TScan Therapeutics reported its third‑quarter 2025 financial results on November 12, 2025. Revenue climbed to $2.511 million, a 151 % year‑over‑year increase from $1.0 million in Q3 2024, while the company posted a net loss of $35.7 million. Earnings per share of $‑0.28 beat the consensus of $‑0.33 and $‑0.35, a $0.05 improvement.
The revenue surge was driven by partnership activity, including a new collaboration that generated $1.2 million in milestone payments and a licensing agreement that added $0.9 million. The $0.531 million beat over the consensus estimate of $1.98 million reflects stronger‑than‑expected commercial traction and a higher mix of paid collaborations.
Research and development costs rose to $31.7 million, up $5.4 million from $26.3 million in Q3 2024, reflecting intensified investment in the heme program and pre‑clinical work on in‑vivo TCR‑T therapies. General‑administrative expenses increased modestly to $7.9 million. The widening net loss is largely a consequence of the company’s capital‑intensive pipeline, but the EPS beat indicates that cost growth was partially offset by higher revenue and disciplined operating expenses.
Cash, cash equivalents and marketable securities stood at $184.5 million, giving the company a runway into the second half of 2027. The firm also announced a 30 % workforce reduction—66 roles—on November 3 to align resources with its prioritized heme program. A productive meeting with the FDA clarified the pivotal trial design for TSC‑101, de‑risking the program and providing a clear path to regulatory approval.
Chief Executive Officer Gavin MacBeath said the FDA agreement and improved manufacturing process position TSC‑101 for accelerated development, and that the company will share updated results from the ALLOHA Phase 1 trial at the upcoming ASH meeting in December. He also noted the pause in enrollment for the PLEXI‑T solid‑tumor trial and the shift toward pre‑clinical in‑vivo engineering, underscoring a strategic focus on the most promising assets.
Investors responded positively to the earnings release, citing the revenue beat, the FDA milestone, the extended cash runway, and the company’s focused strategy as key drivers. The market reaction reflected confidence that TScan’s regulatory progress and financial position will support continued progress toward commercialization of its heme and solid‑tumor programs.
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