{"url_path":"/sec/rnaz/10-q/2026/cover-page","section_key":"cover-page","section_title":"Cover Page","topic":"sec","document":{"doc_type":"10-Q","doc_date":"2026-05-15","source_url":"https://www.sec.gov/Archives/edgar/data/1829635/0001104659-26-062535-index.html","accession_number":"0001104659-26-062535","cik":"0001829635","ticker":"RNAZ","issuer_name":"Transcode Therapeutics, Inc.","edgar_url":"https://www.sec.gov/Archives/edgar/data/1829635/0001104659-26-062535-index.html","primary_entity_key":"0001829635","primary_entity_name":"Transcode Therapeutics, Inc."},"word_count":2112,"has_tables":true,"body_markdown":"TRANSCODE THERAPEUTICS, INC._March 31, 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of Contents](#TOC)\n\n​\n\n​\n\n**UNITED STATES**\n\n**SECURITIES AND EXCHANGE COMMISSION**\n\n**Washington, D.C.  20549**\n\n**FORM****10-Q**\n\n**(Mark One)**\n\n**☒**\n\n**QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**\n\n​\n\n**For the quarterly period ended****March 31, 2026**\n\n**OR**\n\n​\n\n​\n\n**☐**\n\n**TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM ___________ TO ___________**\n\n​\n\n**Commission File Number:****001-40363**\n\n**TRANSCODE THERAPEUTICS, INC.**\n\n**(Exact Name of Registrant as Specified in Its Charter)**\n\n​\n\n**Delaware**\n\n**(State or Other Jurisdiction of**\n\n**Incorporation or Organization)**\n\n**81-1065054**\n\n**(I.R.S. Employer**\n\n**Identification No.)**\n\n​\n\n​\n\n**, Massachusetts**\n\n​\n\n​\n\n​\n\n​\n\n**6 Liberty Square, #2382**\n\n**Boston****,****Massachusetts**\n\n**(Address of Principal Executive Offices)**\n\n**02109**\n\n**(Zip Code)**\n\n​\n\n**(****857****)****837-3099**\n\n**(Registrant’s Telephone Number, Including Area Code)**\n\nSecurities registered pursuant to Section 12(b) of the Act:\n\n​\n\n​\n\n​\n\n**Title of Each Class**\n\n​\n\n**Trading Symbol(s)**\n\n​\n\n**Name of Each Exchange on Which Registered**\n\nCommon Stock, $0.0001 par value per share\n\n​\n\nRNAZ\n\n​\n\nThe Nasdaq Stock Market LLC\n\nIndicate by check mark whether the Registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.   Yes  ☒   NO  ☐\n\nIndicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files).   Yes  ☒   NO  ☐\n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.\n\n​\n\nLarge accelerated filer\n\n☐\n\nAccelerated filer\n\n☐\n\nNon-accelerated filer\n\n☒\n\nSmaller reporting company\n\n☒\n\nEmerging growth company\n\n☒\n\n​\n\n​\n\n​\n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐\n\nIndicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).   YES  ☐   NO  ☒\n\n​\n\nThe number of shares of Registrant’s Common Stock outstanding as of May 12, 2026, was 950,302.\n\n​\n\n​\n\n​\n\n[Table of Contents](#TOC)\n\n**TRANSCODE THERAPEUTICS, INC.**\n\n**QUARTERLY REPORT ON FORM 10-Q**\n\n**Table of Contents**\n\n​\n\n​\n\n**  ​ ​ ​**\n\n**PAGE**\n**NUMBER**\n\n​\n\n​\n\n​\n\n[**PART I. FINANCIAL INFORMATION**](#BALANCESHEETS_911174)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n[ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS](#BALANCESHEETS_911174)\n\n​\n\n4\n\n[CONSOLIDATED BALANCE SHEETS AS OF MARCH 31, 2026 (UNAUDITED) AND DECEMBER 31, 2025](#BALANCESHEETS_911174)\n\n​\n\n4\n\n[CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025 (UNAUDITED)](#STATEMENTSOFOPERATIONS_799117)\n\n​\n\n5\n\n[CONSOLIDATED STATEMENTS OF CHANGES IN SERIES A NON-VOTING CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025 (UNAUDITED)](#STATEMENTSOFSTOCKHOLDERSEQUITYDEFICIT_96)\n\n​\n\n6\n\n[CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025 (UNAUDITED)](#STATEMENTSOFCASHFLOWS_460506)\n\n​\n\n7\n\n[NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)](#NOTESTOFINANCIALSTATEMENTSUNAUDITED)\n\n​\n\n8\n\n[ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](#Item_2_MDA)\n\n​\n\n40\n\n[ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK](#Item_3_Quantative)\n\n​\n\n60\n\n[ITEM 4. CONTROLS AND PROCEDURES](#Item_4_Controls)\n\n​\n\n61\n\n​\n\n​\n\n​\n\n**PART II. OTHER INFORMATION**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n[ITEM 1. LEGAL PROCEEDINGS](#Item_1_Legal)\n\n​\n\n62\n\n[ITEM 1A. RISK FACTORS](#Item_1A)\n\n​\n\n62\n\n[ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS](#Item_2_Unregistered)\n\n​\n\n63\n\n[ITEM 3. DEFAULTS UPON SENIOR SECURITIES](#Item_3_Defaults)\n\n​\n\n63\n\n[ITEM 4. MINE SAFETY DISCLOSURES](#Item_4)\n\n​\n\n63\n\n[ITEM 5. OTHER INFORMATION](#Item_5)\n\n​\n\n64\n\n[ITEM 6. EXHIBITS](#Item_6)\n\n​\n\n64\n\n[SIGNATURE](#Signatures)\n\n​\n\n66\n\n​\n\n​\n\n​\n\n​\n\n​\n\n1\n\n[Table of Contents](#TOC)\n\n**CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS**\n\nThis Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of the federal securities laws, Section 27A of the Securities Act of 1933, as amended, (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended, (the “Exchange Act”). We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and are including this statement for purposes of complying with those safe harbor provisions. All statements other than statements of historical facts contained in this Quarterly Report on Form 10-Q are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “anticipates,” “believes,” “continue,” “could,” “estimates,” “expects,” “intends,” “may,” “plans,” “potential,” “predicts,” “should,” “will,” or the negative of these terms or other comparable terminology. These forward-looking statements include, but are not limited to, statements about:\n\nØour ability to obtain stockholder approvals allowing for (i) the issuance of common stock upon the conversion of our Series A Non-Voting Convertible Preferred Stock, par value $0.0001 per share, and Series B Non-Voting Convertible Preferred Stock, par value $0.0001 per share, in connection with our acquisition of ABCJ, LLC, the parent company of Polynoma, LLC (\"Polynoma\") pursuant to a Membership Interest Purchase Agreement, dated October 8, 2025, (ii) the issuance of common stock upon the conversion of our Series C Non-Voting Convertible Preferred Stock, par value $0.0001 per share, issued pursuant to our licensing agreement with Unleash Immuno Oncolytics, Inc. (\"Unleash\"), dated March 2, 2026, and the respective timing thereof, and (iii) the potential issuance of shares of common stock pursuant to a Standby Equity Purchase Agreement (the “SEPA”) by and between us and YA II PN, LTD (“Yorkville”);\n\nØour cash position, our estimates and expectations regarding our capital requirements, cash and expense levels, liquidity sources, our need for additional financing and our ability to obtain, on satisfactory terms or at all, the financing required to support operations, research, development, clinical trials, and commercialization of products;\n\nØa potential delisting of our common stock from trading on the Nasdaq Capital Market;\n\nØour ability to continue as a going concern;\n\nØthe results and timing of our preclinical and clinical trial activities, including but not limited to our ability to enroll timely a sufficient number of patients to advance our clinical trials;\n\nØour ability to expand our therapeutic candidate portfolio through internal research and development or the acquisition or in-licensing of intellectual property assets;\n\nØthe therapeutic benefits, effectiveness and safety of our therapeutic candidates;\n\nØour ability to receive regulatory approval for our therapeutic candidates in the United States, Europe and other geographies;\n\nØthe expected regulatory approval pathway for our therapeutic candidates;\n\nØpotential changes in regulatory requirements, and delays or negative outcomes from the regulatory approval process;\n\nØour ability to maintain adequate quality processes and oversight of vendors;\n\nØour ability to secure raw materials to support continued drug substance and drug product manufacturing;\n\nØour reliance on third-parties for the planning, conduct, management and monitoring of clinical trials, for the manufacture of clinical drug supplies and drug product meeting our specifications, and for other requirements;\n\nØour estimates of the size and characteristics of the markets that may be addressed by our therapeutic candidates;\n\nØmarket acceptance of our therapeutic candidates that are approved for marketing in the United States or other countries;\n\nØour ability to successfully commercialize our therapeutic candidates, if approved for marketing;\n\nØthe safety and efficacy of therapeutics marketed by our competitors that are targeted to indications which our therapeutic candidates have been developed to treat;\n\nØour ability to utilize our proprietary technological approach to develop and commercialize our therapeutic candidates;\n\nØour heavy dependence on licensed intellectual property, including our ability to source and maintain licenses from third-party owners;\n\n2\n\n[Table of Contents](#TOC)\n\nØour ability to protect our own or in-licensed intellectual property and operate our business without infringing the intellectual property rights of others;\n\nØour ability to attract, retain and motivate key personnel;\n\nØour ability to generate revenue and become profitable;\n\nØthe outcome of our Phase Ia clinical trial with TTX-MC138, which commenced in the third quarter of 2024, and our Phase IIa clinical trial, which we expect to commence in the first half 2026, and our ability to complete these trials;\n\nØthe impact of natural disasters, global pandemics, armed conflicts and wars, labor disputes, lack of raw materials or other supplies, issues with facilities and equipment, or other forms of disruption to business operations at our manufacturing or laboratory facilities or those of our vendors;\n\nØpotential collaborations to license and commercialize any therapeutic candidates for which we receive regulatory approval in the future in or outside the United States; and\n\nØother risks and uncertainties, including those listed under the caption “Risk Factors” in this Quarterly Report on Form 10-Q and in our other regulatory filings.\n\nThe risks set forth above are not exhaustive. Other sections of this Quarterly Report on Form 10-Q may include additional factors that could adversely affect our business and financial performance. Moreover, we operate in a very competitive and rapidly changing environment. New risk factors emerge from time to time and it is not possible for management to predict all risk factors, nor can we assess the impact of all risk factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Forward-looking statements in this Quarterly Report on Form 10-Q reflect our current views with respect to future events and with respect to our business and future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements. Factors that may cause actual results to differ materially from current expectations include, among other things, those described under Part II, Item 1A, “Risk Factors” and elsewhere in this Quarterly Report on Form 10-Q. Given these uncertainties, you should not place undue reliance on these forward-looking statements. Except as required by law, we assume no obligation to update or revise these forward-looking statements for any reason, even if new information becomes available in the future. You are advised, however, to consult any further disclosure we make in our reports filed with the U.S. Securities and Exchange Commission (the “SEC”).\n\nThis Quarterly Report on Form 10-Q may include data that we obtained from industry publications and third-party research, surveys and studies. Industry publications and third-party research, surveys and studies generally indicate that their information has been obtained from sources believed to be reliable, although they do not guarantee the accuracy or completeness of such information. This Quarterly Report on Form 10-Q also may include data based on our own internal estimates and research, including estimates regarding our consolidated financial statements and business operations. Our internal estimates have not been verified by any independent source and, while we believe any data obtained from industry publications and third-party research, surveys and studies are reliable, we have not independently verified such data. Such third-party data, as well as our internal estimates and research, are subject to a high degree of uncertainty and risk due to a variety of factors, including those described in Part II, Item 1A, “Risk Factors” and elsewhere in this Quarterly Report on Form 10-Q. These and other factors could cause our results to differ materially from those expressed in or suggested by this Quarterly Report on Form 10-Q.\n\nThis Quarterly Report on Form 10-Q may contain trademarks, service marks and trade names of third parties which are the property of their respective owners. Our use or display of third parties’ trademarks, service marks, trade names or products in this Quarterly Report on Form 10-Q is not intended to, and does not, imply a relationship with, or endorsement or sponsorship by us. Solely for convenience, the trademarks, service marks and trade names referred to in this Quarterly Report on Form 10-Q may appear without the ®, TM or SM symbols, but the omission of such references is not intended to indicate, in any way, that we will not assert, to the fullest extent under applicable law, our rights or the right of the applicable owner of these trademarks, service marks and trade names.\n\nFor purposes of this Quarterly Report on Form 10-Q, TransCode Therapeutics® is referred to as TransCode. Additionally, “we,” “our,” “us” and the “Company” refer to TransCode.\n\n​\n\n3\n\n[Table of Contents](#TOC)\n\nPART I. FINANCIAL INFORMATION"}