TScan Therapeutics Reports Revenue Growth but Increased Net Loss in Q2 2025

TScan Therapeutics, Inc. reported its financial results for the second quarter and first half of 2025, revealing a collaboration and license revenue of $3.1 million for the quarter, a significant increase from $0.5 million in the same period last year. For the six months ended June 30, 2025, total revenue reached $5.2 million, compared to $1.1 million for the first half of 2024. The increase in revenue is attributed to the timing of research activities under the collaboration agreement with Amgen, which began in May 2023. Despite this revenue growth, the company reported a net loss of $36.9 million for the second quarter and $71.1 million for the first half of 2025, compared to losses of $31.7 million and $61.8 million for the respective periods in 2024.

Operating expenses for TScan increased to $41.7 million in the second quarter of 2025, up from $34.7 million in the same quarter of 2024. This rise was primarily driven by higher research and development costs, which totaled $32.6 million, reflecting an increase of $5.8 million year-over-year. The increase in R&D expenses was largely due to heightened laboratory supplies and personnel costs associated with ongoing clinical activities. General and administrative expenses also rose to $9.1 million, up from $7.8 million in the prior year, primarily due to increased personnel costs.

As of June 30, 2025, TScan's total assets amounted to $298.6 million, a decrease from $371.1 million at the end of 2024. The decline in assets was primarily due to a reduction in cash and cash equivalents, which stood at $169.4 million, down from $178.7 million at the end of 2024. The company’s accumulated deficit increased to $446.2 million, reflecting ongoing operational losses. TScan's total liabilities were reported at $121.8 million, down from $130.1 million at the end of the previous fiscal year.

In terms of strategic developments, TScan has been actively expanding its pipeline of TCR-T therapy product candidates, with its lead candidate, TSC-101, currently in a Phase 1 clinical trial for various hematologic malignancies. The company is also advancing multiple candidates for solid tumors and has received FDA clearance for its multiplex TCR-T therapy, known as T-Plex. TScan's workforce has grown, contributing to increased operational costs, as the company continues to build its capabilities in research and development.

Looking ahead, TScan anticipates continued operating losses as it invests in clinical trials and product development. The company expects its existing cash, cash equivalents, and marketable securities will be sufficient to fund operations into the first quarter of 2027. However, TScan acknowledges the need for substantial additional funding to support its growth strategy, which may involve equity offerings, debt financing, or collaborations. The company remains focused on advancing its clinical programs and expanding its ImmunoBank, which is critical for its TCR-T therapy development.