TScan Therapeutics(TCRX) - 2025 Q2 - Quarterly Results

Corporate Update and Highlights TScan Therapeutics provided a Q2 2025 corporate update, highlighting ALLOHA heme trial data, solid tumor patient dosing, and cash runway into Q1 2027 - Two-year relapse data from ALLOHA™ Phase 1 heme trial to be presented by year-end[1] - Expects to dose first solid tumor patients with multiplex TCR-T in the third quarter of 2025[1][2] - Cash, cash equivalents, and marketable securities continue to fund operations into the first quarter of 2027[1] - Plans to share safety and preliminary response data from PLEXI-T trial in the first quarter of 2026[2] - Finalizing commercial-ready process for heme program, resulting in shorter manufacturing times and substantially lower cost of goods[2] Pipeline Updates and Anticipated Milestones TScan provided detailed updates on its Heme Malignancies and Solid Tumor programs, outlining key clinical and regulatory milestones Heme Malignancies Program TScan's lead candidate, TSC-101, treats residual disease and prevents relapse in AML, ALL, or MDS patients post-HCT - TSC-101 is designed to treat residual disease and prevent relapse in patients with acute myeloid leukemia (AML), acute lymphoblastic leukemia (ALL), or myelodysplastic syndrome (MDS) undergoing allogeneic hematopoietic cell transplantation (HCT)[3] - Plans to initiate a registrational trial for TSC-101, pending further regulatory feedback, in the second half of 2025[3] - Expects to file an investigational new drug (IND) application for TSC-102-A0301 in the second half of 2025[3] - Plans to present additional data from the ALLOHA Phase 1 trial, including two-year relapse data on initial patients treated with TSC-101, by the end of the year[3] Solid Tumor Program The Solid Tumor Program develops ImmunoBank TCR-T therapy candidates to overcome tumor heterogeneity and resistance in the PLEXI-T trial - TScan continues to develop the ImmunoBank, a collection of TCR-T therapy candidates that target different cancer-associated antigens presented on diverse HLA types[4] - Strategy is to treat patients with multiple TCR-T therapy candidates to overcome tumor heterogeneity and resistance that may arise from either target or HLA loss (the PLEXI-T trial)[4] Second Quarter 2025 Financial Performance TScan Therapeutics reported increased Q2 2025 revenue from collaboration activities, higher operating expenses, and an increased net loss, while maintaining a strong cash position Revenue Revenue for Q2 2025 significantly increased to $3.1 million from $0.5 million in Q2 2024, primarily due to collaboration activities | Metric | Q2 2025 (in millions) | Q2 2024 (in millions) | Change | | :----- | :-------------------- | :-------------------- | :----- | | Revenue | $3.1 | $0.5 | +$2.6 (+520%) | Operating Expenses Total operating expenses increased to $41.7 million in Q2 2025 from $34.7 million in Q2 2024, driven by higher R&D and G&A costs | Metric | Q2 2025 (in millions) | Q2 2024 (in millions) | Change | | :----- | :-------------------- | :-------------------- | :----- | | Total Operating Expenses | $41.7 | $34.7 | +$7.0 (+20.2%) | Research and Development (R&D) Expenses R&D expenses rose to $32.6 million in Q2 2025 from $26.9 million in Q2 2024, mainly due to increased laboratory supplies, research materials, and facility/personnel expenses for expanding internal manufacturing capabilities | Metric | Q2 2025 (in millions) | Q2 2024 (in millions) | Change | | :----- | :-------------------- | :-------------------- | :----- | | R&D Expenses | $32.6 | $26.9 | +$5.8 (+21.6%) | | Non-cash stock compensation | $1.7 | $1.2 | +$0.5 (+41.7%) | General and Administrative (G&A) Expenses G&A expenses increased to $9.1 million in Q2 2025 from $7.8 million in Q2 2024, primarily due to higher personnel expenses from increased headcount | Metric | Q2 2025 (in millions) | Q2 2024 (in millions) | Change | | :----- | :-------------------- | :-------------------- | :----- | | G&A Expenses | $9.1 | $7.8 | +$1.3 (+16.7%) | | Non-cash stock compensation | $1.6 | $1.1 | +$0.5 (+45.5%) | Net Loss and Cash Position The net loss for Q2 2025 was $37.0 million, an increase from $31.7 million in Q2 2024, with a cash position of $218.0 million funding operations into Q1 2027 | Metric | Q2 2025 (in millions) | Q2 2024 (in millions) | Change | | :----- | :-------------------- | :-------------------- | :----- | | Net Loss | $(37.0) | $(31.7) | $(5.3) (-16.7%) | | Net Interest Income | $1.7 | $2.5 | $(0.8) (-32.0%) | - Cash, cash equivalents, and marketable securities as of June 30, 2025, were $218.0 million, excluding $5.0 million of restricted cash[8] - The Company believes that its existing cash resources will be sufficient to fund its current operating plan into the first quarter of 2027[8] Share Count As of June 30, 2025, TScan had 56.7 million common shares outstanding and 73.1 million pre-funded warrants, totaling 129.8 million pro forma shares | Metric | As of June 30, 2025 | As of Dec 31, 2024 | | :----- | :------------------ | :----------------- | | Common Stock Outstanding | 56,747,993 | N/A | | Pre-funded Warrants Outstanding | 73,087,945 | 73,087,945 | | Pro Forma Outstanding Shares (incl. warrants) | 129,835,938 | 129,678,572 | About TScan Therapeutics, Inc. TScan Therapeutics is a clinical-stage biotechnology company developing TCR-T therapies for cancer, including the ALLOHA™ Phase 1 heme trial and the ImmunoBank for solid tumors - TScan is a clinical-stage biotechnology company focused on the development of T cell receptor (TCR)-engineered T cell (TCR-T) therapies for the treatment of patients with cancer[12] - The Company's lead TCR-T therapy candidates are in development for the treatment of patients with hematologic malignancies to prevent relapse following allogeneic hematopoietic cell transplantation (the ALLOHA™ Phase 1 heme trial)[12] - The Company has developed and continues to expand its ImmunoBank, a repository of therapeutic TCRs, to provide customized multiplex TCR-T therapies for patients with a variety of cancers (the PLEXI-T™ Phase 1 solid tumor trial)[12] Forward-Looking Statements This section outlines the forward-looking nature of statements regarding TScan's clinical programs, financial expectations, and business strategies, highlighting inherent risks - The release contains forward-looking statements regarding the Company's plans, progress, expectations, and timing relating to its hematologic malignancies program and solid tumor program, including clinical updates, data presentations, IND filings, and initiation of trials[13] - Statements also cover the Company's ability to fund its operating plan, the potential benefits of its proprietary platforms or product candidates, and anticipated financial performance[13] - Such forward-looking statements are based upon current expectations that involve risks, changes in circumstances, assumptions, and uncertainties, and should not be relied upon as representing views as of any subsequent date[13][14] Contacts Contact information for investor relations and media inquiries is provided - Investor Relations contact: Heather Savelle, VP, Investor Relations, TScan Therapeutics[15] - Media/Investor contact: Melissa Forst, Argot Partners[15] Condensed Consolidated Financial Data This section presents TScan Therapeutics' unaudited condensed consolidated balance sheet and statements of operations, detailing financial position and performance [Condensed Consolidated Balance Sheet Data](index=