TScan Therapeutics, Inc. (TCRX): Lienzo del Modelo de Negocio [Actualización de Ene-2025]

En el paisaje en rápida evolución de la inmunoterapia contra el cáncer, TSCAN Therapeutics, Inc. (TCRX) emerge como un innovador innovador, ejerciendo una tecnología sofisticada de receptores de células T que promete revolucionar el tratamiento dirigido contra el cáncer. Al aprovechar un enfoque único que va más allá de las inmunoterapias tradicionales, esta compañía de biotecnología está preparada para transformar la forma en que entendemos y combatemos el cáncer, ofreciendo un posible cambio de paradigma en intervenciones oncológicas personalizadas que podrían redefinir los resultados de los pacientes e investigación médica.

TSCAN Therapeutics, Inc. (TCRX) - Modelo de negocios: asociaciones clave

Instituciones de investigación académica

TSCAN Therapeutics mantiene asociaciones de investigación estratégica con las siguientes instituciones académicas:

Institución	Enfoque de investigación	Estado de asociación
Instituto del Cáncer Dana-Farber	Investigación de inmunoterapia con células T	Colaboración activa
Escuela de Medicina de Harvard	Ingeniería de inmunología e células T	Asociación de investigación en curso

Colaboraciones de la compañía farmacéutica

El panorama de la asociación farmacéutica de TSCAN incluye:

• Asociado con el desarrollo terapéutico de Janssen Biotech para el receptor de células T (TCR)
• Valor de colaboración: pago por adelantado de $ 5 millones en 2022
• Pagos potenciales de hitos de hasta $ 1.1 mil millones

Organizaciones de investigación por contrato (CRO)

Nombre de Cro	Apoyo de ensayos clínicos	Valor de contrato
Ícono plc	Ensayos clínicos de fase 1/2	$ 3.2 millones (2023)
Parexel International	Gestión de ensayos clínicos de oncología	$ 2.7 millones (2023)

Inversores estratégicos

Los inversores estratégicos clave de TSCAN incluyen:

• Capital de longitud: $ 45 millones de inversión en fondos de la Serie C (2022)
• Sofinnova Investments: inversión de $ 30 millones
• Gestión de activos de cormorán: inversión estratégica de $ 25 millones

Asociación financiera Overview

Categoría de asociación	Inversión total	Valor futuro potencial
Asociaciones de investigación	$ 6.2 millones	Pagos de hitos potenciales de $ 50 millones
Contratos de CRO	$ 5.9 millones	Soporte de ensayos clínicos proyectados de $ 15 millones

TSCAN Therapeutics, Inc. (TCRX) - Modelo de negocio: actividades clave

Ingeniería y desarrollo del receptor de células T (TCR)

A partir del cuarto trimestre de 2023, TSCAN Therapeutics se centró en el desarrollo de tecnologías de receptores de células T con los siguientes detalles:

Parámetro tecnológico	Detalles cuantitativos
Programas activos de ingeniería TCR	3 programas distintos
Personal de investigación	12 ingenieros de inmunología especializados
Inversión anual de I + D	$ 14.2 millones

Investigación preclínica y clínica para inmunoterapias contra el cáncer

Estado actual de la tubería de investigación:

• Ensayos clínicos activos totales: 2
• Estudios preclínicos en curso: 4
• Áreas de enfoque primario: tumores sólidos y neoplasias hematológicas

Protección de propiedad intelectual y presentación de patentes

Categoría de IP	Detalles cuantitativos
Solicitudes de patentes totales	8 archivado
Patentes concedidas	3 patentes activas
Gastos anuales de protección de IP	$ 1.7 millones

Recaudación de fondos y gestión de relaciones con los inversores

Métricas financieras para 2023:

• Capital total recaudado: $ 62.3 millones
• Número de inversores institucionales: 17
• Pista de efectivo: aproximadamente 18 meses

Desarrollo de productos y avance de la tubería terapéutica

Etapa de desarrollo	Número de programas
Etapa preclínica	4 programas
Ensayos clínicos de fase I	2 programas
Etapa de investigación	3 programas en etapa inicial

TSCAN Therapeutics, Inc. (TCRX) - Modelo de negocio: recursos clave

Plataforma de tecnología de receptores de células T patentadas

El recurso tecnológico clave de TSCAN es su plataforma de tecnología de receptor de células T patentadas (TCR). A partir del cuarto trimestre de 2023, la compañía informó:

• 3 aplicaciones activas de investigación de nuevo medicamento (IND)
• Múltiples programas terapéuticos de TCR preclínicos y de etapa clínica

Experiencia científica e de investigación en inmunología de células T

Métricas de experiencia en investigación	Datos cuantitativos
Personal de investigación total	48 miembros del personal científico
Titulares de doctorado	31 investigadores
Años de experiencia en investigación de células T colectivas	Más de 150 años acumulativos

Laboratorios de investigación y equipos científicos avanzados

La infraestructura física incluye:

• 2 instalaciones de investigación primarias ubicadas en Kendall Square, Cambridge, MA
• Espacio de laboratorio total: aproximadamente 25,000 pies cuadrados
• Inversión de equipos avanzados: $ 4.2 millones en instrumentación científica especializada

Cartera de propiedades intelectuales

Categoría de IP	Número de activos
Solicitudes de patentes totales	37
Patentes concedidas	12
Jurisdicciones de patente	Estados Unidos, Europa, Japón

Equipo calificado de investigación y desarrollo

Composición del equipo de I + D:

• Personal total de I + D: 48
• Antecedentes de investigación:
  • Especialistas en inmunología: 22
  • Expertos en biología molecular: 15
  • Investigadores de biología computacional: 11
• Inversión anual de I + D: $ 24.3 millones en 2023

TSCAN Therapeutics, Inc. (TCRX) - Modelo de negocio: propuestas de valor

Innovadoras inmunoterapias contra el cáncer basadas en receptores de células T

TSCAN Therapeutics se centra en las terapias en desarrollo del receptor de células T (TCR) con las siguientes características clave:

Parámetro tecnológico	Detalles específicos
Plataforma de terapia TCR	Enfoque de receptor de células T multi-dirigido
Etapa de desarrollo	Plataforma de inmunoterapia de etapa clínica
Enfoque de investigación principal	Tumores sólidos y neoplasias hematológicas

Potencial para el tratamiento del cáncer dirigido y personalizado

La propuesta de valor de TSCAN incluye:

• Dirección de precisión de las células cancerosas
• Potencial para enfoques terapéuticos personalizados
• Tecnologías avanzadas de detección de TCR

Abordar las necesidades médicas no satisfechas en oncología

Segmento del mercado de oncología	Necesidad insatisfecha
Tumores sólidos	Efectividad de inmunoterapia actual limitada
Cánceres hematológicos	Necesidad de modalidades de tratamiento más precisas

Potencial para una orientación de células cancerosas más precisas y efectivas

Las capacidades tecnológicas clave incluyen:

• Reconocimiento de múltiples antígeno
• Especificidad mejorada de células T
• Riesgos de orientación fuera de tumor reducido

Enfoque prometedor para superar las limitaciones de las inmunoterapias actuales

La diferenciación tecnológica de TSCAN se centra en:

• Plataforma de detección de TCR avanzada
• Terapias de receptores de células T de ingeniería
• Potencial para aplicaciones más amplias de tratamiento del cáncer

TSCAN Therapeutics, Inc. (TCRX) - Modelo de negocios: relaciones con los clientes

Compromiso con la comunidad de investigación médica

TSCAN Therapeutics mantiene una participación activa a través de:

• Participación en 7 conferencias de investigación de inmunoterapia en 2023
• Presentó 12 carteles científicos en los principales simposios de oncología
• Mantuvo la colaboración con 3 instituciones de investigación académica

Métrica de compromiso de investigación	2023 datos
Presentaciones de conferencias científicas	12 presentaciones
Colaboraciones académicas	3 asociaciones activas
Financiación de investigación recibida	$ 2.1 millones

Comunicación transparente del progreso del ensayo clínico

La estrategia de comunicación de ensayos clínicos incluye:

• Actualizaciones de ensayos clínicos trimestrales
• ClinicalTrials.gov en tiempo real Informes
• Presentaciones de transmisión web de inversores

Canal de comunicación	Frecuencia
Transmisores de inversores	4 veces al año
Comunicados de prensa	17 en 2023
Informes de transparencia de ensayos clínicos	Actualizaciones trimestrales

Colaboración con posibles socios farmacéuticos

Estrategias de desarrollo de asociaciones farmacéuticas activas:

• Discusiones en curso con 5 posibles socios farmacéuticos
• Organizó 8 reuniones de exploración de asociación
• Ejecutado 1 acuerdo de colaboración de investigación

Defensa del paciente y divulgación educativa

Métricas de compromiso del paciente:

• Apoyó a 4 organizaciones de defensa del paciente
• Realizado 6 seminarios web de educación para pacientes
• Alcanzó aproximadamente 1,200 miembros de la comunidad de pacientes

Actualizaciones regulares de inversionistas y partes interesadas

Tipo de actualización	Frecuencia	Alcanzar
Llamadas de ganancias	Trimestral	Más de 200 inversores institucionales
Presentaciones de inversores	6 veces anualmente	Más de 350 partes interesadas financieras
Reunión anual de accionistas	Una vez al año	500+ accionistas

TSCAN Therapeutics, Inc. (TCRX) - Modelo de negocios: canales

Conferencias científicas y simposios médicos

TSCAN Therapeutics aprovecha conferencias científicas con presentaciones específicas:

Tipo de conferencia	Frecuencia	Audiencia típica
Sociedad Americana de Hematología (Ash)	Anual	Más de 3.000 especialistas en hematología
Asociación Europea de Hematología (EHA)	Anual	Más de 2,500 investigadores internacionales

Publicaciones revisadas por pares

La estrategia de publicación se centra en revistas de alto impacto:

• Blood Journal: 2 publicaciones en 2023
• Medicina de la naturaleza: 1 publicación en 2023
• Revista de Investigación Clínica: 1 Publicación en 2023

Presentaciones de inversores y comunicaciones financieras

Canal de comunicación	Frecuencia	Plataforma
Llamada de ganancias trimestrales	4 veces/año	Transmisión web/conferencia telefónica
Conferencias de inversores	3-4 veces/año	Goldman Sachs, Jefferies

Comunicación directa con socios farmacéuticos

Canales de asociación activa:

• Equipo de desarrollo de negocios dedicado
• Compromiso directo a nivel ejecutivo
• Discusiones de licencia específicas

Plataformas digitales y sitio web corporativo

Canal digital	Tráfico mensual	Características clave
Sitio web corporativo	12,500 visitantes únicos	Actualizaciones de investigación, información de tuberías
Página de la empresa de LinkedIn	5.200 seguidores	Noticias científicas, anuncios de la empresa

TSCAN Therapeutics, Inc. (TCRX) - Modelo de negocio: segmentos de clientes

Investigadores de oncología

A partir de 2024, TSCAN Therapeutics se dirige a investigadores de oncología con lo siguiente profile:

Categoría de investigación	Detalles del segmento de destino
Instituciones académicas	Las 50 mejores universidades de investigación del cáncer
Enfoque de investigación	Inmunoterapia de células T
Rango de presupuesto de investigación anual	$ 500,000 - $ 5 millones

Compañías farmacéuticas

Los segmentos de clientes farmacéuticos objetivo incluyen:

• Top 20 desarrolladores de drogas de oncología global
• Empresas de investigación de inmunoterapia
• Rango de capitalización de mercado: $ 1 mil millones - $ 100 mil millones

Hospitales y centros de tratamiento del cáncer

Tipo de segmento	Número de clientes potenciales
Centros de cáncer integrales	51 centros designados por NCI
Centros de cáncer comunitario	1,500+ en todo el país
Presupuesto anual promedio para inmunoterapia	$ 3.2 millones

Pacientes potenciales con indicaciones de cáncer dirigidas

Desglose del segmento del paciente:

• Tipos de cáncer objetivo: tumores sólidos
• Popular población de pacientes: aproximadamente 250,000 anuales
• Rango de edad: 40-75 años

Inversores institucionales y privados en biotecnología

Categoría de inversionista	Potencial de inversión
Empresas de capital de riesgo	$ 10-50 millones de inversiones potenciales
Inversores institucionales	32 Accionistas institucionales actuales
Inversión institucional total	$ 124.6 millones a partir del cuarto trimestre de 2023

TSCAN Therapeutics, Inc. (TCRX) - Modelo de negocio: Estructura de costos

Gastos de investigación y desarrollo

Para el año fiscal que finalizó el 31 de diciembre de 2022, TSCAN Therapeutics reportó gastos de investigación y desarrollo de $ 44.4 millones.

Año fiscal	Gastos de I + D
2022	$ 44.4 millones
2021	$ 38.1 millones

Costos de ensayo clínico

Los gastos de ensayos clínicos para la terapéutica TSCAN incluyen múltiples estudios en curso para sus terapias receptores de células T.

• Ensayo clínico de fase 1/2 para TSC-100 en tumores sólidos
• Ensayo clínico de fase 1 para TSC-200 en neoplasias hematológicas

Mantenimiento de la propiedad intelectual

Al 31 de diciembre de 2022, la compañía celebró 11 patentes emitidas y tuvo 26 solicitudes de patentes pendientes a nivel mundial.

Adquisición de personal y talento

Año	Total de empleados	Personal de investigación
2022	102	68
2021	89	55

Equipo de laboratorio e infraestructura

Los gastos de capital para equipos e infraestructura de laboratorio en 2022 totalizaron aproximadamente $ 3.2 millones.

• Instalaciones avanzadas de ingeniería celular
• Equipo de detección de alto rendimiento
• Infraestructura de investigación de biología molecular

TSCAN Therapeutics, Inc. (TCRX) - Modelo de negocios: flujos de ingresos

Posibles acuerdos de licencia futuros

A partir del cuarto trimestre de 2023, TSCAN Therapeutics no ha revelado los ingresos específicos del acuerdo de licencia. La posible estrategia de licencia de la compañía sigue en desarrollo.

Subvenciones de investigación y financiación del gobierno

Fuente de financiación	Cantidad	Año
Subvención de los Institutos Nacionales de Salud (NIH)	$ 1.2 millones	2023
Subvención de Investigación de Innovación de Pequeñas Empresas (SBIR)	$750,000	2022

Pagos potenciales de hitos de asociaciones farmacéuticas

TSCAN Therapeutics informó posibles pagos de hitos de colaboraciones farmacéuticas, aunque los montos específicos no se revelaron públicamente en los informes financieros de 2023.

Comercialización futura de productos

• Producto principal de TSCAN TSC-100 en desarrollo clínico
• Los ingresos comerciales potenciales estimados entre $ 5-10 millones en etapas iniciales
• Mercado objetivo: terapéutica del receptor de células T

Rondas potenciales de financiamiento de capital e inversión

Evento de financiación	Cantidad recaudada	Año
Financiación de la Serie B	$ 72 millones	2021
Oferta pública inicial (IPO)	$ 120 millones	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.