TScan Therapeutics Reports Third Quarter 2026 Financial Results and Provides Corporate Update
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Summary
TScan Therapeutics (TCRX) reported third-quarter results and shifted its development focus to T-cell therapies engineered inside patients for solid tumors. Quarterly revenue fell to $0.6 million from $2.5 million a year earlier, while net loss narrowed to $33.1 million from $35.7 million. Research and development expenses declined, but administrative expenses rose.
PRAME- and MAGE-A4-targeted candidates entered studies needed to support applications for human trials. TScan targets its first application in Q3 2027, first patient dosing in Q4 2027 and initial Phase 1 data in H1 2028. Enrollment in Phase 3 ALLOHA-2 was paused because capital was insufficient to complete the trial; partnerships are being sought for blood-cancer and autoimmunity programs. Cash was $73.0 million at September 30, excluding restricted cash. TScan expects funding into Q4 2027, including loan repayments beginning in Q4 2026.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Hollow bars mark forward-looking points. How the balance works
Positive
- Moderate pointQuarterly net loss narrowed to $33.085 million, or $0.25 per share, from $35.710 million, or $0.28.
- Moderate point. Forward-looking: it has not happened yet and may not happen.TScan expects existing cash to fund its current operating plan into Q4 2027.
- Minor pointQuarterly research and development expenses fell to $25.291 million from $31.689 million a year earlier.
- Minor pointPRAME- and MAGE-A4-targeted candidates advanced to studies supporting applications to begin human trials.
- Minor point. Forward-looking: it has not happened yet and may not happen.TScan targets Q1 2027 disclosure of preclinical data and FDA feedback on both solid-tumor candidates.
5 minor points
- Minor point. Forward-looking: it has not happened yet and may not happen.TScan targets its first investigational new drug application in Q3 2027 and first patient dosing in Q4 2027.
- Minor point. Forward-looking: it has not happened yet and may not happen.TScan anticipates initial Phase 1 solid-tumor data in H1 2028.
- Minor pointAll 14 Phase 1 Cohort C patients showed complete donor chimerism at last assessment, including two previously relapsed patients.
- Minor point. Forward-looking: it has not happened yet and may not happen.TScan plans Q4 2026 updated Phase 1 ALLOHA Cohort C data at the ASH meeting.
- Minor point. Forward-looking: it has not happened yet and may not happen.TScan plans H1 2027 ALLOHA Cohort C updates with >1 year follow-up and ALLOHA-2 data with >6 months follow-up.
Negative
- Major pointPhase 3 ALLOHA-2 enrollment paused because capital was insufficient to complete the trial.
- Moderate pointBlood-cancer and autoimmunity programs remain subject to ongoing searches for strategic partners.
- Moderate pointCash and cash equivalents fell to $73.038 million at September 30, 2026, from $152.406 million at December 31, 2025.
- Moderate point. Forward-looking: it has not happened yet and may not happen.Two-year loan amortization starts in Q4 2026 after non-covenant milestones were not achieved by June 30, 2026.
- Moderate pointQuarterly revenue declined to $586,000 from $2.511 million a year earlier.
- Moderate pointAmgen collaboration agreement terminated in August 2026.
3 minor points
- Minor pointQuarterly general and administrative expenses rose to $8.326 million from $7.874 million, primarily reflecting reorganization costs.
- Minor pointQuarterly net interest expense of $0.1 million replaced net interest income of $1.3 million a year earlier.
- Minor pointStockholders' equity declined to $38.011 million at September 30, 2026, from $123.123 million at December 31, 2025.
News Explained
As of
Key Figures
- Revenue
- $0.6 million vs. $2.5 million
- Third quarter 2026 vs. third quarter 2025
- Net loss
- $33.1 million vs. $35.7 million
- Third quarter 2026 vs. third quarter 2025
- Cash and cash equivalents
- $73.0 million
- As of September 30, 2026; excludes $5.0 million of restricted cash
- Cash runway
- Into the fourth quarter of 2027
- Company's stated operating-plan funding outlook
- Complete donor chimerism
- 14 patients
- Cohort C of the Phase 1 ALLOHA study, at each patient's last assessment
- First IND filing
- Q3 2027
- In vivo-engineered TCR-T for solid tumors
- First patient dosing
- Q4 2027
- In vivo-engineered TCR-T solid tumor program
- Pro forma outstanding shares
- 130,025,962 shares
- Common stock and pre-funded warrants as of September 30, 2026
Previous Earnings Reports
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Prior-year Q3 revenue, R&D expense and net loss provide direct comparators for current results.
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Key Terms
tcr-t technical
ind-enabling studies regulatory
complete donor chimerism medical
pre-funded warrants financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
Announced strategic reorganization to focus on in vivo-engineered TCR-T cell therapy for solid tumors
Advancing PRAME- and MAGE-A4-targeted in vivo TCR-T candidates for solid tumors through IND-enabling studies; on track to dose first patient in Q4 2027
Paused further enrollment in Phase 3 ALLOHA-2™ study of TSC-101; allowing data to mature and actively seeking strategic partners
Cash and cash equivalents fund operations into the fourth quarter of 2027
WALTHAM, Mass., Nov. 12, 2026 (GLOBE NEWSWIRE) -- TScan Therapeutics, Inc. (Nasdaq: TCRX), a clinical-stage biotechnology company focused on the development of T cell receptor (TCR)-engineered T cell (TCR-T) therapies for the treatment of patients with cancer, today reported financial results for the three months ended September 30, 2026, and provided a corporate update.
“This quarter marked an important step in accelerating TScan’s solid tumor program. We are concentrating all our efforts on our in vivo-engineered TCR-T cell approach for solid tumor indications, where we see an opportunity to bring an exciting new treatment modality to patients in desperate need of better treatment options. Our team is working to advance our two lead candidates through preclinical development and complete the studies required to support clinical entry, with the goal of dosing our first patient by the fourth quarter of next year,” said Gavin MacBeath, Ph.D., Chief Executive Officer. “At the same time, we are actively pursuing strategic partnerships to advance our heme malignancies and autoimmunity programs. We are excited about the progress we have made this year on our in vivo TCR-T candidates and look forward to sharing more of our preclinical data and FDA feedback in early 2027.”
Recent Corporate Highlights
- In September, the Company announced a strategic reorganization to prioritize its in vivo solid tumor program. TScan’s first two therapeutic candidates, one targeting PRAME and the other targeting MAGE-A4, were advanced to IND-enabling studies.
- The Company also provided updated data in September from Cohort C of its Phase 1 ALLOHA™ study of TSC-101 in heme malignancies. At the time of the update, all 14 patients in Cohort C of the study showed complete donor chimerism at their last assessment, including the two patients who had previously relapsed. The Company paused further enrollment in the Phase 3 ALLOHA-2™ study of TSC-101 due to insufficient capital needed to complete the trial and is actively seeking strategic partnerships. TScan remains committed to tracking the patients enrolled in Cohort C of the Phase 1 study, as well as the 7 patients who were enrolled on the treatment arm of the Phase 3 ALLOHA-2™ study and the five patients enrolled on the control arm of ALLOHA-2.
Pipeline Progress and Upcoming Anticipated Milestones
Solid Tumor Program: The Company’s strategy is to treat patients with in vivo-engineered TCR-T therapy candidates, initially as singleplexed therapy and ultimately as multiplexed therapy. The Company currently has two candidates in IND-enabling studies: one targeting PRAME and the other targeting MAGE-A4.
Anticipated Milestones
- Disclose preclinical data and FDA feedback from pre-IND meetings on TSC-303-A02 (PRAME) and TSC-302-A02 (MAGE-A4) in Q1 2027.
- File the first IND for in vivo-engineered TCR-T for solid tumors in Q3 2027, with first patient dosed in Q4 2027.
- Report initial Phase 1 data on in vivo-engineered TCR-T in H1 2028.
Heme Malignancies Program: TScan’s TCR-T therapy candidate, TSC-101, is designed to treat residual disease and prevent relapse in patients with heme malignancies undergoing allogeneic hematopoietic cell transplantation (HCT). TScan is currently seeking strategic partners for this program.
Anticipated Milestones
- Share updated data on patients treated in Cohort C of the Phase 1 ALLOHA™ study at the upcoming 68th American Society of Hematology (ASH) Annual Meeting and Exposition in Q4 2026.
Title: Phase 1 (ALLOHA) trial cohort C: TSC-101 eliminates recipient hematopoietic cells and demonstrates potential for improved outcomes in patients with AML, ALL, or MDS post-allogeneic RIC HCT
Publication Number: 4178
Presentation Date and Time: December 13, 2026, 6:00 – 8:00 pm E.T.
- Share updated data, including >1 year of follow-up time, on Cohort C patients of the ALLOHA™ study, and new data, including >6 months of follow-up time, on patients enrolled in the ALLOHA-2™ study, in the first half of 2027.
Autoimmunity Program: The Company has discovered novel targets for ankylosing spondylitis and other HLA-B*27-associated autoimmune disorders and is currently seeking strategic partners for this program.
Third Quarter 2026 Financial Results
Revenue: Revenue for the third quarter of 2026 was
R&D Expenses: Research and development (R&D) expenses for the third quarter of 2026 were
G&A Expenses: General and administrative (G&A) expenses for the third quarter of 2026 were
Net Loss: Net loss was
Cash Position: Cash and cash equivalents as of September 30, 2026, were
Share Count: As of September 30, 2026, the Company had 67,779,255 issued and outstanding shares of common stock, consisting of 63,502,667 shares of voting common stock and 4,276,588 shares of non-voting common stock, as well as 62,246,707 outstanding pre-funded warrants to purchase shares of voting common stock at an exercise price of
About TScan Therapeutics, Inc.
TScan is a clinical-stage biotechnology company focused on the development of T cell receptor (TCR)-engineered T cell (TCR-T) therapies for the treatment of patients with cancer. The Company is currently advancing its two lead therapeutic candidates through IND-enabling studies to treat solid tumors using in vivo-engineered TCR-T cells and is advancing a strategy to treat patients with multiplexed TCR-T to overcome the challenge of tumor heterogeneity. In addition, the Company is actively seeking partnerships for its heme and autoimmune programs. To learn more, visit www.tscan.com and connect with us on LinkedIn and X.
Forward-Looking Statements
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, express or implied statements regarding TScan’s plans, progress, and timing relating to TScan’s solid tumor program, including preclinical development, FDA feedback, submission of IND applications, dosing of patients, presentation of data, and strategy regarding singleplexed and multiplexed therapies; TScan’s plans, progress, expectations, and timing relating to the ALLOHA™ and ALLOHA-2™ clinical trials, including presentation of data and the implications of such results and, potential strategic partnerships; TScan’s plans, process, and timing relating TScan’s autoimmunity program; the potential benefits of any of TScan’s proprietary platforms or current or future product candidates in treating patients; TScan’s ability to fund its operating plan into the fourth quarter of 2027 with its existing cash resources; and TScan’s goals and strategy. TScan intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by terms such as, but not limited to, “may,” “might,” “will,” “objective,” “intend,” “should,” “could,” “can,” “would,” “expect,” “believe,” “anticipate,” “project,” “target,” “design,” “estimate,” “predict,” “potential,” “plan,” “on track,” or similar expressions or the negative of those terms. Such forward-looking statements are based upon current expectations that involve risks, changes in circumstances, assumptions, and uncertainties. The express or implied forward-looking statements included in this release are only predictions and are subject to a number of risks, uncertainties and assumptions, including, without limitation: the beneficial characteristics, safety, efficacy, therapeutic effects and potential advantages of TScan’s TCR-T therapy product candidates; TScan’s expectations regarding its preclinical studies or clinical trials being predictive of future clinical trial results; TScan’s cleared INDs being indicative or predictive of bringing TScan closer to its goal of providing customized TCR-T therapies to treat patients with cancer; the timing of the launch, initiation, progress, expected results and announcements of TScan’s preclinical studies, clinical trials and its research and development programs; TScan’s ability to enroll patients for its clinical trials within its expected timeline; TScan’s plans relating to developing and commercializing its TCR-T therapy product candidates, if approved, including sales strategy; estimates of the size of the addressable market for TScan’s TCR-T therapy product candidates; TScan’s manufacturing capabilities and the scalable nature of its manufacturing process; TScan’s estimates regarding expenses, future milestone payments and revenue, capital requirements and needs for additional financing; TScan’s expectations regarding competition; TScan’s anticipated growth strategies; TScan’s ability to attract or retain key personnel; TScan’s ability to establish and maintain development partnerships and collaborations; TScan’s expectations regarding federal, state and foreign regulatory requirements; TScan’s ability to obtain and maintain intellectual property protection for its proprietary platform technology and our product candidates; the sufficiency of TScan’s existing capital resources to fund its future operating expenses and capital expenditure requirements; and other factors that are described in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of TScan’s most recent Annual Report on Form 10-K and any other filings that TScan has made or may make with the SEC in the future. Any forward-looking statements contained in this release represent TScan’s views only as of the date hereof and should not be relied upon as representing its views as of any subsequent date. Except as required by law, TScan explicitly disclaims any obligation to update any forward-looking statements.
Investor and Media Contact
Caileigh Dougherty
AVP, Head of Corporate Communications & Investor Relations
857-399-9890
cdougherty@tscan.com
| TScan Therapeutics, Inc. | ||||||||
| Condensed Consolidated Balance Sheet Data | ||||||||
| (unaudited, in thousands, except share amounts) | ||||||||
| September 30, 2026 | December 31, 2025 | |||||||
| Assets | ||||||||
| Cash and cash equivalents | $ | 73,038 | $ | 152,406 | ||||
| Other assets | 68,363 | 76,383 | ||||||
| Total assets | $ | 141,401 | $ | 228,789 | ||||
| Liabilities and Stockholders' Equity | ||||||||
| Total liabilities | $ | 103,390 | $ | 105,666 | ||||
| Total stockholders' equity | 38,011 | 123,123 | ||||||
| Total liabilities and stockholders' equity | $ | 141,401 | $ | 228,789 | ||||
| Common stock and pre-funded warrants outstanding (1) | 130,025,962 | 129,913,390 | ||||||
| (1) Includes at September 30, 2026 and December 31, 2025, respectively, 62,246,707 and 73,011,767 issued and outstanding pre-funded warrants to purchase shares of voting common stock at an exercise price of | ||||||||
| TScan Therapeutics, Inc. | ||||||||
| Condensed Consolidated Statements of Operations | ||||||||
| (unaudited, in thousands, except share and per share amounts) | ||||||||
| Three Months Ended September 30, | ||||||||
| 2026 | 2025 | |||||||
| Revenue: | ||||||||
| Collaboration and license revenue | $ | 586 | $ | 2,511 | ||||
| Operating expenses: | ||||||||
| Research and development | 25,291 | 31,689 | ||||||
| General and administrative | 8,326 | 7,874 | ||||||
| Total operating expenses | 33,617 | 39,563 | ||||||
| Loss from operations | (33,031 | ) | (37,052 | ) | ||||
| Interest and other income, net | 721 | 2,041 | ||||||
| Interest expense | (775 | ) | (699 | ) | ||||
| Net loss | $ | (33,085 | ) | $ | (35,710 | ) | ||
| Net loss per share, basic and diluted | $ | (0.25 | ) | $ | (0.28 | ) | ||
| Weighted average common shares outstanding—basic and diluted (2) | 130,025,962 | 129,835,938 | ||||||
| (2) For the three months ended September 30, 2026 and 2025, respectively, 62,246,707 and 73,087,945 shares of the Company's voting common stock issuable upon exercise of pre-funded warrants are included as outstanding common stock in the calculation of basic and diluted net loss per share. | ||||||||
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
Why did TScan Therapeutics pause Phase 3 ALLOHA-2 enrollment?
TScan paused further enrollment because it had insufficient capital to complete the trial. The company is actively seeking strategic partnerships for its blood-cancer program.
When does TScan Therapeutics expect to begin human testing of its in vivo solid-tumor therapies?
TScan targets first patient dosing in Q4 2027, following its planned first investigational new drug application in Q3 2027. Initial Phase 1 data are anticipated in H1 2028.
Will TScan continue following ALLOHA patients after pausing Phase 3 enrollment?
TScan will continue tracking Phase 1 Cohort C patients and enrolled Phase 3 ALLOHA-2 patients. The Phase 3 groups include 7 patients on the treatment arm and five on the control arm.