TScan Therapeutics Reports Q1 2026 Financial Results with Revenue Decline and Improved Net Loss

TScan Therapeutics, Inc. reported its financial results for the first quarter of 2026, revealing a revenue of $982,000, a decrease from $2.2 million in the same period of 2025. This decline is attributed to the timing of research activities under the collaboration agreement with Amgen, which began in May 2023. The company's total operating expenses for the quarter were $30.1 million, down from $38.4 million year-over-year, primarily due to a significant reduction in research and development costs, which fell from $29.8 million to $21.9 million. The net loss for the quarter was $28.7 million, an improvement from the $34.1 million loss reported in the prior year.

In terms of operational metrics, TScan's cash and cash equivalents stood at $128.1 million as of March 31, 2026, down from $152.4 million at the end of 2025. The company’s accumulated deficit increased to $533.5 million, reflecting ongoing investments in research and development. The reduction in operating expenses was largely driven by a $5.2 million decrease in laboratory supplies and materials, as well as a strategic decision to prioritize clinical development in hematologic malignancies, which included pausing enrollment in a solid tumor Phase 1 trial and reducing headcount.

TScan has made strategic advancements, including the ongoing development of its lead product candidate, TSC-101, which is in a Phase 1 clinical study for treating acute myeloid leukemia and myelodysplastic syndrome. The company is also expanding its pipeline with additional TCR-T therapy candidates targeting various HLA types. Furthermore, TScan entered into a collaboration agreement with Amgen, which includes a $30 million upfront payment and potential milestone payments exceeding $500 million, contingent on clinical development achievements.

Looking ahead, TScan anticipates continued operating losses as it ramps up research and development activities. The company expects its existing cash reserves to fund operations into the second half of 2027. However, it acknowledges the need for substantial additional funding to support ongoing and future projects, including clinical trials and commercialization efforts. TScan's management has indicated that it may pursue a combination of equity offerings, debt financing, and strategic collaborations to secure the necessary capital for its growth strategy.