MeritValue

Transcode Therapeutics, Inc.

RNAZdata completeness 75%6 fiscal years on file

Data notes: no data for concept 'revenue'; no data for concept 'totalDebt'

The thesis, from the filings

Transcode Therapeutics, Inc. earns about -510% on equity, and has bought back 92% of its shares over 5 years. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue—————
Net income−$6.84M1−$17.6M2−$18.5M3−$16.8M4−$34.7M4
Operating cash flow−$5.27M5−$15.8M6−$18.1M7−$13.3M8−$19.5M8
Capital expenditure$254,8209$100,91910$35,60911$21,76112$6,66012
Free cash flow (derived)−$5.52M5−$15.9M6−$18.1M7−$13.4M8−$19.5M8
Total debt—————
Cash & equivalents$20.8M13$4.97M14$2.77M15$5.81M16$17.8M16
Diluted shares8.4M16,2225,42412,558689,713

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$149.85
your share of equity
Profit it earned you last year
−$502.54
Free cash flow it threw off
−$283.06
Debt you’d be carrying
—

10 shares is a claim on $149.85 of net worth that earned you −$502.54 and generated −$283.06 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-510% avg · 5y
FY21 -34%FY22 -542%FY23 -1130%FY24 —FY25 -335%

It earned an average -510% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−92% shares · 5y

Share count is down 92% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001104659-23-040158 (NetIncomeLoss)
  2. 10-K · period ending 2022-12-31 · accession 0001410578-24-000413 (NetIncomeLoss)
  3. 10-K · period ending 2023-12-31 · accession 0001558370-25-004843 (NetIncomeLoss)
  4. 10-K · period ending 2024-12-31 · accession 0001104659-26-043810 (NetIncomeLoss)
  5. 10-K · period ending 2021-12-31 · accession 0001104659-23-040158 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2022-12-31 · accession 0001410578-24-000413 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2023-12-31 · accession 0001558370-25-004843 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2024-12-31 · accession 0001104659-26-043810 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2021-12-31 · accession 0001104659-23-040158 (PaymentsToAcquirePropertyPlantAndEquipment)
  10. 10-K · period ending 2022-12-31 · accession 0001410578-24-000413 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2023-12-31 · accession 0001558370-25-004843 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2024-12-31 · accession 0001104659-26-043810 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0001104659-23-040158 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2022-12-31 · accession 0001410578-24-000413 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2023-12-31 · accession 0001558370-25-004843 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2024-12-31 · accession 0001104659-26-043810 (CashAndCashEquivalentsAtCarryingValue)