The accelerating cash burn and shortened runway from missed debt milestones are the primary concerns — the company now has ~3 quarters of cash at current burn rates. The Phase 3 ALLOHA-2 trial won't read out until mid-2028, meaning significant dilution or partnership financing is likely needed. Monitor for equity offering or collaboration deal to extend runway.
Price Chart
Executive Summary
TScan Therapeutics reported Q2 2026 results with revenue of $1.1M (down 66% YoY from $3.1M) and a net loss of $30.4M ($-0.23 EPS), missing the $-0.20 consensus estimate. The company dosed the first patient in its Phase 3 ALLOHA-2 trial and shared positive initial Cohort C data, but cash burn accelerated with cash dropping to $100.2M (from $128.1M in Q1), and the cash runway was shortened to Q2 2027 due to missed debt milestones triggering loan amortization.
Key Financial Metrics
Key Facts
- Revenue fell 66% YoY to $1.1M from $3.1M, driven by timing of Amgen collaboration activities
- Net loss of $30.4M ($-0.23 EPS) vs consensus $-0.20 — a 15% miss
- Cash and cash equivalents dropped to $100.2M from $128.1M at Q1 end and $152.4M at year-end 2025
- Cash runway shortened to Q2 2027 (from prior Q2 2027) due to missed non-covenant milestones triggering two-year term loan amortization starting Q4 2026
- First patient dosed in Phase 3 ALLOHA-2 trial; topline readout expected mid-2028
- Positive initial Cohort C data: 79% (11/14) achieved complete donor chimerism; ~90% manufacturing success rate
- Pro forma share count essentially flat at ~130M shares
Financial Impact
Revenue decline of $2.0M (66% YoY); net loss of $30.4M; cash burn of ~$27.9M in Q2; cash runway shortened to Q2 2027
Risk Factors
- Cash runway only into Q2 2027 with no revenue growth catalyst; likely need for dilutive financing
- Phase 3 ALLOHA-2 topline data not expected until mid-2028 — binary event risk far out
- Revenue concentration on Amgen collaboration with declining contribution
- Missed debt milestones triggering loan amortization adds cash outflow pressure
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-345732 |
| Document: tcrx-20260812.htm | 0001193125-26-345732 |
| Document: 0001193125-26-345732-index-headers.html | 0001193125-26-345732 |
| Document: 0001193125-26-345732-index.html | 0001193125-26-345732 |
| Document: 0001193125-26-345732.txt | 0001193125-26-345732 |
| 8-K Data (Synthetic) | 0001193125-26-345732 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 11, 2026 21d ago | 8-K | $0.3204 $0.3119 | ▼ −2.65% | ▼ −2.43% | $0.3242 (+1.19%) |
Sep 2, 2026 4w ago | 8-K | $0.3810 $0.3179 | ▲ +16.56% | ▲ +15.60% | $0.3242 (+14.91%) |
Aug 18, 2026 6w ago | 8-K | $0.7500 $0.7774 | ▼ −3.65% | ▼ −4.04% | $0.3242 (+56.77%) |
Aug 12, 2026 7w ago | 8-K | $0.7730 $0.7500 | ▲ +2.98% | ▲ +2.53% | $0.3242 (+58.06%) |
Aug 12, 2026 7w ago | Press Release | $0.7730 $0.7500 | ▲ +2.98% | ▲ +2.53% | $0.3242 (+58.06%) |
Jun 22, 2026 14w ago | 8-K | $0.8651 $0.9775 | ▲ +12.99% | ▲ +13.45% | $0.3242 (−62.52%) |
Jun 22, 2026 14w ago | Press Release | $0.8651 $0.9688 | ▲ +11.99% | ▲ +14.06% | $0.3242 (−62.52%) |
May 6, 2026 21w ago | 8-K | $1.25 $1.15 | ▼ −8.00% | ▼ −9.13% | $0.3242 (−74.06%) |
Apr 2, 2026 26w ago | 8-K | $1.01 $1.05 | ▲ +3.96% | ▲ +0.34% | $0.3242 (−67.90%) |
Mar 4, 2026 30w ago | Press Release | $1.08 $1.15 | ▲ +6.48% | ▲ +7.81% | $0.3242 (−69.98%) |
US Market Status
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