TScan Therapeutics (TCRX) Q1 2026 earnings summary

Executive summary

• Focused on developing TCR-T therapies for cancer, with lead candidate TSC-101 in Phase 1 for AML and MDS; pivotal study path agreed with FDA in late 2025.

• Advanced TCR-T therapy pipeline with key milestones, including Phase 3 initiation for TSC-101 and Phase 1 for TSC-102-A01/A03 in 2026.

• Expanding hematologic malignancy program with additional TCRs and developing multiplex TCR-T therapies for solid tumors.

• Early data from Cohort C of the ALLOHA Phase 1 heme trial expected in Q2 2026; robust enrollment supports pivotal study readiness.

• Continued expansion into solid tumor and autoimmunity programs, with preclinical and proof-of-concept data anticipated in the second half of 2026.

Financial highlights

• Q1 2026 revenue was $1.0M, down from $2.2M in Q1 2025, due to timing of Amgen collaboration activities.

• Net loss for Q1 2026 was $28.7M, improved from $34.1M in Q1 2025.

• Research and development expenses decreased to $21.9M from $29.8M year-over-year, mainly from lower lab supplies, headcount reduction, and prioritization of the heme program.

• G&A expenses were $8.2M, slightly lower than $8.6M in Q1 2025.

• Cash and cash equivalents at March 31, 2026 were $128.1M, expected to fund operations into the second half of 2027.

Outlook and guidance

• Expect continued operating losses and increased expenses as clinical and preclinical programs advance.

• Early clinical data from ALLOHA Cohort C to be shared in Q2 2026, with updated data in the second half of 2026.

• Phase 3 study of TSC-101 and Phase 1 study of TSC-102-A01/A03 planned for 2026.

• Preclinical proof-of-concept data for the autoimmunity program expected in the second half of 2026.

• Existing cash is projected to fund operations into the second half of 2027, but substantial additional funding will be needed for commercialization.