TScan Therapeutics (TCRX) Q4 2025 earnings summary

Executive summary

• Presented positive updated data from the ALLOHA Phase 1 heme trial at ASH 2025, showing favorable relapse-free and overall survival for TSC-101-treated patients compared to control.

• Completed enrollment in Cohort C of the ALLOHA Phase 1 trial, with patients receiving commercial-ready manufactured TSC-101.

• FDA cleared INDs for TSC-102-A01 and TSC-102-A03, expanding the heme program to more patient populations.

• Discontinued the PLEXI-T solid tumor trial and shifted focus to in vivo TCR-T engineering for solid tumors.

• Autoimmunity program progressing, with preclinical proof-of-concept data expected in the second half of 2026.

Financial highlights

• Q4 2025 revenue was $2.6M, up from $0.7M in Q4 2024; full-year 2025 revenue was $10.3M, up from $2.8M in 2024, mainly due to Amgen collaboration.

• Q4 2025 R&D expenses were $20.0M, down from $29.4M in Q4 2024; full-year 2025 R&D expenses were $114.2M, up from $107.4M in 2024.

• Q4 2025 G&A expenses were $6.4M, down from $8.0M in Q4 2024; full-year 2025 G&A expenses were $32.0M, up from $30.3M in 2024.

• Net loss for Q4 2025 was $23.0M, improved from $35.8M in Q4 2024; full-year 2025 net loss was $129.8M, slightly higher than $127.5M in 2024.

• Cash and cash equivalents at year-end 2025 were $152.4M, expected to fund operations into the second half of 2027.

Outlook and guidance

• Early clinical data from Cohort C of the ALLOHA study to be shared in Q2 2026.

• Pivotal trial for TSC-101 to launch in Q2 2026.

• Updated Cohort C data and initiation of Phase 1 studies for TSC-102-A01 and TSC-102-A03 anticipated in the second half of 2026.

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