TransCode Therapeutics struck a two‑part deal that acquires Polynoma and secures a $25 million investment from a CK Life Sciences subsidiary, a transaction that will leave CK owning about 91% of the combined company. The arrangement includes up to $95 million in contingent payments tied to seviprotimut‑L, Polynoma’s off‑the‑shelf melanoma vaccine, and delivers $20 million in cash plus a $5 million note. TransCode will pursue a phase 3 confirmatory trial for seviprotimut‑L while redirecting internal resources toward its TTX‑MC138 microRNA program. The deal addresses TransCode’s precarious cash position—management had warned of limited runway—and trades significant equity to stabilize operations and fund planned trials. Investors reacted with a share price jump after the announcement; the transaction illustrates consolidation and rescue financing dynamics among small oncology biotechs with late‑stage assets but constrained capital.