Transgene (TNG) H2 2025 earnings summary

Executive summary

• Achieved significant clinical progress in 2025, with TG4050 demonstrating 100% disease-free survival at two years and robust immunogenicity in head and neck cancer trials.

• Nearly completed randomization for Phase 2 TG4050 trial, with primary endpoint as two-year disease-free survival.

• Initiated preparations for a new Phase 1 trial in a second solid tumor indication, expanding the myvacⓇ platform.

• Raised EUR 105 million and converted EUR 39 million debt to equity, providing financial visibility until early 2028.

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

Financial highlights

• Raised approximately EUR 105 million in December 2025, significantly strengthening the balance sheet.

• Converted EUR 39 million debt into equity, leaving the company virtually debt-free.

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

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

• Net loss increased to €37.5 million in 2025; cash burn for 2025 was EUR 38.2 million, reflecting investments in trials and manufacturing.

Outlook and guidance

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

• Key upcoming milestones include phase II trial completion, new phase I trial initiation in a second indication, and manufacturing optimization.

• Three-year disease-free survival data for TG4050 phase I to be presented at ESMO 2026, with phase II randomization to complete by Q2 2026.

• First immunogenicity data from phase II expected in H2 2026; new phase I trial to start in 2026 pending regulatory approval.