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Delaware
(State or other jurisdiction of
incorporation or organization) |
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2834
(Primary Standard Industrial
Classification Code Number) |
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81-1065054
(I.R.S. Employer
Identification No.) |
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Michael Bison
Finnbarr Murphy Goodwin Procter LLP 100 Northern Avenue Boston, MA 02210 (617) 570-1000 |
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Thomas A. Fitzgerald
Chief Financial Officer TransCode Therapeutics, Inc. 6 Liberty Square, #2382 Boston, MA 02109 (857) 837-3099 |
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Robert F. Charron
Ellenoff Grossman & Schole LLP 1345 Avenue of the Americas New York, NY 10105 (212) 370-1300 |
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Large accelerated filer
☐
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Accelerated filer
☐
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Non-accelerated filer
☒
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Smaller reporting company
☒
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Emerging growth company
☒
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Three Months
Ended March 31, |
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Years Ended
December 31, |
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2023
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2022
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2022
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2021
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Unaudited
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| | | | | | | | | | | | | |||||||||
Statement of Operations Data | | | | | | ||||||||||||||||||||
Operating expenses | | | | | | | | | | | | | | | | | | | | | | | | | |
Research and development
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| | | $ | 2,591,350 | | | | | $ | 1,881,576 | | | | | $ | 10,232,366 | | | | | $ | 2,753,966 | | |
General and administrative
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| | | | 2,309,763 | | | | | | 1,595,926 | | | | | | 8,433,448 | | | | | | 3,397,169 | | |
Total operating expenses
|
| | | | 4,901,113 | | | | | | 3,477,502 | | | | | | 18,665,814 | | | | | | 6,151,135 | | |
Operating loss
|
| | | | (4,901,113) | | | | | | (3,477,502) | | | | | | (18,665,814) | | | | | | (6,151,135) | | |
Other income (expense) | | | | | | | | | | | | | | | | | | | | | | | | | |
Change in fair value of derivative liabilities
|
| | | | — | | | | | | — | | | | | | — | | | | | | (867,000) | | |
Change in fair value of warranty liability
|
| | | | — | | | | | | — | | | | | | — | | | | | | (6,109) | | |
Grant income
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| | | | 79,409 | | | | | | 6,990 | | | | | | 1,080,436 | | | | | | 278,333 | | |
Loss on sale of equipment
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| | | | — | | | | | | — | | | | | | — | | | | | | (3,082) | | |
Interest expense
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| | | | — | | | | | | — | | | | | | — | | | | | | (95,070) | | |
Interest income
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| | | | 4,770 | | | | | | 442 | | | | | | 20,410 | | | | | | 664 | | |
Total other income (expense)
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| | | | 84,179 | | | | | | 7,432 | | | | | | 1,100,846 | | | | | | (692,264) | | |
Loss before income taxes
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| | | | (4,816,934) | | | | | | (3,470,070) | | | | | | (17,564,968) | | | | | | (6,843,399) | | |
Income tax expense (benefit)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Net loss
|
| | | $ | (4,816,934) | | | | | $ | (3,470,070) | | | | | $ | (17,564,968) | | | | | $ | (6,843,399) | | |
Basic and diluted loss per common share(1)
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| | | $ | (6.69) | | | | | $ | (5.35) | | | | | $ | (27.07) | | | | | $ | (16.24) | | |
Weighted average number of common shares outstanding, basic and diluted(1)
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| | | | 720,019 | | | | | | 648,861 | | | | | | 648,861 | | | | | | 421,294 | | |
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December 31,
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March 31, 2023
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2022
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2021
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Unaudited
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Balance Sheet Data | | | | | | | | | | | | | | | | | | | | | | |
Current assets
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| | | $ | 4,346,623 | | | | | $ | 7,379,405 | | | | | $ | 22,732,175 | | | | | |
Total assets
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| | | | 5,590,510 | | | | | | 7,587,986 | | | | | | 22,938,443 | | | | | |
Current liabilities
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| | | | 5,449,489 | | | | | | 4,347,290 | | | | | | 2,534,097 | | | | | |
Total liabilities
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| | | | 5,827,302 | | | | | | 4,347,290 | | | | | | 2,534,097 | | | | | |
Total stockholders’ equity (deficit)
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| | | | (236,792) | | | | | | 3,240,696 | | | | | | 20,404,346 | | | | | |
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Assumed public offering price per share and accompanying common stock purchase warrant
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| | | | | | | | | $ | 4.05 | | |
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Pro forma net tangible book value per share at March 31, 2023
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| | | $ | 0.31 | | | | | | | | |
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Increase in book value per share attributable to new investors
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| | | $ | 2.17 | | | | | | | | |
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As adjusted pro forma net tangible book value per share after this offering
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| | | $ | 2.48 | | | | | | | | |
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Dilution per share to new investors
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| | | | | | | | | $ | 1.57 | | |
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Per Share and
Common stock purchase warrants |
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Per Pre-Funded
Warrant and Common stock purchase warrants |
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Total
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Offering Price
|
| | | $ | | | | | $ | | | | | $ | | | |||
Placement agent fees
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| | | | | | | | | | | | | | | | | | |
Proceeds to us, before expenses
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| | | $ | | | | | $ | | | | | $ | | | |
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Amount Paid or
to Be Paid |
| |||
SEC registration fee
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| | | $ | 2,552 | | |
FINRA filing fee
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| | | | 9,747 | | |
Printing and mailing
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| | | | 52,000 | | |
Legal fees and expenses
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| | | | 225,000 | | |
Accounting fees and expenses
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| | | | 40,000 | | |
Miscellaneous
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| | | | 95,701 | | |
Total
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| | | $ | 425,000 | | |
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NAME
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TITLE
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DATE
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/s/ Robert Michael Dudley
Robert Michael Dudley
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Director and Chief Executive Officer (Principal Executive Officer)
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| | June 6, 2023 | |
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/s/ Thomas A. Fitzgerald
Thomas A. Fitzgerald, MBA
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Director and Chief Financial Officer (Principal Financial and Accounting Officer)
|
| | June 6, 2023 | |
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*
Philippe P. Calais, PhD
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Director
|
| | June 6, 2023 | |
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*
Erik Manting, PhD
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Director
|
| | June 6, 2023 | |
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*
Magda Marquet, PhD
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Director
|
| | June 6, 2023 | |
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/s/ Thomas A. Fitzgerald
Thomas A. Fitzgerald
Attorney-in-fact |
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