TScan Therapeutics Reports Q3 2024 Financial Results

Tscan Therapeutics, Inc. ( (TCRX) ) has released its Q3 earnings. Here is a breakdown of the information Tscan Therapeutics, Inc. presented to its investors.

TScan Therapeutics, Inc. is a clinical-stage biotechnology company specializing in T cell receptor-engineered T cell therapies, primarily for cancer treatment, with a focus on hematologic malignancies and solid tumors.

In their latest earnings report for the third quarter of 2024, TScan Therapeutics highlighted key milestones, including plans for an oral presentation at the upcoming ASH Annual Meeting and a virtual event to discuss updates on the ALLOHA Phase 1 trial. The company remains on track to dose its first patient with multiplex TCR-T therapy by the end of the year.

Financially, TScan reported a decrease in revenue to $1.0 million for Q3 2024, down from $3.9 million in Q3 2023, attributed to the timing of research activities with Amgen. The company’s R&D expenses rose to $26.3 million, and G&A expenses increased to $7.4 million, reflecting expanded clinical activities and increased personnel costs. The net loss for the quarter was $29.9 million, an increase from the previous year’s $23.0 million.

Strategically, TScan has expanded its manufacturing capacity and is preparing to transfer its commercial heme manufacturing process to a global CDMO in 2025. The company is actively progressing its pipeline, with plans to open expansion cohorts for its heme malignancies program and file an IND for a new solid tumor therapy candidate by the end of 2024.

Looking ahead, TScan’s management remains confident in advancing their clinical-stage pipeline and leveraging their cash reserves, which are expected to fund operations into the fourth quarter of 2026. The company aims to continue enhancing its TCR-T therapies and expanding its ImmunoBank to meet diverse cancer treatment needs.