TransCode Stock Rallies On Promising Metastatic Cancer Drug Trial: Retail Sees More Upside

Shares of TransCode Therapeutics Inc surged nearly 39% on Thursday after the company announced encouraging progress in its Phase 1a clinical trial of TTX-MC138, an experimental therapy targeting metastatic cancer.

TTX-MC138 is a first-in-class therapeutic candidate designed to inhibit microRNA-10b (miR-10b), a genetic target believed to play a critical role in the emergence and progression of several metastatic cancers. 

According to TransCode, 13 patients have been treated with TTX-MC138 across four dose levels ranging from 0.8 mg/kg to 4.8 mg/kg. 

Eight patients remain on study, receiving additional doses during each 28-day treatment cycle, and two patients have been on therapy for approximately seven months with stable disease observed.

No dose-limiting toxicities or significant safety concerns have been reported in the trial. Preliminary pharmacokinetic and pharmacodynamic data also align with earlier preclinical and Phase 0 findings. 

The results support advancing to the planned Phase 1b dose expansion, where researchers will further evaluate safety and early anti-tumor signals.

The company’s financial position has been a key focus. As of April 2025, TransCode reported a cash balance of $5.81 million, with total liabilities exceeding assets by $2.02 million. 

Recent fundraising has helped shore up liquidity, including a $10.05 million registered direct offering in March 2025 and a $7.19 million equity raise in January. 

Last week, H.C. Wainwright lowered its price target on TransCode to $10 from $20 while maintaining a ‘Buy’ rating, according to The Fly.

The firm cited recent equity raises as the reason for the revision but noted that its updated model assumes current funds are sufficient to support operations into 2026.

Retail enthusiasm was evident on Stocktwits as sentiment was described as ‘extremely bullish,’ with message volume reaching ‘extremely high’ levels. 

Traders speculated on further upside, with some suggesting the stock could soon surpass the $1 mark and noting bullish chart patterns that could support another leg higher in after-hours trading.

Despite Thursday’s sharp rebound, TransCode shares remain down 84% year-to-date, far underperforming the broader market. 

By comparison, the Nasdaq is down 1.7%, while the Dow and S&P 500 have declined 3.9% and 4.5%, respectively, over the same period.

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