TScan Therapeutics 2025 Q2 Earnings Significant Revenue Growth Despite Deepening Net Loss

TScan Therapeutics reported its 2025 Q2 earnings on August 12, 2025, showcasing a sharp rise in revenue despite a widened net loss. The results reflect mixed financial performance, with notable growth in collaboration and licensing income contrasting with ongoing operational challenges.

TScan Therapeutics reported a 473.9% year-over-year increase in total revenue, reaching $3.08 million for 2025 Q2 compared to $536,000 in the same period in 2024. The company’s revenue was entirely driven by collaboration and license income, underscoring the significance of its strategic partnerships and licensing activities in fueling top-line growth.

The company reported a net loss of $36.95 million in 2025 Q2, a 16.7% increase from the $31.66 million loss in 2024 Q2. Earnings per share (EPS) remained stable at -$0.28. Despite the substantial revenue increase, the widening net loss indicates continued pressure on profitability. The EPS figure highlights the ongoing financial strain on the company.

The stock price of TScan Therapeutics has experienced mixed performance in the short term. While it rose by 3.09% on the most recent trading day, it declined by 4.57% during the previous full trading week and dropped 7.73% month-to-date. The post-earnings price action suggests a bearish sentiment among investors.

A post-earnings trading strategy of purchasing TCRX shares on the earnings announcement date and holding for 30 days proved unprofitable. The 30-day average return was -22.41%, with the best return at -14.5% and the worst at -30.9%. This indicates that the stock's performance post-announcement was largely negative, with a significant loss across the holding period.

Gavin MacBeath, Ph.D., Chief Executive Officer, highlighted key advancements in TScan’s pipeline. The company is preparing to dose its first solid tumor patients with multiplex TCR-T in Q3 2025, with preliminary data expected by Q1 2026. He emphasized progress in process optimization for the heme program, including reduced manufacturing times and costs. Additionally, the company plans to initiate a registrational trial for TSC-101 in H2 2025 and file an IND for TSC-102-A0301 in the same period. Updated ALLOHA trial data are anticipated by year-end. MacBeath expressed optimism about both the heme and solid tumor programs and noted that regulatory feedback for a registrational trial is expected in 2025.

TScan Therapeutics expects to fund its operations through Q1 2027 based on its current cash resources. The company remains focused on advancing its pipeline and optimizing operational efficiency to position itself for future growth.

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