TScan Therapeutics Q2 2024 Financial Results and Corporate Update

TScan Therapeutics, Inc., a Massachusetts-based clinical-stage biotechnology company, has unveiled its second-quarter financial results for 2024, along with a corporate update emphasizing significant progress in its T cell receptor (TCR)-engineered T cell therapy programs aimed at cancer treatment.

TScan's primary focus is on developing TCR-T therapies to combat hematologic malignancies and solid tumors. Recently, the company received a critical endorsement from the U.S. Food and Drug Administration (FDA), which granted Regenerative Medicine Advanced Therapy (RMAT) designation to its leading TCR-T therapy candidates, TSC-100 and TSC-101. These candidates are designed to treat residual disease and avert relapse in patients with acute myeloid leukemia (AML), acute lymphoblastic leukemia (ALL), and myelodysplastic syndrome (MDS) undergoing allogeneic hematopoietic cell transplantation (HCT) with reduced intensity conditioning.

TScan's CEO, Gavin MacBeath, Ph.D., acknowledged the RMAT designation as a pivotal milestone, reflecting the transformative potential of TSC-100 and TSC-101. He also highlighted the engagement of a contract development and manufacturing organization (CDMO) with global capabilities to support pivotal trials and subsequent commercialization. The company remains on track to share initial data from its solid tumor program and one-year data on initial patients in the ALLOHATM Phase 1 heme trial by the end of 2024.

In the solid tumor program, TScan is currently enrolling patients across the first two dose levels and aims to commence multiplex therapy by the year's end, paving the way for reporting meaningful response data in 2025. The company’s strategy involves expanding the ImmunoBank, a repository of therapeutic TCR-Ts targeting various cancer-associated antigens across different HLA types, to administer customized multiplex TCR-T therapies to patients.

Recent corporate developments include the appointment of Garry A. Nicholson to the Board of Directors and Stephen Biggar, M.D., Ph.D., assuming the role of Chair following Timothy Barberich's retirement. Additionally, TScan joined the Russell 3000® Index, broadening its market presence.

Regarding financial performance, TScan reported a revenue of $0.5 million for the second quarter of 2024, a stark decrease from the $3.1 million in the same period of 2023. This reduction was primarily attributed to the timing of research activities under its collaboration with Amgen. Research and development expenses escalated to $26.9 million, compared to $21.2 million in 2023, driven by increased clinical study costs, personnel expenses, and non-cash stock compensation expenses. General and administrative expenses also rose to $7.8 million from $6.5 million in the previous year, influenced by augmented personnel expenses and non-cash stock compensation.

The company reported a net loss of $31.7 million for the second quarter of 2024, up from $24.0 million in the same quarter of the previous year. This included net interest income of $2.5 million, compared to $0.6 million in 2023. As of June 30, 2024, TScan held $297.7 million in cash, cash equivalents, and marketable securities, projected to fund operations into the fourth quarter of 2026.

TScan continues to develop and broaden its range of TCR-T therapy candidates, aiming for substantial strides in treating cancer through innovative approaches. The company's commitment to advancing its clinical programs and strategic corporate initiatives reflects its goal of delivering transformative cancer therapies to patients.