TScan Therapeutics, Inc. (TCRX): Modelo de negócios Canvas [Jan-2025 Atualizado]

Na paisagem em rápida evolução da imunoterapia contra o câncer, a TSCAN Therapeutics, Inc. (TCRX) surge como um inovador inovador, empunhando uma sofisticada tecnologia de receptores de células T que promete revolucionar o tratamento direcionado ao câncer. Ao alavancar uma abordagem única que vai além das imunoterapias tradicionais, esta empresa de biotecnologia está pronta para transformar a maneira como entendemos e combate o câncer, oferecendo uma potencial mudança de paradigma em intervenções oncológicas personalizadas que podem redefinir os resultados dos pacientes e a pesquisa médica.

TSCAN Therapeutics, Inc. (TCRX) - Modelo de negócios: Parcerias -chave

Instituições de pesquisa acadêmica

A TSCAN Therapeutics mantém parcerias estratégicas de pesquisa com as seguintes instituições acadêmicas:

Instituição	Foco na pesquisa	Status da parceria
Instituto de Câncer Dana-Farber	Pesquisa de imunoterapia de células T	Colaboração ativa
Escola de Medicina de Harvard	Imunologia e engenharia de células T	Parceria de Pesquisa em andamento

Colaborações da empresa farmacêutica

O cenário de parceria farmacêutica do TSCAN inclui:

• Em parceria com Janssen Biotech para o desenvolvimento terapêutico do receptor de células T (TCR)
• Valor de colaboração: US $ 5 milhões pagos antecipadamente em 2022
• Pagamentos em potencial em até US $ 1,1 bilhão

Organizações de pesquisa contratada (CROs)

Nome do CRO	Suporte ao ensaio clínico	Valor do contrato
Icon plc	Fase 1/2 ensaios clínicos	US $ 3,2 milhões (2023)
Parexel International	Gerenciamento de ensaios clínicos oncológicos	US $ 2,7 milhões (2023)

Investidores estratégicos

Os principais investidores estratégicos do TSCAN incluem:

• Capital de longitude: investimento de US $ 45 milhões em financiamento da série C (2022)
• Investimentos da Sofinnova: investimento de US $ 30 milhões
• Gerenciamento de ativos da Cormorant: investimento estratégico de US $ 25 milhões

Parceria financeira Overview

Categoria de parceria	Investimento total	Valor futuro potencial
Parcerias de pesquisa	US $ 6,2 milhões	US $ 50 milhões em potenciais pagamentos marcantes
Contratos de CRO	US $ 5,9 milhões	US $ 15 milhões projetados de apoio ao ensaio clínico

TScan Therapeutics, Inc. (TCRX) - Modelo de negócios: Atividades -chave

Engenharia e Desenvolvimento do Receptor de Células T (TCR)

A partir do quarto trimestre 2023, a TSCAN Therapeutics se concentrou no desenvolvimento de tecnologias de receptores de células T com os seguintes detalhes:

Parâmetro de tecnologia	Detalhes quantitativos
Programas ativos de engenharia de TCR	3 programas distintos
Pessoal de pesquisa	12 engenheiros de imunologia especializados
Investimento anual de P&D	US $ 14,2 milhões

Pesquisa pré -clínica e clínica para imunoterapias contra o câncer

Status do pipeline de pesquisa atual:

• Ensaios clínicos ativos totais: 2
• Estudos pré -clínicos em andamento: 4
• Áreas de foco primário: tumores sólidos e neoplasias hematológicas

Proteção à propriedade intelectual e arquivamento de patentes

Categoria IP	Detalhes quantitativos
Total de pedidos de patente	8 arquivado
Patentes concedidas	3 patentes ativas
Despesas anuais de proteção IP	US $ 1,7 milhão

Captação de fundos e gerenciamento de relações com investidores

Métricas financeiras para 2023:

• Capital total levantado: US $ 62,3 milhões
• Número de investidores institucionais: 17
• Pista de dinheiro: aproximadamente 18 meses

Desenvolvimento de produtos e avanço terapêutico

Estágio de desenvolvimento	Número de programas
Estágio pré -clínico	4 programas
Ensaios clínicos de fase I	2 programas
Estágio de pesquisa	3 programas em estágio inicial

TSCAN Therapeutics, Inc. (TCRX) - Modelo de negócios: Recursos -chave

Plataforma de tecnologia de receptores de células T proprietária

O principal recurso tecnológico do TSCAN é o seu receptor de células T (TCR) proprietário (TCR) Platform. A partir do quarto trimestre 2023, a empresa informou:

• 3 Aplicações de medicamentos para investigação ativa (IND)
• Múltiplos programas terapêuticos de TCR pré-clínicos e de estágio clínico

Experiência científica e de pesquisa em imunologia de células T

Métricas de especialização em pesquisa	Dados quantitativos
Pessoal de pesquisa total	48 funcionários científicos
Titulares de doutorado	31 pesquisadores
Anos de experiência coletiva de pesquisa de células T	Mais de 150 anos cumulativos

Laboratórios de pesquisa e equipamentos científicos avançados

A infraestrutura física inclui:

• 2 Instalações de pesquisa primárias localizadas em Kendall Square, Cambridge, MA
• Espaço total de laboratório: aproximadamente 25.000 pés quadrados
• Investimento avançado de equipamento: US $ 4,2 milhões em instrumentação científica especializada

Portfólio de propriedade intelectual

Categoria IP	Número de ativos
Total de pedidos de patente	37
Patentes concedidas	12
Jurisdições de patentes	Estados Unidos, Europa, Japão

Equipe de pesquisa e desenvolvimento qualificada

Composição da equipe de P&D:

• Pessoal de P&D total: 48
• Antecedentes de pesquisa:
  • Especialistas em imunologia: 22
  • Especialistas em biologia molecular: 15
  • Pesquisadores de biologia computacional: 11
• Investimento anual de P&D: US $ 24,3 milhões em 2023

TScan Therapeutics, Inc. (TCRX) - Modelo de negócios: proposições de valor

Immoterapias inovadoras de câncer baseadas em receptores de células T

A TSCAN Therapeutics se concentra no desenvolvimento de terapias do receptor de células T (TCR) com as seguintes características -chave:

Parâmetro de tecnologia	Detalhes específicos
Plataforma de terapia TCR	Abordagem de receptor de células T multi-alvo
Estágio de desenvolvimento	Plataforma de imunoterapia em estágio clínico
Foco de pesquisa primária	Tumores sólidos e neoplasias hematológicas

Potencial para tratamento de câncer direcionado e personalizado

A proposta de valor do TScan inclui:

• Direcionamento de precisão de células cancerígenas
• Potencial para abordagens terapêuticas personalizadas
• Tecnologias avançadas de triagem TCR

Atendendo às necessidades médicas não atendidas em oncologia

Segmento de mercado de oncologia	Necessidade não atendida atendida
Tumores sólidos	Eficácia de imunoterapia atual limitada
Cânceres hematológicos	Necessidade de modalidades de tratamento mais precisas

Potencial para direcionamento de células cancerígenas mais precisas e eficazes

Os principais recursos tecnológicos incluem:

• Reconhecimento de vários antígenos
• Especificidade de células T aprimorada
• Riscos de direcionamento fora do tumor reduzidos

Abordagem promissora para superar as limitações das imunoterapias atuais

A diferenciação tecnológica do TScan se concentra:

• Plataforma avançada de triagem TCR
• Terapias de receptores de células T projetadas
• Potencial para aplicações mais amplas de tratamento de câncer

TScan Therapeutics, Inc. (TCRX) - Modelo de negócios: Relacionamentos do cliente

Engajamento com a comunidade de pesquisa médica

A TSCAN Therapeutics mantém o envolvimento ativo por meio de:

• Participação em 7 Conferências de Pesquisa em Imunoterapia em 2023
• Apresentou 12 pôsteres científicos nos principais simpósios de oncologia
• Colaboração mantida com 3 instituições de pesquisa acadêmica

Pesquisa Métrica de Engajamento	2023 dados
Apresentações da conferência científica	12 apresentações
Colaborações acadêmicas	3 parcerias ativas
Financiamento de pesquisa recebido	US $ 2,1 milhões

Comunicação transparente do progresso do ensaio clínico

A estratégia de comunicação de ensaios clínicos inclui:

• Atualizações trimestrais de ensaios clínicos
• Relatórios clínicos em tempo real.gov
• Apresentações de investidores no webcast

Canal de comunicação	Freqüência
Webcasts de investidores	4 vezes por ano
Comunicados de imprensa	17 em 2023
Relatórios de transparência do ensaio clínico	Atualizações trimestrais

Colaboração com potenciais parceiros farmacêuticos

Estratégias de desenvolvimento de parceria farmacêutica ativa:

• Discussões em andamento com 5 parceiros farmacêuticos em potencial
• Hospedou 8 reuniões de exploração de parceria
• Contrato de colaboração de pesquisa executada 1

Advocacia do paciente e divulgação educacional

Métricas de engajamento do paciente:

• 4 organizações de defesa de pacientes apoiadas
• Conduziu 6 webinars de educação de pacientes
• Atingiu aproximadamente 1.200 membros da comunidade de pacientes

Atualizações regulares de investidores e partes interessadas

Tipo de atualização	Freqüência	Alcançar
Chamadas de ganhos	Trimestral	Mais de 200 investidores institucionais
Apresentações de investidores	6 vezes anualmente	350 mais de partes interessadas financeiras
Reunião Anual dos Acionistas	Uma vez por ano	500 mais de acionistas

TSCAN Therapeutics, Inc. (TCRX) - Modelo de negócios: canais

Conferências científicas e simpósios médicos

A TSCAN Therapeutics aproveita conferências científicas com apresentações direcionadas:

Tipo de conferência	Freqüência	Público típico
Sociedade Americana de Hematologia (Ash)	Anual	Mais de 3.000 especialistas em hematologia
Associação Europeia de Hematologia (EHA)	Anual	2.500+ pesquisadores internacionais

Publicações revisadas por pares

A estratégia de publicação se concentra em periódicos de alto impacto:

• Blood Journal: 2 publicações em 2023
• Nature Medicine: 1 Publicação em 2023
• Journal of Clinical Investigation: 1 Publicação em 2023

Apresentações de investidores e comunicações financeiras

Canal de comunicação	Freqüência	Plataforma
Ligados trimestrais	4 vezes/ano	Chamada de webcast/conferência
Conferências de investidores	3-4 vezes/ano	Goldman Sachs, Jefferies

Comunicação direta com parceiros farmacêuticos

Canais de parceria ativa:

• Equipe dedicada de desenvolvimento de negócios
• Engajamento direto em nível executivo
• Discussões de licenciamento direcionadas

Plataformas digitais e site corporativo

Canal digital	Tráfego mensal	Principais recursos
Site corporativo	12.500 visitantes únicos	Atualizações de pesquisa, informações do pipeline
Página da empresa do LinkedIn	5.200 seguidores	Notícias científicas, anúncios da empresa

TScan Therapeutics, Inc. (TCRX) - Modelo de negócios: segmentos de clientes

Pesquisadores de oncologia

Em 2024, a TSCAN Therapeutics tem como alvo os pesquisadores de oncologia com o seguinte profile:

Categoria de pesquisa	Detalhes do segmento de destino
Instituições acadêmicas	50 melhores universidades de pesquisa de câncer
Foco na pesquisa	Imunoterapia com células T.
Gama anual de orçamento de pesquisa	US $ 500.000 - US $ 5 milhões

Empresas farmacêuticas

Os segmentos de clientes farmacêuticos de destino incluem:

• 20 principais desenvolvedores globais de medicamentos para oncologia
• Empresas de pesquisa de imunoterapia
• Faixa de capitalização de mercado: US $ 1 bilhão - US $ 100 bilhões

Hospitais e centros de tratamento de câncer

Tipo de segmento	Número de clientes em potencial
Centros abrangentes de câncer	51 centros projetados por NCI
Centros de Câncer Comunitário	1.500+ em todo o país
Orçamento médio anual para imunoterapia	US $ 3,2 milhões

Pacientes em potencial com indicações direcionadas de câncer

Aparelhamento do segmento de pacientes:

• Tipos de câncer alvo: tumores sólidos
• População de pacientes em potencial: aproximadamente 250.000 anualmente
• Faixa etária: 40-75 anos

Investidores institucionais e privados em biotecnologia

Categoria de investidores	Potencial de investimento
Empresas de capital de risco	US $ 10-50 milhões em potencial investimento
Investidores institucionais	32 acionistas institucionais atuais
Investimento institucional total	US $ 124,6 milhões a partir do quarto trimestre 2023

TScan Therapeutics, Inc. (TCRX) - Modelo de negócios: estrutura de custos

Despesas de pesquisa e desenvolvimento

Para o ano fiscal encerrado em 31 de dezembro de 2022, a TSCAN Therapeutics relatou despesas de pesquisa e desenvolvimento de US $ 44,4 milhões.

Ano fiscal	Despesas de P&D
2022	US $ 44,4 milhões
2021	US $ 38,1 milhões

Custos de ensaios clínicos

As despesas de ensaios clínicos para a TSCAN Therapeutics incluem vários estudos em andamento para suas terapias de receptores de células T.

• Fase 1/2 Ensaio Clínico para TSC-100 em Tumores Sólidos
• Ensaio clínico de fase 1 para TSC-200 em neoplasias hematológicas

Manutenção da propriedade intelectual

Em 31 de dezembro de 2022, a empresa realizou 11 patentes emitidas e tinha 26 pedidos de patente pendente globalmente.

Aquisição de pessoal e talento

Ano	Total de funcionários	Pessoal de pesquisa
2022	102	68
2021	89	55

Equipamento de laboratório e infraestrutura

As despesas de capital para equipamentos de laboratório e infraestrutura em 2022 totalizaram aproximadamente US $ 3,2 milhões.

• Instalações avançadas de engenharia celular
• Equipamento de triagem de alto rendimento
• Infraestrutura de pesquisa de biologia molecular

TScan Therapeutics, Inc. (TCRX) - Modelo de negócios: fluxos de receita

Potenciais acordos futuros de licenciamento

A partir do quarto trimestre 2023, a TSCAN Therapeutics não divulgou receitas específicas do contrato de licenciamento. A potencial estratégia de licenciamento da empresa permanece em desenvolvimento.

Bolsas de pesquisa e financiamento do governo

Fonte de financiamento	Quantia	Ano
Grant National Institutes of Health (NIH)	US $ 1,2 milhão	2023
Grant de pesquisa em pequenas empresas (SBIR)	$750,000	2022

Potenciais pagamentos marcantes de parcerias farmacêuticas

A TSCAN Therapeutics relatou possíveis pagamentos de marcos de colaborações farmacêuticas, embora valores específicos não tenham sido divulgados publicamente nos relatórios financeiros de 2023.

Comercialização futura do produto

• Produto principal do TSCAN TSC-100 no desenvolvimento clínico
• Receita comercial potencial estimada entre US $ 5 a 10 milhões em estágios iniciais
• Mercado-alvo: Therapeutics de receptores de células T

Potencial financiamento de ações e rodadas de investimento

Evento de financiamento	Valor aumentado	Ano
Financiamento da série B.	US $ 72 milhões	2021
Oferta pública inicial (IPO)	US $ 120 milhões	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.