Tscan Therapeutics Q1 2023 Earnings Report
Key Takeaways
TScan Therapeutics reported first quarter 2023 financial results, including revenue of $6.8 million and a net loss of $22.6 million. The company highlighted its partnership with Amgen and the progress of its Phase 1 hematologic malignancies study. They ended the quarter with $95.6 million in cash and cash equivalents, extending their cash runway into the third quarter of 2024.
Entered into a partnership with Amgen to identify novel targets in Crohn’s disease, receiving $30 million upfront.
Enrolled patients in all three arms of the Phase 1 hematologic malignancies study, with TSC-101 progressing to the second dose level.
Announced an upcoming trial-in-progress poster presentation at ASGCT.
Appointed Barbara Klencke, M.D., to the Board of Directors.
Tscan Therapeutics
Tscan Therapeutics
Tscan Therapeutics Revenue by Segment
Forward Guidance
TScan anticipates several milestones in its hematologic malignancies and solid tumor programs, including reaching the recommended Phase 2 dose for TSC-100 and TSC-101, reporting interim clinical data, filing INDs for additional TCR-Ts, initiating a Phase 1 solid tumor clinical study, and sharing preliminary data. The company believes its existing cash and cash equivalents, combined with expected proceeds from the Amgen partnership, will be sufficient to fund its operating expenses and capital expenditure requirements into the third quarter of 2024.
Positive Outlook
- Enrollment of patients in all three arms of the Phase 1 umbrella trial for TSC-100 and TSC-101.
- Reaching the recommended Phase 2 dose for TSC-100 and TSC-101 and reporting interim clinical data by the end of 2023.
- Completion of Phase 1 dosing and reporting prevention of relapse data in 2024.
- Reporting two-year relapse data and initiating a registration trial in 2025.
- Further expansion of the ImmunoBank by filing INDs for two additional TCR-Ts by the middle of 2023, and two more TCR-Ts by year end.
Challenges Ahead
- Risks associated with clinical trial results.
- Uncertainties regarding the partnership with Amgen.
- Potential delays in preclinical studies, clinical trials, and research and development programs.
- Challenges in enrolling patients for clinical trials within the expected timeline.
- Dependence on maintaining development partnerships and collaborations.