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BOSTON - TransCode Therapeutics, Inc. (NASDAQ:RNAZ), a clinical-stage oncology company, announced today that its Board of Directors has approved a reverse stock split at a ratio of 1-for-28. This strategic move aims to comply with the Nasdaq Capital Market’s minimum bid price requirement for continued listing. The decision comes as the company’s stock has experienced significant volatility, with InvestingPro data showing a 97% decline over the past year and current trading at $0.51.
The reverse stock split, sanctioned by TransCode’s shareholders on April 25, 2025, will consolidate every twenty-eight shares of issued and outstanding common stock into one share. As a result of the reverse split, the total number of common stock shares will decrease from approximately 23.3 million to around 833,620. The company will round up any fractional shares to the nearest whole number for shareholders who would otherwise receive a fraction of a share. According to InvestingPro analysis, the company maintains a healthy current ratio of 2.56 and holds more cash than debt on its balance sheet, though it’s currently experiencing rapid cash burn.
Additionally, proportional adjustments will be made to the exercise prices of the company’s outstanding stock options and warrants, as well as to the share quantities issued and issuable under TransCode’s stock incentive plans. Vstock Transfer LLC is appointed as the exchange agent for the reverse stock split process.
Shareholders of record will receive the new post-split shares in book-entry form without needing to take any action. Those holding shares through banks, brokers, custodians, or nominees will see their holdings automatically adjusted to reflect the split, in accordance with each entity’s specific procedures.
The precise effective date for the reverse stock split has not been announced but will be disclosed by TransCode at least two business days ahead of its implementation.
TransCode Therapeutics focuses on developing RNA therapeutics for treating metastatic disease, with its lead therapeutic candidate targeting metastatic tumors associated with microRNA-10b. The company’s proprietary TTX nanoparticle platform is central to its strategy for delivering RNA-based treatments. With a market capitalization of approximately $12 million and an upcoming earnings report on May 14, 2025, investors seeking deeper insights into TransCode’s financial health and growth prospects can access 15 additional exclusive ProTips and comprehensive analysis through InvestingPro.
The press release also includes forward-looking statements which involve inherent uncertainties and risks. These statements reflect the company’s current expectations regarding the anticipated effects of the reverse stock split and its Nasdaq listing status. TransCode has cautioned that these forward-looking statements are subject to change and has referred to its SEC filings for a more detailed discussion of risk factors.
The information in this article is based on a press release statement from TransCode Therapeutics, Inc.
In other recent news, TransCode Therapeutics, Inc. has reported ongoing progress in its Phase 1 clinical trial of TTX-MC138, a therapeutic candidate aimed at treating metastatic cancer. The trial, which has treated 13 patients so far, has not encountered any significant safety issues or dose-limiting toxicities. Currently, the trial is in its dose-escalation phase, with the recent initiation of Cohort 4 marking a significant step forward. This phase aims to assess the safety and tolerability of escalating doses, with subsequent plans for a dose-expansion phase to further evaluate the drug’s potential anti-tumor activity. Notably, two patients have maintained stable disease for at least seven months after receiving seven doses. The Safety Review Committee has approved additional enrollments in Cohort 3 to strengthen the safety profile of TTX-MC138. The company emphasizes the role of microRNA-10b in metastatic cancers and aims to inhibit it with TTX-MC138, which has shown promise in preclinical studies and earlier clinical trials. TransCode continues to advance its RNA therapeutics platform, with TTX-MC138 being a leading candidate in its portfolio.
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