Executive Summary

Q1 2024 revenue was $0.566M and diluted EPS was -$0.32; year-over-year revenue fell sharply as Novartis collaboration ended and Amgen collaboration timing shifted . Versus third-party consensus, EPS missed by ~$0.07 (consensus -$0.25) and revenue missed by ~$$3.2–3.4M (consensus ~$3.75–$3.97M) .
Clinical execution advanced: first patient dosed in the Phase 1 solid tumor program; heme malignancy program treatment-arm patients remain relapse-free with >10 months median follow-up .
Cash runway extended into Q4 2026 following an upsized underwritten offering (gross $167.8M; net proceeds ~$161.4M), supporting planned milestones .
Near-term stock catalysts: initial solid tumor data expected in 2H 2024; heme program Phase 1 completion and data update late 2024; potential registration trial initiation pending regulatory feedback .

What Went Well and What Went Wrong

What Went Well

First solid tumor patient dosed; management: “on track to sharing initial data later this year” as screening and enrollment progress for multiplex TCR-T strategy .
Heme program durability: all eight treatment-arm patients (TSC-100/101) remain relapse-free with no detectable disease; no dose-limiting toxicities observed; expanding to Phase 2 dose cohorts in Q3 2024 .
Balance sheet strengthened: closed $167.8M gross public offering, extending runway into Q4 2026 to fund clinical programs and manufacturing scale-up .

What Went Wrong

Revenue declined to $0.566M from $6.803M YoY due to collaboration timing/transition, highlighting non-recurring nature of prior Novartis revenue and dependence on external collaboration milestones .
Operating expenses rose (R&D $24.857M vs $21.779M YoY) on headcount and clinical study costs; net loss widened to $30.142M (vs $22.563M YoY) .
Street comparison negative: EPS missed consensus (-$0.32 vs ~~-0.25) and revenue missed (~~$0.566M vs ~$3.75–$3.97M), likely pressuring near-term sentiment absent offsetting clinical readouts .

Financial Results

Metric	Q3 2023	Q4 2023	Q1 2024
Revenue ($USD Millions)	$3.887	$7.211	$0.566
R&D Expense ($USD Millions)	$22.741	$22.407	$24.857
G&A Expense ($USD Millions)	$5.894	$6.161	$7.082
Total Operating Expenses ($USD Millions)	$28.635	$28.568	$31.939
Loss from Operations ($USD Millions)	$(24.748)	$(21.357)	$(31.373)
Interest and Other Income ($USD Millions)	$2.733	$2.596	$2.190
Interest Expense ($USD Millions)	$0.982	$0.852	$0.959
Net Loss ($USD Millions)	$(22.997)	$(19.613)	$(30.142)
Diluted EPS ($USD)	$(0.24)	$(0.21)	$(0.32)
Weighted Avg Shares (Millions)	94.830	94.836	94.876
Cash, Cash Equivalents & Marketable Securities ($USD Millions, period-end)	$215.4	$192.0	$162.8

Notes:

Company does not report gross margin; revenue is collaboration/licensing and varies with partner activity timing .

Segment breakdown: Not applicable; revenue is collaboration/license (Amgen in Q1’24; Novartis in Q1’23) .

KPIs

KPI	Q3 2023	Q4 2023	Q1 2024
Heme program treatment-arm patients relapse-free	—	8/8 relapse-free; several >10 months follow-up	8/8 relapse-free; median follow-up >10 months
Control arm relapses/deaths	—	2 relapsed; 1 death; another required intervention	2 relapsed; 1 death; 1 intervention; 4th death post-transplant
Solid tumor program first patient dosed	—	On track to dose first patient Q1’24	First patient dosed (metastatic melanoma, TSC-203-A0201/PRAME on HLA-A*02:01)
Screening funnel for solid tumor study	—	—	>60 completed biomarker testing; ~55% qualify for ≥1 TCR-T; ~30% for multiplex

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Cash runway	Through 2026	Funded “into 2026” as of 12/31/2023	Funded “into Q4 2026” post-April offering	Clarified/extended
Heme program: open expansion cohorts at RP2D	Q3 2024	Likely RP2D; plan to open expansion cohorts Q3 2024	Opening expansion cohorts planned Q3 2024	Maintained
Heme program: Phase 1 enrollment & 1-year data	2H 2024	Complete Phase 1 dosing; report prevention of relapse data in 2024	Complete Phase 1 enrollment; report 1-year clinical/translational data in 2H 2024	Maintained/clarified timing
Heme program: 2-year data & registration trial	2025	Expect two-year relapse data in 2025; initiate registration trial	Expects to initiate registration trial pending feedback; report two-year data in 2025	Maintained
Solid tumor program: initial data	2024	Initial data anticipated in 2024 (singleplex/multiplex)	Initial data expected in 2H 2024	Clarified timing
Solid tumor program: IND expansion	2024	Continue to expand ImmunoBank with additional INDs	Additional IND filings planned to expand ImmunoBank	Maintained

Earnings Call Themes & Trends

Note: A Q1 2024 earnings call took place on May 13, 2024, but a transcript was not available in our document corpus. Call timing reference: 7:00AM ET .

Topic	Previous Mentions (Q3 2023, Q4 2023)	Current Period (Q1 2024)	Trend
R&D execution (heme)	Interim data planning; reach RP2D; initial results presented at ASTCT/CIBMTR; 8/8 relapse-free	All eight treatment-arm patients relapse-free; plan expansion cohorts Q3 2024; 1-year data 2H 2024	Sustained strength; advancing to expansion
Solid tumor program	INDs cleared (MAGE-C2, MAGE-A1); initiate Phase 1; dose first patient in Q1 2024	First patient dosed; initial data in 2H 2024; >60 screening complete; multiplex eligibility noted	Transition from setup to patient dosing
Funding/runway	Q3: $215.4M; funded into 2026	Q4: $192.0M; into 2026	Post-April offering: runway into Q4 2026
Manufacturing capacity	Facilities expansion referenced	Intend to expand/optimize manufacturing capabilities using proceeds	Building capacity
Regulatory strategy	Registration trial expected in 2025	Registration trial initiation pending feedback; 2025 target maintained	On plan

Management Commentary

CEO Gavin MacBeath: “During the first quarter we advanced our clinical pipeline…we are on track to sharing initial data later this year.” .
On heme program: “We plan to complete Phase 1 enrollment and open expansion cohorts…in the third quarter of 2024 and provide a data update near the end of 2024.” .
On funding: “With the recent closing of our public offering, TScan is well-funded to execute on anticipated milestones into the fourth quarter of 2026.” .

Q&A Highlights

Transcript not available; conference call date/time reference indicates May 13, 2024, 7:00AM ET .
No additional Q&A clarifications can be cited from transcripts; management’s prepared remarks emphasize timing for solid tumor initial data and heme program expansion .

Estimates Context

S&P Global consensus was unavailable at time of retrieval. Third-party outlets reported consensus EPS of -$0.25 and revenue of ~$3.75–$3.97M; actual EPS was -$0.32 and revenue $0.566M, implying misses on both metrics .
Given the magnitude of revenue variance (collaboration timing), Street models may need adjustments to reflect non-linear collaboration revenue recognition and increased clinical spend .

Guidance Changes Table (Financial/Operational)

Metric	Period	Previous	Current	Change
Cash runway	Through 2026	Into 2026 (12/31/23)	Into Q4 2026 (post-offering)	Clarified/extended
Operating plan funding	2024–2026	Fund operating plan into 2026	Sufficient to fund current plan into Q4 2026	Maintained/extended
Capital use (proceeds)	2024+	—	Advance heme/solid tumor & expand manufacturing; general corporate	New detail

Financial vs Estimates Comparison (Q1 2024)

Metric	Actual	Consensus	Beat/Miss
Revenue ($USD Millions)	$0.566	~$3.75–$3.97	Miss
Diluted EPS ($USD)	-$0.32	~-0.25	Miss

Key Takeaways for Investors

Revenue volatility reflects collaboration timing; core value drivers are clinical milestones (solid tumor initial data in 2H 2024; heme expansion Q3 2024), which are likely to be the primary stock catalysts near term .
Balance sheet strength reduces financing overhang; runway into Q4 2026 supports progression to potential registration trial in 2025, de-risking execution timelines .
Operating spend is stepping up with program scale-up; monitor R&D trajectory and manufacturing investments vs milestone cadence .
Solid tumor multiplex approach (T-Plex) and robust screening funnel (>60 tested; ~30% multiplex eligibility) can broaden addressable patient base if safety/efficacy translate to clinical benefit .
Heme program durability remains encouraging (8/8 relapse-free; no DLTs), a potential differentiator as expansion cohorts open and longer-term data mature in 2025 .
Share count/warrant overhang: pre-funded warrants outstanding and additional issuance in April increase fully diluted exposure; assess potential dilution against capital needs and value creation path .
Near-term trading: likely sensitive to additional clinical updates and any partnering news; absent near-term revenue, estimate misses may pressure shares until new data emerge .

Sources read in full:

Q1 2024 8-K 2.02 earnings press release and financial statements .
Q4 2023 8-K 2.02 press release/financials for trend .
Q3 2023 8-K 2.02 press release/financials for trend .
Financing-related 8-K (April 16–17, 2024), including offering details and runway guidance .
Third-party consensus references (since SPGI unavailable): Yahoo Finance, InvestorPlace; and call timing reference via MarketBeat .

TScan Therapeutics, Inc. (TCRX)·Q1 2024 Earnings Summary