Wed, Aug 14, 8:51 PM (153 days ago)
TransCode Therapeutics, Inc. reported a net loss of approximately $5.2 million for Q2 2024, slightly higher than the $4.3 million loss in Q2 2023. Total operating expenses remained stable at about $5.1 million. R&D costs increased due to clinical trial-related expenses, while general and administrative expenses decreased. The company recognized minimal grant income, reflecting the conclusion of its NIH SBIR grant in March 2024. Cash flow analysis showed a net cash usage of $6.3 million from operations in the first half of 2024, an improvement from $8.9 million in 2023. Cash reserves were approximately $3.4 million as of June 30, 2024, supplemented by $2.4 million from a recent equity offering, expected to sustain operations into late 2024. However, uncertainties about future funding remain, with potential implications for ongoing clinical trials and operational stability. The company faces risks related to Nasdaq compliance, including a recent notification regarding stock price and equity requirements, which could lead to delisting.