WALTHAM, Mass. — March 4, 2026 — Leads & Copy — TScan Therapeutics Inc. (Nasdaq: TCRX) reported its financial results for the three months and full year ended Dec. 31, 2025, and provided business updates, according to a press release.
The clinical-stage biotechnology company, which focuses on developing T cell receptor (TCR)-engineered T cell (TCR-T) therapies for cancer patients, announced several key updates, including positive data from its ALLOHA™ Phase 1 heme trial, completion of enrollment in Cohort C of the ALLOHA™ trial, and FDA clearance for two new therapies.
Gavin MacBeath, Ph.D., Chief Executive Officer, said the company expects to share initial data from patients enrolled in Cohort C of the ALLOHA™ study and initiate its first Phase 3 trial in the second quarter.
In December 2025, TScan presented updated data from the ALLOHA™ Phase 1 heme trial at the 67th American Society of Hematology (ASH) Annual Meeting and Exposition. The data showed that TSC-101 was well-tolerated, with no dose-limiting toxicities observed. The treatment arm also demonstrated favorable relapse-free survival (HR=0.50; p=0.23) and overall survival (HR=0.61; p=0.52). All three TSC-101-treated patients who reached two-year follow-up remained relapse-free, compared to one of four in the control arm.
The FDA cleared the company’s investigational new drug (IND) applications for TSC-102-A01 and TSC-102-A03 in February 2026. These TCR-T therapy candidates target CD45, a protein broadly expressed in heme cells. The company plans to initiate a Phase 1 study with these candidates in the second half of this year.
TScan also announced completion of enrollment in Cohort C of the Phase 1 ALLOHA trial in February 2026. In this cohort, patients are being dosed with TSC-101 manufactured using its commercial-ready manufacturing process.
Additionally, the company presented a poster at the 2026 Transplantation & Cellular Therapy Meetings of ASTCT® and CIBMTR® (Tandem Meetings) in February 2026.
TScan anticipates sharing early clinical data on patients treated in Cohort C of the ALLOHA study and launching a pivotal trial for TSC-101 in the second quarter of 2026. The company also plans to share updated data on patients treated in Cohort C of the ALLOHA study and initiate a Phase 1 study of TSC-102-A01 and TSC-102-A03 in the second half of 2026.
In November 2025, TScan discontinued the PLEXI-T™ trial. Clinical data on initial patients treated in the study have been disclosed in the company’s 2025 Form 10-K filed with the Securities and Exchange Commission on March 4, 2026. The company is currently developing methods to engineer TCR-T cells in vivo to treat solid tumors and anticipates sharing preclinical proof-of-concept data for its therapeutic approach in the second half of 2026.
TScan reported revenue of $2.6 million for the fourth quarter of 2025, compared to $0.7 million for the fourth quarter of 2024, and $10.3 million for the full year 2025, compared to $2.8 million for the full year 2024. Research and development (R&D) expenses for the fourth quarter of 2025 were $20.0 million, compared to $29.4 million for the fourth quarter of 2024, and $114.2 million for the full year 2025, compared to $107.4 million for the full year 2024.
General and administrative (G&A) expenses for the fourth quarter of 2025 were $6.4 million, compared to $8.0 million for the fourth quarter of 2024, and $32.0 million for the full year 2025, compared to $30.3 million for the full year 2024. Net loss was $23.0 million for the fourth quarter of 2025, compared to $35.8 million for the fourth quarter of 2024. Cash and cash equivalents as of December 31, 2025, were $152.4 million. The company believes its existing cash resources will be sufficient to fund its current operating plan into the second half of 2027.
As of December 31, 2025, TScan had 56,901,623 issued and outstanding shares of common stock and 73,011,767 outstanding pre-funded warrants.
TScan is focused on developing T cell receptor (TCR)-engineered T cell (TCR-T) therapies for the treatment of patients with cancer. Its lead TCR-T therapy candidate is in development for the treatment of patients with hematologic malignancies to prevent relapse following allogeneic hematopoietic cell transplantation.
Source: TScan Therapeutics, Inc.
