TScan Therapeutics Reports $127.5 Million Net Loss for 2024, Revenue Drops to $2.8 Million

TScan Therapeutics, Inc., a clinical-stage biotechnology company focused on TCR-engineered T cell therapies for cancer treatment, reported a net loss of $127.5 million for the year ended December 31, 2024, compared to a net loss of $89.2 million in 2023. This increase in net loss is primarily attributed to a $23.1 million rise in total operating expenses, driven by increased research and development costs ($19.2 million increase) and general and administrative expenses ($3.9 million increase). Revenue for 2024 was $2.8 million, significantly lower than the $21.0 million reported in 2023, primarily due to the timing of research activities under collaboration agreements. The 2024 revenue was solely from the Amgen collaboration, while 2023 included revenue from both Amgen and Novartis collaborations, the latter of which concluded in March 2023.

The increase in research and development expenses reflects the ongoing enrollment in the ALLOHA Phase 1 heme clinical trial and the initiation of the PLEXI-T Phase 1 solid tumor clinical trial. The rise in general and administrative expenses resulted from increased headcount to support expanded research and development activities. The company's cash, cash equivalents, and marketable securities totaled $290.1 million as of December 31, 2024, a significant increase from the previous year. This increase is largely due to proceeds from several equity offerings and debt financing, including a $161.4 million underwritten public offering in April 2024, a $134.7 million offering in June 2023, and a $30 million direct offering in December 2024. A $30 million upfront payment from Amgen in July 2023 also contributed to the increase.

TScan is advancing a pipeline of TCR-T therapy product candidates. The company's lead candidates, TSC-100 and TSC-101, are in Phase 1 clinical trials for the treatment of heme malignancies in patients undergoing allogeneic HCT. Fifteen clinical sites are currently activated for the ALLOHA trial, with plans to add more in 2025. Additionally, seven TCR-T therapy product candidates for solid tumors are in Phase 1 development, with fifteen sites activated for the PLEXI-T trial and plans for further expansion. The FDA has cleared eight IND applications for the solid tumor program, including the T-Plex IND, which allows for multiplex TCR-T therapy. The company also has an internal GMP facility and has engaged a global CDMO to support increased manufacturing capacity.

As of February 28, 2025, TScan had 194 full-time employees, 41 of whom hold Ph.D. or M.D. degrees. The company's aggregate market value of common equity held by non-affiliates was $201.6 million as of June 30, 2024. TScan has not declared or paid any cash dividends and does not anticipate doing so in the foreseeable future. The company's financial statements were audited by Deloitte & Touche LLP. The company is classified as an emerging growth company and a smaller reporting company, and it has elected not to use the extended transition period for complying with any new or revised financial accounting standards. No material legal proceedings are currently pending.

The company's outlook includes plans to initiate a registrational trial for TSC-101 in the second half of 2025, pending regulatory feedback, and to file an IND application for TSC-102-A0301 in the same timeframe. TScan also plans to report additional data from its Phase 1 trials, including two-year relapse data, by the end of 2025, and to dose its first multiplex patient in the first half of 2025. The company anticipates submitting further IND filings for additional TCRs as its solid tumor program advances. Forward-looking statements in the filing address various aspects of the company's research, development, regulatory approvals, commercialization plans, and financial projections, highlighting the inherent uncertainties involved in the biotechnology industry.