TransCode Therapeutics Inc. Common Stock (RNAZ)

FairStock Score: 16/100 — RISKY

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

I am an old-fashioned investor looking for durable earning power purchased at a sensible price. TransCode is a clinical-stage RNA and immuno-oncology company with 12 employees, no reported revenue, and no profits. On the filed numbers, net loss was $34.7 million in FY2025, period ended 2025-12-31; $17.8 million in fiscal Q1 2026, the quarter ended 2026-03-31; and $6.8 million in fiscal Q2 2026, the quarter ended 2026-06-30. Diluted EPS was -$52.59, -$21.28, and -$7.17 in those same periods. That is not a business I can value on earnings. The balance sheet shows no debt, with D/E 0.00, which is a small comfort, but trailing free cash flow was -$22.6 million and FairStock's FCF yield is -284.3% against an $8 million market cap. FairStock's Piotroski F-Score is 0/9 and Altman Z-Score is -0.72, which are weak-quality and distress signals. The FairStock Score is 16/100. The P/B is 1.24 and P/E is -0.03, both FairStock calculations from the data above; neither gives a margin of safety when cash burn is so large relative to market value. Competitively, a clinical-stage company may have intellectual property, but the filings provide no revenue or profit evidence of a moat. Growth is pipeline hope, not commercial traction. At the $1.68 close on 2026-10-13, near the 52-week low of $1.52, the market is skeptical. Graham would call this speculation unless financed and derisked. I would watch cash, dilution, and trial data, not the stock chart.

In plain English: TransCode Therapeutics is a small clinical-stage biotech with 12 employees working on RNA and immune-cancer treatments. It has no reported revenue and has lost money in each recent year, including a $34.7 million net loss in fiscal 2025 and continuing losses in the first half of fiscal 2026. At $1.68, the stock is near its 52-week low, but the price does not look clearly cheap because the company burns cash and has no profits to support its $8 million market value.

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Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer