TScan Therapeutics (TCRX) Q2 2026 earnings summary

Executive summary

• Lead TCR-T candidate TSC-101 entered Phase 3 ALLOHA-2 for AML/MDS post-HCT, with first patient dosed in July 2026 and topline data expected mid-2028.

• Positive initial data from Cohort C of Phase 1 ALLOHA validates commercial-ready manufacturing process.

• Pipeline expanded with TSC-102-A01/A03 for additional HLA types and multiplex TCR-T for solid tumors; Phase 1 trials for TSC-102-A01/A03 planned for Q4 2026.

• Collaboration with Amgen continues for target discovery in Crohn's disease and HLA-B*27 disorders.

• No therapies approved or revenue from product sales to date; operations funded by equity, debt, and collaborations.

Financial highlights

• Q2 2026 revenue was $1.1M, down from $3.1M in Q2 2025, mainly due to timing of Amgen collaboration and research activities.

• Net loss for Q2 2026 was $30.4M, improved from $37.0M in Q2 2025; six-month net loss was $59.0M vs. $71.1M prior year.

• R&D expenses for Q2 2026 were $23.4M, down $9.2M year-over-year, mainly from reduced lab and personnel costs.

• G&A expenses were $8.1M, down from $9.1M year-over-year.

• Cash and cash equivalents at June 30, 2026 were $100.2M, expected to fund operations into Q2 2027.

Outlook and guidance

• Substantial doubt exists about ability to continue as a going concern beyond 12 months without additional funding.

• Enrollment for Phase 3 ALLOHA-2 ongoing, with topline results expected mid-2028.

• Phase 1 studies for TSC-102-A01 and TSC-102-A03 to begin in Q4 2026, with initial data in 2027.

• IND application for solid tumor program targeted for H2 2027.

• Management is evaluating options for additional capital, including equity, debt, and partnerships.