement announced April 2026 to accelerate development of pipeline candidates, including evaluation of lead therapeutic TTX-MC138 in combination with Seviprotimut-L and standard-of-care therapies for potential synergies. Dr. Anna Moore (TransCode co-founder) serves as Associate Dean for Research Development at Michigan State University.
• University of Minnesota, Mayo Clinic Comprehensive Cancer Center, MD Anderson Cancer CentercoreImplementation/ SI/ Consulting Partner · 27 April 2026Phase 2a trial in colorectal cancer led by Dr. Emil Lou (University of Minnesota) and Dr. Zhaohui Jin (Mayo Clinic Comprehensive Cancer Center) as principal investigators, and Dr. Paula Pohlmann (MD Anderson Cancer Center) as trial chair. Clinical sites include National Comprehensive Cancer Network (NCCN) members.
• Unleash Immuno Oncolytics, Inc.coreOEM/ Whitelabel/ Licensing Partner · 3 March 2026TransCode entered into an exclusive, worldwide, fully paid-up royalty-free license agreement with Unleash Immuno Oncolytics to develop three preclinical drug candidates: UIO-524 (lead, next-generation oncolytic immunotherapy for muscle-invasive bladder cancer), UIO-525, and UIO-526, targeting solid tumors. Consideration: 1,136,364 shares of non-voting convertible preferred stock representing 6.8% of TransCode's fully diluted common stock. Tungsten Advisors acted as exclusive financial advisor.
• Polynoma, LLC (parent of ABCJ, LLC)flagship / coreStrategic or Co-development Partner · 8 October 2025TransCode acquired Polynoma, LLC (parent of ABCJ, LLC) from DEFJ, LLC in October 2025 for Series A Preferred Stock plus up to $95 million in milestone payments. The acquisition includes Polynoma's late-stage melanoma vaccine candidate seviprotimut-L, expanding TransCode's immuno-oncology pipeline.
• Massachusetts General Hospital (MGH)flagship / coreOEM/ Whitelabel/ Licensing Partner · 1 January 2021TransCode executed an exclusive option agreement with Massachusetts General Hospital for 64Cu-TTX-MC138, under which TransCode has the right to negotiate an exclusive license for this asset. The company's scientific co-founders (Anna Moore, Zdravka Medarova) spent 26 years at MGH and Harvard Medical School.

Scale indicators11 records

Recent moves7 records

Expansion highlights7 records

Direct peers

• Alnylam Pharmaceuticals: Commercial-stage leader in RNAi therapeutics with a GalNAc-conjugate delivery platform for liver-targeted diseases. Alnylam is the most relevant comparable for TransCode given its focus on RNA-targeted therapeutics and platform-based drug development, though Alnylam is much further advanced commercially.
• Moderna: mRNA therapeutics platform company with oncology vaccine and intratumoral immuno-oncology programs. Both companies develop RNA-based oncology therapeutics and pursue modular platform strategies, though Moderna's lipid nanoparticle delivery differs from TransCode's TTX iron-oxide nanoparticle system.
• Arrowhead Pharmaceuticals: Clinical-stage RNAi therapeutics company developing multiple siRNA-based candidates using its proprietary TRiM delivery platform targeting oncology, cardiometabolic, and other indications. Closely comparable to TransCode's pipeline and platform-based approach.
• Arcturus Therapeutics: Clinical-stage mRNA medicines company with a lipid-mediated delivery platform and oncology programs including personalized cancer vaccines. Comparable in stage, RNA modality, and pipeline diversity, though Arcturus has a more developed LNP-based delivery approach.
• Dicerna Pharmaceuticals (Novo Nordisk): Clinical-stage RNAi therapeutics developer with a GalNAc-conjugate platform (acquired by Novo Nordisk). Dicerna is comparable to TransCode as a clinical-stage RNAi platform company, though Dicerna focused on liver-targeted indications before its acquisition.
• Silence Therapeutics: Clinical-stage RNAi therapeutics company developing siRNA-based drugs with its mRNAi GOLD platform. Closely comparable in modality (siRNA), platform approach, and clinical stage, though Silence has progressed further in cardiovascular and rare disease indications.

Broad incumbents

• Ionis Pharmaceuticals: Established antisense oligonucleotide (ASO) therapeutics company with a broad pipeline including oncology and rare disease programs. Both companies develop ASO-based RNA therapeutics, though Ionis has multiple approved products and a much more advanced commercial footprint.
• BioNTech: Major mRNA therapeutics company with oncology vaccine programs (including individualized neoantigen vaccines) and a delivery platform. Both companies pursue RNA-based cancer therapeutics, though BioNTech has substantially greater resources and a more advanced pipeline.

Emerging players

• MiNA Therapeutics: Clinical-stage RNA therapeutics company developing saRNA (small activating RNA) drugs, with an oncology focus. Comparable in modality (RNA therapeutics), platform-based approach, and clinical stage, though MiNA's saRNA mechanism differs from TransCode's miRNA inhibition approach.
• Phio Pharmaceuticals: Clinical-stage immuno-oncology company developing RNAi-based therapeutics using its self-delivering INTASYL platform. Comparable as a small-cap clinical-stage RNAi oncology company developing novel delivery approaches for RNA-based cancer therapeutics.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks7 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/TransCodeTherapeutics
• LinkedInlinkedin.com/company/transcodetherapeutics
• Xx.com/RNAoncology

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles19 records

Subsidiaries2 records

Funding overview

Funding rounds18 records

Investors5 records

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M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Transcode Therapeutics