Transgene: €84.3 million in cash, financial visibility until early 2028
Transgene published on November 9, 2026 a business update as of September 30 that puts its financial horizon in relation to its clinical timeline. Its cash, cash equivalents and other current financial assets declined to €84.3 million, compared with €111.9 million on December 31, 2025. The company confirmed it has financial visibility until early 2028.
It is by the end of the first quarter of 2028 that the Strasbourg-based biotech expects to report the first results of the phase 2 trial of TG4050, its most advanced individualized therapeutic vaccine. Phase 1 data for this candidate have just been published in the journal Nature Communications.
Cash burn of €29.5 million over nine months
In the first nine months of 2026, cash burn amounted to €29.5 million, up from €28.8 million in the same period of 2025. This indicator, as defined by the company, adds together net operating, investing and financing cash flows, excluding proceeds from share issuances, current account advances and disposals of other financial assets related to the parent company, as well as excluding exchange rate effects.
Operating income fell to €4.3 million, compared with €6.1 million a year earlier. It consists mainly of the research tax credit, which dropped to €3.9 million from €5.8 million in the first nine months of 2025: the decline in this credit alone accounts for the overall decrease.
TG4050: 100% disease-free survival after more than three years of follow-up
The data published in Nature Communications cover the phase 1 portion of a randomized phase 1/2 trial. It concerns patients with early-stage head and neck cancer, at high risk of relapse after surgery and radiotherapy, with or without chemotherapy.
According to the company, TG4050 showed a favorable tolerability profile and induced persistent, neoantigen-specific T-cell responses. The disease-free survival rate remained at 100% after more than three years of follow-up.
The phase 2 part of the study is ongoing. First immunological data are expected by the end of the year, with a view to presentation at a scientific congress in 2027. Transgene indicates it is preparing a possible phase 3, which would follow the two-year disease-free survival results of this phase 2.
On the industrial front, the group is moving TG4050 to a cell line-based production process, suited to larger volumes. It says it expects to have manufacturing capacity ready for a phase 3 by the end of 2027.
TG4070 enters clinical phase in lung cancer
The second candidate from the myvac platform, TG4070 relies on neoantigen selection based on artificial intelligence technologies proprietary to Transgene. A randomized phase 1 trial is evaluating it in combination with nivolumab in patients with resected non-small cell lung cancer, following neoadjuvant treatment combining nivolumab and chemotherapy.
Five clinical sites in France are now open and recruiting patients. The trial aims to measure the vaccine's ability to prevent relapse in patients who remain at risk of recurrence despite current treatments.
Apart from myvac, which remains its priority, the company continues to evaluate its portfolio of viral vector immunotherapies. As it had indicated on November 5, 2026, a first patient has been enrolled in the OV-PRIME-R trial, conducted with the University of Copenhagen, which evaluates BT-001 with an anti-PD-1 in localized rectal cancer.
Transgene notes that interest in individualized neoantigen therapies has grown following the ESMO congress, where advanced-stage clinical data were presented by the industry. The company says it is continuing discussions with potential partners.
The timetable set by management thus places production capacity ready for a phase 3 at the end of 2027 and phase 2 results for TG4050 in the first quarter of 2028, on the same horizon as the announced financial visibility.
