TScan Therapeutics Reports $2.2 Million Revenue in Q1 2025, Net Loss of $34.1 Million

TScan Therapeutics, Inc. reported its financial results for the first quarter of 2025, revealing a revenue of $2.2 million, a significant increase from $566,000 in the same period last year. This growth is attributed to the collaboration agreement with Amgen, which commenced in May 2023, allowing TScan to recognize revenue from research activities. Despite this increase in revenue, the company reported a net loss of $34.1 million for the quarter, compared to a net loss of $30.1 million in the first quarter of 2024, reflecting ongoing operational challenges.

Total operating expenses for the first quarter of 2025 rose to $38.4 million, up from $31.9 million in the prior year. The increase was primarily driven by higher research and development costs, which amounted to $29.8 million, an increase of $4.9 million year-over-year. This rise in expenses was largely due to increased laboratory supplies and personnel costs associated with the expansion of TScan's research activities. General and administrative expenses also increased by $1.6 million, reflecting additional headcount and higher legal and professional fees.

As of March 31, 2025, TScan's total assets were reported at $332.7 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 fell to $154.1 million from $178.7 million. The company's total liabilities decreased to $122.5 million from $130.1 million, with current liabilities also showing a decline. The accumulated deficit increased to $409.2 million, indicating the ongoing financial pressures faced by the company as it continues to invest heavily in its research and development pipeline.

In terms of strategic developments, TScan has been actively expanding its pipeline of TCR-T therapy candidates aimed at treating various cancers. The company is advancing multiple product candidates, including TSC-100 and TSC-101, which are in clinical trials for hematologic malignancies. Additionally, TScan has received FDA clearance for its multiplex TCR-T therapy, known as T-Plex, which is designed to treat solid tumors. The company is also focused on expanding its ImmunoBank, a repository of therapeutic TCRs, to enhance its treatment offerings.

Looking ahead, TScan anticipates continued operating losses as it ramps up its clinical development efforts. The company expects that 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 committed to advancing its innovative therapies while navigating the complexities of the biotechnology landscape.