What is Transcode Therapeutics Inc's earnings per share (EPS)?

Transcode Therapeutics Inc (RNAZ) reported diluted earnings per share of $-52.59 for fiscal year 2025. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Transcode Therapeutics Inc Financials

RNAZ

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Transcode Therapeutics Inc (RNAZ) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 6 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI RNAZ FY2025 2026-04-30

External financing is carrying a research-heavy cash burn while FY2025's balance sheet expanded through liabilities, not operating build-out.

Assets jumped from $7.3M in FY2024 to $162.4M in FY2025. Yet capex was only $7K while free cash outflow stayed near $19.5M, so the balance-sheet expansion looks transaction- or financing-driven rather than built by operating investment.

For a development-stage company, the key split is near-term liquidity versus long-term balance-sheet weight: cash of $17.8M covered current liabilities of $3.5M comfortably. But total liabilities reached $152.1M against equity of only $10.3M, meaning the strain sits mostly beyond the next year.

The business still behaves like a research platform financed from outside capital: R&D spending of $13.4M was more than double SG&A at $5.8M. Financing inflow of $31.5M also exceeded operating cash burn of $19.5M, which is why liquidity improved even as losses widened.

Financial Health Signals

Financial Profile 17/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Transcode Therapeutics Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Leverage

Transcode Therapeutics Inc has elevated debt relative to equity (D/E of 14.71), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 0/100, reflecting increased financial risk.

Liquidity

100

With a current ratio of 6.29, Transcode Therapeutics Inc holds $6.29 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.

Returns

Transcode Therapeutics Inc generates a -335.4% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100.

Piotroski F-Score Weak

3/9

Transcode Therapeutics Inc passes 3 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass.

Earnings Quality Low Quality

0.56x

For every $1 of reported earnings, Transcode Therapeutics Inc generates $0.56 in operating cash flow (-$19.5M OCF vs -$34.7M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Interest Coverage At Risk

-4229.2x

Transcode Therapeutics Inc earns $-4229.2 in operating income for every $1 of interest expense (-$28.0M vs $7K). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Earnings & Revenue

Revenue

N/A

EBITDA

-$27.9M

YoY-79.2%

Transcode Therapeutics Inc's EBITDA was -$27.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 79.2% from the prior year.

Net Income

-$34.7M

YoY-106.9%

Transcode Therapeutics Inc reported -$34.7M in net income in fiscal year 2025. This represents a decrease of 106.9% from the prior year.

EPS (Diluted)

$-52.59

Transcode Therapeutics Inc earned $-52.59 per diluted share (EPS) in fiscal year 2025. This represents an increase of 96.1% from the prior year.

Cash & Balance Sheet

Free Cash Flow

-$19.5M

YoY-46.2%

Transcode Therapeutics Inc generated -$19.5M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 46.2% from the prior year.

Cash & Debt

$17.8M

YoY+206.5%

5Y CAGR+84.7%

Transcode Therapeutics Inc held $17.8M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

916,968

Transcode Therapeutics Inc had 916,968 shares outstanding in fiscal year 2025. This represents an increase of 2394.9% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

Return on Equity

-335.4%

Transcode Therapeutics Inc's ROE was -335.4% in fiscal year 2025, measuring profit generated per dollar of shareholder equity.

Capital Allocation

R&D Spending

$13.4M

YoY+38.3%

5Y CAGR+116.2%

Transcode Therapeutics Inc invested $13.4M in research and development in fiscal year 2025. This represents an increase of 38.3% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$7K

YoY-69.4%

Transcode Therapeutics Inc invested $7K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 69.4% from the prior year.

RNAZ Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$13.4M+38.3%	$9.7M-20.9%	$12.3M+19.9%	$10.2M+271.6%	$2.8M+868.1%	$284K
SG&A Expenses	$5.8M-3.1%	$6.0M-16.8%	$7.2M-14.8%	$8.4M+147.3%	$3.4M+668.3%	$442K
Operating Income	-$28.0M-78.7%	-$15.7M+19.4%	-$19.4M-4.2%	-$18.6M-202.9%	-$6.2M-746.6%	-$727K
Interest Expense	$7K-75.3%	$27K-52.0%	$56K+74.8%	$32K-66.4%	$95K-75.9%	$395K
Income Tax	$226K	$0	$0	$0-100.0%	$53K	$0
Net Income	-$34.7M-106.9%	-$16.8M+9.7%	-$18.5M-5.6%	-$17.6M-156.7%	-$6.8M-192.0%	-$2.3M
EPS (Diluted)	$-52.59	$-1336.63+60.9%	$-3419.01-215.8%	$-1082.79	$-0.81-58.8%	$-0.51

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	$3.2M+23.2%	$2.6M+15.6%	$2.2M	N/A	$1.2M-60.2%	$3.1M+75.2%	$1.8M
SG&A Expenses	N/A	$1.4M-15.4%	$1.7M+73.9%	$952K	N/A	$938K-53.8%	$2.0M+32.8%	$1.5M
Operating Income	N/A	-$4.6M-8.1%	-$4.2M-33.1%	-$3.2M	N/A	-$2.2M+57.7%	-$5.1M-55.5%	-$3.3M
Interest Expense	N/A	$6K	N/A	$114	N/A	$11K+140.8%	$4K-53.8%	$10K
Income Tax	N/A	N/A	N/A	$0	N/A	$0	$0	$0
Net Income	N/A	-$4.9M-13.6%	-$4.3M+64.6%	-$12.1M	N/A	-$2.3M+55.3%	-$5.2M-56.0%	-$3.3M
EPS (Diluted)	N/A	$-5.82-13.5%	$-5.13	$-2.51	N/A	$-146.06+78.5%	$-680.23-3086.1%	$-21.35

RNAZ Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$162.4M+2126.3%	$7.3M+41.1%	$5.2M-31.9%	$7.6M-66.9%	$22.9M+2073.5%	$1.1M
Current Assets	$22.0M+209.9%	$7.1M+59.2%	$4.5M-39.6%	$7.4M-67.5%	$22.7M+2634.8%	$831K
Cash & Equivalents	$17.8M+206.5%	$5.8M+110.0%	$2.8M-44.3%	$5.0M-76.1%	$20.8M+2415.2%	$828K
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$25.7M	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$152.1M+1532.8%	$9.3M+163.9%	$3.5M-18.8%	$4.3M+71.6%	$2.5M-43.2%	$4.5M
Current Liabilities	$3.5M+26.1%	$2.8M-20.6%	$3.5M-19.7%	$4.3M+71.6%	$2.5M+525.9%	$405K
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$10.3M+612.0%	-$2.0M-223.0%	$1.6M-49.4%	$3.2M-84.1%	$20.4M+698.7%	-$3.4M
Retained Earnings	-$97.9M-54.8%	-$63.2M-36.2%	-$46.4M-66.5%	-$27.9M-170.4%	-$10.3M-197.7%	-$3.5M

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Total Assets	$162.4M+3007.1%	$5.2M-36.8%	$8.3M-37.3%	$13.2M+80.9%	$7.3M+85.3%	$3.9M-18.4%	$4.8M-33.8%	$7.3M
Current Assets	$22.0M+362.7%	$4.8M-42.4%	$8.2M-36.8%	$13.0M+83.9%	$7.1M+96.4%	$3.6M-17.6%	$4.4M-34.7%	$6.7M
Cash & Equivalents	$17.8M+528.1%	$2.8M-61.5%	$7.4M-36.3%	$11.6M+99.1%	$5.8M+209.8%	$1.9M-44.1%	$3.4M-31.7%	$4.9M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$25.7M	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$152.1M+3900.9%	$3.8M+79.4%	$2.1M-27.0%	$2.9M-68.8%	$9.3M+307.8%	$2.3M-34.8%	$3.5M+29.4%	$2.7M
Current Liabilities	$3.5M+17.7%	$3.0M+89.6%	$1.6M-37.6%	$2.5M-9.5%	$2.8M+21.4%	$2.3M-34.8%	$3.5M+29.4%	$2.7M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$10.3M+624.8%	$1.4M-76.8%	$6.1M-40.3%	$10.3M+609.9%	-$2.0M-222.2%	$1.7M+24.9%	$1.3M-71.2%	$4.6M
Retained Earnings	-$97.9M-15.9%	-$84.4M-6.1%	-$79.6M-5.7%	-$75.3M-19.1%	-$63.2M-10.4%	-$57.3M-4.2%	-$54.9M-10.4%	-$49.7M

RNAZ Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$19.5M-46.3%	-$13.3M+26.2%	-$18.1M-14.7%	-$15.8M-199.3%	-$5.3M-968.4%	-$493K
Capital Expenditures	$7K-69.4%	$22K-38.9%	$36K-64.7%	$101K-60.4%	$255K	N/A
Free Cash Flow	-$19.5M-46.2%	-$13.4M+26.2%	-$18.1M-14.2%	-$15.9M-187.3%	-$5.5M	N/A
Investing Cash Flow	-$4K+79.6%	-$22K+38.9%	-$36K+64.7%	-$101K+59.9%	-$252K	N/A
Financing Cash Flow	$31.5M+92.2%	$16.4M+3.1%	$15.9M+265542.4%	$6K-100.0%	$25.5M+2185.4%	$1.1M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Operating Cash Flow	-$8.1M-99.4%	-$4.1M+2.7%	-$4.2M-35.4%	-$3.1M+1.6%	-$3.1M+19.6%	-$3.9M-67.2%	-$2.3M+40.6%	-$3.9M
Capital Expenditures	N/A	N/A	N/A	N/A	$500-96.1%	$13K+182.5%	$5K+18.7%	$4K
Free Cash Flow	N/A	N/A	N/A	N/A	-$3.1M+19.8%	-$3.9M-67.4%	-$2.3M+40.5%	-$3.9M
Investing Cash Flow	N/A	N/A	N/A	N/A	-$500+96.1%	-$13K-182.5%	-$5K-18.7%	-$4K
Financing Cash Flow	$23.1M+5174.1%	-$456K	$0-100.0%	$8.9M+25.0%	$7.1M+189.4%	$2.4M+211.6%	$785K-87.1%	$6.1M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

RNAZ Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	-335.4%	N/A	-1130.3%-588.3pp	-542.0%-508.5pp	-33.5%	N/A
Return on Assets	-21.3%+208.3pp	-229.7%+129.1pp	-358.8%-127.3pp	-231.5%-201.6pp	-29.8%+192.3pp	-222.1%
Current Ratio	6.29+3.7	2.56+1.3	1.28-0.4	1.70-7.3	8.97+6.9	2.05
Debt-to-Equity	14.71+19.3	-4.61-6.8	2.15+0.8	1.34+1.2	0.12+1.4	-1.31
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	N/A	-340.5%-271.0pp	-69.6%+47.9pp	-117.4%	N/A	-140.5%+252.1pp	-392.6%-320.0pp	-72.6%
Return on Assets	N/A	-92.9%-41.2pp	-51.7%+39.9pp	-91.6%	N/A	-59.0%+48.6pp	-107.6%-62.0pp	-45.6%
Current Ratio	6.29+4.7	1.60-3.7	5.27+0.1	5.20+2.6	2.56+1.0	1.58+0.3	1.25-1.2	2.48
Debt-to-Equity	14.71+12.0	2.67+2.3	0.34+0.1	0.28+4.9	-4.61-6.0	1.38-1.3	2.65+2.1	0.59
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

Is Transcode Therapeutics Inc profitable?

No, Transcode Therapeutics Inc (RNAZ) reported a net income of -$34.7M in fiscal year 2025.

What is Transcode Therapeutics Inc's EBITDA?

Transcode Therapeutics Inc (RNAZ) had EBITDA of -$27.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

What is Transcode Therapeutics Inc's return on equity (ROE)?

Transcode Therapeutics Inc (RNAZ) has a return on equity of -335.4% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Transcode Therapeutics Inc's free cash flow?

Transcode Therapeutics Inc (RNAZ) generated -$19.5M in free cash flow during fiscal year 2025. This represents a -46.2% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Transcode Therapeutics Inc's operating cash flow?

Transcode Therapeutics Inc (RNAZ) generated -$19.5M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Transcode Therapeutics Inc's total assets?

Transcode Therapeutics Inc (RNAZ) had $162.4M in total assets as of fiscal year 2025, including both current and long-term assets.

What are Transcode Therapeutics Inc's capital expenditures?

Transcode Therapeutics Inc (RNAZ) invested $7K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does Transcode Therapeutics Inc spend on research and development?

Transcode Therapeutics Inc (RNAZ) invested $13.4M in research and development during fiscal year 2025.

How many shares does Transcode Therapeutics Inc have outstanding?

Transcode Therapeutics Inc (RNAZ) had 916,968 shares outstanding as of fiscal year 2025.

What is Transcode Therapeutics Inc's current ratio?

Transcode Therapeutics Inc (RNAZ) had a current ratio of 6.29 as of fiscal year 2025, which is generally considered healthy.

What is Transcode Therapeutics Inc's debt-to-equity ratio?

Transcode Therapeutics Inc (RNAZ) had a debt-to-equity ratio of 14.71 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Transcode Therapeutics Inc's return on assets (ROA)?

Transcode Therapeutics Inc (RNAZ) had a return on assets of -21.3% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Transcode Therapeutics Inc's cash runway?

Based on fiscal year 2025 data, Transcode Therapeutics Inc (RNAZ) had $17.8M in cash against an annual operating cash burn of $19.5M. This gives an estimated cash runway of approximately 11 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is Transcode Therapeutics Inc's Piotroski F-Score?

Transcode Therapeutics Inc (RNAZ) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Transcode Therapeutics Inc's earnings high quality?

Transcode Therapeutics Inc (RNAZ) has an earnings quality ratio of 0.56x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Transcode Therapeutics Inc cover its interest payments?

Transcode Therapeutics Inc (RNAZ) has an interest coverage ratio of -4229.2x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Transcode Therapeutics Inc?

Transcode Therapeutics Inc (RNAZ) scores 17 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.