BOSTON – October 29, 2026 -- TransCode Therapeutics (Nasdaq: RNAZ) has opened a formal strategic process that could end in a sale or licensing of its oncology assets, a partnership or a business combination, with lead candidate TTX-MC138 now in Phase 2a development.
Tungsten Advisors to run the process as exclusive financial advisor
The Board of Directors initiated the review to maximize the value of the company and its oncology portfolio. Options include licensing or selling individual assets, development and commercialization partnerships, portfolio transactions and business combinations. TransCode has engaged Tungsten Advisors as exclusive strategic financial advisor.
CEO and Chairman Philippe P. Calais said the process is meant to support continued development of TTX-MC138 while seeking to maximize value for stockholders.
TTX-MC138 enters a 45-patient Phase 2a trial in ctDNA-positive colorectal cancer
TTX-MC138 is an investigational RNA-based therapeutic that inhibits microRNA-10b, which is implicated in metastatic cancer cell survival and disease progression. The Phase 2a trial will enroll up to 45 colorectal cancer patients who have completed curative-intent treatment and show no radiographic evidence of disease but are ctDNA-positive, indicating minimal residual disease. It runs with Quantum Leap Healthcare Collaborative under the PRE-I-SPY program.
In the Phase 1a dose-escalation study in advanced solid tumors, the drug met its primary safety endpoint with no dose-limiting toxicities across the evaluated dose levels. In the company's September 2026 update, 10 of 14 efficacy-evaluable patients achieved stable disease as best overall response by investigator assessment. TransCode states these preliminary findings require confirmation in larger studies.
Natera partnership on Signatera testing targets enrollment speed
On October 13, 2026, TransCode and Natera announced a collaboration to support Phase 2a enrollment. TransCode will use Natera's Signatera test to identify patients who finished curative-intent therapy and test positive for molecular residual disease. The aim is better identification of eligible patients at participating sites and more efficient enrollment.
No assurance of a deal, and no updates planned until board approval
TransCode said there is no assurance the process will result in a transaction. It will not update the market unless its Board approves a specific transaction or course of action, or it determines disclosure is appropriate or required.
The company listed several risks, including its need for additional capital and its ability to obtain financing. It also cited its ability to maintain its Nasdaq listing, including compliance with the minimum bid price requirement. TTX-MC138 has not been approved for commercial use.