TScan Therapeutics Reports Fourth Quarter and Full Year 2024 Financial Results and Provides Business Update

Core Insights - TScan Therapeutics, Inc. reported significant progress in its clinical trials, particularly the ALLOHA™ Phase 1 heme trial, showing promising results in preventing relapse in patients with hematologic malignancies [2][4] - The company has successfully cleared an IND application for its seventh TCR in the PLEXI-T™ Phase 1 solid tumor program, targeting MAGE-A4 [1][4] - Financially, TScan closed a $30 million registered direct offering at a 37% premium, extending its cash runway into the first quarter of 2027 [1][4] Clinical Development - The ALLOHA trial results indicated that only 2 out of 26 patients (8%) relapsed compared to 4 out of 12 patients (33%) in the control arm, with a median time to relapse not evaluable in the treatment group [4] - TScan's lead TCR-T therapy candidates, TSC-100 and TSC-101, have shown good tolerability with no dose-limiting toxicities, and TCR-T cells have been detected over one year post-infusion [4][6] - The company plans to initiate a registration trial for TSC-101 in the second half of 2025 and expects to present additional data from the Phase 1 trial by the end of the year [11][12] Financial Performance - Revenue for Q4 2024 was $0.7 million, a decrease from $7.2 million in Q4 2023, and total revenue for the full year 2024 was $2.8 million compared to $21.0 million in 2023 [7] - R&D expenses increased to $29.4 million in Q4 2024 from $22.4 million in Q4 2023, driven by clinical study expenses and increased personnel costs [8] - The net loss for Q4 2024 was $35.8 million, compared to $19.6 million in Q4 2023, with a full-year net loss of $127.5 million compared to $89.2 million in 2023 [10][20] Cash Position and Future Outlook - As of December 31, 2024, TScan had cash, cash equivalents, and marketable securities totaling $290.1 million, which is expected to fund operations into the first quarter of 2027 [11][12] - The company has expanded its ImmunoBank to include multiple TCR-T therapy candidates, aiming to address tumor heterogeneity and resistance [6][13] - TScan has plans to file an IND application for TSC-102-A0301 in the second half of 2025 and to treat its first patient with multiplex therapy in the first half of 2025 [11][12]