Transgene S.A.

Transgene did not report revenue or EPS on this call. It said cash burn over the last year was approximately EUR 38.2 million, reflecting investment in the TG4050 Phase II trial and manufacturing/enrollment activities. The company raised approximately EUR 105 million in December 2025 and converted EUR 39 million of debt with TSGH into equity, leaving it virtually debt-free and funded to early 2028. Management expects Phase II randomization to be completed by Q2 2026, first Phase II immunogenicity data in H2 2026, TG4050 Phase I 3-year DFS data in Q2/Q3 2026, and full GMP manufacturing by Q3 2027.

Alessandro Riva framed 2025 as a year of meaningful clinical progress and said the Phase I TG4050 data strengthened confidence that the myvac platform can help prevent relapse in early head and neck cancer. He repeatedly emphasized that the company now has a clear path of execution, multiple milestones over the next 24 months, and financial visibility through early 2028. His tone was confident but cautious, especially when asked what would count as a good 3-year DFS result, saying the data have not yet been analyzed.

Lucie Larguier highlighted the EUR 105 million fundraising in December 2025 as the year’s key financial event and said the conversion of EUR 39 million of TSGH debt into equity strengthened the balance sheet and reduced liabilities. She said the company is now virtually debt-free and funded to early 2028. She also said cash burn was approximately EUR 38.2 million last year, driven mainly by the Phase II head and neck trial, patient manufacturing, and enrollment.

Analysts focused on how to interpret the upcoming 3-year DFS data versus the 2-year primary endpoint, and management said the base case is that the TG4050 and control curves remain separated, while the best case is more relapses in the control arm and the worst case is relapses on TG4050. Questions also centered on Phase II immunogenicity timing; management said the first data should come by end-2026 and likely reflect at least 1 year of follow-up for the earliest randomized patients. On manufacturing, management said full GMP capability is planned for Q3 2027 and is important for value creation and potential partnering. They also addressed the broader INTV field, saying Moderna’s melanoma Phase III readout could help derisk the space, but Transgene believes its own head-to-head evidence in head and neck will be more relevant to its program.