**TScan Therapeutics, Inc. Announces Financial Results and Strategic Prioritization**
TScan Therapeutics, Inc., a clinical-stage biotechnology company, released its financial results in its recent 10-K filing, reporting a net loss of $129.8 million for the year ended December 31, 2025, compared to a net loss of $127.5 million for the previous year. The company's revenue for 2025 was $10.3 million, a significant increase from the $2.8 million reported in 2024. This revenue growth was primarily attributed to the timing of research activities performed under its collaboration agreement with Amgen, which commenced in May 2023. As of December 31, 2025, TScan had an accumulated deficit of $504.9 million and cash and cash equivalents of $152.4 million, which the company believes will fund operations into the second half of 2027.
The company's research and development expenses for 2025 totaled $114.2 million, up from $107.4 million in 2024. This increase was primarily driven by higher laboratory supplies, research materials, and study expenses, as well as increased facility-related expenses due to the commencement of rent payments for expansion space. General and administrative expenses also increased, reaching $32.0 million in 2025 compared to $30.3 million in 2024, mainly due to higher personnel expenses. The company also reported restructuring charges of $2.0 million, related to a workforce reduction implemented as part of a strategic prioritization.
Operationally, TScan announced a strategic decision to prioritize the clinical development of its heme program, which includes its lead product candidate, TSC-101, for acute myeloid leukemia (AML) and myelodysplastic syndrome (MDS). As a result, the company paused further enrollment in its solid tumor Phase 1 trial while focusing preclinical efforts on in vivo engineering for solid tumors. This strategic shift is expected to yield annual cost savings of $45.0 million in 2026 and 2027. The company is also expanding its heme malignancies program with TSC-102-A01 and TSC-102-A03, TCR-T therapy candidates targeting CD45.
Looking ahead, TScan anticipates initiating a registrational trial for TSC-101 in the second quarter of 2026, pending further feedback from regulatory authorities. The company also plans to initiate a Phase 1 study for both TSC-102 candidates in the second half of 2026. TScan's strategy includes advancing its in vivo solid tumor program through preclinical development and opportunistically pursuing strategic partnerships and collaborations to maximize the potential of its platform. The company's mission is to create life-changing T cell therapies for patients with cancer and autoimmune disorders.
About TScan Therapeutics, Inc.
TScan Therapeutics develops T cell receptor (TCR)-engineered T cell therapies targeting cancer. Its platform identifies clinically relevant TCRs from patients with exceptional responses, enabling personalized and multiplexed treatments for hematologic malignancies and solid tumors. The company focuses on creating scalable manufacturing processes, expanding its TCR bank, and advancing clinical trials to deliver innovative immunotherapies that address tumor heterogeneity and resistance.
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