TScan Therapeutics (TCRX) Morgan Stanley 23rd Annual Global Healthcare Conference summary

Clinical program updates

• Lead hematologic malignancy program targets AML, MDS, and ALL patients undergoing bone marrow transplants, aiming to prevent relapse, especially in those receiving reduced intensity conditioning.

• Phase I data showed an 8% relapse rate in treated patients versus 33% in controls, prompting a move to a pivotal trial with a top-line readout expected by end of 2027.

• Pivotal trial uses real-world evidence from the CIBMTR database, matching each treated patient with three controls on key prognostic variables, and is powered for a hazard ratio of 0.6 for relapse-free survival.

• Expansion into additional HLA types is underway, with new TCRs targeting CD45 in IND-enabling activities, aiming to double the addressable market.

• Solid tumor program employs a multiplex approach, using an ImmunoBank of TCRs to address tumor heterogeneity, with initial safety and efficacy data from multiplex therapy expected in Q1 next year.

Safety, patient population, and physician feedback

• Cell therapy product has shown strong tolerability, with minimal adverse events and no increase in transplant-related complications.

• Focus is on older patients who receive reduced intensity conditioning, where relapse risk is highest and curative options are limited.

• Physicians are highly enthusiastic, with low thresholds for clinical adoption if relapse rates are reduced by 15–20%; payers are supportive if primary endpoints are met.

Financials, strategy, and future catalysts

• Cash position of $218 million provides runway into the first half of 2027, with capital prioritized for the pivotal trial and solid tumor data readout.

• Key upcoming milestones include updated hematology data at year-end, pivotal trial launch, IND filings for new HLA-targeted TCRs, and initial multiplex solid tumor data in Q1.

• Target discovery efforts in autoimmunity are ongoing, with partnerships and internal programs set to present new findings later this year.