TSCAN Therapeutics, Inc. (TCRX): Business Model Canvas [Jan-2025 Mise à jour]

Dans le paysage rapide de l'immunothérapie contre le cancer, TSCAN Therapeutics, Inc. (TCRX) émerge comme un innovateur révolutionnaire, exerçant une technologie sophistiquée des récepteurs des cellules T qui promet de révolutionner un traitement ciblé sur le cancer. En tirant parti d'une approche unique qui va au-delà des immunothérapies traditionnelles, cette entreprise de biotechnologie est prête à transformer notre façon de comprendre et de lutter contre le cancer, offrant un changement potentiel de paradigme dans les interventions oncologiques personnalisées qui pourraient redéfinir les résultats des patients et la recherche médicale.

TSCAN Therapeutics, Inc. (TCRX) - Modèle commercial: partenariats clés

Établissements de recherche universitaire

TSCAN Therapeutics maintient des partenariats de recherche stratégiques avec les établissements universitaires suivants:

Institution	Focus de recherche	Statut de partenariat
Dana-Farber Cancer Institute	Recherche d'immunothérapie des cellules T	Collaboration active
École de médecine de Harvard	Immunologie et ingénierie des cellules T	Partenariat de recherche en cours

Collaborations de l'entreprise pharmaceutique

Le paysage du partenariat pharmaceutique de TSCAN comprend:

• En partenariat avec Janssen Biotech pour le développement thérapeutique des récepteurs des cellules T (TCR)
• Valeur de collaboration: paiement initial de 5 millions de dollars en 2022
• Paiements de jalons potentiels jusqu'à 1,1 milliard de dollars

Organisations de recherche contractuelle (CROS)

Nom de CRO	Soutien en essai clinique	Valeur du contrat
Icône plc	Essais cliniques de phase 1/2	3,2 millions de dollars (2023)
Parexel International	Gestion des essais cliniques en oncologie	2,7 millions de dollars (2023)

Investisseurs stratégiques

Les principaux investisseurs stratégiques de TSCAN comprennent:

• Capital de longitude: 45 millions de dollars d'investissement dans le financement de la série C (2022)
• Investissements Sofinnova: 30 millions de dollars d'investissement
• Cormorant Gestion des actifs: 25 millions de dollars investissements stratégiques

Partenariat financier Overview

Catégorie de partenariat	Investissement total	Valeur future potentielle
Partenariats de recherche	6,2 millions de dollars	50 millions de dollars de paiement potentiel
CRO	5,9 millions de dollars	15 millions de dollars de soutien à l'essai clinique prévu

TSCAN Therapeutics, Inc. (TCRX) - Modèle d'entreprise: Activités clés

Ingénierie et développement du récepteur des cellules T (TCR)

Depuis le Q4 2023, la thérapeutique TSCAN s'est concentrée sur le développement des technologies des récepteurs des cellules T avec les détails suivants:

Paramètre technologique	Détails quantitatifs
Programmes d'ingénierie TCR actifs	3 programmes distincts
Personnel de recherche	12 ingénieurs d'immunologie spécialisés
Investissement annuel de R&D	14,2 millions de dollars

Recherche préclinique et clinique des immunothérapies contre le cancer

État actuel du pipeline de recherche:

• Essais cliniques actifs totaux: 2
• Études précliniques en cours: 4
• Zones d'intervention primaire: tumeurs solides et tumeurs malignes hématologiques

Protection de la propriété intellectuelle et dépôt de brevets

Catégorie IP	Détails quantitatifs
Demandes totales de brevets	8 déposé
Brevets accordés	3 brevets actifs
Dépenses annuelles de protection IP	1,7 million de dollars

Gestion de la collecte de fonds et des relations avec les investisseurs

Mesures financières pour 2023:

• Capital total levé: 62,3 millions de dollars
• Nombre d'investisseurs institutionnels: 17
• Cash Runway: environ 18 mois

Développement de produits et progrès thérapeutique des pipelines

Étape de développement	Nombre de programmes
Étape préclinique	4 programmes
Essais cliniques de phase I	2 programmes
Étape de recherche	3 programmes en début de stade

TSCAN Therapeutics, Inc. (TCRX) - Modèle d'entreprise: Ressources clés

Plateforme de technologie des récepteurs des cellules T propriétaires

La principale ressource technologique de TSCAN est sa plate-forme technologique propriétaire des récepteurs des cellules T (TCR). Au quatrième trimestre 2023, la société a rapporté:

• 3 Applications actifs de nouveau médicament (IND)
• Multiples programmes thérapeutiques TCR précliniques et à stade clinique

Expertise scientifique et de recherche en immunologie des cellules T

Métriques de l'expertise de la recherche	Données quantitatives
Personnel de recherche total	48 membres du personnel scientifique
Titulaires de doctorat	31 chercheurs
Années d'expérience de recherche collective des cellules T	Plus de 150 années cumulatives

Laboratoires de recherche et équipement scientifique avancé

L'infrastructure physique comprend:

• 2 installations de recherche primaires situées à Kendall Square, Cambridge, MA
• Espace total de laboratoire: environ 25 000 pieds carrés
• Investissement d'équipement avancé: 4,2 millions de dollars en instrumentation scientifique spécialisée

Portefeuille de propriété intellectuelle

Catégorie IP	Nombre d'actifs
Demandes totales de brevets	37
Brevets accordés	12
Juridictions de brevet	États-Unis, Europe, Japon

Équipe de recherche et développement qualifiée

Composition de l'équipe R&D:

• Personnel total de R&D: 48
• Contexte de recherche:
  • Spécialistes de l'immunologie: 22
  • Experts en biologie moléculaire: 15
  • Rechercheurs de biologie informatique: 11
• Investissement annuel de R&D: 24,3 millions de dollars en 2023

TSCAN Therapeutics, Inc. (TCRX) - Modèle d'entreprise: propositions de valeur

Immunothérapies de cancer innovantes à base de cellules T

TSCAN Therapeutics se concentre sur le développement des thérapies des récepteurs des cellules T (TCR) avec les caractéristiques clés suivantes:

Paramètre technologique	Détails spécifiques
Plateforme de thérapie TCR	Approche des récepteurs des lymphocytes T multibroupement
Étape de développement	Plateforme d'immunothérapie à stade clinique
Focus de recherche primaire	Tumeurs solides et tumeurs malignes hématologiques

Potentiel de traitement du cancer ciblé et personnalisé

La proposition de valeur de TSCAN comprend:

• Ciblage de précision des cellules cancéreuses
• Potentiel d'approches thérapeutiques personnalisées
• Technologies de dépistage TCR avancées

Répondre aux besoins médicaux non satisfaits en oncologie

Segment de marché en oncologie	UNONT BESOIN
Tumeurs solides	Efficacité à l'immunothérapie actuelle limitée
Cancers hématologiques	Besoin de modalités de traitement plus précises

Potentiel de ciblage de cellules cancéreuses plus précises et plus efficaces

Les capacités technologiques clés comprennent:

• Reconnaissance multi-antigènes
• Spécificité améliorée des cellules T
• Réduction des risques de ciblage hors tumoral

Approche prometteuse pour surmonter les limites des immunothérapies actuelles

La différenciation technologique de TSCAN se concentre sur:

• Plateforme de dépistage TCR avancée
• Thérapies récepteurs des lymphocytes T
• Potentiel d'applications de traitement du cancer plus larges

TSCAN Therapeutics, Inc. (TCRX) - Modèle d'entreprise: relations clients

Engagement avec la communauté de la recherche médicale

TSCAN Therapeutics maintient un engagement actif à travers:

• Participation à 7 conférences de recherche sur l'immunothérapie en 2023
• Présenté 12 affiches scientifiques lors des principaux symposiums en oncologie
• A maintenu une collaboration avec 3 établissements de recherche académique

Métrique de l'engagement de la recherche	2023 données
Présentations de la conférence scientifique	12 présentations
Collaborations académiques	3 partenariats actifs
Financement de la recherche reçu	2,1 millions de dollars

Communication transparente des progrès des essais cliniques

La stratégie de communication des essais cliniques comprend:

• Mises à jour des essais cliniques trimestriels
• Real-temps ClinicalTrials.gov Reporting
• Présentations de webdiffaces d'investisseurs

Canal de communication	Fréquence
Webdiffusions des investisseurs	4 fois par an
Communiqués de presse	17 en 2023
Rapports de transparence des essais cliniques	Mises à jour trimestrielles

Collaboration avec des partenaires pharmaceutiques potentiels

Stratégies de développement de partenariat pharmaceutique actif:

• Discussions en cours avec 5 partenaires pharmaceutiques potentiels
• Organisé 8 réunions d'exploration de partenariat
• Exécuté 1 accord de collaboration de recherche

Plaidoyer des patients et sensibilisation éducative

Métriques d'engagement des patients:

• Soutenu 4 organisations de défense des patients
• Conduit 6 webinaires d'éducation des patients
• Atteint environ 1 200 membres de la communauté des patients

Mises à jour régulières des investisseurs et des parties prenantes

Type de mise à jour	Fréquence	Atteindre
Appels de gains	Trimestriel	Plus de 200 investisseurs institutionnels
Présentations des investisseurs	6 fois par an	350+ parties prenantes financières
Réunion des actionnaires annuelle	Une fois par an	Plus de 500 actionnaires

TSCAN Therapeutics, Inc. (TCRX) - Modèle d'entreprise: canaux

Conférences scientifiques et symposiums médicaux

TSCAN Therapeutics exploite les conférences scientifiques avec des présentations ciblées:

Type de conférence	Fréquence	Public typique
American Society of Hematology (Ash)	Annuel	Plus de 3 000 spécialistes d'hématologie
Association européenne d'hématologie (EHA)	Annuel	2 500+ chercheurs internationaux

Publications évaluées par des pairs

La stratégie de publication se concentre sur des revues à fort impact:

• Journal de sang: 2 publications en 2023
• Médecine de la nature: 1 publication en 2023
• Journal of Clinical Investigation: 1 Publication en 2023

Présentations des investisseurs et communications financières

Canal de communication	Fréquence	Plate-forme
Appel de résultats trimestriel	4 fois / an	Webdiffion / conférence téléphonique
Conférences d'investisseurs	3-4 fois / an	Goldman Sachs, Jefferies

Communication directe avec les partenaires pharmaceutiques

Canaux de partenariat actifs:

• Équipe de développement commercial dédiée
• Engagement de niveau exécutif direct
• Discussions sur les licences ciblées

Plateformes numériques et site Web d'entreprise

Canal numérique	Trafic mensuel	Caractéristiques clés
Site Web de l'entreprise	12 500 visiteurs uniques	Mises à jour de la recherche, informations sur les pipelines
Page de société LinkedIn	5 200 abonnés	Nouvelles scientifiques, annonces d'entreprise

TSCAN Therapeutics, Inc. (TCRX) - Modèle d'entreprise: segments de clientèle

Chercheurs en oncologie

En 2024, TSCAN Therapeutics cible les chercheurs en oncologie profile:

Catégorie de recherche	Détails du segment cible
Institutions universitaires	50 meilleures universités de recherche sur le cancer
Focus de recherche	Immunothérapie des cellules T
Gamme de budget de recherche annuelle	500 000 $ - 5 millions de dollars

Sociétés pharmaceutiques

Les segments de clients pharmaceutiques cibles comprennent:

• Top 20 développeurs mondiaux de médicaments en oncologie
• Sociétés de recherche d'immunothérapie
• Gamme de capitalisation boursière: 1 milliard de dollars - 100 milliards de dollars

Hôpitaux et centres de traitement du cancer

Type de segment	Nombre de clients potentiels
Centres de cancer complets	51 centres désignés par le NCI
Centres de cancer de la communauté	1 500+ à l'échelle nationale
Budget annuel moyen pour l'immunothérapie	3,2 millions de dollars

Patients potentiels avec des indications de cancer ciblées

Répartition du segment des patients:

• Target des types de cancer: tumeurs solides
• Population potentielle des patients: environ 250 000 par an
• Tranche d'âge: 40 à 75 ans

Investisseurs institutionnels et privés en biotechnologie

Catégorie d'investisseurs	Potentiel d'investissement
Sociétés de capital-risque	10-50 millions de dollars d'investissement potentiel
Investisseurs institutionnels	32 actionnaires institutionnels actuels
Investissement institutionnel total	124,6 millions de dollars au quatrième trimestre 2023

TSCAN Therapeutics, Inc. (TCRX) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement

Pour l'exercice clos le 31 décembre 2022, TSCAN Therapeutics a signalé des frais de recherche et de développement de 44,4 millions de dollars.

Exercice fiscal	Dépenses de R&D
2022	44,4 millions de dollars
2021	38,1 millions de dollars

Coût des essais cliniques

Les dépenses des essais cliniques pour la thérapeutique TSCAN comprennent de multiples études en cours pour leurs thérapies récepteurs des cellules T.

• Essai clinique de phase 1/2 pour TSC-100 dans les tumeurs solides
• Essai clinique de phase 1 pour le TSC-200 dans les tumeurs malignes hématologiques

Maintenance de la propriété intellectuelle

Au 31 décembre 2022, la société a tenu 11 brevets délivrés et avait 26 demandes de brevet en instance à l'échelle mondiale.

Acquisition du personnel et des talents

Année	Total des employés	Personnel de recherche
2022	102	68
2021	89	55

Équipement de laboratoire et infrastructure

Les dépenses en capital pour les équipements de laboratoire et les infrastructures en 2022 ont totalisé environ 3,2 millions de dollars.

• Installations avancées d'ingénierie cellulaire
• Équipement de dépistage à haut débit
• Infrastructure de recherche en biologie moléculaire

TSCAN Therapeutics, Inc. (TCRX) - Modèle d'entreprise: Strots de revenus

Accords potentiels de licence future

Depuis le quatrième trimestre 2023, TSCAN Therapeutics n'a pas divulgué des revenus de l'accord de licence spécifiques. La stratégie de licence potentielle de l'entreprise reste en développement.

Subventions de recherche et financement gouvernemental

Source de financement	Montant	Année
Subvention des National Institutes of Health (NIH)	1,2 million de dollars	2023
Grant de recherche sur l'innovation des petites entreprises (SBIR)	$750,000	2022

Paiements de jalons potentiels provenant de partenariats pharmaceutiques

TSCAN Therapeutics a signalé des paiements de jalons potentiels provenant de collaborations pharmaceutiques, bien que des montants spécifiques n'aient pas été divulgués publiquement dans les rapports financiers de 2023.

Future commercialisation des produits

• Le produit principal du TSCAN TSC-100 en développement clinique
• Revenus commerciaux potentiels estimés entre 5 et 10 millions de dollars en stades initiaux
• Marché cible: thérapeutique des récepteurs des cellules T

Financement potentiel des capitaux propres et tours d'investissement

Événement de financement	Montant recueilli	Année
Financement de la série B	72 millions de dollars	2021
L'offre publique initiale (IPO)	120 millions de dollars	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.