TScan Therapeutics(TCRX) - 2024 Q4 - Annual Results

Revenue Performance - Revenue for Q4 2024 was $0.7 million, down 90.3% from $7.2 million in Q4 2023; full-year revenue decreased to $2.8 million from $21.0 million in 2023[6]. - Collaboration and license revenue for the three months ended December 31, 2024, was $665 million, compared to $7,211 million for the same period in 2023[21]. Expenses and Losses - R&D expenses increased to $29.4 million in Q4 2024, up 31.3% from $22.4 million in Q4 2023; full-year R&D expenses rose to $107.4 million from $88.2 million[9]. - Total operating expenses increased to $37,377 million for the three months ended December 31, 2024, from $28,568 million in the prior year, representing a 30.5% increase[21]. - The net loss for Q4 2024 was $35.8 million, compared to $19.6 million in Q4 2023; full-year net loss increased to $127.5 million from $89.2 million[11]. - The net loss for the three months ended December 31, 2024, was $35,809 million, compared to a net loss of $19,613 million for the same period in 2023, indicating an increase of 82.4%[21]. - Total operating expenses for the twelve months ended December 31, 2024, were $137,637 million, up from $114,507 million in 2023, marking a 20.2% increase[21]. - The loss from operations for the twelve months ended December 31, 2024, was $134,821 million, compared to $93,458 million in 2023, indicating a significant increase of 44.3%[21]. - The company reported a net loss of $127,499 million for the twelve months ended December 31, 2024, compared to a net loss of $89,218 million in 2023, reflecting an increase of 43%[21]. Cash Position - Cash, cash equivalents, and marketable securities as of December 31, 2024, were $290.1 million, sufficient to fund operations into Q1 2027[12]. - The company closed a $30 million registered direct offering at a 37% premium, extending its cash runway[6]. Clinical Development - Seven TCR-Ts are now cleared for clinical development in the PLEXI-T Phase 1 trial, including the recently added MAGE-A4 TCR-T[7]. - TScan plans to initiate a registration trial for TSC-101 in the second half of 2025, pending regulatory feedback[7]. - The company aims to present additional data from the Phase 1 trial by the end of 2025, including two-year relapse data[7]. Recognition - TScan has been recognized as one of the Top Places to Work in Massachusetts for the third consecutive year[6].