TScan Therapeutics Q1 2024 Financial Results and Corporate Update

TScan Therapeutics, Inc., a clinical-stage biopharmaceutical company specializing in T cell receptor (TCR)-engineered T cell (TCR-T) therapies for cancer treatment, has shared its financial results for Q1 2024 and provided corporate updates. The company has achieved several milestones, notably the dosing of the first patient in a Phase 1 clinical trial for solid tumors, with preliminary data expected in 2024.

CEO Gavin MacBeath highlighted the advancement in clinical trials, particularly the progress in the solid tumor program, which involves dosing patients to establish safety before initiating multiplex TCR-T therapy, known as T-Plex. The solid tumor trial involves prospective patient assignment to treatment cohorts based on specific biomarkers. The first patient, with metastatic melanoma, received TSC-203-A0201, targeting PRAME on HLA-A*02:01. Over 60 patients have undergone biomarker testing, with a significant percentage qualifying for TCR-T or multiplex therapies.

In the hematologic malignancies program, designed to combat residual disease and prevent relapse in patients with AML, ALL, or MDS, follow-up data showed promising results. All eight patients in the treatment arm remain relapse-free with no detectable disease after a median follow-up of over ten months. Control-arm patients, on the other hand, experienced relapses and other complications.

TScan has also closed an upsized public offering, raising $167.8 million, which extends its financial runway into the fourth quarter of 2026. The funding will support the advancement of its programs and expansion of manufacturing capabilities.

Looking ahead, TScan has several anticipated milestones. For the heme malignancies program, opening of expansion cohorts at the recommended Phase 2 dose is planned for Q3 2024, with Phase 1 enrollment completion and data updates expected by the end of 2024. A registration trial is anticipated, pending regulatory feedback, with long-term data to be reported in 2025.

The solid tumor program continues to grow its ImmunoBank, aiming to treat patients with multiple TCR-Ts to address tumor heterogeneity and resistance. The Phase 1 study began in May, with initial data expected later in 2024 and additional investigational new drug filings planned to expand the ImmunoBank. Long-term response data for multiplex therapy is anticipated in 2025.

Financially, TScan reported a Q1 2024 revenue of $0.6 million, a decrease from $6.8 million in Q1 2023, attributed to the completion of a collaboration agreement with Novartis. Research and development expenses rose to $24.9 million from $21.8 million, driven by increased personnel costs and clinical trial expenses. General and administrative expenses decreased slightly to $7.1 million. The net loss for Q1 2024 was $30.1 million, compared to $22.6 million in Q1 2023. As of March 31, 2024, the company had $162.8 million in cash, excluding $5.0 million in restricted cash, which, combined with proceeds from the recent public offering, is expected to fund operations into late 2026.

TScan's focus remains on developing TCR-T therapies for cancer treatment. The company's lead candidates, TSC-100 and TSC-101, target hematologic malignancies post-transplant, while efforts continue to develop therapies for solid tumors. The ImmunoBank serves as a repository of therapeutic TCRs, aiding in the development of customized treatments for a variety of cancers.