TransCode Therapeutics, Inc. (RNAZ) stock Popped high today after it announced the publication in Cancer Nanotechnology. RNAZ stock price saw a surge of 57.44% to reach $4.12 a share at the time of this writing. The trading volume as of now was 44,010,588. RNAZ stock has lost almost 19% in the last 12 months.
TransCode Therapeutics, Inc is the biopharmaceutical stock that develops and commercializes drugs to treat metastatic diseases. Its lead product candidate is TTX-MC138, a pre-clinical stage product that patients use against metastatic cancer.
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RNAZ stock today announced preclinical research publication for TTX-MC138 in Cancer Nanotechnology for the treatment of metastatic breast cancer. The publication was the result of long research conducted at Harvard Medical School and Athinoula A. Martinos Center for Biomedical Imaging in the Department of Radiology at Massachusetts.
According to the study results, TTX-MC138 accumulated in metastatic lesions when injected intravenously. The results showed that Transcode TTX platform delivered the intended results. Moreover, the research also points to the development of a microdosing PET-MRI approach for the measurement of TTX-MC138 biodistribution in cancer patients.
Q2,2021 Financial Results of RNAZ stock:
On August 24, 2021, RNAZ stock did announce the second quarter 2021 financial results according to which
- TransCode stock suffered an operating loss of $356 thousand as compared to $92 thousand in the same tenure of the previous year.
- Net income was $2.8 million for the recently reported quarter as compared to a net loss of $127 thousand in Q2,2020.
- RNAZ stock spent $212 thousand in research and development expenses in the second quarter of 2021. This compares to $75 thousand in research and development expenses in the same tenure of the previous year. The license fee, lab expenditures, and share-based compensation resulted in this increase.
- General and administrative expenses for the second quarter of 2021 were $144 thousand for the RNAZ stock. Previous year’s same quarter general and administrative expenses $177 thousand.
- By the end of the second quarter on June 30, 2021, TransCode had $80 thousand in cash and cash equivalents.
After successful clinical research of TTX-MC138, the management of TransCode is looking forward to the Phase 0 study. The management is hopeful that the phase 0 study will provide clinical proof-of-concept for this product.