Transgene (TNG) H2 2025 earnings summary

Executive summary

• TG4050 achieved 100% disease-free survival at two years in Phase 1 head and neck cancer trials, with robust immunogenicity and durable immune responses, supporting anti-relapse activity.

• Phase 2 randomization for TG4050 in HNSCC is nearly complete, with expansion into a second solid tumor indication underway.

• Raised €105 million in December 2025 and converted €39 million debt to equity, extending financial visibility until early 2028.

• Advanced manufacturing capabilities, strengthened leadership, and prepared for late-stage development and regulatory alignment.

Financial highlights

• Cash, cash equivalents, and other financial assets totaled €111.9 million at year-end 2025, 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.

• Net cash burn for 2025 was €38.2 million, reflecting increased clinical and manufacturing investments.

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

• Net loss increased to €37.5 million in 2025 from €34.0 million in 2024.

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 disease-free survival data anticipated in Q2/Q3 2026.

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

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