TScan Therapeutics, Inc. (TCRX): Business Model Canvas

In der sich schnell entwickelnden Landschaft der Krebsimmuntherapie erweist sich TScan Therapeutics, Inc. (TCRX) als bahnbrechender Innovator mit einer hochentwickelten T-Zell-Rezeptor-Technologie, die verspricht, die gezielte Krebsbehandlung zu revolutionieren. Durch die Nutzung eines einzigartigen Ansatzes, der über herkömmliche Immuntherapien hinausgeht, ist dieses Biotechnologieunternehmen bereit, die Art und Weise, wie wir Krebs verstehen und bekämpfen, zu verändern und einen potenziellen Paradigmenwechsel bei personalisierten onkologischen Interventionen herbeizuführen, der die Patientenergebnisse und die medizinische Forschung neu definieren könnte.

TScan Therapeutics, Inc. (TCRX) – Geschäftsmodell: Wichtige Partnerschaften

Akademische Forschungseinrichtungen

TScan Therapeutics unterhält strategische Forschungspartnerschaften mit folgenden akademischen Institutionen:

Institution	Forschungsschwerpunkt	Partnerschaftsstatus
Dana-Farber-Krebsinstitut	Forschung zur T-Zell-Immuntherapie	Aktive Zusammenarbeit
Harvard Medical School	Immunologie und T-Zell-Engineering	Laufende Forschungspartnerschaft

Kooperationen mit Pharmaunternehmen

Die pharmazeutische Partnerschaftslandschaft von TScan umfasst:

• Partnerschaft mit Janssen Biotech für die therapeutische Entwicklung von T-Zell-Rezeptoren (TCR).
• Wert der Zusammenarbeit: 5 Millionen US-Dollar Vorauszahlung im Jahr 2022
• Mögliche Meilensteinzahlungen bis zu 1,1 Milliarden US-Dollar

Auftragsforschungsinstitute (CROs)

CRO-Name	Unterstützung bei klinischen Studien	Vertragswert
ICON plc	Klinische Studien der Phase 1/2	3,2 Millionen US-Dollar (2023)
Parexel International	Management klinischer Onkologiestudien	2,7 Millionen US-Dollar (2023)

Strategische Investoren

Zu den wichtigsten strategischen Investoren von TScan gehören:

• Longitude Capital: 45-Millionen-Dollar-Investition in Serie-C-Finanzierung (2022)
• Sofinnova Investments: 30-Millionen-Dollar-Investition
• Cormorant Asset Management: 25 Millionen US-Dollar strategische Investition

Partnerschaft finanziell Overview

Kategorie „Partnerschaft“.	Gesamtinvestition	Potenzieller zukünftiger Wert
Forschungspartnerschaften	6,2 Millionen US-Dollar	Mögliche Meilensteinzahlungen in Höhe von 50 Millionen US-Dollar
CRO-Verträge	5,9 Millionen US-Dollar	Geplante Unterstützung für klinische Studien in Höhe von 15 Millionen US-Dollar

TScan Therapeutics, Inc. (TCRX) – Geschäftsmodell: Hauptaktivitäten

Technik und Entwicklung von T-Zell-Rezeptoren (TCR).

Ab dem vierten Quartal 2023 konzentrierte sich TScan Therapeutics auf die Entwicklung von T-Zell-Rezeptor-Technologien mit den folgenden Besonderheiten:

Technologieparameter	Quantitative Details
Aktive TCR-Engineering-Programme	3 verschiedene Programme
Forschungspersonal	12 spezialisierte Immunologie-Ingenieure
Jährliche F&E-Investitionen	14,2 Millionen US-Dollar

Präklinische und klinische Forschung für Krebsimmuntherapien

Aktueller Status der Forschungspipeline:

• Gesamtzahl der aktiven klinischen Studien: 2
• Laufende präklinische Studien: 4
• Hauptschwerpunkte: Solide Tumoren und hämatologische Malignome

Schutz des geistigen Eigentums und Patentanmeldung

IP-Kategorie	Quantitative Details
Gesamtzahl der Patentanmeldungen	8 eingereicht
Erteilte Patente	3 aktive Patente
Jährliche Ausgaben für den Schutz geistigen Eigentums	1,7 Millionen US-Dollar

Fundraising und Investor Relations Management

Finanzkennzahlen für 2023:

• Gesamtkapital: 62,3 Millionen US-Dollar
• Anzahl institutioneller Anleger: 17
• Cash Runway: Ungefähr 18 Monate

Produktentwicklung und Weiterentwicklung der therapeutischen Pipeline

Entwicklungsphase	Anzahl der Programme
Präklinisches Stadium	4 Programme
Klinische Studien der Phase I	2 Programme
Forschungsphase	3 Frühphasenprogramme

TScan Therapeutics, Inc. (TCRX) – Geschäftsmodell: Schlüsselressourcen

Proprietäre T-Zell-Rezeptor-Technologieplattform

Die wichtigste technologische Ressource von TScan ist seine proprietäre Technologieplattform für T-Zell-Rezeptoren (TCR). Zum vierten Quartal 2023 berichtete das Unternehmen:

• 3 aktive Prüfanträge für neue Arzneimittel (IND).
• Mehrere präklinische und klinische TCR-Therapieprogramme

Wissenschaftliche und Forschungsexpertise in der T-Zell-Immunologie

Kennzahlen zur Forschungskompetenz	Quantitative Daten
Gesamtes Forschungspersonal	48 wissenschaftliche Mitarbeiter
Doktoranden	31 Forscher
Jahrelange Erfahrung in der kollektiven T-Zell-Forschung	Insgesamt über 150 Jahre

Forschungslabore und fortschrittliche wissenschaftliche Ausrüstung

Zur physischen Infrastruktur gehören:

• 2 primäre Forschungseinrichtungen am Kendall Square, Cambridge, MA
• Gesamtlaborfläche: Ungefähr 25.000 Quadratmeter
• Investition in moderne Ausrüstung: 4,2 Millionen US-Dollar in spezialisierte wissenschaftliche Instrumente

Portfolio für geistiges Eigentum

IP-Kategorie	Anzahl der Vermögenswerte
Gesamtzahl der Patentanmeldungen	37
Erteilte Patente	12
Patentgerichte	Vereinigte Staaten, Europa, Japan

Kompetentes Forschungs- und Entwicklungsteam

Zusammensetzung des F&E-Teams:

• Gesamtzahl der F&E-Mitarbeiter: 48
• Forschungshintergrund:
  • Immunologiespezialisten: 22
  • Experten für Molekularbiologie: 15
  • Forscher der Computational Biology: 11
• Jährliche F&E-Investitionen: 24,3 Millionen US-Dollar im Jahr 2023

TScan Therapeutics, Inc. (TCRX) – Geschäftsmodell: Wertversprechen

Innovative T-Zell-Rezeptor-basierte Krebsimmuntherapien

TScan Therapeutics konzentriert sich auf die Entwicklung von T-Zell-Rezeptor (TCR)-Therapien mit den folgenden Schlüsselmerkmalen:

Technologieparameter	Spezifische Details
TCR-Therapieplattform	Multi-Targeting-T-Zell-Rezeptor-Ansatz
Entwicklungsphase	Plattform für Immuntherapie im klinischen Stadium
Primärer Forschungsschwerpunkt	Solide Tumoren und hämatologische Malignome

Potenzial für eine gezielte und personalisierte Krebsbehandlung

Das Wertversprechen von TScan umfasst:

• Präzises Targeting von Krebszellen
• Potenzial für personalisierte Therapieansätze
• Fortschrittliche TCR-Screening-Technologien

Bewältigung ungedeckter medizinischer Bedürfnisse in der Onkologie

Marktsegment Onkologie	Unerfüllter Bedarf wird angesprochen
Solide Tumoren	Begrenzte aktuelle Wirksamkeit der Immuntherapie
Hämatologische Krebserkrankungen	Bedarf an präziseren Behandlungsmodalitäten

Potenzial für präziseres und effektiveres Targeting von Krebszellen

Zu den wichtigsten technologischen Fähigkeiten gehören:

• Multi-Antigen-Erkennung
• Verbesserte T-Zell-Spezifität
• Reduzierte Risiken beim Targeting außerhalb des Tumors

Vielversprechender Ansatz zur Überwindung der Einschränkungen aktueller Immuntherapien

Die technologische Differenzierung von TScan konzentriert sich auf:

• Fortschrittliche TCR-Screening-Plattform
• Konstruierte T-Zell-Rezeptor-Therapien
• Potenzial für breitere Anwendungen in der Krebsbehandlung

TScan Therapeutics, Inc. (TCRX) – Geschäftsmodell: Kundenbeziehungen

Engagement in der medizinischen Forschungsgemeinschaft

TScan Therapeutics engagiert sich aktiv durch:

• Teilnahme an 7 Immuntherapie-Forschungskonferenzen im Jahr 2023
• Präsentierte 12 wissenschaftliche Poster auf großen Onkologie-Symposien
• Pflege der Zusammenarbeit mit drei akademischen Forschungseinrichtungen

Metrik für Forschungsengagement	Daten für 2023
Wissenschaftliche Konferenzpräsentationen	12 Vorträge
Akademische Kooperationen	3 aktive Partnerschaften
Forschungsgelder erhalten	2,1 Millionen US-Dollar

Transparente Kommunikation des Fortschritts klinischer Studien

Die Kommunikationsstrategie für klinische Studien umfasst:

• Vierteljährliche Aktualisierungen klinischer Studien
• Clinicaltrials.gov-Berichterstattung in Echtzeit
• Webcast-Präsentationen für Investoren

Kommunikationskanal	Häufigkeit
Investoren-Webcasts	4 Mal im Jahr
Pressemitteilungen	17 im Jahr 2023
Transparenzberichte zu klinischen Studien	Vierteljährliche Updates

Zusammenarbeit mit potenziellen Pharmapartnern

Aktive Entwicklungsstrategien für pharmazeutische Partnerschaften:

• Laufende Gespräche mit 5 potenziellen Pharmapartnern
• Ausrichtung von 8 Treffen zur Erkundung der Partnerschaft
• 1 Forschungskooperationsvereinbarung abgeschlossen

Patientenvertretung und Bildungsarbeit

Kennzahlen zur Patienteneinbindung:

• Unterstützte 4 Patientenvertretungsorganisationen
• Durchführung von 6 Webinaren zur Patientenaufklärung
• Erreicht etwa 1.200 Mitglieder der Patientengemeinschaft

Regelmäßige Updates für Investoren und Stakeholder

Aktualisierungstyp	Häufigkeit	Reichweite
Gewinnaufrufe	Vierteljährlich	Über 200 institutionelle Anleger
Investorenpräsentationen	6 mal jährlich	Über 350 Finanzakteure
Jahreshauptversammlung	Einmal im Jahr	Über 500 Aktionäre

TScan Therapeutics, Inc. (TCRX) – Geschäftsmodell: Kanäle

Wissenschaftliche Konferenzen und medizinische Symposien

TScan Therapeutics nutzt wissenschaftliche Konferenzen mit gezielten Präsentationen:

Konferenztyp	Häufigkeit	Typisches Publikum
Amerikanische Gesellschaft für Hämatologie (ASH)	Jährlich	Über 3.000 Hämatologie-Spezialisten
Europäische Vereinigung für Hämatologie (EHA)	Jährlich	Über 2.500 internationale Forscher

Von Experten begutachtete Veröffentlichungen

Die Publikationsstrategie konzentriert sich auf hochwirksame Zeitschriften:

• Blood Journal: 2 Veröffentlichungen im Jahr 2023
• Naturmedizin: 1 Veröffentlichung im Jahr 2023
• Journal of Clinical Investigation: 1 Veröffentlichung im Jahr 2023

Investorenpräsentationen und Finanzkommunikation

Kommunikationskanal	Häufigkeit	Plattform
Vierteljährlicher Gewinnaufruf	4 Mal/Jahr	Webcast/Telefonkonferenz
Investorenkonferenzen	3-4 Mal/Jahr	Goldman Sachs, Jefferies

Direkte Kommunikation mit Pharmapartnern

Aktive Partnerschaftskanäle:

• Engagiertes Geschäftsentwicklungsteam
• Direktes Engagement auf Führungsebene
• Gezielte Lizenzgespräche

Digitale Plattformen und Unternehmenswebsite

Digitaler Kanal	Monatlicher Verkehr	Hauptmerkmale
Unternehmenswebsite	12.500 einzelne Besucher	Forschungsaktualisierungen, Pipeline-Informationen
LinkedIn-Unternehmensseite	5.200 Follower	Wissenschaftliche Nachrichten, Unternehmensmitteilungen

TScan Therapeutics, Inc. (TCRX) – Geschäftsmodell: Kundensegmente

Onkologieforscher

Ab 2024 richtet sich TScan Therapeutics mit folgenden Angeboten an Onkologieforscher profile:

Forschungskategorie	Details zum Zielsegment
Akademische Institutionen	Die 50 besten Universitäten für Krebsforschung
Forschungsschwerpunkt	T-Zell-Immuntherapie
Jährlicher Forschungsbudgetbereich	500.000 bis 5 Millionen US-Dollar

Pharmaunternehmen

Zu den Zielkundensegmenten im Pharmabereich gehören:

• Die 20 weltweit führenden Entwickler von Onkologiemedikamenten
• Forschungsunternehmen im Bereich Immuntherapie
• Marktkapitalisierungsbereich: 1 Milliarde bis 100 Milliarden US-Dollar

Krankenhäuser und Krebsbehandlungszentren

Segmenttyp	Anzahl potenzieller Kunden
Umfassende Krebszentren	51 vom NCI benannte Zentren
Gemeindekrebszentren	Über 1.500 im ganzen Land
Durchschnittliches Jahresbudget für Immuntherapie	3,2 Millionen US-Dollar

Potenzielle Patienten mit gezielten Krebsindikationen

Aufschlüsselung nach Patientensegmenten:

• Zielkrebsarten: Solide Tumoren
• Potenzielle Patientenpopulation: Ungefähr 250.000 pro Jahr
• Altersspanne: 40-75 Jahre

Institutionelle und private Investoren in der Biotechnologie

Anlegerkategorie	Investitionspotenzial
Risikokapitalfirmen	Potenzielle Investition von 10 bis 50 Millionen US-Dollar
Institutionelle Anleger	32 aktuelle institutionelle Aktionäre
Gesamte institutionelle Investitionen	124,6 Millionen US-Dollar, Stand Q4 2023

TScan Therapeutics, Inc. (TCRX) – Geschäftsmodell: Kostenstruktur

Forschungs- und Entwicklungskosten

Für das am 31. Dezember 2022 endende Geschäftsjahr meldete TScan Therapeutics Forschungs- und Entwicklungskosten in Höhe von 44,4 Millionen US-Dollar.

Geschäftsjahr	F&E-Ausgaben
2022	44,4 Millionen US-Dollar
2021	38,1 Millionen US-Dollar

Kosten für klinische Studien

Zu den Ausgaben für klinische Studien von TScan Therapeutics gehören mehrere laufende Studien zu ihren T-Zell-Rezeptor-Therapien.

• Klinische Phase-1/2-Studie für TSC-100 bei soliden Tumoren
• Klinische Phase-1-Studie für TSC-200 bei hämatologischen Malignomen

Aufrechterhaltung des geistigen Eigentums

Zum 31. Dezember 2022 hielt das Unternehmen 11 erteilte Patente und hatte 26 anhängige Patentanmeldungen weltweit.

Personal- und Talentakquise

Jahr	Gesamtzahl der Mitarbeiter	Forschungspersonal
2022	102	68
2021	89	55

Laborausrüstung und Infrastruktur

Die Investitionen in Laborausstattung und Infrastruktur beliefen sich im Jahr 2022 auf ca 3,2 Millionen US-Dollar.

• Fortschrittliche Zelltechnik-Einrichtungen
• Hochdurchsatz-Screening-Ausrüstung
• Forschungsinfrastruktur für Molekularbiologie

TScan Therapeutics, Inc. (TCRX) – Geschäftsmodell: Einnahmequellen

Mögliche zukünftige Lizenzvereinbarungen

Bis zum vierten Quartal 2023 hat TScan Therapeutics keine spezifischen Einnahmen aus Lizenzvereinbarungen bekannt gegeben. Die potenzielle Lizenzierungsstrategie des Unternehmens befindet sich noch in der Entwicklung.

Forschungsstipendien und staatliche Förderung

Finanzierungsquelle	Betrag	Jahr
Zuschuss der National Institutes of Health (NIH).	1,2 Millionen US-Dollar	2023
Zuschuss für Small Business Innovation Research (SBIR).	$750,000	2022

Potenzielle Meilensteinzahlungen aus Pharmakooperationen

TScan Therapeutics meldete potenzielle Meilensteinzahlungen aus pharmazeutischen Kooperationen, konkrete Beträge wurden jedoch in den Finanzberichten für 2023 nicht öffentlich bekannt gegeben.

Zukünftige Produktkommerzialisierung

• Das führende Produkt von TScan, TSC-100, befindet sich in der klinischen Entwicklung
• Der potenzielle kommerzielle Umsatz wird in der Anfangsphase auf 5 bis 10 Millionen US-Dollar geschätzt
• Zielmarkt: T-Zell-Rezeptor-Therapeutika

Potenzielle Eigenkapitalfinanzierungs- und Investitionsrunden

Finanzierungsveranstaltung	Erhöhter Betrag	Jahr
Finanzierung der Serie B	72 Millionen Dollar	2021
Börsengang (IPO)	120 Millionen Dollar	2021

TScan Therapeutics, Inc. (TCRX) - Canvas Business Model: Value Propositions

You're looking at the core promises TScan Therapeutics, Inc. (TCRX) is making to the market, which is what this Value Propositions section of the Business Model Canvas is all about. It's about what tangible benefits they deliver to patients and the healthcare system, grounded in their latest clinical and operational data as of late 2025.

Preventing relapse in high-risk hematologic malignancy patients (TSC-101)

The primary value here is durable remission post-allogeneic hematopoietic cell transplantation (HCT) for patients with hematologic malignancies like AML and MDS. The ALLOHA™ Phase 1 trial data, cut as of September 19, 2025, shows a clear benefit over the control arm.

Here's the quick math on the relapse prevention:

Metric	TSC-101 Treatment Arm	Control Arm	Data Point/Context
Two-Year Relapse-Free Patients	3/3 (100%)	1/4 (25%)	Patients reaching two-year follow-up.
Overall Relapse Rate (N=19/18)	4 of 19 (21%)	6 of 18 (33%)	Relapses observed in the safety analysis set.
Relapse-Free Survival (RFS) HR	0.50 (p=0.23)	N/A	Hazard Ratio vs. control.
Probability of Relapse HR	0.46 (p=0.22)	N/A	Hazard Ratio for relapse probability.
Overall Survival (OS) HR	0.61 (p=0.52)	N/A	Hazard Ratio vs. control.

Furthermore, for the subgroup with TP53 mutations, which is a high-risk factor, only 1 of the 6 patients treated with TSC-101 relapsed, compared to both 2 patients in the control arm who relapsed and succumbed to their disease. TScan Therapeutics, Inc. has an agreement with the U.S. Food and Drug Administration (FDA) for a pivotal study design mirroring the Phase 1 trial, with the pivotal start targeted for Q2 2026.

Precision identification of novel T-cell targets across cancer and autoimmune diseases

TScan Therapeutics, Inc. is building an ImmunoBank of T-cell receptor (TCRs) to address broader patient populations than competitors who often target only the HLA-A02:01 type. TScan's platform is designed to target six different HLA types.

The company is actively expanding its pipeline beyond the lead candidate, with plans to submit Investigational New Drug (IND) applications for two additional TCR-T product candidates to expand HLA coverage for the heme program in Q4 2025.

The platform also extends its value proposition into autoimmunity, where TScan Therapeutics, Inc. is applying its TargetScan platform to discover novel targets in various T cell-mediated autoimmune disorders.

Shorter, more cost-efficent manufacturing process for cell therapy delivery

A key operational improvement directly translates to value by potentially lowering the cost of goods and improving T-cell quality. TScan Therapeutics, Inc. implemented a commercial-ready manufacturing process that shortens the manufacturing time by five days, moving from 17 days down to 12 days.

This shorter process reduces the need for high levels of ex vivo T cell expansion, which the company believes may be associated with decreased T cell activity in patients. An initial technology transfer of this improved process to an external contract development and manufacturing organization has been completed.

Financially, the company is managing resources to support this development, having reduced its 2025 total operating expenses guidance to between $250 million and $260 million, and extending its cash runway into the second half of 2027 based on September 30, 2025 cash levels of approximately $184.5 million (excluding $5.0 million restricted cash).

Developing a next-generation in vivo engineering approach for solid tumors

TScan Therapeutics, Inc. is pivoting its solid tumor strategy to focus on preclinical development of in vivo engineering to deliver TCR-T cells, which is viewed as a more cost-efficient way to deliver off-the-shelf, multiplexed TCR-T cells.

Prior to this strategic shift, the PLEXI-T solid tumor trial had reached specific milestones:

• In October 2025, the first two patients were dosed with multiplex TCR-T therapy candidates.
• Seven patients had been treated to date with singleplex TCR-T at dose level 3 or higher.
• Enrollment in the PLEXI-T trial was paused to focus on the in vivo engineering effort.
• Initial safety and efficacy data from the PLEXI-T trial are anticipated in Q1 2026.

The company has partnered with a third party specializing in the development of a lentiviral-based platform for this in vivo engineering.

TScan Therapeutics, Inc. (TCRX) - Canvas Business Model: Customer Relationships

You're looking at how TScan Therapeutics, Inc. manages its key relationships as it pushes its lead candidate toward commercial readiness. For a clinical-stage biotech, these relationships-with partners, regulators, and patients-are the lifeblood of the enterprise, directly impacting valuation and timeline de-risking.

High-touch, long-term strategic collaborations with pharmaceutical partners

The value derived from these partnerships is visible in the top line, showing the financial commitment from collaborators. For instance, revenue for the second quarter of 2025 reached $3.1 million, a substantial jump from $0.5 million in the same period the prior year, which the company explicitly tied to its collaboration agreement with Amgen. Similarly, third quarter of 2025 revenue was $2.5 million, up from $1.0 million in the third quarter of 2024, again driven by the timing of research activities under that same agreement. This revenue stream helps fund operations; the cash position as of September 30, 2025, stood at $184.5 million, excluding $5.0 million of restricted cash, which the company believes is sufficient to fund its operating plan into the second half of 2027.

Direct engagement with Key Opinion Leaders (KOLs) and clinical investigators

TScan Therapeutics actively engages the scientific community to validate its data. The company presented updated ALLOHA™ Phase 1 data for TSC-101 at the 67th American Society of Hematology (ASH) Annual Meeting and Exposition on December 6, 2025. Following this, TScan scheduled a virtual KOL event featuring Ran Reshef, M.D., M.Sc., for Monday, December 8, at 8:00 a.m. ET to discuss these findings further. This direct communication is crucial for building advocacy ahead of a pivotal trial launch.

Close regulatory interaction with the FDA on pivotal trial design

Regulatory alignment is a major de-risking event. TScan Therapeutics reached agreement with the FDA on the pivotal trial design for its lead candidate, TSC-101, following an End-of-Phase 1 meeting in October 2025. The agreed-upon registrational study design mirrors the current Phase 1 ALLOHA trial (NCT05473910) but will use a biologically assigned internal control arm instead of an external control arm sourced from the CIBMTR registry. The company plans to dose approximately five more patients at the fixed dose level using an improved manufacturing process before initiating the pivotal trial, which is now targeted to begin in Q2 2026. This strategic focus on the heme program resulted in a workforce reduction of approximately 30%, or 66 employees.

Clinical support for patients enrolled in ongoing trials (e.g., ALLOHA™)

The relationship with trial participants is supported by continuous data monitoring and process refinement. As of the September 19^th, 2025 data cut from the ALLOHA™ Phase 1 trial, 42 patients were eligible for the safety analysis set, comprising 23 in the TSC-101 treatment arm and 19 in the control arm. The treatment arm showed a relapse-free survival hazard ratio (HR) of 0.50 (p=0.23) versus control. Critically, 3 of 3 (100%) TSC-101-treated patients who reached two-year follow-up remained relapse-free, compared to only 1 of 4 (25%) in the control arm. Furthermore, TScan implemented a commercial-ready manufacturing process that shortens production time from 17 days to 12 days, a change made partly in response to observing instances of relapse or prolonged incomplete chimerism in earlier Phase 1 patients.

Metric	Value/Status as of Late 2025
Patients in ALLOHA Safety Analysis Set	42 total (23 treatment, 19 control)
TSC-101 Patients Relapse-Free at Two-Year Follow-up	3 of 3 (100%)
Control Patients Relapse-Free at Two-Year Follow-up	1 of 4 (25%)
Relapse-Free Survival HR (TSC-101 vs Control)	0.50 (p=0.23)
Manufacturing Time Reduction	From 17 days to 12 days
Pivotal Trial Start Target Date	Q2 2026
Cash Runway Extension (Post-Restructuring)	Into H2 2027
Workforce Reduction	Approximately 30% (66 employees)

• FDA agreement reached on pivotal trial design for TSC-101 in October 2025.
• Pivotal study will use a biologically assigned internal control arm.
• Q2 2025 Revenue from Amgen collaboration: $3.1 million.
• Q3 2025 Revenue from Amgen collaboration: $2.5 million.
• Cash, cash equivalents, and marketable securities (Sept 30, 2025): $184.5 million.
• Number of additional patients to dose before pivotal trial initiation: five.

TScan Therapeutics, Inc. (TCRX) - Canvas Business Model: Channels

You're mapping out how TScan Therapeutics, Inc. gets its value proposition-novel TCR-T therapies-to the market and the financial community. Here's the breakdown of their channels as of late 2025, grounded in the numbers we have.

Direct business development for platform licensing and collaboration agreements

Direct engagement drives platform adoption and funding milestones. The R&D expense increase in the first quarter of 2025, which rose to $29.8 million from $24.9 million in Q1 2024, was partly attributed to the timing of research activities under the collaboration agreement with Amgen. This shows a direct channel for monetizing the TargetScan platform beyond internal development.

Clinical trial networks and academic medical centers for patient access

Patient access is entirely channeled through clinical trial sites, primarily for the ALLOHA™ Phase 1 heme trial evaluating TSC-101. The data cut on September 19, 2025, showed 42 patients were included in the safety analysis set for this trial, with 23 in the TSC-101 treatment arm. The company has a clear path forward, having reached agreement with the FDA on a pivotal study design, with initiation targeted for Q2 2026. Furthermore, the manufacturing process for TSC-101 has been streamlined, reducing time from 17 to 12 days, which is critical for scaling this channel.

The efficacy data from this channel is compelling:

Metric (as of Sept 19, 2025 Cut)	TSC-101 Treatment Arm	Control Arm
Patients Reaching Two-Year Follow-up	3	4
Relapse-Free at Two Years	3/3 (100%)	1/4 (25%)
Relapse-Free Survival (HR)	0.50
Overall Survival (HR)	0.61

On the solid tumor side, the PLEXI-T™ trial paused enrollment after dosing the first two patients with the multiplex TCR-T therapy, shifting focus to in vivo engineering methods.

Scientific publications and conference presentations (e.g., ASH)

Dissemination of data through scientific channels is key for validation. TScan Therapeutics presented updated ALLOHA™ Phase 1 data at the 67th American Society of Hematology (ASH) Annual Meeting and Exposition on December 6, 2025. The company also presented at the ACR Convergence 2025 meeting. Earlier in the year, they presented at the Jefferies Global Healthcare Conference on June 4, 2025.

Key presentation venues in the latter half of 2025 included:

• Morgan Stanley 23rd Annual Global Healthcare Conference on September 9, 2025.
• H.C. Wainwright 27th Annual Global Investment Conference on September 10, 2025.
• A dedicated Virtual KOL Event on December 8, 2025, to discuss the ASH data.

Investor relations and corporate communications to the financial community

The financial community is reached through earnings calls and investor conferences. TScan Therapeutics reported its Third Quarter 2025 Financial Results on November 12, 2025. The company's cash position as of September 30, 2025, stood at $184.5 million in cash, cash equivalents, and marketable securities, excluding $5.0 million of restricted cash, which is projected to fund operations into the second half of 2027. The net loss for Q3 2025 was $35.7 million, with R&D expenses at $31.7 million.

Investor sentiment, as reflected by analyst targets in the last six months leading up to November 2025, showed a median price target of $6.5. The company also appointed Stephen Camiolo as Senior Vice President, Market Access, by May 2025, signaling a focus on future commercial readiness.

Investor events in late 2025 included participation in the Guggenheim Second Annual Healthcare Innovation Conference on November 12, 2025.

TScan Therapeutics, Inc. (TCRX) - Canvas Business Model: Customer Segments

You're looking at the core groups TScan Therapeutics, Inc. (TCRX) is targeting with its TCR-engineered T cell (TCR-T) therapies and discovery platforms as of late 2025. This isn't just about who buys the drug; it's about who needs the therapy or who can help advance the science.

Patients with Acute Myeloid Leukemia (AML) and Myelodysplastic Syndromes (MDS) post-HCT

This is the company's most advanced segment, centered on the TSC-101 program (ALLOHA™ Phase 1 trial) designed to prevent relapse after allogeneic hematopoietic cell transplantation (HCT). Bone marrow transplantation is the only curative path for many with AML and MDS, but roughly 40% of these patients relapse within two years, facing a very poor prognosis. TScan Therapeutics, Inc. (TCRX) is focused on this critical gap.

The data from the Phase 1 trial shows a clear benefit for this patient group:

• As of the December 2025 data presentations, 3/3 (100%) of TSC-101-treated patients reaching two-year follow-up remained relapse-free, versus 1/4 (25%) in the control arm.
• The relapse-free survival hazard ratio was 0.50 (p=0.23) in the treatment arm versus control.
• The FDA agreed to a pivotal study design mirroring the current Phase 1 trial, with a planned launch in the second quarter of 2026.
• As of the September 19th, 2025 data cut, 23 patients were in the TSC-101 treatment arm.

Large pharmaceutical and biotechnology companies seeking novel targets

TScan Therapeutics, Inc. (TCRX) leverages its proprietary TargetScan™ platform to identify novel antigens, making established biotech and pharma players key customers for its discovery services and potential licensing deals. These collaborations provide non-dilutive funding and validation for the platform.

The key partnership example defines the financial structure for this segment:

Partner/Program	Upfront Payment (Approximate)	Potential Total Milestones	Disease Area
Amgen (TargetScan)	$30 million	Over $500 million	Crohn's Disease (Autoimmune)

The company actively seeks to expand its reach in these areas through strategic collaborations.

Patients with various solid tumors (future segment via in vivo engineering)

While TScan Therapeutics, Inc. (TCRX) paused further enrollment in its PLEXI-T™ trial for solid tumors in late 2025 to prioritize the heme program, this segment remains a major future focus. The strategy here involves developing multiplex TCR-T therapies and shifting preclinical efforts toward in vivo engineering methods, which are viewed as a more cost-efficient way to deliver off-the-shelf cells.

Current status for this segment includes:

• The PLEXI-T™ trial has dosed its first patients with multiplex TCR-T therapy as of October 2025.
• The company plans to share initial safety and efficacy data from the patients infused to date in Q1 2026.
• The company has developed seven TCR-T therapies cleared for clinical development in its solid tumor program.

Autoimmune disease researchers and potential partners

TScan Therapeutics, Inc. (TCRX) is applying its TargetScan™ technology to identify targets and TCRs in T cell-mediated autoimmune disorders. This segment is currently in the discovery and partnership-seeking phase, building on the success seen with the Amgen collaboration.

Specific areas of focus presented in late 2025 include:

• Ankylosing Spondylitis
• Scleroderma
• Ulcerative Colitis

The company highlighted the potential application of its technology in these areas at the American College of Rheumatology Convergence 2025. This segment represents a potential diversification of the platform beyond oncology.

To manage resources while advancing the heme program, TScan Therapeutics, Inc. (TCRX) enacted a workforce reduction of approximately 30%, which is expected to extend the cash runway into the second half of 2027, based on the $184.5 million in cash and equivalents as of September 30, 2025.

TScan Therapeutics, Inc. (TCRX) - Canvas Business Model: Cost Structure

You're looking at TScan Therapeutics, Inc.'s cost structure as of late 2025, which is heavily weighted toward advancing its pipeline, particularly the heme program. The primary cost driver is clear when you look at the income statement for the third quarter of 2025.

Dominance of Research and Development (R&D) expenses is the defining feature of TScan Therapeutics' cost base. For the third quarter of 2025, R&D expenses totaled $31.7 million. This figure represents a significant commitment to the science, up from $26.3 million in the third quarter of 2024. This increase of $5.4 million was primarily driven by higher manufacturing and clinical activities, plus the associated personnel costs to support those efforts.

Personnel costs remain high, even after a recent strategic reorganization. TScan Therapeutics announced a workforce reduction of approximately 30%, which meant saying goodbye to 66 employees. The goal of this pivot was to focus resources on the hematological malignancies program and extend the cash runway into the second half of 2027. To be fair, these restructuring actions are expected to yield annualized cost savings of approximately $45 million in both 2026 and 2027. You'll defintely see the impact of this reduction in future quarters, though Q3 2025 still reflected the prior headcount.

Manufacturing costs for clinical-grade TCR-T product candidates are embedded within that rising R&D spend. The increase in R&D was explicitly linked to increased manufacturing and clinical activities. TScan Therapeutics retooled its manufacturing process for TSC-101 to reduce the time taken from 17 to 12 days, which also required less T-cell expansion. This optimization is a direct cost consideration supporting the lead program.

General and administrative (G&A) expenses were $7.9 million in Q3 2025, up from $7.4 million in the prior year period. This $0.5 million increase was primarily attributed to personnel costs needed to support general business activities.

The remaining major cost elements, which feed into the R&D bucket, include the costs associated with maintaining the company's scientific foundation and advancing trials. Here's a quick look at the key components and related financial context for Q3 2025:

• R&D expenses: $31.7 million
• G&A expenses: $7.9 million
• Total expected annual savings from workforce reduction: $45 million (starting 2026)
• Workforce reduction size: 30% of employees impacted
• Cash runway extension goal: Into H2 2027

You can see the breakdown of the main operating expenses below. Note that non-cash stock compensation is a component of both lines, so it's important to track that separately for true cash burn analysis.

Cost Component	Q3 2025 Amount (USD)	Q3 2024 Amount (USD)	Primary Driver of Change
Research and Development (R&D) Expenses	$31.7 million	$26.3 million	Increased manufacturing and clinical activities
General and Administrative (G&A) Expenses	$7.9 million	$7.4 million	Personnel costs to support business activities
R&D Non-Cash Stock Comp. Expense	$1.7 million	$1.2 million	N/A
G&A Non-Cash Stock Comp. Expense	$1.3 million	$1.3 million	N/A

The costs related to intellectual property maintenance and clinical trial execution fees are captured within the R&D line item, which saw a $5.4 million year-over-year increase. The agreement with the FDA on the pivotal study design for TSC-101 means that clinical trial execution costs are expected to remain a significant, though managed, part of the spending profile as TScan Therapeutics prepares for a pivotal trial launch in Q2 2026.

TScan Therapeutics, Inc. (TCRX) - Canvas Business Model: Revenue Streams

You're looking at the revenue side of TScan Therapeutics, Inc. (TCRX) as of late 2025. Honestly, the current picture is almost entirely dependent on non-sales income, which is typical for a clinical-stage biotech focused on novel cell therapies. The main driver right now is the partnership structure.

Collaboration and License Revenue is the bedrock of TScan Therapeutics, Inc.'s reported income. For the third quarter ended September 30, 2025, the company booked $2.51 million in revenue from these agreements. This was a significant jump, representing a 139.4% increase compared to the $1.05 million recorded in the third quarter of 2024. This revenue stream is critical because, as of the Q3 2025 report, it accounted for all of the company's total revenue.

Here's a quick look at how that revenue stacks up against the prior year's third quarter:

Revenue Component	Q3 2025 Amount (in millions)	Q3 2024 Amount (in millions)
Collaboration and License Revenue	$2.51	$1.05
Total Revenue	$2.51	$1.05
Net Loss	($35.71)	($29.89)

The primary source fueling this income is the strategic partnership with Amgen. The reported Q3 2025 revenue is directly tied to the timing of research activities under that collaboration agreement. This means TScan Therapeutics, Inc. is effectively generating cash by executing on its research obligations within the partnership framework, which helps offset some of the substantial Research and Development (R&D) expenses, which hit $31.7 million in Q3 2025.

You should also note the company's cash position, which speaks to its runway independent of immediate revenue recognition. As of September 30, 2025, TScan Therapeutics, Inc. held $184.5 million in cash, cash equivalents, and marketable securities (excluding restricted cash). Management projected this liquidity would fund operations into the second half of 2027.

Beyond the current research funding, the business model anticipates future value capture through performance-based payments. These are the less predictable, but potentially lucrative, components:

• Upfront payments and research funding from strategic partnerships, such as the one with Amgen, which is currently recognized as recurring collaboration revenue.
• Potential future milestone payments from partnered programs contingent on clinical or regulatory achievements for the joint assets.
• Eventual product sales of approved TCR-T therapies, like TSC-101, which is a long-term goal following the planned pivotal trial start in Q2 2026.

To be defintely clear, the near-term revenue is research funding, but the long-term potential rests on the success of TSC-101 moving through the pivotal study design agreed upon with the FDA.

Finance: draft 13-week cash view by Friday.