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Dec 31, 2025
Tscan Therapeutics Q4 2025 Earnings Report
TScan Therapeutics reported higher collaboration revenue and a reduced net loss in Q4 2025 as it advanced clinical programs in hematologic malignancies.
Key Takeaways
TScan Therapeutics generated modest collaboration revenue in the fourth quarter driven by its Amgen agreement while significantly narrowing its net loss year-over-year due to reduced operating expenses. The company continued advancing its ALLOHA Phase 1 program and strengthened its pipeline with new IND clearances targeting CD45. Cash resources are expected to fund operations into the second half of 2027.
Revenue increased to 2567000 in Q4 2025 driven by collaboration activities with Amgen.
Net loss narrowed to 22977000 compared with 35809000 in the prior-year quarter.
Operating loss was 23858000 reflecting continued investment in clinical development.
Cash and cash equivalents totaled 152406000 at year-end, expected to fund operations into the second half of 2027.
Revenue by Segment
Forward Guidance
TScan expects existing cash resources to fund operations into the second half of 2027 while advancing its hematologic malignancies pipeline and initiating new clinical trials.
Positive Outlook
- Cash runway expected into the second half of 2027.
- Phase 1 ALLOHA trial progressing with Cohort C enrollment completed.
- Plan to launch a pivotal trial for TSC-101 in the second quarter of 2026.
- New IND clearances for TSC-102-A01 and TSC-102-A03 expand addressable patient population.
- Additional clinical and preclinical data expected throughout 2026.
Challenges Ahead
- Company remains unprofitable with continued net losses.
- Revenue remains limited and dependent on collaboration agreements.
- Clinical development timelines introduce regulatory and execution risks.
- Pipeline programs remain in early-stage clinical development.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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