TScan Therapeutics(TCRX) - 2025 Q4 - Annual Results

Financial Performance - Revenue for Q4 2025 was $2.6 million, up from $0.7 million in Q4 2024, and full-year revenue was $10.3 million, compared to $2.8 million in 2024[6] - Net loss for Q4 2025 was $23.0 million, an improvement from $35.8 million in Q4 2024, while full-year net loss was $129.8 million, slightly higher than $127.5 million in 2024[9] - Collaboration and license revenue for the three months ended December 31, 2025, was $2,567 million, compared to $2,816 million for the same period in 2024, reflecting a decrease of approximately 8.8%[20] - The net loss for the three months ended December 31, 2025, was $127,499 million, compared to a net loss of $22,977 million for the same period in 2024, indicating a significant increase in losses[20] - Net loss per share, basic and diluted, for the three months ended December 31, 2025, was $(1.14), compared to $(0.18) for the same period in 2024[20] Expenses - R&D expenses for Q4 2025 were $20.0 million, down from $29.4 million in Q4 2024, while full-year R&D expenses increased to $114.2 million from $107.4 million in 2024[7] - G&A expenses for Q4 2025 were $6.4 million, compared to $8.0 million in Q4 2024, with full-year G&A expenses at $32.0 million, up from $30.3 million in 2024[8] - Total operating expenses for the twelve months ended December 31, 2025, were $146,138 million, up from $137,637 million in 2024, representing an increase of about 6.5%[20] - Research and development expenses for the twelve months ended December 31, 2025, totaled $114,150 million, compared to $107,350 million in 2024, marking an increase of approximately 6.7%[20] - General and administrative expenses for the twelve months ended December 31, 2025, were $31,988 million, up from $30,287 million in 2024, reflecting an increase of about 5.6%[20] Cash Position - Cash and cash equivalents as of December 31, 2025, were $152.4 million, expected to fund operations into the second half of 2027[10][11] Clinical Developments - TScan completed enrollment in Cohort C of the Phase 1 ALLOHA trial, with patients treated using a commercial-ready manufacturing process[1] - The FDA cleared IND applications for TSC-102-A01 and TSC-102-A03, expanding treatment options for patients with heme malignancies[5] - TSC-101 showed a 100% relapse-free survival rate at the two-year follow-up for treated patients, compared to 25% in the control arm[3] - The company plans to initiate a pivotal trial for TSC-101 and share early clinical data from Cohort C in Q2 2026[4] - TScan is developing methods to engineer TCR-T cells in vivo for solid tumors and anticipates sharing preclinical proof-of-concept data in the second half of 2026[10] Interest and Other Income - Interest and other income, net, for the twelve months ended December 31, 2025, was $8,816 million, compared to $12,065 million in 2024, showing a decrease of approximately 26.5%[20] - Interest expense for the three months ended December 31, 2025, was $(3,653) million, compared to $(702) million for the same period in 2024, indicating a substantial increase in interest costs[20] Shareholder Information - The weighted average common shares outstanding for the three months ended December 31, 2025, was 129,862,000, compared to 111,990,400 for the same period in 2024, representing an increase of approximately 16%[20] - Loss on extinguishment of debt for the three months ended December 31, 2025, was $(1,090) million, with no comparable figure for the same period in 2024, indicating a new financial burden[20]