Key Highlights

  • Net loss was USD 33.1 million for the third quarter of 2026.
  • Cash and cash equivalents were USD 73.0 million as of September 30, 2026.
  • September restructuring reduced the workforce by approximately 75%.
  • Research and development expenses were USD 25.3 million, down from USD 31.7 million.

TScan Therapeutics (NASDAQ:TCRX) reported its third-quarter 2026 results, with loss per share of USD 0.25, against an estimate of USD 0.19. Revenue was USD 586 thousand, against an estimate of USD 459 thousand. The company is a clinical-stage biotechnology company in Waltham, Massachusetts, developing T cell receptor-engineered T cell therapies for cancer.

Net losses were USD 33.1 million for the three months and USD 92.1 million for the nine months ended September 30, 2026. For the years ended December 31, 2025 and 2024, net losses were USD 129.8 million and USD 127.5 million.

Restructuring and Program Focus

In September 2026, the company announced a restructuring plan to prioritize development of its in vivo-engineered TCR-T therapy candidates for solid tumors. The plan included a workforce reduction of approximately 75%, which the filing describes as producing cumulative cost savings of USD 55.0 million through the end of 2027. The company said it intends to preserve the potential value of its other programs through strategic partnerships.

As part of the strategy, the company also paused further enrollment in its Phase 3 ALLOHA-2 study of TSC-101. The company incurred approximately USD 4.4 million of expenses for wage continuance, severance-related benefits and other costs, of which USD 3.2 million is in Research and Development and USD 1.2 million is in general and administrative expenses. Accrued severance-related benefits and other costs were USD 3.0 million at September 30, 2026.

The filing also references a collaboration agreement with Amgen that terminated in August 2026. In updated data from Cohort C of its Phase 1 ALLOHA trial of TSC-101, all 14 patients achieved complete donor chimerism at various time-points. That included two patients who relapsed and later converted to complete donor chimerism after a third infusion.

Spending and Liquidity

Total research and development expenses were USD 25.3 million in the third quarter, against USD 31.7 million a year earlier. Personnel expenses were USD 8.0 million, down 15%. Laboratory supplies, research materials and studies were USD 6.0 million, down 35%, and clinical studies were USD 4.6 million, down 29%. Facility-related and other costs were USD 5.1 million, up 18%.

For the nine months, laboratory supplies, research materials and studies fell 49% to USD 15.6 million, and clinical studies fell 17% to USD 11.5 million. Other income decreased by USD 4.6 million for the nine months, primarily from lower interest income on lower cash balances.

As of September 30, 2026, the company had cash and cash equivalents of USD 73.0 million, excluding restricted cash of USD 5.0 million. Net cash used in Operating Activities was USD 103.3 million for the nine months ended September 30, 2025.

Nasdaq Notice and Going Concern Disclosure

On August 27, 2026, the company received written notice from Nasdaq that its voting common stock did not comply with the USD 1.00 minimum bid price rule, based on the closing bid price for the 30 consecutive trading days before the notice. It has an initial compliance period of 180 calendar days, until February 23, 2027, and may be offered a second 180-day period if it does not regain compliance.

The filing states that the company has concluded its management plans do not alleviate substantial doubt about its ability to continue as a going concern, and notes the delisting risk may affect access to capital markets. The financial statements do not include adjustments that might be needed if the company were unable to continue as a going concern.