TScan Therapeutics, Inc. (TCRX): Business Model Canvas [Dec-2025 Updated]

You're digging into the operational blueprint of this promising TCR-T cell therapy developer, trying to see past the stock ticker to where the real value is built. Honestly, looking at their structure as of late 2025, it's a classic biotech balancing act: pushing their lead candidate for blood cancers into a pivotal trial while sitting on a healthy $184.5 million in cash as of September 30th. The core engine relies heavily on their proprietary TargetScan discovery platform, but you have to watch the burn rate-R&D was a hefty $31.7 million in Q3 2025 alone. So, how are they managing that high-cost R&D against their limited revenue streams, which only hit $2.5 million in Q3 2025? Let's break down the nine essential blocks of their business model to see the near-term risks and the long-term payoff potential.

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

You're looking at the structure that supports TScan Therapeutics, Inc.'s pipeline advancement, especially as they streamline focus toward their heme program and pivot solid tumor strategy. The partnerships here are crucial for both funding and execution.

Amgen collaboration for TargetScan platform use in Crohn's disease

The multi-year collaboration with Amgen, which started in May 2023, is a significant non-core revenue driver, leveraging TScan Therapeutics' proprietary TargetScan platform to pinpoint antigens in Crohn's disease. This deal provides immediate capital and future upside potential.

Here's a quick look at the financial structure of that agreement:

The impact of this collaboration is visible in the reported quarterly revenue figures for 2025, which are directly tied to the timing of research activities under this agreement. For instance, Q1 2025 revenue hit $2.2 million, up substantially from $0.6 million in Q1 2024. Also, Q2 2025 revenue was $3.1 million versus Q2 2024's $0.5 million. Q3 2025 revenue was reported at $2.5 million, compared to $1.0 million in Q3 2024. Amgen is definitely helping fund the ongoing work.

Third-party specializing in lentiviral-based in vivo T cell engineering

TScan Therapeutics recently partnered with an unnamed third party to develop a lentiviral-based platform for in vivo engineering of T cells. Management sees this as a potentially more cost-efficient way to create off-the-shelf, multiplexed TCR-T therapies for solid tumors, marking a strategic shift from their prior in-house approach. This move supported a strategic prioritization that included pausing further enrollment on the PLEXI-T solid tumor trial. You can expect initial safety and efficacy data from this new preclinical development work in Q1 2026.

Academic institutions and clinical trial sites for R&D and patient enrollment

Advancing the pipeline requires engagement with clinical sites and academic bodies for trials and target discovery. TScan Therapeutics works with key collaborators, including academic institutions, to drive program discovery. You should track these key data presentation milestones:

• Initial data from autoimmunity programs presented at the American College of Rheumatology Conference 2025 in Chicago, IL (October 2025).
• Updated clinical data on the ALLOHA Phase 1 heme trial (NCT05473910) planned for presentation at the 67th American Society of Hematology (ASH) Annual Meeting on December 6, 2025.
• IND applications for two additional TCR-T product candidates to expand heme HLA coverage planned for submission in the fourth quarter of 2025.
• The pivotal trial launch for TSC-101 is scheduled for Q2 2026.

Contract Manufacturing Organizations (CMOs) for cell therapy production

Manufacturing complexity is a known bottleneck in cell therapy, and TScan Therapeutics' R&D spending reflects engagement with external production partners. The company's internal T-Integrate platform is a non-viral system designed to be more cost-effective and offer higher reproducibility than traditional lentiviral delivery. Still, external support is active.

The increase in Research and Development (R&D) expenses points to this external reliance and internal expansion:

For context, the overall Cell and Gene Therapy Manufacturing Market size for 2025 is estimated at USD 32,117.1 Mn.

Finance: review the Q4 2025 R&D spend forecast against the projected cash runway into the second half of 2027.

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

You're looking at the core engine driving TScan Therapeutics, Inc. right now-the day-to-day scientific and operational work that underpins their value proposition. As of late 2025, the focus has clearly sharpened, prioritizing the lead hematologic program while strategically pivoting the solid tumor effort.

Advancing lead candidate TSC-101 into pivotal trial for hematologic malignancies

The main push is getting TSC-101, their lead TCR-T therapy candidate for preventing relapse after allogeneic hematopoietic cell transplantation (HCT) in patients with AML, ALL, or MDS, across the finish line for the next stage. TScan Therapeutics recently locked down the path forward with the FDA. They reached agreement in October 2025 on a pivotal trial design that essentially mirrors the ongoing ALLOHA Phase 1 trial (NCT05473910), but now using a biologically-assigned internal control arm instead of an external one from the CIBMTR registry. This is a big deal for efficient trial execution. You should expect the pivotal trial for TSC-101 to start in Q2 2026.

The data supporting this move comes from the ALLOHA trial itself. As of the September 19, 2025 data cut, 42 patients were eligible for the safety analysis set (23 in the TSC-101 treatment arm and 19 in the control arm). The results showed promising trends:

• Improved relapse-free survival with a Hazard Ratio (HR) of 0.50 (p=0.23).
• Overall survival showed an HR of 0.61 (p=0.52) versus control.
• All 3 TSC-101 patients reaching two-year follow-up remained relapse-free, compared to 1 of 4 in the control group.

Also, a fixed dosing regimen was introduced into the ALLOHA trial during 2025, and they plan to dose about five more patients at this level before the pivotal trial starts. They are also expanding the heme program, with two additional IND applications scheduled to file in Q4 2025, targeting Phase 1 development in H2 2026. Honestly, the company is putting its chips on heme right now.

Operating and refining the proprietary TargetScan T-cell target discovery platform

The TargetScan platform remains a key activity, used not just for cancer but also for new indications. This proprietary, genome-wide, high-throughput screen identifies the natural target of a T-cell receptor (TCR) unbiasedly. A major effort in 2025 involved applying this technology to discover novel targets in T cell-driven autoimmune disorders, with initial findings set for presentation at the ACR Convergence 2025.

The platform's design also includes screening for potential off-targets that cross-react with proteins in critical organs, which is intended to reduce risk early on. Financially, the Research & Development (R&D) expenses for the third quarter of 2025 were $31.7 million, up from $26.3 million in Q3 2024, driven partly by clinical and manufacturing activities.

Preclinical development of in vivo-engineered TCR-T for solid tumors

TScan Therapeutics made a strategic pivot here. Enrollment in the PLEXI-T solid tumor Phase 1 trial (NCT05973487) has been paused after dosing the first two patients with multiplex TCR-T therapy. Instead of continuing that trial, the key activity is now shifting to the preclinical development of in vivo engineering methods for solid tumors. They believe this in vivo engineering approach is a more cost-efficient way to deliver off-the-shelf, multiplexed TCR-T cells. Initial safety and efficacy data from the PLEXI-T trial are still anticipated in Q1 2026, covering the patients treated to date.

Optimizing the commercial-ready manufacturing process for shorter production time

Manufacturing optimization was a critical activity following observations in the ALLOHA trial, where some patients experienced relapse or prolonged incomplete chimerism, which TScan attributed to high levels of T-cell expansion in the manufacturing process. To address this, they developed a new, commercial-ready manufacturing process. This optimization successfully reduced the manufacturing time from 17 days to 12 days, a reduction of five days. This new process also requires less ex vivo T cell expansion, which they believe is associated with better T-cell activity in patients.

Here's a quick look at the key operational and financial metrics supporting these activities as of late 2025:

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

When we look at the core assets TScan Therapeutics, Inc. (TCRX) relies on to execute its business plan, we're really looking at a mix of proprietary technology, financial runway, and specialized human capital. These are the things that make their value proposition possible.

Proprietary TargetScan platform and associated Intellectual Property (IP)

The foundation here is the TargetScan discovery platform. This technology is key because it allows TScan Therapeutics to perform an unbiased, genome-wide, high-throughput screen to identify the natural target of a given T cell receptor (TCR). The platform is designed to be versatile, applying to cancer, autoimmune disorders, and infectious diseases. A critical feature of the IP surrounding this platform is its ability to identify potential off-targets, which helps reduce safety risk early in development before clinical trials even start. This technology is so central that it is being leveraged through collaborations, such as the multi-year partnership initiated in May 2023 with Amgen to identify antigens in Crohn's disease.

The pipeline itself is built upon this IP foundation. As of early 2025, TScan Therapeutics had seven TCR-Ts cleared for clinical development in its PLEXI-T Phase 1 trial, all stemming from this core technology.

Cash, cash equivalents, and marketable securities of $184.5 million (Sep 30, 2025)

Liquidity is always a primary resource in biotech, and TScan Therapeutics, Inc. has a solid footing as of the end of the third quarter of 2025. You'll want to note the balance sheet strength here.

Here's the quick math on their financial position as of September 30, 2025:

This capital position is what allows them to prioritize the clinical development of their heme program and extend their operating plan runway.

ImmunoBank, a repository of therapeutic T-cell Receptors (TCRs)

The ImmunoBank is the tangible output of the TargetScan platform-it's the growing collection of therapeutic TCRs ready for deployment. The strategy here is to build a repository of TCRs that recognize diverse targets and are associated with multiple human leukocyte antigen (HLA) types. This allows for customized, multiplex TCR-T treatments designed to overcome tumor heterogeneity and prevent resistance.

The key resource here is the breadth and depth of this library. While the exact current count isn't public, we know that as of early 2025, the company had seven TCR-Ts cleared for clinical development under the PLEXI-T trial, which feeds directly into this bank.

Highly specialized scientific and clinical personnel

You can't run a TCR-T company without world-class talent in immunology, molecular biology, and clinical operations. This team is the engine that drives the platform and executes the trials. While employee counts fluctuate, especially with strategic shifts, the latest available estimate suggests a lean, focused team.

• Estimated Total Employees (as of late 2025): 148
• Employees as of December 31, 2024: 195

The recent strategic decision to prioritize the heme program and pause enrollment in the PLEXI-T trial suggests a realignment of this specialized workforce to focus on the most near-term catalyst, TSC-101. Honestly, in this sector, the quality of the team often outweighs the raw headcount number.

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:

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.

• 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:

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:

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.

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:

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.