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Jun 30, 2025
Tscan Therapeutics Q2 2025 Earnings Report
TScan Therapeutics reported a larger net loss in Q2 2025 despite increased revenue, primarily due to higher research and development expenses.
Key Takeaways
TScan Therapeutics saw revenue increase to $3.1 million in Q2 2025, driven by activity under its Amgen collaboration. However, higher R&D and G&A expenses contributed to a net loss of $37.0 million.
Revenue rose to $3.1 million, up from $0.5 million in Q2 2024, due to collaboration with Amgen.
Net loss increased to $37.0 million compared to $31.7 million in the prior year quarter.
Cash and equivalents stood at $218 million, sufficient to fund operations into Q1 2027.
R&D expenses increased significantly due to internal manufacturing expansion and external studies.
Revenue by Segment
Forward Guidance
TScan anticipates initiating a registrational trial for TSC-101 and dosing multiplex solid tumor patients in Q3 2025, with updated clinical data expected in early 2026.
Positive Outlook
- Dosing of first solid tumor patients expected in Q3 2025.
- Two-year relapse data from ALLOHA Phase 1 to be presented by year-end.
- IND filing for TSC-102-A0301 planned for H2 2025.
- Commercial-ready process finalized for heme program, lowering manufacturing costs.
- Cash runway extended into Q1 2027.
Challenges Ahead
- Continued high R&D and G&A expenses.
- Net loss increased year-over-year.
- No guidance on potential revenue milestones.
- Clinical data updates postponed to 2026.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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