Transgene (TNG) H2 2025 earnings summary

Executive summary

• TG4050 achieved 100% disease-free survival at 2 years in Phase 1 for head and neck cancer, with robust immunogenicity and strong mechanistic support for anti-relapse activity.

• Nearly completed randomization for Phase 2 TG4050 trial in HNSCC, with expansion into a second solid tumor indication underway.

• Presented compelling Phase 1 data at major conferences (ASCO, SITC), published comprehensive analysis, and initiated preparations for new trials.

• Strengthened leadership team and advanced manufacturing capabilities for late-stage development and regulatory alignment.

• Business is funded until early 2028 following a €105M fundraising and €39M debt conversion in December 2025.

Financial highlights

• Cash, cash equivalents, and other financial assets at year-end 2025 totaled €111.9 million, up from €16.7 million in 2024.

• Raised €105 million in December 2025 and converted €39 million debt to equity, leaving the company virtually debt-free.

• Operating revenue rose to €7.2 million in 2025, mainly from research tax credits.

• Net loss increased to €37.5 million in 2025; net cash burn was €38.2 million, reflecting expanded clinical activities.

• Total shareholder equity reached €121.7 million at year-end 2025.

Outlook and guidance

• Financial resources are expected to fund operations and key milestones through early 2028.

• Next TG4050 clinical readout expected two years after Phase 2 randomization; three-year DFS data anticipated in Q2/Q3 2026.

• First Phase 2 immunogenicity data for TG4050 in HNSCC expected in H2 2026; new Phase 1 trial in a second indication planned for 2026.

• Preparation for a potential pivotal trial in HNSCC is ongoing, aligned with EMA/FDA guidance.