TScan Therapeutics, Inc.

What they do

TScan develops TCR-T therapies for cancer, led by TSC-101 targeting the HA-2 antigen in HLA-A*02:01 patients with AML and MDS undergoing allogeneic hematopoietic cell transplantation, designed to eliminate residual disease and prevent relapse. It is expanding its heme program with TSC-102-A01 and TSC-102-A03 targeting CD45 epitopes in other HLA types. Solid tumor work is shifting to in vivo engineering of multiplex TCR-T therapies, and the target discovery platform is also being applied to T cell-driven autoimmune disorders. The company manufactures clinical supply at its internal GMP facility using a non-viral transposon/transposase platform.

Revenue drivers

• Collaboration and license revenue — The company has no approved products and no product revenue; annual revenue was $10.3 million in 2025, including target discovery work for Crohn's disease in partnership with Amgen.
• TSC-101 heme program — Lead candidate in Phase 3 ALLOHA-2 for AML and MDS patients post-allogeneic HCT; pre-commercial and not yet revenue-generating.
• TSC-102 heme expansion — TSC-102-A01 and TSC-102-A03 targeting CD45 epitopes for HLA A*01:01 and A*03:01 patients; Phase 1 trials expected to begin in Q4 2026.
• Solid tumor and autoimmunity programs — Solid tumor clinical enrollment was paused in November 2025 in favor of preclinical in vivo engineering; autoimmunity target discovery is early-stage and not revenue-generating.

Recent performance

Second quarter 2026 revenue was $1.1 million, down from $3.1 million in the second quarter of 2025. Net loss was $59.0 million for the six months ended June 30, 2026, versus $71.1 million for the same period in 2025. Annual net losses widened to $129.8 million in 2025 from $127.5 million in 2024, while operating cash use rose to $135.3 million in 2025 from $110.8 million in 2024. As of June 30, 2026, the company held $100.2 million in cash and equivalents against $102.4 million in total liabilities, with an accumulated deficit of $563.9 million.

Strategy

TScan has prioritized its heme malignancies program, dosing the first patient in the Phase 3 ALLOHA-2 trial in July 2026 and pausing solid tumor Phase 1 enrollment to focus preclinical work on in vivo engineering. It is expanding the heme franchise into additional HLA types with TSC-102-A01 and TSC-102-A03, expected to start Phase 1 in Q4 2026. The company is validating a commercial-ready manufacturing process and has engaged CDMO capacity, plus an agreement with Cellares to assess automated Cell Shuttle and Cell Q platforms. It also continues target discovery in autoimmunity, including ankylosing spondylitis, ulcerative colitis and scleroderma, and Crohn's disease with Amgen.

Risks

• No product revenue and widening losses — TScan has never generated product revenue and reported a $129.8 million net loss in 2025 and a $563.9 million accumulated deficit as of June 30, 2026.
• Clinical and regulatory uncertainty — TSC-101's Phase 3 ALLOHA-2 relies on a biologically-assigned control arm and relapse-free survival as the primary endpoint, with topline data not expected until mid-2028.
• Funding runway depends on cash position — Management states cash and equivalents fund operations into the second quarter of 2027, requiring additional financing thereafter.
• Recent corporate and listing events — 8-K filings since the 10-K include a terminated material agreement, a delisting notice or listing-rule failure, and multiple director or officer changes.

Outlook

Management expects to complete enrollment and report topline data from the Phase 3 ALLOHA-2 trial in mid-2028. It plans updated Cohort C data from the Phase 1 ALLOHA study in Q4 2026 and over one year of follow-up in the first half of 2027, and expects Phase 1 trials of TSC-102-A01 and TSC-102-A03 to begin in Q4 2026 with initial data in 2027. For solid tumors, the company targets an IND filing by the second half of 2027 after INTERACT engagement with the FDA. Cash and cash equivalents are expected to fund operations into the second quarter of 2027.