Lucide Ledger

A filing-first public record from Lucide House.

Issue 007 | U.S. Pilot | US

RNAZ

Transcode Therapeutics, Inc.

Screen state: Passing Source state: Verified 10-Q | 2026-05-15 Filing currency: USD
Open Filing Back to Register Report a correction
Internal NCAV Discount 35.9%

GNNI internal NCAV discount calculation. Market context inputs are retained internally and are not displayed.

Current Assets
16,748,994USD
Total Liabilities
12,643,694USD
NCAV
4,105,300USD
Cash
12,835,454USD
NCAV per share
-0.12USD/share
Evidence
5 annual | 20 quarterly

Mary filing review

Financial Statement Evidence

Deterministic observations from the frozen Mary Reason Card. They annotate filing evidence and do not determine screen inclusion.

Evaluated
12
Triggered
3
Unavailable
7
Requires inspection High NCAV Burn since the previous filing 4,105,300
Latest
4,105,3002026-03-31
Comparison
11,465,1782025-12-31
Change
-64.2%

Basis: NCAV burn since previous filing >= 10%; previous NCAV must be positive

Source periods: SEC 10-Q 2026-03-31 · 0001104659-26-062535; REPORTED_FILING 10-K 2025-12-31

Requires inspection Negative OCF -4,978,067
Latest
-4,978,0672026-03-31
Comparison
n/a
Change
n/a

Basis: latest reporting-period cash from operations < 0

Source periods: SEC 10-Q 2026-03-31 · 0001104659-26-062535

Supporting observation Current Ratio > 1.5 3.11
Latest
3.112026-03-31
Comparison
1.5
Change
n/a

Basis: current assets / current liabilities; strong if > 1.5

Source periods: SEC 10-Q 2026-03-31 · 0001104659-26-062535

7 unavailable checks — inspect missing inputs
High Debt (short-term debt + long-term debt) / ordinary equity >= 50%
Low Debt (short-term debt + long-term debt) / ordinary equity < 20%
Material 1Y Share Increase 1Y share change >= +2% using the same share-count source
NCAV Growing equivalent prior-year NCAV change >= +2%; both NCAV values must be positive
No Material 1Y Share Increase 1Y share change > -2% and <= +1% using the same share-count source
Non-Positive Equity ordinary shareholders equity <= 0
Share Count Reduced 1Y share change <= -2% using the same share-count source

Business Profile

Checklist-driven facts extracted from filing text. Missing fields stay visible in the details.

business_profile_v1

Business profile: 0 of 12 fields established by the current extractor.

Business Profile Field Details

Business Description

Missing Source

Not established by the current extractor from the selected filing context.

Revenue Model

Missing Source

Not established by the current extractor from the selected filing context.

Customers And Channels

Missing Source

Not established by the current extractor from the selected filing context.

Segments And Geography

Missing Source

Not established by the current extractor from the selected filing context.

Tangible Operations Assets

Missing Source

Not established by the current extractor from the selected filing context.

Value Chain

Missing Source

Not established by the current extractor from the selected filing context.

Competition Positioning

Missing Source

Not established by the current extractor from the selected filing context.

Business Lifecycle Cyclicality

Missing Source

Not established by the current extractor from the selected filing context.

Strategy And Capital Allocation

Missing Source

Not established by the current extractor from the selected filing context.

Management Governance Signals

Missing Source

Not established by the current extractor from the selected filing context.

Disclosed Risks

Missing Source

Not established by the current extractor from the selected filing context.

Known Unknowns

Missing Source

Not established by the current extractor from the selected filing context.

Business Profile Sources
Source Filing Date Type Status Provenance
S1 0001829635-25-000004 2025-11-14 10-Q Missing Source Data Vault | sec/cleaned/cik=0001829635/accession=0001829635-25-000004/parser=html-cleaner-v1/full.txt
Share Count & Per-Share Comparability

Data Vault has not published the normalized share-count artifact for this company.

Known Unknowns

Medium | Share Count

The current U.S. Pilot does not yet evaluate share-count trends or post-filing dilution beyond Mary's screening flags.

Low | Classification

U.S. Pilot rows are surfaced for source inspection and may still need manual business classification review.

Annual Financials

Latest annual periods, newest first. Missing cells render as n/a.

Metric
2025-12-31
10-K
USD
2024-12-31
10-K
USD
2023-12-31
10-K
USD
2022-12-31
10-K
USD
2021-12-31
10-K
USD
Revenue n/a n/a n/a n/a n/a
Operating Income -27,980,071 -15,660,697 -19,418,516 -18,665,814 -6,151,135
Net Income -34,661,076 -16,754,971 -18,546,095 -17,564,968 -6,843,399
Cash From Operations -19,516,229 -13,335,947 -18,074,535 -15,762,512 -5,266,885
Capex -6,660 -21,761 -35,609 -100,919 -254,820
Free Cash Flow -19,522,889 -13,357,708 -18,110,144 -15,863,431 -5,521,705
Cash And Equivalents 17,813,521 5,811,064 2,767,598 4,968,418 20,825,860
Accounts Receivable n/a n/a n/a n/a n/a
Inventory n/a n/a n/a n/a n/a
Total Current Assets 21,983,865 7,093,338 4,455,444 7,379,405 22,732,175
Total Assets 162,398,689 7,294,499 5,169,701 7,587,986 22,938,443
Total Current Liabilities 3,494,220 2,771,836 3,490,596 4,347,290 2,534,097
Total Liabilities 10,518,687 9,313,233 3,528,887 4,347,290 2,534,097
Shareholders Equity 10,335,466 -2,018,734 1,640,814 3,240,696 20,404,346
Shares Outstanding 916,968 23,341,336 5,808,053 9,890 8,065
Shares Outstanding Diluted n/a n/a n/a n/a n/a
Weighted Avg Shares Diluted 689,713 356,115 179,006 8,111 5,266
Weighted Avg Shares Basic 689,713 356,115 179,006 8,111 5,266
Net Share Count Change (Normalized) Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence
Ownership Claim Change (Normalized) Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence
Quarterly Financials

Latest quarterly periods, newest first. Periods are shown only when Data Vault has them.

Metric
2026-06-30
10-Q
USD
2026-03-31
10-Q
USD
2025-12-31
10-K
USD
2025-09-30
10-Q
USD
2025-06-30
10-Q
USD
2025-03-31
10-Q
USD
2024-12-31
10-K
USD
2024-09-30
10-Q
USD
2024-06-30
10-Q
USD
2024-03-31
10-Q
USD
2023-12-31
10-K
USD
2023-09-30
10-Q
USD
2023-06-30
10-Q
USD
2023-03-31
10-Q
USD
2022-12-31
10-K
USD
2022-09-30
10-Q
USD
2022-06-30
10-Q
USD
2022-03-31
10-Q
USD
2021-09-30
10-Q
USD
2021-06-30
10-Q
USD
Revenue n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Operating Income -6,789,505 -17,755,029 -16,026,558 -4,561,200 -4,221,134 -3,171,179 -5,092,387 -2,165,412 -5,113,916 -3,288,982 -4,059,033 -5,327,534 -5,130,836 -4,901,113 -5,527,459 -4,953,560 -4,707,293 -3,477,502 -2,359,909 -355,528
Net Income -6,750,128 -17,785,071 -13,443,110 -4,856,051 -4,276,502 -12,085,413 -5,915,958 -2,321,387 -5,190,814 -3,326,812 -4,087,546 -5,299,962 -4,341,653 -4,816,934 -5,134,056 -4,289,610 -4,671,232 -3,470,070 -2,329,706 2,770,904
Cash From Operations -5,402,061 -4,978,067 -8,142,010 -4,083,173 -4,194,339 -3,096,707 -3,146,337 -3,912,615 -2,339,768 -3,937,227 -5,663,489 -3,505,794 -4,391,701 -4,513,551 -4,019,724 -4,422,028 -3,372,194 -3,948,566 -3,067,980 n/a
Capex n/a n/a n/a -12,870 -4,555 -3,836 -500 -12,870 -4,555 -3,836 0 -4,606 -18,107 -12,896 -28,215 0 -42,047 -30,657 -71,551 n/a
Free Cash Flow n/a n/a n/a -4,096,043 -4,198,894 -3,100,543 -3,146,837 -3,925,485 -2,344,323 -3,941,063 -5,663,489 -3,510,400 -4,409,808 -4,526,447 -4,047,939 -4,422,028 -3,414,241 -3,979,223 -3,139,531 n/a
Cash And Equivalents 8,383,393 12,835,454 17,813,521 2,835,916 7,374,815 11,569,154 5,811,064 1,875,862 3,354,551 4,913,676 2,767,598 7,452,934 3,572,475 1,622,657 4,968,418 8,790,540 13,438,385 16,852,626 22,499,856 79,567
Total Current Assets 10,643,151 16,748,994 21,983,865 4,751,048 8,241,721 13,044,388 7,093,338 3,612,589 4,386,421 6,714,022 4,455,444 9,373,416 4,892,937 4,346,623 7,379,405 11,569,885 13,920,783 18,634,693 25,204,242 540,219
Total Liabilities 12,651,920 12,643,694 10,518,687 3,800,703 2,118,704 2,901,677 9,313,233 2,283,940 3,502,314 2,706,172 3,528,887 5,787,952 3,789,082 5,827,302 4,347,290 3,771,376 1,727,251 1,849,179 2,204,732 6,558,346
Shares Outstanding 16,930,739 950,302 916,968 916,968 833,683 23,341,336 23,341,336 17,265,658 17,265,658 6,622,053 5,808,053 502,440 50,642 21,248 9,890 8,111 8,111 8,111 8,065 8,065
Shares Outstanding Diluted n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Weighted Avg Shares Diluted 957,191 916,968 689,713 833,683 833,653 4,823,317 356,115 14,685,013 7,051,123 5,142,398 179,006 78,930 32,988 18,000 8,111 8,111 8,111 8,111 7,204 3,375
Weighted Avg Shares Basic 957,191 916,968 689,713 833,683 833,653 4,823,317 356,115 14,685,013 7,051,123 5,142,398 179,006 78,930 32,988 18,000 8,111 8,111 8,111 8,111 7,204 2,898
Net Share Count Change (Normalized) Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence
Ownership Claim Change (Normalized) Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence
Audit Trail

NCAV Audit

Official-source inputs remain linked to filing provenance. Derived values are labeled as such.

Input Value Source concept Filing period Confidence Provenance
Current Assets 10,643,151USD us-gaap:AssetsCurrent 2026-06-30 1.00 Data Vault | sec/companyfacts/cik=0001829635/companyfacts.json
Data Vault | sec/companyfacts/cik=0001829635/companyfacts.json
Total Liabilities 12,651,920USD us-gaap:Liabilities 2026-06-30 1.00 Data Vault | sec/companyfacts/cik=0001829635/companyfacts.json
Data Vault | sec/companyfacts/cik=0001829635/companyfacts.json
Cash 8,383,393USD us-gaap:CashAndCashEquivalentsAtCarryingValue 2026-06-30 1.00 Data Vault | sec/companyfacts/cik=0001829635/companyfacts.json
Data Vault | sec/companyfacts/cik=0001829635/companyfacts.json
Shares Outstanding 16,930,739 dei:EntityCommonStockSharesOutstanding 2026-06-30 1.00 Data Vault | sec/companyfacts/cik=0001829635/companyfacts.json
Data Vault | sec/companyfacts/cik=0001829635/companyfacts.json
NCAV -2,008,769USD derived 2026-06-30 n/a company-evidence-v1 | total_current_assets - total_liabilities
NCAV per share -0.12USD derived 2026-06-30 n/a company-evidence-v1 | NCAV / shares_outstanding
Internal NCAV Discount 35.9% derived 2026-06-30 n/a gnni_publication_pack | internal_discount

NCAV = total_current_assets - total_liabilities | NCAV per share = NCAV / shares_outstanding

Source Provenance

Data Source
Data Vault
Data Vault Root
Local evidence | The Data Vault
CIK
0001829635
Company ID
n/a
Selected Annual Source
Data Vault | sec/companyfacts/cik=0001829635/companyfacts.json
Selected Quarterly Source
Data Vault | sec/companyfacts/cik=0001829635/companyfacts.json
Statement Extractor
companyfacts-screener-v1
View Extractor
companyfacts-screener-v1
Source Accession Count
22
Imported At
2026-10-04T02:14:23+00:00
Rendered At
2026-10-04T14:24:58+00:00

Run Audit

Mary Run
0c0257e74011447f95c7dedeac93e7f0
Mary As Of
2026-08-22
Accession
0001104659-26-062535
CIK
0001829635
Mary Filing Date
2026-05-15
Filing Currency
USD
Internal Discount
35.9%
Source State
Verified
Market Context
Not Displayed
Market Policy
internal_only_not_redistributed
Share Trend
Not Evaluated
Dilution
Needs Review

mary_run=0c0257e74011447f95c7dedeac93e7f0; mary_as_of=2026-08-22; mary_filing_date=2026-05-15; mary_accession=0001104659-26-062535; mary_cik=0001829635; gnni_supporting_filing_date=2026-05-15; internal_discount=0.358951; mary_reason=Mary's deterministic net-net screen flagged this candidate. The internal discount is shown; raw market-data fields are not published in this pilot.

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