Hello, this is Craig Brelsford with RedChip Companies. Thank you for joining today's event with TransCode Therapeutics, which trades on the Nasdaq under the ticker RNAZ. Joining us today is Philippe Calais, Chairman and CEO of TransCode, Zdravka Medarova, Co-founder and Chief Scientific Officer, and John Tattory, the Interim CFO. We will begin with a brief presentation in a moment, and then we will open the event to your questions. Welcome to everyone joining us today on X, YouTube, LinkedIn, and other social media platforms. To submit your question, we invite you to join us on Zoom. Use the link provided. Once in Zoom, click the Q&A button at the bottom of your window and type your question into the text box. Before we begin, please allow me to read the safe harbor statement. This call may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements pertaining to future financial and/or operating results, along with other statements about the future expectations, beliefs, goals, plans, or prospects expressed by management constitute forward-looking statements. Any statements that are not historical fact should also be considered forward looking statements. Forward-looking statements involve risks and uncertainties. Philippe, please go ahead. Great. Thank you very much, and hello, everybody. It's a pleasure to have the opportunity to describe our company today, and let's jump in right away into the company overview. We really describe ourselves as a rare small-cap company with three near-term catalysts. First of all, we have a very strong pedigree with some Harvard founders, and Z is one of them, she will be talking later on, from Mass General and Harvard Medical School. The company was founded in 2016, became public in 2021, and has a fairly good financial profile so far with no long-term debt. We are basically pioneering approaches that are complementary and that aim at redefining the boundaries of advanced cancer. We have three key pillars there. The first of which is the RNA-targeted therapeutics that is prioritized. We have vaccine immunotherapy product that mobilize the immune system, and then we have also immuno-oncolytic agents that directly target tumors. We will focus primarily on the prioritized asset, which are the RNA therapeutics. If we look at our focus, we are targeting an area that is marked by, right now, a very strong medical need in the sense that the advanced disease in cancer is the major source of death and reducing significantly the survival of the patient. You have some graphs here highlighting in different diseases, prostate, female, colorectal, lung, and melanoma cancer, showing the five-year relative survival that is significantly reduced as patients are moving into the advanced stages of cancer. This is not only just a major health burden for the patient, but it's also for society and also for the healthcare system. If we look at the organization, we are a small company. We have 12 employees. All of them are experts into their own field. We are also surrounded by a very strong consulting group of experts that are basically a handful of them, that are specialized in their own area, whether this is on the clinical side, on the strategic side, or on translational science. Our board of directors is comprised of people who have demonstrated strong experience in developing and being successful with exits in the biotech sector. Our scientific advisory board is comprised of one of the co-founder who was working with Z, Anna Moore. She is also the chair of the scientific advisory board. We have people like Keith Flaherty, Frank Slack, who are well-known leaders in the field of oncology. Very strong team there. If we look at our pipeline, this is a fairly busy slide. But as I said early on, we have prioritized the lead asset that is- Hi, Philippe. Yeah, sorry. I am terribly sorry. I am not seeing the slides being advanced. Oh, because I see them. Sorry. I have them advancing. Sorry about that. How can I resolve that? I guess you see the pipeline now, Victor? Right now, we are seeing innovative and differentiated pipeline. Yes. Uh-huh. That's the pipeline. Right. And if you could move it into presentation mode so that we don't see all the- That's what I have in front of me, yes. Oh. But you don't have that, do you? I'm not seeing that, right? Okay. Just continue that way. It's okay, Philippe. Thank you very much. All right. I'm sorry about that. Sorry, everyone, for that. We're going to try to go around that. As I said early on, we have prioritized TTX-MC138 for the development. We have the cancer vaccine that I mentioned early on. We have a number of additional programs that are at a preclinical stage. With this, I'm going to turn to Z, who is going to describe TTX-MC138. Do you see right now the cover page for TTX-MC138? No, we do not. There's a real problem there. I don't know. Because as soon as I move into presentation, then it seems to be stuck. Please do not be in presentation and just click on the slides on your left-hand side. That would be the way to solve it. Thank you. Yeah. All right. Z, it is all yours. As Philippe mentioned, our lead candidate is TTX-MC138. This is a drug that we originally conceived of and designed at the Massachusetts General Hospital. The whole idea was to design a drug that is going to be broadly applicable to metastatic cancers, irrespective of where these tumors originated, whether they are pancreatic, breast, lung, liver cancer, et cetera. We looked for a molecule that is critical to the development of metastases from all of these cancers, and we identified the target, microRNA-10b, as one such molecule that was originally described by Bob Weinberg, a scientist at MIT. To inhibit this target, we designed an antagomir, which is an antisense molecule, an oligonucleotide molecule that binds to microRNA-10b through Watson-Crick base pairing and inhibits it. In order to deliver this antagomir, we also conjugated it to a platform, which now we call TTX. It is an iron oxide nanoparticle, which we redesigned to make it optimal for delivery to tumors and metastases. These particles were originally developed as contrast agents for MRI, but in our case, they were significantly redesigned for the delivery of nucleic acids. Currently, this drug is in a phase II-A trial, and we will present more details to you in the coming slides. Next slide. In terms of the clinical development plan for TTX-MC138, we have made quite a bit of progress. We started with a phase zero trial. This is a trial in which we injected a microdose, a minuscule dose of the drug radiolabeled with copper-64, and imaged the delivery of the drug by PET/MRI, which is an approach that will allow us to see the biodistribution of the drug in the body of a human patient. We enrolled a patient with metastatic breast cancer, and as we'll show in the coming slides, we confirmed delivery to clinical metastases in this patient. We also completed a phase I-A trial, with the main endpoint being the safety of this drug in patients with various advanced solid tumors. We're currently enrolling patients in a phase II-A trial, and we'll speak more about that trial in the coming slides. We're hoping that at the end of the phase II-A trial, we have sufficient information to then initiate a randomized phase II trial, which, if successful, could be pivotal and lead to FDA approval. These are the results from the phase zero trial that I already mentioned. In this trial, we enrolled a patient with breast cancer metastatic to bone, lungs, and liver. The image on the left is the pre-dose image. The lesions are highlighted by the arrows, so you can see the bone, lung, and liver metastases in that patient. On the right is an image obtained three hours after dosing with the drug. What you can see from these images is that indeed the drug does accumulate in these metastatic lesions. In addition to accumulation of the drug in metastatic lesions, we also showed that the drug is well-tolerated, which is not surprising given that it was injected at a microdose. This study was important because it allowed us to see what is the bioavailability of this drug in a human patient. This drug was shown to be delivered to metastases in animal models, and was shown to also be highly effective in these animal models, leading to complete regressions of metastatic disease in these animals. As a first step towards translating this drug in humans, we needed to show that indeed it accumulates in clinical metastases, and we accomplished that through this phase zero trial. Next slide. In the phase I-A trial, as I mentioned, the primary endpoint was safety, with exploratory endpoints of pharmacokinetics and also preliminary clinical activity. The important conclusion from the phase II-A trial, which tested four different doses of this drug, ranging between 0.8 mg and 4.8 mg per kilogram, was that the drug was very safe. We had only three infusion-related reactions in two of the patients that were treated with this drug. This is seen in 16 different patients that received around 86 doses of the drug. In terms of clinical activity, the median duration, which in this case equated to progression-free survival, was five months, with the longest duration being 15 doses as of the last public disclosure of our data. We currently still have three patients on study as of December 2025. The reason this is important is because these are very heavily pre-treated patients that typically, once they fail this therapy, go on to palliative care. These are patients that have failed all other therapies, including other clinical trials with experimental therapeutics, then enter our trial. The fact that we're seeing a median progression-free survival of five months, with some patients lasting for 15 months or longer, is a meaningful readout indicating that indeed the drug is clinically active in these patients. This is a list of the different tumor types that were represented in our trial. You can see that we have a wide variety of cancer types. We have pancreatic cancer, we have breast cancer. We have three patients with colorectal adenocarcinoma. We have a patient with uterine cancer, kidney cancer, and thyroid cancer. a wide array of patients, and as mentioned with respect to the previous slide, there was quite a meaningful increase in progression-free survival in all of these patients relative to what one would expect typically in a phase I-A trial. We met the primary endpoint of safety across all four doses that were tested between 0.8 and 4.8 milligrams per kilogram. We had, as I mentioned, three infusion-related reactions, of which one qualified as an SAE and two were grade two. This indicates that the drug was indeed found to be very safe in that phase I-A trial. Next slide. This is a more detailed list of the adverse event frequency and nature that was observed in this trial. One thing that I needed to remind you is that most of these adverse events were found to not be drug-related. As I mentioned earlier, the only drug-related adverse events were three infusion-related reactions. In terms of the exploratory endpoint of determining drug pharmacokinetics, these are a couple of graphs that show two things. The first thing, the graph on the left shows that the terminal half-life of the drug is about 24 hours. The drug has biphasic clearance with initial rapid clearance followed by a second slow phase of clearance. This is pretty typical for these sorts of drugs, and in this case, reflects accumulation of the drug in tissue as it leaves the blood and enters the interstitium of various tissues. The graph on the right represents drug exposure, or AUC, as a function of dose. The main point of this graph is that there is a super proportional relationship between dose and drug exposure, meaning that if you increase the dose twofold, you get a more than twofold increase in drug bioavailability in the blood of the patients. Next slide. These are the preliminary clinical activity data that we obtained. If you look at the graph on the bottom right, that shows the progression-free survival in all of the evaluable patients, irrespective of dose, and you can see that the progression-free survival is quite high. It is found to be 71%. The swimmer's plot on the top right then breaks down these by individual patients. What you can see is that a proportion of the patients actually stayed on treatment for six months or more, and that a large number of the patients, actually all but two of the patients, were qualified to have stable disease by RECIST criteria. That constitutes over 80% of the patients that had stable disease. So what that indicates is that the drug indeed has a very powerful cytostatic effect, and it stabilizes disease in a large proportion of the patients, irrespective of the cancer type that they have. This is a highlight of the patient with thyroid cancer, which was an interesting case study. In that patient, the levels of thyroglobulin increased throughout disease progression. Thyroglobulin is a biomarker of residual disease. This patient had lung metastases from thyroid cancer. What we saw, though, was that by cycle six of treatment with this drug, thyroglobulin levels went down to undetectable. That patient then was put on a treatment holiday, and you could see the thyroglobulin levels rose again, but began to drop off again as we initiated treatment. This is, at this point, a preliminary indicator of the powerful effect that the drug has on the levels of this tumor biomarker, presumably by putting the cells into dormancy or stasis. The phase II-A trial was designed to evaluate the effect of the drug in patients with colorectal adenocarcinoma. These are patients that have been treated successfully through surgery and adjuvant chemotherapy and are free of detectable disease. However, these patients become ctDNA positive. ctDNA is a tumor marker found in the blood of these patients, which is highly predictive of radiographic recurrence within 12 months. In excess of 80% of patients that have no evidence of visible disease in their body but are ctDNA positive will actually become radiographically disease positive within 12 months of becoming ctDNA positive. That's a very high-risk population of CRC patients, which we are enrolling in our phase II-A trial. They are being treated with TTX-MC138. The idea is that we're either going to eliminate or reduce the levels of ctDNA in their blood, and most importantly, delay or completely prevent radiographic recurrence in these patients, and these are the endpoints of the trial. This trial is done in collaboration with Quantum Leap. This is an academic partner that we have which has multiple clinical sites throughout the country. We've listed some of these sites in the table on the right. Using Quantum Leap leverages the established clinical network that they have and is a very efficient and rapid way to progress through this trial by having access to the wide array of clinical sites that they have. I already alluded to this in the earlier slide. We will select patients, or we are selecting patients that are ctDNA positive, that have undergone therapy with curative intent. The plan is to enroll 45 patients, to treat them with the RP2D established in the phase I-A trial. We will treat these patients for up to 12 cycles and then monitor ctDNA to see if we're reducing or eliminating ctDNA as a tumor marker from their blood, and importantly, if we are also delaying or preventing disease recurrence. A few words about the delivery vehicle that we're using in this trial. That's a platform which we call TTX. We have both in our academic life and currently as TransCode Therapeutics, used this platform to deliver more than simply nucleic acids. It's a highly versatile platform that could be used to deliver peptides, small molecules, tetramers, small proteins, radionuclides, as I mentioned with respect to the phase zero trial. It's a platform that is potentially quite broad and could be partnered out for the delivery of various payloads to tumors and metastases. Right. Thank you very much. Let's have a quick look at the finance. First of all, start with the recent corporate development. As a reminder, we acquired Polynoma last October. That's almost a year ago. That's 11 months ago. We had, at the same time, an investment from CK Life Sciences of $25 million in order to prioritize the funding of the phase II-A study. In the first quarter of 2026, we licensed the immuno-oncolytic portfolio from Unleash Immuno Oncolytics. In the second quarter, we entered into an agreement with Yorkville for a $20 million SEPA. These are the major corporate development over the last year, and that allows us to move into the capital structure, and I will turn to John to comment on that. Sure. Thank you, Philippe. As of our last reporting of actual results as of June 30, at the time, we had approximately 1 million common shares outstanding and a market cap of $6.3 million. Importantly, what's happened since then as a result of shareholder approval, the all Series A, Series B, and Series C preferred stock has been converted into common shares. On a pro forma basis, we would have had approximately 17 million common shares outstanding as of June. Based on the latest share price, we have a pro forma market cap of about $28 million. We have no debt. The company has no debt on the balance sheet. On a pro forma basis, we had $13.1 million as of June. That is $8.4 million of reported cash and $4.75 million of proceeds from a July 2026 convertible note transaction. Really, that's it. Thank you very much. Yeah. Thanks a lot, John. If we move into the investment thesis, that will be the last couple of slides that will be presented. We are basically building an innovative and differentiated oncology company that aims at meaningfully improving the treatment of advanced cancer. So filling really a gap in the armamentarium against cancer, with different treatment modalities. Our strategic focus is to develop a balanced and scalable portfolio. This is what I call the three shots on goal, and with some near-term clinical value creation and platform-driven innovation. From that, because of the limited funds, we have prioritized TTX-MC138 clinical development with a number of catalysts that will happen in the next 18 months surrounding the completion of the phase II-A study. We have a pipeline that is really built for differentiation and scale because the other products are of a different nature. Seviprotimut-L is an antigen vaccine that targets melanoma. It's, in fact, in some respect, it came under the light recently with the announcement of the positive results of the Moderna-Merck study. That is really very exciting. Also, the development of our TTX proprietary delivery engine, that could be a very good candidate for partnering, in particular outside of oncology. Finally, the development of our engineered adenovirus oncolytic program that has a very strong immunogenicity and targets bladder cancer. All of this can only happen with quite a lot of capital, and organizational discipline in terms of execution. The recent transaction were structured in order to avoid some heavy upfront financial commitment. Also, we are working on improving the communication for the company. I think today's webcast is a good example of that. What are the near-term catalysts? Knowing that each of them has the potential to be a good inflection point. In the second quarter, we announced the initiation of the phase II-A. In the third quarter, we are looking for announcing the enrollment update. Last quarter, we will be looking towards the end of the quarter at the preliminary results of the first patients that entered the study. In the first half of next year, we will have some initial results that will be. Sorry, the final results of the phase I-A that will be announced at the major oncology conference, and we will have an enrollment completion announcement for the phase II-A. Second half of 2027, we will complete the phase II-A study and have a preliminary readout. Also, in parallel, we will have some announcements regarding some preclinical assets we are working on right now, and they should be getting closer to IND. Basically, what TransCode has to offer today, is really an exposure to a fully differentiated platform that is built around the three shots on goal that I mentioned earlier on. We have today, as you have seen, a valuation that remains, let's say modest, to use the best possible term, relative to the breadth of our pipeline and the advancement of the program. Because let's not forget that we have a phase III-ready program. We have a phase II ongoing right now. So, we believe that TransCode is really targeted for investors who seek exposure to technology with multiple inflection points in the near future. With this, we are completing our corporate presentation, and we would be very happy to answer any questions. Thank you, Philippe. To submit your question, we invite you to join us on Zoom. Use the link provided. Once in Zoom, click the Q&A button at the bottom of your window and type your question into the text box. Philippe and team, what is the expected timeline for an initial data readout from the phase II-A PRE-I-SPY colorectal trial, and would that be an interim or a full data set? We are looking at an announcement, as I mentioned previously in the slide, towards the end of this year, beginning of next year, with the first patients that will have entered the trial and will have a few months exposure. We can certainly identify some trends very early in the process because the biomarker that we are using, from Natera, which is ctDNA, is being done on a monthly basis. So that will allow us to monitor the level of positivity of that test. Then, once we have fully enrolled all the patients, we are looking at an initial readout of the final results by the end of 2027. Thank you, Philippe. Are there any additional indications, for example, glioblastoma, given the preclinical publication, where TransCode plans to file an IND or begin dosing in the near term? I will turn to Z to answer that one. Yeah. We are actively working towards advancing this drug in glioblastoma in collaboration with Henry Ford and Michigan State University. We are working towards a clinical trial to try to answer the main question, which is delivery to glioblastoma tumors. There are plans to advance this asset into glioblastoma. Thank you. How has the phase II trial been enrolling so far? When you report results, what would you consider success from the phase II readout? Right now, as we announced previously, we have initiated the trial, and that was right before summertime. As you can imagine, things have been a little bit slow during the summer period. We hope to be able to make an announcement on the enrollment in the near future. This has not happened as yet, so we will do that in the near future. A positive readout of the study, first of all, would be to confirm the safety in that patient population, and also to see the trends in the ctDNA measurements, so from being positive to being negative. We have a very interesting point of reference in the recent announcement, in fact, last week, from AstraZeneca that got their product, ETCAMAH, that was approved in breast cancer using ctDNA. We are at the forefront of the science here, and the changes that we are observing ctDNA in that patient population were within a few months of exposure to the treatment. This is really one of the key points that we will be looking forward in that study. Thank you, Philippe. Thank you for taking my question. I have been investing with TransCode Therapeutics for over three years now. Small personal investor here. First of all, really, really, really love the science. I wish you all the best luck and fortune in getting this drug through all the trials. World needs your medicine. My question pertains to CVRs that were awarded to investors purchasing shares last year. Can you provide any clarification on this matter? John, do you want to have a go at this one? Well, I'm not that familiar with it, Philippe, having just started this week. Yeah. I apologize. Happy to take a question through email. If the individual would like to send it, I'm happy to respond through email. I apologize. Let's not forget that John joined, in fact, started only yesterday. Yeah his second day on the job. We will give him a little time to breathe, but we will be happy to answer by email. Yeah. Thank you. if that investor wouldn't mind sharing his email. Or he could just write us at RNAZ@redchip.com. RNAZ, the ticker symbol, @redchip.com. We will then forward to the C-suite of TransCode. Thank you, Craig. Appreciate that. You're welcome. What are the relevant biomarkers for the MC 138 trial, and how do you expect to use these to guide your future trial design? Z, you want to have a go at this one? Sure. As we mentioned, ctDNA is the primary biomarker that is going to allow us to very quickly assess whether the patients that are enrolled in our trial are actually responding to therapy. ctDNA is emerging as a very, very sensitive biomarker in a lot of trials, and in my personal view, is likely to become a mainstay diagnostic as we continue to prove its value in patients. It is a lot more sensitive than radiographic detection, so it allows the clinician to detect disease recurrence much earlier, months earlier than traditional approaches. For that reason, using ctDNA to guide our treatment decisions is going to be extremely valuable, not only in the ongoing phase II-A trial, but also in future trials that we are conducting on the response of patients to our therapy. ctDNA is also consistent with the mechanism of action of the drug. We have shown that the drug not only inhibits the ability of cancer cells to grow, proliferate, and metastasize, but also affects their stemness, for those of you that have a little bit of a biology background. Stemness is the capacity of a tumor cell to regenerate itself and to generate a tumor. Most tumor cells in the body actually die or stay dormant. They cannot spontaneously repopulate an entire macroscopic tumor. Stemness is the capacity of these cells to do that, and one of the mechanisms of action of TTX-MC138 is to inhibit that capacity in these tumor cells. Even if a person has tumor cells in their body, these tumor cells cannot turn into an overt macroscopic tumor. For that reason, using ctDNA as an early biomarker of recurrence and disease progression is likely to be a very sensitive biomarker of the efficacy of our drug. Just to add to what Z said and regarding the importance of ctDNA. The example that I mentioned early on of AstraZeneca's drug approval a week ago is really showing a major shift in the management of that patient population that is at high risk of recurrence and for which no treatment exists. When we think about the size of the population, just in colorectal cancer, we have about 150,000 new diagnoses every year, and we know that about 40% of those patients will relapse after treatment. This is really a very important population that is at risk, and for which, today, there is no other treatment than waiting for the metastasis to come back and then to have the heavy burden of additional surgery and heavy treatment. There is really a vacuum, a need for such a therapy as the one we are offering today that will really answer the medical need. That is to put things into perspective. The approval from the FDA has shown a significant shift in the recognition of ctDNA as a viable biomarker. Thank you very much. Does management anticipate presenting updated data at any major oncology conferences, for example, ASCO, ESMO, AACR, in the next 12 months? Z? Yes, all of the above. We routinely present each year at ESMO, ASCO GI, ASCO, and AACR. We do anticipate that. In addition to that, I must say, because Z will not mention it, that we have a number of publications also that she is working on together with our head of the Scientific Advisory Board, Anna Moore. There is a number of publications that are coming on a regular basis about advancing, and I think that early on we were referring to the GBM animal study. There is a lot of publication. I think we have had numerous publications in the last few years, and we keep the flow coming. Is there a regulatory catalyst on the horizon, such as fast track, orphan drug, or breakthrough therapy designation being pursued for TTX-MC138? I will have a go at this one. This is definitely our goal to follow this path. Now, obviously, the FDA will not jump into giving those categories and those kind of awards for a biotech until we complete and we advance our clinical development and demonstrate also how unique and how well we fulfill a medical need. We need to wait for the completion of the phase II-A, prepare for the phase II, present it to the FDA, and then the FDA will be able to provide those fairly unique accelerated review awards. Final question. In the phase II-A ctDNA-positive colorectal cancer trial with Quantum Leap, what specific efficacy endpoints will determine whether the trial is considered a success? Z, you want to have a go? Sure. Well, FDA approvable endpoints at this point are delay or an increase in event-free survival. If we show a delay or prevention of radiographic recurrence, that is going to really be the most important endpoint. The study also is having a number of traditional endpoints. There is ctDNA on one hand, but we also have the traditional endpoints that are recognized by the FDA. From the overall response rate to the partial response, the complete response, the remission. All of these are part of the study. Knowing also that the study being developed in collaboration with Quantum Leap, that is a very important and well-recognized academic network organization, allows us to have access to the most prestigious clinical sites in oncology. Usually those sites are early adopters. A successful study will be supported by top academicians and the sites are, for example, we have a, we have University of Alabama, Chicago. We have several Mayo Clinics also around the country. That will allow us to be recognized by early adopters in the field. Thank you, everyone. For more information on TransCode Therapeutics, reach us at 1-800-REDCHIP or email us at rnaz@redchip.com. Please visit the information page created by RedChip for TransCode Therapeutics. It is redchip.com/stocks/rnaz. There, you can view and download the investor presentation and fact sheet, and register for news alerts on TransCode Therapeutics. Watch Small Stocks, Big Money, RedChip's program featuring exciting small cap companies every Saturday night at 7:00 P.M. Eastern on Bloomberg USA, and every Sunday at 11:00 A.M. U.S. Eastern on CNBC. Finally, join RedChip's next webinar with FibroBiologics on Tuesday, September 22nd at 4:15 P.M. U.S. Eastern. Register for all RedChip webinars at redchip.com/events. Thanks again to our many participants today. Thank you, Philippe, Z, and John. Thank you very much.