Transgene (TNG) Q3 2025 earnings summary

Executive summary

• Presented new immunogenicity data for TG4050, an individualized neoantigen vaccine, showing robust CD8+ T-cell responses and potential to reduce relapse risk in head and neck cancer patients.

• Updated positive clinical results for BT-001, an oncolytic virus, demonstrating antitumoral activity in advanced refractory tumors.

• Ongoing expansion of the myvacⓇ platform with plans for a new Phase I trial in a second solid tumor indication.

Financial highlights

• Research Tax Credit increased to €5.8 million in Q3 2025 from €4.8 million in Q3 2024, reflecting clinical trial progress.

• Operating income for Q3 2025 was €6.13 million, up from €5.0 million in Q3 2024.

• Cash position as of September 30, 2025, was €12.8 million, down from €16.7 million at year-end 2024.

• Net cash burn for the first nine months of 2025 was €28.8 million, compared to €31.3 million in the same period of 2024.

Outlook and guidance

• Completion of Phase II randomization for TG4050 in operable HNSCC expected by early 2026, with first immunogenicity data in H2 2026.

• First efficacy data (2-year DFS) anticipated once all patients reach two-year follow-up or event.

• Business funded until end of December 2026, supported by a €48 million credit facility.