Boston, Massachusetts, United States, October 28, 2026
TransCode Therapeutics, Inc., a clinical-stage biopharmaceutical company developing RNA-based cancer treatments, has appointed Tungsten Advisors to lead a formal strategic review aimed at maximising the value of its oncology portfolio, including its lead investigational candidate, TTX-MC138. Announced on October 28, 2026, the initiative will evaluate potential business and development opportunities involving the company’s therapeutic programmes. The strategic process may include licensing agreements, asset sales, development and commercialisation partnerships, portfolio transactions, business combinations and other corporate transactions. The announcement comes as TTX-MC138 advances into Phase 2a clinical development for patients with circulating tumour DNA (ctDNA)-positive colorectal cancer following curative-intent treatment. By engaging Tungsten Advisors as its exclusive strategic financial advisor, TransCode aims to identify opportunities that could support the continued development of its oncology pipeline while seeking to maximise value for shareholders. The development highlights the growing importance of strategic partnerships and external financing in advancing innovative oncology therapies.
TransCode Appoints Tungsten Advisors to Explore Strategic Opportunities
The Board of Directors of TransCode Therapeutics has initiated a formal strategic process to assess potential opportunities involving the company and its broader oncology portfolio. Tungsten Advisors has been appointed as the exclusive strategic financial advisor to support the evaluation and potential negotiation of strategic alternatives. The review will consider several possible transaction structures, including licensing or selling individual therapeutic assets, establishing research and development partnerships, entering commercialisation agreements, undertaking portfolio-level transactions or exploring a potential business combination. These options could provide additional financial and operational support for advancing the company’s investigational treatments through clinical development. According to Philippe P. Calais, PharmD, PhD, Chief Executive Officer and Chairman of TransCode Therapeutics, the company’s lead programme has progressed into Phase 2a development following its initial Phase 1a clinical evaluation. The formal strategic review is intended to identify opportunities that can support the continued development of TTX-MC138 and other oncology programmes while creating potential value for shareholders. Importantly, the company has not announced a completed acquisition, licensing agreement or merger. The strategic process is exploratory, and TransCode has stated that there is no assurance that it will result in a transaction or other strategic outcome.
TTX-MC138 Advances into Phase 2a Colorectal Cancer Trial
At the centre of TransCode’s oncology portfolio is TTX-MC138, an investigational RNA-based therapeutic designed to inhibit microRNA-10b (miR-10b), a molecule associated with metastatic cancer cell survival and disease progression. The candidate is being developed to target cancer-related biological pathways involved in metastatic disease. Its clinical development programme is currently evaluating the potential application of the treatment in patients with colorectal cancer who remain positive for circulating tumour DNA after completing curative-intent treatment. These patients may have molecular residual disease (MRD) despite having no detectable disease through conventional radiographic imaging. Identifying such patients is important because molecular evidence of residual cancer may indicate a risk of future recurrence. The Phase 2a clinical trial is designed to enrol up to 45 patients under the PRE-I-SPY programme in collaboration with Quantum Leap Healthcare Collaborative. Earlier Phase 1a research evaluated TTX-MC138 in patients with advanced solid tumours. According to TransCode’s September 2026 clinical update, the study met its primary safety endpoint, with no dose-limiting toxicities reported across the evaluated dose levels. Additionally, 10 of 14 efficacy-evaluable patients achieved stable disease as their best overall response according to investigator assessment. These preliminary findings require confirmation through larger clinical studies and do not establish treatment efficacy.
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Natera Collaboration Supports Clinical Trial Recruitment
TransCode is also working to strengthen patient identification and recruitment for its Phase 2a programme through a collaboration with Natera, Inc. Announced on October 13, 2026, the collaboration allows TransCode to use Natera’s Signatera™ circulating tumour DNA testing platform to identify patients who have completed curative-intent treatment but remain positive for molecular residual disease. The approach is intended to help participating clinical research sites identify potentially eligible patients more efficiently, particularly those without radiographic evidence of disease. Improved patient identification could support clinical trial recruitment and help advance the evaluation of TTX-MC138 in the intended patient population. The collaboration complements TransCode’s broader strategy of developing RNA-based therapeutics and immuno-oncology treatments for high-risk and advanced cancers. As the strategic review progresses, potential partners and investors may evaluate the scientific rationale, clinical progress and development opportunities associated with the company’s programmes. The appointment of Tungsten Advisors marks an important corporate development milestone for TransCode Therapeutics, creating an opportunity to explore financial and strategic pathways for its oncology pipeline. However, the outcome of the review remains uncertain, and further clinical evidence will be essential to establish the potential therapeutic value of TTX-MC138.
Source: TransCode Therapeutics, Tungsten Advisors press release
