TScan Therapeutics Reports Q3 2025 Revenue Growth but Increased Net Loss

TScan Therapeutics, Inc. reported its financial results for the third quarter and nine months ended September 30, 2025, revealing a collaboration and license revenue of $2.5 million for the quarter, a significant increase from $1.0 million in the same period last year. For the nine-month period, revenue rose to $7.8 million from $2.2 million, primarily driven by activities under a collaboration agreement with Amgen that commenced in May 2023. Despite this revenue growth, the company reported a net loss of $35.7 million for the third quarter, compared to a loss of $29.9 million in the prior year, and a net loss of $106.8 million for the nine months, up from $91.7 million in 2024.

Operating expenses for TScan increased to $39.6 million in the third quarter of 2025, up from $33.7 million in the same quarter of 2024. This rise was attributed to higher research and development costs, which totaled $31.7 million, reflecting a $5.4 million increase driven by increased laboratory supplies and clinical study expenses. General and administrative expenses also rose slightly to $7.9 million from $7.4 million. The company’s accumulated deficit reached $481.9 million as of September 30, 2025, indicating ongoing financial challenges as it continues to invest heavily in its research and development efforts.

In terms of operational developments, TScan has made strategic decisions to focus on its heme program, particularly the TSC-101 product candidate, which is in a Phase 1 clinical trial for treating hematologic malignancies. Following a recent alignment with the U.S. Food and Drug Administration (FDA) on the registrational path for TSC-101, the company has paused enrollment in its solid tumor Phase 1 trial to concentrate resources on this program. Additionally, TScan implemented a workforce reduction of approximately 30%, or 66 roles, to streamline operations and reduce costs, expecting to incur a one-time charge of about $2.3 million in the fourth quarter of 2025.

As of September 30, 2025, TScan reported cash, cash equivalents, and marketable securities totaling $184.5 million, which the company anticipates will fund its operations into the second half of 2027. The company has not generated revenue from product sales and relies on capital raised through equity offerings and collaboration agreements to finance its operations. TScan's financial outlook remains cautious, with expectations of continued operating losses as it advances its clinical programs and seeks to establish a commercial infrastructure for potential future product launches. The company emphasizes the need for substantial additional funding to support its ongoing research and development activities and to navigate the complexities of the biotechnology industry.