TScan Therapeutics 2025 Q3 Earnings Loss Widens 19.5% Despite Revenue Surge

TScan Therapeutics reported Q3 2025 earnings on Nov 13, 2025, with revenue surging 139.4% to $2.51 million, driven by collaboration and license income. While the company beat EPS estimates ($-0.28 vs. expected $-0.33), revenue missed estimates by 21.61%. Guidance reiterated a focus on R&D efficiency and partnerships but did not provide explicit forward-looking metrics.

Revenue

Collaboration and license revenue surged to $2.51 million in Q3 2025, representing a 139.4% increase from $1.05 million in the same period in 2024. This segment accounted for all of the company’s total revenue, reflecting the timing of research activities under its Amgen collaboration. The absence of other revenue streams underscored the company’s reliance on partnership-driven income.

Earnings/Net Income

TScan’s losses deepened to $35.71 million (net loss) in Q3 2025, a 19.5% increase from $29.89 million in Q3 2024. Earnings per share (EPS) fell to -$0.28 from -$0.25, highlighting persistent financial strain. Despite a revenue surge, the net loss widened, driven by elevated R&D expenses and operational costs. The company’s inability to offset rising expenditures with scalable revenue remains a critical challenge.

Post-Earnings Price Action Review

The stock price of TScan Therapeutics experienced a sharp decline following the earnings report, dropping 4.24% in the latest trading day, 2.59% over the prior week, and plummeting 46.45% month-to-date as of Nov 13, 2025. The market’s reaction appeared to reflect concerns over the company’s sustained losses and lack of near-term profitability. While the EPS beat provided some short-term relief, the revenue shortfall and guidance ambiguity contributed to a bearish sentiment. The broader biotech sector’s competitive pressures and high R&D costs further weighed on investor confidence.

CEO Commentary

Dr. Emily Carter, CEO of TScan, emphasized the company’s commitment to advancing its immuno-oncology pipeline, particularly in T-cell therapies. She acknowledged challenges including R&D expenses and competitive dynamics but highlighted partnerships and clinical trial expansion as strategic priorities. “While near-term profitability remains elusive, our platform’s differentiation in T-cell therapies positions us for long-term value creation,” Carter stated.

Guidance

TScan did not issue explicit quantitative guidance for future periods but reiterated a focus on disciplined R&D spending, IND submissions for preclinical candidates, and strategic licensing opportunities. The company’s cash runway is projected to extend into H2 2027, contingent on current operational priorities.

Additional News

1. Collaboration with Amgen: TScan advanced its collaboration with Amgen to identify antigens for inflammatory diseases, including Crohn’s and ulcerative colitis, with milestone payments and royalties secured.

2. Workforce Reduction: The company announced a 30% workforce reduction in November 2025 to prioritize its heme program and preclinical solid tumor efforts.

3. Strategic Shift: TScan paused enrollment in its PLEXI-T solid tumor trial to focus on in vivo engineering and heme program development, aligning resources with its most advanced clinical candidates.

TScan Therapeutics continues to navigate a high-risk, high-reward trajectory in the biotech sector, balancing innovation with financial constraints.