TransCode Therapeutics, Inc. (RNAZ) Balance Sheet
RNAZ balance sheet, 2025
December 31, 2025 · U.S. dollars$162.4M assets = $152.1M liabilities + $10.3M equity
Both columns are drawn to the same scale: what RNAZ owns equals what it owes plus shareholders’ equity. Hover a block for its value.
RNAZ financial health
Descriptive bands, not a rating. Fiscal 2025.
RNAZ balance sheet trends, 2018–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $214,6462018 | $162.4M2025 | +157.8%/yr | |
| Total liabilities | $718,6132018 | $152.1M2025 | +114.9%/yr | |
| Shareholders’ equity | −$503,9672018 | $10.3M2025 | — | |
| Cash & short-term investments | $212,9792018 | $17.8M2025 | +88.2%/yr | |
| Total debt | $471,9002018 | $38,2912024 | −34.2%/yr | |
| Net cash (debt) | −$258,9212018 | $5.8M2024 | +$6.0M | |
| Working capital | $96,9642018 | $18.5M2025 | +$18.4M | |
| Current ratio | 1.822018 | 6.292025 | +4.47 | |
| Debt / equity | 0.102021 | 0.272023 | +0.18 |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
RNAZ assets
RNAZ liabilities and equity
RNAZ debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
RNAZ balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Cash & short-term investments | $17.8M | $5.8M | $2.8M | $5.0M | $20.8M | $828,016 | $204,471 | $212,979 |
| Cash & equivalents | $17.8M | $5.8M | $2.8M | $5.0M | $20.8M | $828,016 | $204,471 | $212,979 |
| Short-term investments | — | — | — | $9,410 | $9 | $3 | — | — |
| Receivables | $3.3M | $0 | $0 | $360,229 | $0 | $0 | $0 | $0 |
| Inventory | $0 | $0 | $0 | $554,330 | $0 | $0 | $0 | $0 |
| Other current assets | $919,440 | $1.3M | $1.7M | $1.5M | $1.9M | $3,199 | $0 | $1,667 |
| Total current assets | $22.0M | $7.1M | $4.5M | $7.4M | $22.7M | $831,215 | $204,471 | $214,646 |
| Property, plant & equipment (net) | $370,681 | $89,305 | $602,401 | $208,581 | $206,268 | $0 | $0 | $0 |
| Goodwill & intangible assets | $140.0M | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $0 | $111,856 | $111,856 | $0 | $0 | $224,153 | $12,272 | $0 |
| Total assets | $162.4M | $7.3M | $5.2M | $7.6M | $22.9M | $1.1M | $216,743 | $214,646 |
| Liabilities | ||||||||
| Accounts payable | $3.1M | $2.6M | $2.3M | $4.1M | $2.0M | $369,177 | $27,257 | — |
| Short-term debt | — | $38,291 | $412,280 | — | $2.0M | — | — | $35,685 |
| Deferred revenue | — | $25,408 | $27,057 | — | $30,528 | — | — | — |
| Total current liabilities | $3.5M | $2.8M | $3.5M | $4.3M | $2.5M | $404,862 | $62,942 | $117,682 |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $2.1M | $927,810 | $0 |
| Lease obligations | $0 | $38,291 | $450,571 | $0 | — | — | — | — |
| Other long-term liabilities | $148.6M | $6.5M | $38,291 | $4.3M | $30,528 | $2.0M | $323,502 | $600,931 |
| Total liabilities | $152.1M | $9.3M | $3.5M | $4.3M | $2.5M | $4.5M | $1.3M | $718,613 |
| Shareholders' equity | ||||||||
| Common stock & paid-in capital | $92 | $103 | $2 | $2 | $1,291 | $464 | $764 | $764 |
| Retained earnings (deficit) | −$97.9M | −$63.2M | −$46.4M | −$27.9M | −$10.3M | −$3.5M | −$1.1M | −$510,777 |
| Accumulated other comprehensive income | — | — | $0 | $0 | $0 | −$13 | −$12 | −$11,800 |
| Total shareholders' equity | $10.3M | −$2.0M | $1.6M | $3.2M | $20.4M | −$3.4M | −$1.1M | −$503,967 |
| Key figures | ||||||||
| Total debt | — | $38,291 | $450,571 | — | $2.0M | $2.1M | $927,810 | $471,900 |
| Net cash (debt) | — | $5.8M | $2.3M | — | $18.8M | −$1.3M | −$723,339 | −$258,921 |
| Working capital | $18.5M | $4.3M | $964,848 | $3.0M | $20.2M | $426,353 | $141,529 | $96,964 |
| Tangible book value | −$129.7M | −$2.0M | $1.6M | $3.2M | $20.4M | −$3.4M | −$1.1M | −$503,967 |
| Current ratio | 6.29 | 2.56 | 1.28 | 1.70 | 8.97 | 2.05 | 3.25 | 1.82 |
| Quick ratio | 6.03 | 2.10 | 0.79 | 1.23 | 8.22 | 2.05 | 3.25 | 1.81 |
| Debt / equity | — | — | 0.27 | — | 0.10 | — | — | — |
| Equity / assets | 6.4% | −27.7% | 31.7% | 42.7% | 89.0% | −322.9% | −506.4% | −234.8% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $8.4M | $12.8M | $17.8M | $2.8M | $7.4M | $11.6M | $5.8M | $1.9M | $3.4M | $4.9M | $2.8M | $7.5M |
| Cash & equivalents | $8.4M | $12.8M | $17.8M | $2.8M | $7.4M | $11.6M | $5.8M | $1.9M | $3.4M | $4.9M | $2.8M | $7.5M |
| Receivables | $638 | $2.3M | $0 | $198,296 | $176,122 | $322,436 | $0 | $11,953 | $0 | $0 | $0 | $0 |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other current assets | $2.3M | $1.6M | $4.2M | $1.7M | $690,784 | $1.2M | $1.3M | $1.7M | $1.0M | $1.8M | $1.7M | $1.9M |
| Total current assets | $10.6M | $16.7M | $22.0M | $4.8M | $8.2M | $13.0M | $7.1M | $3.6M | $4.4M | $6.7M | $4.5M | $9.4M |
| Property, plant & equipment (net) | $322,809 | $346,745 | $370,681 | $19,908 | $24,689 | $38,131 | $89,305 | $211,660 | $326,311 | $464,589 | $602,401 | $742,574 |
| Goodwill & intangible assets | $140.0M | $140.0M | $140.0M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $0 | $25,000 | $0 | $455,726 | $0 | $111,869 | $111,856 | $111,856 | $111,856 | $111,856 | $111,856 | $111,856 |
| Total assets | $151.0M | $157.2M | $162.4M | $5.2M | $8.3M | $13.2M | $7.3M | $3.9M | $4.8M | $7.3M | $5.2M | $10.2M |
| Liabilities | ||||||||||||
| Accounts payable | $4.4M | $5.0M | — | $2.7M | $1.4M | $2.4M | — | $2.0M | $2.9M | $2.3M | — | $4.9M |
| Short-term debt | $652,411 | — | — | — | — | $38,291 | — | $152,481 | $227,246 | $339,408 | — | $404,928 |
| Deferred revenue | $63.9M | $85.3M | — | — | — | $25,408 | — | — | — | $27,057 | — | $54,306 |
| Total current liabilities | $5.4M | $5.4M | $3.5M | $3.0M | $1.6M | $2.5M | $2.8M | $2.3M | $3.5M | $2.7M | $3.5M | $5.6M |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Lease obligations | — | — | $0 | $0 | $0 | $0 | $38,291 | $152,481 | $227,246 | $339,408 | $450,571 | $594,694 |
| Other long-term liabilities | $7.3M | $7.3M | $7.0M | $832,875 | $553,714 | $392,000 | $6.5M | $0 | $0 | $0 | $38,291 | $189,766 |
| Total liabilities | $12.7M | $12.6M | $10.5M | $3.8M | $2.1M | $2.9M | $9.3M | $2.3M | $3.5M | $2.7M | $3.5M | $5.8M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $101 | $92 | — | $84 | $84 | $2,334 | — | $1,727 | $727 | $581 | — | $1,069 |
| Retained earnings (deficit) | −$122.4M | −$115.6M | −$97.9M | −$84.4M | −$79.6M | −$75.3M | −$63.2M | −$57.3M | −$54.9M | −$49.7M | −$46.4M | −$42.3M |
| Accumulated other comprehensive income | — | — | — | — | — | — | — | — | $0 | $0 | — | — |
| Total shareholders' equity | $138.4M | $144.5M | $151.9M | $1.4M | $6.1M | $10.3M | −$2.0M | $1.7M | $1.3M | $4.6M | $1.6M | $4.4M |
| Key figures | ||||||||||||
| Total debt | $652,411 | — | — | — | — | $38,291 | — | $152,481 | $227,246 | $339,408 | — | $594,694 |
| Net cash (debt) | $7.7M | — | — | — | — | $11.5M | — | $1.7M | $3.1M | $4.6M | — | $6.9M |
| Working capital | $5.2M | $11.4M | $18.5M | $1.8M | $6.7M | $10.5M | $4.3M | $1.3M | $884,107 | $4.0M | $964,848 | $3.8M |
| Tangible book value | −$1.7M | $4.5M | $11.8M | $1.4M | $6.1M | $10.3M | −$2.0M | $1.7M | $1.3M | $4.6M | $1.6M | $4.4M |
| Current ratio | 1.97 | 3.11 | 6.29 | 1.60 | 5.27 | 5.20 | 2.56 | 1.58 | 1.25 | 2.48 | 1.28 | 1.67 |
| Quick ratio | 1.55 | 2.81 | 5.10 | 1.02 | 4.82 | 4.74 | 2.10 | 0.83 | 0.96 | 1.82 | 0.79 | 1.33 |
| Debt / equity | 0.00 | — | — | — | — | 0.00 | — | 0.09 | 0.17 | 0.07 | — | 0.13 |
| Equity / assets | 91.6% | 92.0% | 93.5% | 27.3% | 74.4% | 78.0% | −27.7% | 42.0% | 27.4% | 62.9% | 31.7% | 43.4% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed April 15, 2026); data from EODHD.
RNAZ financial position
At the end of fiscal 2025 (December 31, 2025), TransCode Therapeutics had total assets of $162.4 million (up 2,126.3% from a year earlier), total liabilities of $152.1 million and shareholders' equity of $10.3 million. Its current ratio was 6.29. In the latest quarter (ended June 30, 2026) total assets were $151.0 million and equity $138.4 million.
Related: RNAZ income statement, RNAZ cash flow statement, RNAZ key metrics. See the RNAZ stock overview for the latest quote and news.
RNAZ balance sheet FAQ
What are TransCode Therapeutics's total assets?
TransCode Therapeutics reported total assets of $162.4 million at the end of fiscal 2025 (December 31, 2025), compared with $7.3 million a year earlier.
How much cash does TransCode Therapeutics have?
TransCode Therapeutics held $17.8 million in cash and short-term investments at the end of fiscal 2025.
What is TransCode Therapeutics's book value?
TransCode Therapeutics's shareholders' equity (book value) was $10.3 million at the end of fiscal 2025.
What is TransCode Therapeutics's current ratio?
TransCode Therapeutics had current assets of $22.0 million and current liabilities of $3.5 million, a current ratio of 6.29 (it can cover its short-term obligations).
How much goodwill does TransCode Therapeutics have?
TransCode Therapeutics carried $140.0 million of goodwill and intangible assets, 86.2% of total assets, at the end of fiscal 2025.