TScan Therapeutics Reports 66% Revenue Decline and $30.4M Net Loss in Q2 2026

TScan Therapeutics, Inc. reported its financial results for the second quarter and first half of 2026, revealing a significant decline in revenue and ongoing operational losses. For the three months ended June 30, 2026, the company generated $1.1 million in collaboration and license revenue, a decrease of 66% from $3.1 million in the same period of 2025. For the first half of 2026, revenue totaled $2.0 million, down from $5.2 million year-over-year. The decline is attributed to the timing of research activities under the collaboration agreement with Amgen, which began in May 2023.

Operating expenses for TScan Therapeutics also decreased, totaling $31.5 million for the second quarter of 2026, compared to $41.7 million in the prior year, reflecting a reduction of $10.2 million. This decrease was primarily driven by lower research and development costs, which fell to $23.4 million from $32.6 million, largely due to reduced spending on laboratory supplies and a strategic decision to prioritize clinical development in hematologic malignancies. The company reported a net loss of $30.4 million for the second quarter, an improvement from a net loss of $37.0 million in the same quarter of 2025.

As of June 30, 2026, TScan Therapeutics had cash and cash equivalents of $100.2 million, down from $152.4 million at the end of 2025. The company’s total liabilities were reported at $102.4 million, with an accumulated deficit of $563.9 million. The decrease in cash is attributed to ongoing operational losses and cash used in operating activities, which amounted to $51.8 million for the first half of 2026, a reduction from $70.9 million in the same period of 2025.

Strategically, TScan Therapeutics is advancing its clinical programs, including the ongoing Phase 3 ALLOHA-2 trial for its lead product candidate, TSC-101, aimed at treating acute myeloid leukemia and myelodysplastic syndromes. The company is also expanding its pipeline with additional TCR-T therapy candidates targeting various HLA types. However, management has expressed substantial doubt about the company's ability to continue as a going concern, indicating that existing cash reserves may not be sufficient to fund operations for the next twelve months without additional capital.

Looking ahead, TScan Therapeutics anticipates continued significant expenses as it progresses with its research and development efforts. The company is exploring various funding strategies, including equity offerings and collaborations, to secure the necessary capital for its operations and growth strategy. The outlook remains cautious, with the potential for increased operational costs and the need for substantial additional funding to support ongoing and future clinical trials.