Investors should monitor upcoming Q2 2026 data readouts from Cohort C and the initiation of the pivotal trial for TSC-101, which could serve as major value inflection points. The expanded pipeline with FDA-cleared INDs increases long-term optionality. Reduced cash burn extends runway without near-term dilution risk.
Price Chart
Executive Summary
TScan Therapeutics reported financial results for Q4 and full-year 2025, highlighted by a 268% year-over-year increase in revenue to $10.3M driven by its Amgen collaboration, while R&D and G&A expenses declined QoQ. The company presented positive Phase 1 ALLOHA™ trial data showing improved survival trends and completed enrollment in Cohort C using its commercial-ready manufacturing process. FDA clearance of two new TCR-T candidates (TSC-102-A01/A03) expands its heme malignancy pipeline. Cash remains strong at $152.4M, sufficient to fund operations into H2 2027.
Key Financial Metrics
Key Facts
- Q4 2025 revenue: $2.6M (vs. $0.7M in Q4 2024), full-year 2025 revenue: $10.3M (vs. $2.8M in 2024), driven by Amgen collaboration
- Q4 2025 R&D expenses down 32% YoY to $20.0M; full-year R&D up slightly to $114.2M
- Net loss narrowed to $23.0M in Q4 2025 (vs. $35.8M in Q4 2024)
- Positive ALLOHA™ Phase 1 data: 100% (3/3) of TSC-101-treated patients relapse-free at 2-year follow-up vs. 25% (1/4) in control
- FDA cleared INDs for TSC-102-A01 and TSC-102-A03 targeting CD45 in HLA-A*01:01 and A*03:01 patients
- Cohort C enrollment completed with commercial-ready manufacturing; data expected Q2 2026
- Cash and cash equivalents: $152.4M as of Dec 31, 2025, funding operations into H2 2027
- Pivotal trial for TSC-101 to launch in Q2 2026
Financial Impact
Revenue increased by $7.5M YoY; net loss improved by $2.3M annually despite higher R&D spend; cash burn reduced significantly in Q4
Risk Factors
- Clinical development risk: Early-phase data may not translate into pivotal trial success
- High share count dilution: Pro forma shares exceed 129.9M due to pre-funded warrants
- Reliance on Amgen collaboration for revenue; future payments dependent on milestones
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3249222 |
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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