TransCode Therapeutics, Inc. (Nasdaq: RNAZ) announced on October 28, 2026, that its board of directors has initiated a formal strategic process aimed at maximizing the value of the company and its oncology portfolio. The process will evaluate a broad range of potential transactions, including licensing arrangements, development partnerships, and other strategic transactions involving the company and its lead product candidate, TTX-MC138.
To lead this initiative, TransCode has engaged Tungsten Advisors as its exclusive strategic financial advisor. The company stated that the process is intended to support the continued development of TTX-MC138 and its broader oncology programs while seeking to maximize value for stockholders.
TTX-MC138 is an investigational RNA-based therapeutic designed to inhibit microRNA-10b (miR-10b), a biomarker implicated in metastatic cancer cell survival. The candidate is currently in Phase 2a clinical development for circulating tumor DNA (ctDNA)-positive colorectal cancer following curative-intent treatment, under the PRE-I-SPY program in collaboration with Quantum Leap Healthcare Collaborative.
In a related development announced on October 13, 2026, TransCode entered into a collaboration with Natera, Inc. to support enrollment in the Phase 2a trial. Under this agreement, TransCode will utilize Natera's Signatera test to identify patients who have completed curative-intent therapy and test positive for molecular residual disease despite having no radiographic evidence of disease.
The company noted that there can be no assurance that the strategic process will result in any transaction or other strategic outcome. TransCode does not intend to provide updates on the process unless and until its Board of Directors approves a specific transaction or course of action.
