TScan Reports Q4 Revenue of $2.6M, Exceeds Expectations
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Mar 04 2026
0mins
Should l Buy TCRX?
Reports Q4 revenue $2.6M, consensus $2.42M "The regulatory and operational progress we have made over the last several months related to our heme program is exciting. We expect the momentum to continue into the second quarter when we plan to share the initial data from patients enrolled into Cohort C in the ALLOHA study as well as initiate TScan's first Phase 3 trial," said Gavin MacBeath, CEO. "The data we presented at ASH in December 2025 continue to support our decision to focus the Company's efforts on development of therapeutics for patients with heme malignancies. Additionally, the recent FDA clearance of INDs for TSC-102-A01 and TSC-102-A03 will allow us to bring our TCR-T therapies to twice as many patients who currently have limited options in the post-transplant setting."
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Analyst Views on TCRX
Wall Street analysts forecast TCRX stock price to rise
7 Analyst Rating
5 Buy
2 Hold
0 Sell
Moderate Buy
Current: 1.150
Low
3.00
Averages
5.50
High
7.00
Current: 1.150
Low
3.00
Averages
5.50
High
7.00
About TCRX
TScan Therapeutics, Inc. is a clinical-stage biotechnology company. The Company is focused on developing a robust pipeline of T cell receptor (TCR)-engineered T cell (TCR-T) therapies for the treatment of patients with cancer. The Company’s lead TCR-T therapy candidates, TSC-100 and TSC-101, are in development for the treatment of patients with hematologic malignancies to prevent relapse following allogeneic hematopoietic cell transplantation. The Company is also developing multiple TCR-T therapy product candidates for the treatment of solid tumors. The Company has developed and continues to build its ImmunoBank with TCRs across different targets and human leukocyte antigens types to enable customized multiplex TCR-T therapy. Its solid tumors programs include TSC-200, TSC-201, TSC-202, TSC-203, and TSC-204. Its hematologic malignancies programs include TSC-100, TSC-101, and TSC-102.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
TScan Therapeutics Q4 Earnings Beat Expectations
- Earnings Performance: TScan Therapeutics reported a Q4 GAAP EPS of -$0.18, beating market expectations by $0.06, indicating a positive trend in the company's profitability improvement.
- Significant Revenue Growth: The company achieved Q4 revenue of $2.57 million, representing a 283.6% year-over-year increase, which not only surpassed expectations by $0.15 million but also reflects strong demand for its products and improved market acceptance.
- Positive Market Reaction: The market reacted positively to the earnings report exceeding expectations, which may drive the stock price up, enhancing investor confidence and attracting more capital inflow.
- Optimistic Future Outlook: With ongoing R&D and market expansion efforts, the company is expected to continue achieving revenue growth in the coming quarters, further solidifying its competitive position in the biopharmaceutical sector.
See More
TScan Completes Enrollment in ALLOHA™ Trial Cohort C
- Trial Enrollment Completion: TScan Therapeutics announced the completion of enrollment in Cohort C of the ALLOHA™ trial, with over 10 patients treated using the new commercial-ready manufacturing process, which is expected to significantly enhance treatment outcomes and lay the groundwork for subsequent clinical data sharing.
- FDA IND Approval: The company received FDA clearance for IND applications for TSC-102-A01 and TSC-102-A03 targeting patients with HLA types A01:01 and A03:01, respectively, which is anticipated to nearly double the addressable U.S. patient population for its therapies.
- Future Research Plans: TScan plans to initiate Phase 1 trials for both TSC-102 candidates in the second half of 2026, aiming to assess their safety and initial efficacy, thereby advancing the company's strategic positioning in the hematologic malignancies sector.
- Key Data Sharing: The company is set to share safety and early chimerism data from Cohort C in the second quarter of 2026, which is expected to provide a foundation for the pivotal study of TSC-101 and facilitate market expansion in acute myeloid leukemia and myelodysplastic syndromes.
See More
GT Biopharma Advances GTB-3650 Clinical Trial to Cohort 4 with 10μg/kg/day Dosing
- Clinical Advancement: GT Biopharma has advanced its GTB-3650 clinical trial to Cohort 4, where patients are receiving a dosing of 10μg/kg/day, indicating potential efficacy against resistant blood cancers, with further results expected in Q1 2026.
- Safety Confirmation: Six patients across Cohorts 1, 2, and 3 have successfully completed treatment with GTB-3650, establishing the therapy's safety profile at escalating doses without any dose-limiting toxicities, thereby enhancing confidence in the clinical trial.
- Dose Escalation Plan: The trial is designed to include seven cohorts, with plans to enroll two patients per cohort, escalating doses from 1.25μg/kg/day to potentially 100μg/kg/day, demonstrating the company's ongoing commitment to efficacy and patient care.
- Therapeutic Prospects: GT Biopharma is also advancing GTB-5550, with regulatory submission for human trials expected in late December 2025 or January 2026, further expanding its market opportunities in cancer treatment.
See More
GT Biopharma Advances GTB-3650 Clinical Trial to Cohort 4 with 10μg/kg/day Dosing
- Clinical Trial Progress: GT Biopharma has advanced its GTB-3650 clinical trial to Cohort 4, where patients are receiving a dosing of 10μg/kg/day, indicating enhanced safety and potential efficacy in combating resistant blood cancers.
- Treatment Protocol Optimization: The therapy follows a continuous infusion schedule structured as two-week treatment periods followed by two-week rest intervals, which is expected to improve patient adherence and treatment outcomes over a four-month duration.
- Market Potential: Targeting CD33-positive acute myeloid leukemia and high-risk myelodysplastic syndrome, GTB-3650 represents a significant complement to traditional therapies, potentially unlocking substantial market opportunities for the company.
- Future Outlook: The company plans to share its next trial update in Q1 2026, and as dosing escalates, GTB-3650 is expected to approach higher efficacy ranges, further advancing its clinical development trajectory.
See More
TScan Reports 100% Relapse-Free Survival in AML Patients Treated with TSC-101 at Two-Year Follow-Up
- Significant Efficacy: Among patients treated with TSC-101, 100% (3/3) remained relapse-free at the two-year follow-up, compared to only 25% (1/4) in the control group, highlighting TSC-101's potential in treating acute myeloid leukemia (AML).
- Good Safety Profile: No dose-limiting toxicities were observed at any dose level of TSC-101, indicating excellent tolerability among patients and laying a solid foundation for future clinical applications.
- Clinical Trial Progress: The company plans to initiate a pivotal study in the second quarter of 2026 to further validate the efficacy of TSC-101 and expand indications to address unmet medical needs.
- Market Opportunity: With increasing treatment demands for AML and MDS patients, TScan anticipates significantly increasing the addressable patient population by expanding its hematologic malignancies program, enhancing its competitive position in the market.
See More
TScan's TSC-101 Shows Significant Efficacy in Cancer Treatment
- Significant Efficacy: In the ALLOHA™ Phase 1 trial, 100% of patients treated with TSC-101 remained relapse-free at the two-year follow-up, compared to only 25% in the control group, highlighting TSC-101's potential in treating hematologic malignancies.
- Good Safety Profile: TSC-101 showed no dose-limiting toxicities at all dose levels, indicating its safety for clinical use and laying a solid foundation for further research and market introduction.
- Market Opportunity: TScan plans to expand its hematologic malignancies program in 2026, aiming to double the addressable patient population with new product candidates to meet the growing market demand.
- Manufacturing Efficiency Improvement: The new commercial-ready manufacturing process reduces production time from 17 days to 12 days, significantly enhancing production efficiency and supporting future market expansion and product supply.
See More
TScan Therapeutics Q4 Earnings Beat Expectations
- Earnings Performance: TScan Therapeutics reported a Q4 GAAP EPS of -$0.18, beating market expectations by $0.06, indicating a positive trend in the company's profitability improvement.
- Significant Revenue Growth: The company achieved Q4 revenue of $2.57 million, representing a 283.6% year-over-year increase, which not only surpassed expectations by $0.15 million but also reflects strong demand for its products and improved market acceptance.
- Positive Market Reaction: The market reacted positively to the earnings report exceeding expectations, which may drive the stock price up, enhancing investor confidence and attracting more capital inflow.
- Optimistic Future Outlook: With ongoing R&D and market expansion efforts, the company is expected to continue achieving revenue growth in the coming quarters, further solidifying its competitive position in the biopharmaceutical sector.
See More
TScan Completes Enrollment in ALLOHA™ Trial Cohort C
- Trial Enrollment Completion: TScan Therapeutics announced the completion of enrollment in Cohort C of the ALLOHA™ trial, with over 10 patients treated using the new commercial-ready manufacturing process, which is expected to significantly enhance treatment outcomes and lay the groundwork for subsequent clinical data sharing.
- FDA IND Approval: The company received FDA clearance for IND applications for TSC-102-A01 and TSC-102-A03 targeting patients with HLA types A01:01 and A03:01, respectively, which is anticipated to nearly double the addressable U.S. patient population for its therapies.
- Future Research Plans: TScan plans to initiate Phase 1 trials for both TSC-102 candidates in the second half of 2026, aiming to assess their safety and initial efficacy, thereby advancing the company's strategic positioning in the hematologic malignancies sector.
- Key Data Sharing: The company is set to share safety and early chimerism data from Cohort C in the second quarter of 2026, which is expected to provide a foundation for the pivotal study of TSC-101 and facilitate market expansion in acute myeloid leukemia and myelodysplastic syndromes.
See More
GT Biopharma Advances GTB-3650 Clinical Trial to Cohort 4 with 10μg/kg/day Dosing
- Clinical Advancement: GT Biopharma has advanced its GTB-3650 clinical trial to Cohort 4, where patients are receiving a dosing of 10μg/kg/day, indicating potential efficacy against resistant blood cancers, with further results expected in Q1 2026.
- Safety Confirmation: Six patients across Cohorts 1, 2, and 3 have successfully completed treatment with GTB-3650, establishing the therapy's safety profile at escalating doses without any dose-limiting toxicities, thereby enhancing confidence in the clinical trial.
- Dose Escalation Plan: The trial is designed to include seven cohorts, with plans to enroll two patients per cohort, escalating doses from 1.25μg/kg/day to potentially 100μg/kg/day, demonstrating the company's ongoing commitment to efficacy and patient care.
- Therapeutic Prospects: GT Biopharma is also advancing GTB-5550, with regulatory submission for human trials expected in late December 2025 or January 2026, further expanding its market opportunities in cancer treatment.
See More
GT Biopharma Advances GTB-3650 Clinical Trial to Cohort 4 with 10μg/kg/day Dosing
- Clinical Trial Progress: GT Biopharma has advanced its GTB-3650 clinical trial to Cohort 4, where patients are receiving a dosing of 10μg/kg/day, indicating enhanced safety and potential efficacy in combating resistant blood cancers.
- Treatment Protocol Optimization: The therapy follows a continuous infusion schedule structured as two-week treatment periods followed by two-week rest intervals, which is expected to improve patient adherence and treatment outcomes over a four-month duration.
- Market Potential: Targeting CD33-positive acute myeloid leukemia and high-risk myelodysplastic syndrome, GTB-3650 represents a significant complement to traditional therapies, potentially unlocking substantial market opportunities for the company.
- Future Outlook: The company plans to share its next trial update in Q1 2026, and as dosing escalates, GTB-3650 is expected to approach higher efficacy ranges, further advancing its clinical development trajectory.
See More
TScan Reports 100% Relapse-Free Survival in AML Patients Treated with TSC-101 at Two-Year Follow-Up
- Significant Efficacy: Among patients treated with TSC-101, 100% (3/3) remained relapse-free at the two-year follow-up, compared to only 25% (1/4) in the control group, highlighting TSC-101's potential in treating acute myeloid leukemia (AML).
- Good Safety Profile: No dose-limiting toxicities were observed at any dose level of TSC-101, indicating excellent tolerability among patients and laying a solid foundation for future clinical applications.
- Clinical Trial Progress: The company plans to initiate a pivotal study in the second quarter of 2026 to further validate the efficacy of TSC-101 and expand indications to address unmet medical needs.
- Market Opportunity: With increasing treatment demands for AML and MDS patients, TScan anticipates significantly increasing the addressable patient population by expanding its hematologic malignancies program, enhancing its competitive position in the market.
See More
TScan's TSC-101 Shows Significant Efficacy in Cancer Treatment
- Significant Efficacy: In the ALLOHA™ Phase 1 trial, 100% of patients treated with TSC-101 remained relapse-free at the two-year follow-up, compared to only 25% in the control group, highlighting TSC-101's potential in treating hematologic malignancies.
- Good Safety Profile: TSC-101 showed no dose-limiting toxicities at all dose levels, indicating its safety for clinical use and laying a solid foundation for further research and market introduction.
- Market Opportunity: TScan plans to expand its hematologic malignancies program in 2026, aiming to double the addressable patient population with new product candidates to meet the growing market demand.
- Manufacturing Efficiency Improvement: The new commercial-ready manufacturing process reduces production time from 17 days to 12 days, significantly enhancing production efficiency and supporting future market expansion and product supply.
See More
