TransCode Therapeutics, Inc. (NASDAQ:RNAZ), a pharmaceutical preparations company, announced the results of its 2024 Annual Meeting of Stockholders held on Thursday. The meeting saw the election of four directors and the approval of an amendment to increase shares for issuance under the company's 2021 Stock Option and Incentive Plan.
The stockholders elected Philippe P. Calais, Ph.D., Thomas A. Fitzgerald, Erik Manting, Ph.D., and Magda Marquet, Ph.D., as directors, each to serve a one-year term. The approval of the stock plan amendment proposal will allow for an additional 3,000,000 shares to be available for issuance.
Additionally, the appointment of WithumSmith+Brown, PC as the company's independent registered public accounting firm for the fiscal year ending December 31, 2024, was ratified. However, the proposal for a reverse stock split, which would have allowed for a consolidation of shares by a ratio of between 1-for-2 and 1-for-40, was not approved by the stockholders.
A proposal to adjourn the Annual Meeting, if necessary, to secure enough votes for the reverse stock split or the stock plan amendment was approved. However, no adjournment was required as sufficient votes were received at the meeting.
The voting results included a significant number of abstentions and broker non-votes, particularly in the election of directors and the stock plan amendment proposal. The reverse stock split proposal saw more votes against than for, leading to its rejection.
TransCode Therapeutics, based in Boston, Massachusetts, specializes in the development of pharmaceutical preparations. The information provided here is based on the company's SEC filing.
In other recent news, TransCode Therapeutics has regained compliance with Nasdaq's listing standards, thereby avoiding potential delisting. The company's continued presence on the Nasdaq Stock Market has been confirmed, and a previously scheduled hearing with the Nasdaq Panel has been cancelled. As part of the compliance process, TransCode will remain under a mandatory Nasdaq panel monitor until January 26, 2025.
TransCode has also reported encouraging early results from its Phase 0 clinical trial of the RNA-based cancer drug, TTX-MC138. The drug has shown potential anti-tumor activity and a significant reduction in the molecular target miRNA-10b in a patient's blood.
The company has received FDA authorization to commence a Phase 1/2 clinical trial for TTX-MC138, aimed at assessing the safety and preliminary anti-tumor activity of the drug in patients with advanced solid tumors. TransCode is also considering a reverse stock split, pending shareholder approval, to maintain its listing on The Nasdaq Capital Market. However, the company's board and management have expressed that they do not wish to carry out the reverse split unless absolutely necessary. These are among the recent developments at TransCode Therapeutics.
InvestingPro Insights
In light of TransCode Therapeutics, Inc.'s recent annual meeting outcomes, it's important to consider the company's financial health and market performance. According to InvestingPro data, TransCode Therapeutics holds a market capitalization of 7.75 million USD, which is reflective of its size within the pharmaceutical preparations industry. Notably, the company's stock has experienced significant volatility, with a 1-week total price return of -8.21% but an impressive 1-month total price return of 99.61%. This underscores the high-risk, high-reward nature of investing in TransCode Therapeutics.
InvestingPro Tips highlight that TransCode Therapeutics has more cash than debt on its balance sheet, which can be a sign of financial stability. However, the company is also quickly burning through cash and has been deemed by analysts as unlikely to turn a profit this year. Additionally, the stock has been subject to high price volatility, which may deter risk-averse investors.
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