TScan Therapeutics Q1 2026 Financial Results and Corporate Update
TScan Therapeutics Reports First Quarter 2026 Financial Results and Provides Major Corporate Update
Key Highlights and Potential Price-Sensitive Updates
- Early Clinical Data Imminent: TScan expects to share early data from patients treated in Cohort C of the ALLOHATM Phase 1 heme trial in Q2 2026. Over 10 patients have already been enrolled and treated using commercial-ready manufacturing, indicating robust physician support and paving the way for pivotal studies.
- Phase 3 Study Launch: The company plans to initiate the pivotal Phase 3 study of TSC-101 (ALLOHA-2TM) in AML and MDS patients undergoing allogenic hematopoietic cell transplantation in Q2 2026. This milestone could significantly impact future commercial prospects and value.
- Pipeline Expansion: TScan will begin a Phase 1 trial of TSC-102-A01 and TSC-102-A03, targeting CD45 in patients with HLA-A*01:01 and A*03:01, in the second half of 2026. These candidates could approximately double the number of patients eligible for TCR-T therapy post-transplant, expanding market potential.
- Solid Tumor Program Progress: The company is developing methods to engineer TCR-T cells in vivo for solid tumor treatment, with initial candidates in preclinical development.
- Autoimmunity Program: TScan is leveraging its discovery platform for T cell-driven autoimmune disorders, with preclinical proof-of-concept data expected in the second half of 2026.
- Financial Position: Cash and cash equivalents of \$128.1 million as of March 31, 2026 (excluding \$5.0 million in restricted cash), projected to fund operations into the second half of 2027.
Detailed Financial Performance
- Q1 2026 Revenue: \$1.0 million, down from \$2.2 million in Q1 2025, primarily due to timing of research activities under the Amgen collaboration.
- R&D Expenses: \$21.9 million for Q1 2026, a decrease from \$29.8 million in Q1 2025, driven by prioritization of the heme program and reduced supply purchases. Non-cash stock compensation accounted for \$1.2 million (vs. \$1.7 million in Q1 2025).
- G&A Expenses: \$8.2 million, slightly lower than \$8.6 million in Q1 2025, primarily due to reduced professional fees. Non-cash stock compensation was \$1.0 million.
- Net Loss: \$28.7 million for Q1 2026, improved from \$34.1 million in Q1 2025. Net interest income was \$0.5 million (vs. \$2.1 million prior year).
- Shares Outstanding: 60.1 million issued and outstanding shares of common stock, including 55.8 million voting shares and 4.3 million non-voting shares. Additionally, 69.8 million pre-funded warrants are outstanding, resulting in a pro forma share count of 129.9 million.
Recent Corporate and Pipeline Developments
- ASGCT Poster Presentation: In April 2026, TScan announced acceptance of an abstract for presentation at the American Society of Gene and Cell Therapy (ASGCT) 29th Annual Meeting (May 11, Boston). The poster will provide details on the identification and preclinical development of HLA-A*01:01 and HLA-A*03:01 restricted, CD45-targeted TCRs (TSC-102-A01, TSC-102-A03). Materials will be available on the company website after the event.
- Milestones in Heme Malignancies:
- Share early clinical data from Cohort C (ALLOHA trial) in Q2 2026.
- Launch Phase 3 study of TSC-101 in Q2 2026.
- Update Cohort C data in the second half of 2026.
- Initiate Phase 1 study of TSC-102-A01/A03 in the second half of 2026.
- Solid Tumor and Autoimmunity Programs: In vivo engineering for solid tumors is in preclinical stages. Preclinical proof-of-concept for the autoimmunity program is expected in the second half of 2026.
Balance Sheet Snapshot (as of March 31, 2026)
| Metric |
March 31, 2026 |
December 31, 2025 |
| Cash & Cash Equivalents |
\$128.1 million |
\$152.4 million |
| Other Assets |
\$73.9 million |
\$76.4 million |
| Total Assets |
\$201.99 million |
\$228.79 million |
| Total Liabilities |
\$105.1 million |
\$105.7 million |
| Total Stockholders’ Equity |
\$96.9 million |
\$123.1 million |
| Common Stock and Pre-funded Warrants Outstanding |
129,913,077 |
129,913,390 |
Condensed Consolidated Statement of Operations
| Item |
Q1 2026 |
Q1 2025 |
| Collaboration & License Revenue |
\$982,000 |
\$2,171,000 |
| Research & Development Expenses |
\$21,904,000 |
\$29,788,000 |
| General & Administrative Expenses |
\$8,217,000 |
\$8,633,000 |
| Total Operating Expenses |
\$30,121,000 |
\$38,421,000 |
| Loss From Operations |
(\$29,139,000) |
(\$36,250,000) |
| Interest & Other Income, Net |
\$1,162,000 |
\$2,802,000 |
| Interest Expense |
(\$689,000) |
(\$679,000) |
| Net Loss |
(\$28,666,000) |
(\$34,127,000) |
| Net Loss Per Share (Basic & Diluted) |
(\$0.22) |
(\$0.26) |
| Weighted Avg. Shares Outstanding |
129,913,376 |
129,678,572 |
Additional Information for Shareholders
- The planned Phase 3 launch and expected clinical data updates are likely to be key catalysts for TScan’s share price in 2026.
- Expansion of the eligible patient population via TSC-102-A01/A03 could substantially boost future revenues and market potential.
- Cash runway expected to last into the second half of 2027, reducing near-term financing risk.
- Shareholders should monitor the ASGCT presentation and subsequent data releases for potential material developments.
- Any progress in the solid tumor and autoimmunity programs may open additional value-creating opportunities.
Contact Information
Investor and Media Contact: Caileigh Dougherty
Phone: 857-399-9890
Email: [email protected]
Disclaimer
This article is intended for informational purposes only and does not constitute investment advice or a recommendation to buy or sell any securities. All forward-looking statements are based on management’s current expectations and are subject to risks and uncertainties. Please review TScan Therapeutics’ filings with the SEC for more details on risks and financial performance. Investors should conduct their own due diligence before making any investment decisions.
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