TScan Therapeutics(US:TCRX)2025-11-12 12:30Revenue and Financial Performance - Revenue for Q3 2025 was $2.5 million, up from $1.0 million in Q3 2024, primarily due to research activities under the collaboration agreement with Amgen[96]. - For the nine months ended September 30, 2025, revenue increased to $7.8 million from $2.2 million in the same period in 2024, also driven by the Amgen collaboration[101]. - Net loss for Q3 2025 was $35.7 million, compared to a net loss of $29.9 million in Q3 2024, reflecting an increase in operating expenses[96]. - The company reported a net loss of $106.8 million for the nine months ended September 30, 2025, compared to a net loss of $91.7 million for the same period in 2024[89]. - Net cash used in operating activities was $103.3 million for the nine months ended September 30, 2025, compared to $83.4 million in 2024, reflecting a net loss of $106.8 million[123]. Operating Expenses - Total operating expenses for Q3 2025 were $39.6 million, up from $33.7 million in Q3 2024, with research and development expenses increasing by $5.4 million[96]. - Research and development expenses for Q3 2025 totaled $31.7 million, an increase of $5.4 million from $26.3 million in Q3 2024, driven by higher laboratory supplies and clinical study costs[97]. - General and administrative expenses for Q3 2025 were $7.9 million, up from $7.4 million in Q3 2024, primarily due to increased personnel expenses[98]. - Research and development expenses increased by $16.1 million to $94.1 million for the nine months ended September 30, 2025, compared to $78.0 million in 2024, primarily due to a $8.0 million increase in laboratory supplies and a $4.3 million increase in personnel expenses[102]. - General and administrative expenses rose by $3.3 million to $25.6 million for the nine months ended September 30, 2025, from $22.3 million in 2024, mainly driven by a $1.6 million increase in personnel expenses[104]. Cash and Funding - The company had cash, cash equivalents, and marketable securities of $184.5 million as of September 30, 2025, expected to fund operations into the second half of 2027[113]. - The company completed a public offering in June 2023, raising approximately $134.7 million in net proceeds from the sale of 23,287,134 shares at $2.00 per share[107]. - A subsequent public offering in April 2024 generated approximately $161.4 million in net proceeds from the sale of 4,958,068 shares at $7.13 per share[108]. - The company believes its existing cash and marketable securities will fund operations into the second half of 2027, but may need additional funding to support growth strategies[94]. - The company anticipates needing to raise substantial additional capital to fund operations and product development in the future[119]. Workforce and Strategic Plans - The company implemented a workforce reduction of approximately 30%, or 66 roles, to prioritize clinical development of its heme program[112]. - The company plans to expand its heme program with additional TCRs targeting other HLA types, including TSC-102-A0301 and TSC-102-A0101[84]. - The company expects to incur significant losses for the foreseeable future as it ramps up preclinical and clinical development programs[117]. Accounting and Reporting - The company qualifies as an "emerging growth company" under the JOBS Act, allowing it to take advantage of an extended transition period for new accounting standards[131]. - The market value of the company's stock held by non-affiliates is less than $700 million, qualifying it as a "smaller reporting company"[133]. - The company has not reported any material changes to its critical accounting policies and estimates since its last annual report[130]. - The company’s actual results may differ from estimates based on historical experience and known trends[129]. - The company has opted to adopt new or revised accounting standards at the same time as private companies, unless it elects to opt out[132].