Transgene (TNG) H1 2026 earnings summary

Executive summary

• TG4050 achieved 100% disease-free survival (DFS) after 3 years in HNSCC Phase 1, with durable immune responses and excellent safety; Phase 2 enrollment completed and topline results expected by Q1 2028.

• TG4070 expanded the myvacⓇ platform into NSCLC, with Phase 1 trial initiated for high-risk post-surgery patients.

• Novel MVA-based prophylactic vaccine (TG-MVA) for mpox/smallpox demonstrated strong preclinical efficacy, immunogenicity, and safety, with scalable cell line manufacturing and clinical development planned.

• New license agreement with NEC Bio B.V. secured AI-based neoantigen prediction for TG4050, with €2.5M in shares and €1M in cash paid, plus future milestones.

• Leadership strengthened with appointments of Chief Quality Officer and Interim Chief Scientific Officer.

Financial highlights

• Operating revenue for H1 2026 was €3.0M, down from €4.6M in H1 2025, mainly due to lower research tax credit and collaboration revenue.

• Research and development expenses decreased to €15.4M from €17.9M year-over-year; general and administrative expenses rose to €4.1M from €3.8M.

• Net loss narrowed to €15.7M from €19.3M year-over-year; net loss per share improved to €0.06 from €0.15.

• Cash, cash equivalents, and other current financial assets totaled €92.8M at June 30, 2026, down from €111.9M at year-end 2025; cash burn was €20.3M in H1 2026.

• Financial visibility and funding runway secured until early 2028.

Outlook and guidance

• Topline results for TG4050 Phase 2 expected by end of Q1 2028; first immunological data anticipated in H2 2026.

• Continued investment in manufacturing optimization and expansion of the myvacⓇ platform for broader indications.

• Preparing for potential pivotal trial in HNSCC and advancing TG4070 in NSCLC.

• Advancing TG-MVA prophylactic vaccine into clinical development.