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TScan Therapeutics Reports Second Quarter 2025 Financial Results and Provides Corporate Update

Two-year relapse data from ALLOHA鈩� Phase 1 heme trial to be presented by end of year

Expects to dose first solid tumor patients with multiplex TCR-T in the third quarter of 2025

Cash, cash equivalents, and marketable securities continue to fund operations into the first quarter of 2027

WALTHAM, Mass., Aug. 12, 2025 (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 second quarter ended June 30, 2025, and provided a corporate update.

鈥淲e expect to dose our first solid tumor patients with multiplex TCR-T in the third quarter of this year,鈥� said Gavin MacBeath, Ph.D., Chief Executive Officer. 鈥淲e are currently enrolling into three different multiplex cohorts in our PLEXI-T trial and plan to share safety and preliminary response data in the first quarter of 2026. In parallel, we are finalizing our commercial-ready process for our heme program, which results in shorter manufacturing times and substantially lower cost of goods, and look forward to presenting updated data on our ALLOHA study by the end of the year.鈥澨� 听 听 听 听 听 听

Upcoming Anticipated Milestones

Heme Malignancies Program: TScan鈥檚 lead TCR-T therapy candidate, TSC-101, is designed to treat residual disease and prevent relapse in patients with acute myeloid leukemia (AML), acute lymphoblastic leukemia (ALL), or myelodysplastic syndrome (MDS) undergoing allogeneic hematopoietic cell transplantation (HCT) (the ALLOHA听trial,听).

• Plans to initiate a registrational trial for TSC-101, pending further feedback from regulatory authorities, in the second half of 2025.
• Expects to file an investigational new drug (IND) application for TSC-102-A0301, a TCR-T targeting an HLA-A*03:01-restricted epitope on CD45, in the second half of 2025.
• Plans to present additional data from the ALLOHA Phase 1 trial, including two-year relapse data on the initial patients treated with TSC-101, by the end of the year.

Solid Tumor Program: TScan continues to develop the ImmunoBank, a collection of TCR-T therapy candidates that target different cancer-associated antigens presented on diverse HLA types. TScan鈥檚 strategy is to treat patients with multiple TCR-T therapy candidates to overcome tumor heterogeneity and resistance that may arise from either target or HLA loss (the PLEXI-T trial,听).

• Expects to dose first patients with multiplex TCR-T in the third quarter of 2025.
• Plans to share initial safety and response data in the first quarter of 2026.

Second Quarter 2025 Financial Results

搁别惫别苍耻别:听Revenue for the second quarter of 2025 was $3.1 million, compared to $0.5 million for the second quarter of 2024. The increase was primarily due to timing of research activities pursuant to the Company鈥檚 collaboration agreement with Amgen.

R&D Expenses:听Research and development (R&D) expenses for the second quarter of 2025 were $32.6 million, compared to $26.9 million for the second quarter of 2024. The increase of $5.8 million was primarily driven by an increase in laboratory supplies, research materials and studies expenses due to ongoing activities with a global contract development and manufacturing organization, as well as an increase in facility-related and personnel expenses associated with continued expansion of internal manufacturing capabilities. R&D expenses included non-cash stock compensation expense of $1.7 million and $1.2 million for the second quarter of 2025 and 2024, respectively.

G&A Expenses:听General and administrative (G&A) expenses for the second quarter of 2025 were $9.1 million, compared to $7.8 million for the second quarter of 2024. The increase of $1.3 million was primarily driven by an increase in personnel expenses due to increased headcount to support business activities. G&A expenses included non-cash stock compensation expense of $1.6 million and $1.1 million for the second quarter of 2025 and 2024, respectively.

Net Loss:听Net loss was $37.0 million for the second quarter of 2025, compared to $31.7 million for the second quarter of 2024, and included net interest income of $1.7 million and $2.5 million, respectively.

Cash Position:听Cash, cash equivalents, and marketable securities as of June 30, 2025, were $218.0 million, excluding $5.0 million of restricted cash. The Company believes that its existing cash resources will be sufficient to fund its current operating plan into the first quarter of 2027.

Share Count:听As of June 30, 2025, the Company had 56,747,993 shares of common stock outstanding, consisting of 52,471,405 shares of voting common stock and 4,276,588 shares of non-voting common stock. In addition, the Company had 73,087,945 of pre-funded听warrants outstanding to purchase shares of voting common stock at an exercise price of $0.0001 per share. Pro forma outstanding shares as of June 30, 2025, inclusive of both common stock and pre-funded warrants, were 129,835,938.

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鈥檚 lead TCR-T therapy candidates are in development for the treatment of patients with hematologic malignancies to prevent relapse following allogeneic hematopoietic cell transplantation (the ALLOHA^鈩�听Phase 1 heme trial). The Company has developed and continues to expand its ImmunoBank, the Company鈥檚 repository of therapeutic TCRs that recognize diverse targets and are associated with multiple HLA types, to provide customized multiplex TCR-T therapies for patients with a variety of cancers (the PLEXI-T^鈩�听Phase 1 solid tumor trial). The Company is currently enrolling patients into both clinical programs.

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 the Company鈥檚 plans, progress, expectations, and timing relating to the Company鈥檚 hematologic malignancies program, including clinical updates of the ALLOHA Phase 1 heme trial, presentation of data, opening of expansion cohorts, filing of an IND for TSC-102-A0301, and initiation of a registrational trial for TSC-101; the Company鈥檚 plans, progress, expectations and timing relating to the Company鈥檚 solid tumor program, including clinical updates of the PLEXI-T Phase 1 solid tumor trial, enrolling and dosing multiplex patients, and presentation of data; the progress of the hematologic malignancies and solid tumor programs being indicative or predictive of the success of each program; the Company鈥檚 current and future research and development plans or expectations; the structure, timing and success of the Company鈥檚 planned preclinical development, submission of INDs, and clinical trials; the potential benefits of any of the Company鈥檚 proprietary platforms, multiplexing, or current or future product candidates in treating patients; the Company鈥檚 ability to fund its operating plan into the first quarter of 2027 with its existing cash, cash equivalents, and marketable securities; and the Company鈥檚 goals, strategy and anticipated financial performance. 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, 鈥渕ay,鈥� 鈥渕ight,鈥� 鈥渨ill,鈥� 鈥渙bjective,鈥� 鈥渋ntend,鈥� 鈥渟hould,鈥� 鈥渃ould,鈥� 鈥渃an,鈥� 鈥渨ould,鈥� 鈥渆xpect,鈥� 鈥渂elieve,鈥� 鈥渁nticipate,鈥� 鈥減roject,鈥� 鈥渢arget,鈥� 鈥渄esign,鈥� 鈥渆stimate,鈥� 鈥減redict,鈥� 鈥減otential,鈥� 鈥減lan,鈥� 鈥渙n track,鈥� 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鈥檚 TCR-T therapy product candidates; TScan鈥檚 expectations regarding its preclinical studies being predictive of clinical trial results; TScan鈥檚 approved 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鈥檚 preclinical studies, clinical trials and its research and development programs; TScan鈥檚 ability to enroll patients for its clinical trials within its expected timeline; TScan鈥檚 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鈥檚 TCR-T therapy product candidates; TScan鈥檚 manufacturing capabilities and the scalable nature of its manufacturing process; TScan鈥檚 estimates regarding expenses, future milestone payments and revenue, capital requirements and needs for additional financing; TScan鈥檚 expectations regarding competition; TScan鈥檚 anticipated growth strategies; TScan鈥檚 ability to attract or retain key personnel; TScan鈥檚 ability to establish and maintain development partnerships and collaborations; TScan鈥檚 expectations regarding federal, state and foreign regulatory requirements; TScan鈥檚 ability to obtain and maintain intellectual property protection for its proprietary platform technology and our product candidates; the sufficiency of TScan鈥檚 existing capital resources to fund its future operating expenses and capital expenditure requirements; and other factors that are described in the 鈥淩isk Factors鈥� and 鈥淢anagement鈥檚 Discussion and Analysis of Financial Condition and Results of Operations鈥� sections of TScan鈥檚 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鈥檚 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.

Contacts

Heather Savelle
TScan Therapeutics, Inc.
VP, Investor Relations
857-399-9840

Melissa Forst
Argot Partners
212-600-1902

⁽¹⁾ Includes at June 30, 2025 and December 31, 2024, 73,087,945 issued and outstanding pre-funded warrants to purchase shares of voting common stock at an exercise price of $0.0001 per share.

⁽²⁾ For the three months ended June 30, 2025 and 2024, 73,087,945 and 65,587,945 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.