The EPS miss and 66% revenue decline are clear negatives, but the Phase 3 ALLOHA-2 initiation and positive Phase 1 data provide a pipeline floor. Watch for Q4 2026 updates on Cohort C data and TSC-102 trials; the cash runway into Q2 2027 with debt amortization starting suggests a dilutive financing event is likely within 12 months. Short-term bearish on financials, but long-term value hinges on ALLOHA-2 readout in 2028.
Price Chart
Executive Summary
TScan Therapeutics reported Q2 2026 EPS of -$0.23, a 15% miss vs consensus of -$0.20, and revenue of $1.1M, sharply down 66% YoY from $3.1M due to timing of Amgen collaboration activities. The net loss narrowed to $30.4M from $37.0M, but cash burn remains high with cash runway only into Q2 2027, pressured by upcoming debt amortization. Positive clinical data from the Phase 1 ALLOHA study and first patient dosed in the Phase 3 ALLOHA-2 trial provide pipeline catalysts, but the financial miss and cash constraints dominate the near-term outlook.
Key Financial Metrics
Key Facts
- Q2 2026 EPS -$0.23 vs consensus -$0.20 (15% miss)
- Q2 2026 revenue $1.1M, down 66% YoY from $3.1M
- Net loss $30.4M vs $37.0M YoY, but cash burn remains high
- Cash and equivalents $100.2M, runway only into Q2 2027
- Debt amortization begins Q4 2026 after milestone miss, pressuring cash
- First patient dosed in Phase 3 ALLOHA-2 trial; topline data expected mid-2028
- Positive initial data from Cohort C of Phase 1 ALLOHA study with 79% complete donor chimerism
- Pro forma shares outstanding 130.0M, significant dilution from pre-funded warrants
Financial Impact
EPS miss of $0.03 per share; revenue decline of $2.0M YoY; cash burn of ~$52M in H1 2026
Risk Factors
- Cash runway only into Q2 2027 with debt amortization starting Q4 2026, likely requiring dilutive financing
- Revenue heavily dependent on Amgen collaboration timing; no recurring revenue base
- Phase 3 ALLOHA-2 trial topline not expected until mid-2028, leaving long period of binary risk
- Significant dilution from 62.2M pre-funded warrants outstanding
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3343490 |
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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