This is a pre-revenue clinical-stage biotech — the earnings miss vs consensus is secondary to upcoming catalysts. The key events to watch are the Phase 3 initiation and early Cohort C data from the ALLOHA trial, both expected in Q2 2026. Positive data could drive significant upside given the $73M market cap, while delays or negative readouts would pressure the stock. Cash burn of ~$24M/quarter provides ~5 quarters of runway.
Price Chart
Executive Summary
TScan Therapeutics reported Q1 2026 revenue of $1.0M (down 55% YoY from $2.2M) and a net loss of $28.7M ($-0.22 EPS), slightly better than the $-0.26 EPS in Q1 2025 but a miss vs the $-0.17 consensus estimate. The company reiterated upcoming catalysts including Phase 3 initiation for TSC-101 and early Cohort C data in Q2 2026, while cash burn continues with $128.1M remaining, funding operations into H2 2027.
Key Financial Metrics
Key Facts
- Q1 2026 revenue $1.0M vs $2.2M YoY, down 55% due to Amgen collaboration timing
- Net loss $28.7M ($-0.22 EPS) vs $34.1M ($-0.26 EPS) in Q1 2025
- EPS of $-0.22 missed consensus estimate of $-0.17
- Cash and equivalents $128.1M at March 31, 2026, down from $152.4M at year-end 2025
- Cash runway into H2 2027 unchanged from prior guidance
- Phase 3 study of TSC-101 (ALLOHA-2) planned for Q2 2026
- Early Cohort C data from ALLOHA Phase 1 trial expected in Q2 2026
- Phase 1 study of TSC-102-A01/A03 targeting CD45 planned for H2 2026
- Pro forma shares outstanding flat at ~129.9M
Financial Impact
Revenue decline of $1.2M YoY (55%) driven by Amgen collaboration timing; net loss improved by $5.4M YoY due to lower R&D spend
Risk Factors
- Clinical trial failure or delay for TSC-101 Phase 3 or TSC-102 Phase 1
- Revenue concentration on single Amgen collaboration agreement
- Cash burn rate may require additional financing before H2 2027
- Pre-funded warrant dilution overhang (~70M warrants at $0.0001/share)
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-207549 |
| Document: tcrx-20260506.htm | 0001193125-26-207549 |
| Document: 0001193125-26-207549-index-headers.html | 0001193125-26-207549 |
| Document: 0001193125-26-207549-index.html | 0001193125-26-207549 |
| Document: 0001193125-26-207549.txt | 0001193125-26-207549 |
| 8-K Data (Synthetic) | 0001193125-26-207549 |
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
Subscribe to SecBot
Get Real-Time SEC Filing Intelligence
Comprehensive SEC filing analysis delivered the moment filings hit EDGAR. Sentiment scoring, impact analysis, and actionable insights for every material event.
Try SecBot Free Coming soon: SecBot Pro with alerts, watchlists, and API access