Key Highlights

• Positive updated data from the ALLOHA™ Phase 1 Heme Trial presented at ASH 2025.
• Enrollment completed in Cohort C of Phase 1 ALLOHA™ trial; patients to be dosed with commercial-ready manufacturing process.
• FDA clearance of INDs for TSC-102-A01 and TSC-102-A03, expanding reach to more post-transplant heme malignancy patients.
• Cash and cash equivalents sufficient to fund operations into the second half of 2027.
• Discontinuation of PLEXI-T™ solid tumor program; focus shifting to heme malignancies and autoimmunity pipeline.
• Significant financial movements: Increased revenues, controlled expenses, and a strong cash position.

Business and Regulatory Updates: Potential Share Price Movers

Hematologic Malignancies Program

• ALLOHA™ Phase 1 Clinical Data:
  • TSC-101 was well-tolerated with no dose-limiting toxicities observed.
  • Favorable relapse-free survival (Hazard Ratio, HR = 0.50; p = 0.23) and overall survival (HR = 0.61; p = 0.52). Although not statistically significant, these trends are encouraging for a small early-phase trial.
  • Of the patients who reached two-year follow-up, all TSC-101-treated patients (3/3, 100%) remained relapse-free versus 1/4 (25%) in the control arm.
• FDA IND Clearance:
  • February 2026: FDA cleared investigational new drug applications for TSC-102-A01 and TSC-102-A03, both targeting CD45 in heme malignancy patients post-allogeneic hematopoietic cell transplantation (HCT).
  • Therapies designed for patients with HLA-A*01:01 or HLA-A*03:01, paired with HLA-negative donors. This potentially doubles the eligible patient population.
  • Phase 1 trial for these candidates planned for the second half of 2026.
• Cohort C Enrollment Completion:
  • February 2026: Enrollment completed for Cohort C of the ALLOHA™ trial, with patients to be dosed using the commercial-ready manufacturing process. Early data expected in Q2 2026, pivotal trial launch also anticipated in Q2 2026.
• Upcoming Milestones:
  • Early clinical data from Cohort C (Q2 2026).
  • Pivotal trial launch for TSC-101 (Q2 2026).
  • Updated Cohort C data (H2 2026).
  • Initiation of Phase 1 study for TSC-102-A01 and TSC-102-A03 (H2 2026).

Early Pipeline Updates

• Solid Tumor Program:
  • The PLEXI-T™ trial for solid tumors was discontinued in November 2025. Data from initial patients are disclosed in the 2025 10-K.
  • New focus on in vivo engineering of TCR-T cells for future solid tumor therapy.
• Autoimmunity Program:
  • Using their target discovery platform to identify T-cell driven autoimmune disorder targets.
  • Preclinical proof-of-concept data expected in H2 2026.

Financial Performance and Key Metrics

• Revenue:
  • Q4 2025: \$2.6 million (up from \$0.7 million in Q4 2024).
  • Full-Year 2025: \$10.3 million (up from \$2.8 million in 2024).
  • Growth driven primarily by collaboration with Amgen.
• R&D Expenses:
  • Q4 2025: \$20.0 million (down from \$29.4 million in Q4 2024).
  • Full-Year 2025: \$114.2 million (up from \$107.4 million in 2024).
  • Annual increase due to manufacturing and clinical expansion, offset by Q4 savings from strategic focus on heme program.
• G&A Expenses:
  • Q4 2025: \$6.4 million (down from \$8.0 million in Q4 2024).
  • Full-Year 2025: \$32.0 million (up from \$30.3 million in 2024).
  • Higher annual costs reflect increased personnel, with Q4 decrease due to heme program focus.
• Net Loss:
  • Q4 2025: \$23.0 million (improved from \$35.8 million loss in Q4 2024).
  • Full-Year 2025: \$129.8 million (slightly higher than \$127.5 million in 2024).
• Cash Position:
  • As of December 31, 2025: \$152.4 million in cash and equivalents (excluding \$5.0 million restricted cash).
  • Management expects this will fund current operations into H2 2027.
• Shares Outstanding:
  • As of December 31, 2025: 56,901,623 total shares (52.6M voting, 4.3M non-voting), plus 73,011,767 pre-funded warrants.
  • Pro forma total (stock + warrants): 129,913,390 shares.

Strategic Focus and Forward-Looking Statements

TScan is now strategically focused on advancing its TCR-T therapies for hematologic malignancies, with a strong emphasis on expanding the eligible patient pool and progressing towards pivotal trials. The discontinuation of the PLEXI-T™ trial signals a deliberate shift away from solid tumor clinical development, though in vivo TCR-T engineering remains an area of early research. The autoimmunity pipeline is in preclinical phases with data expected later in 2026.

The company’s robust cash position and anticipated milestones—especially Phase 3 trial initiation, expanded patient reach via new INDs, and upcoming data readouts—are all potentially price-sensitive catalysts that investors should monitor closely.

Management cautions that forward-looking statements are subject to risks and uncertainties, including clinical trial outcomes, regulatory approvals, manufacturing scalability, and competitive landscape.