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TScan Therapeutics, Inc. (TCRX)·Q2 2024 Earnings Summary

Executive Summary

  • Q2 2024 revenue was $0.54M, down 82.9% year over year on collaboration timing; net loss widened to $31.7M as R&D increased with clinical enrollment and solid tumor trial start-up .
  • Cash, cash equivalents, and marketable securities were $297.7M at quarter-end, funding runway into Q4 2026; company engaged a global CDMO via LOI to prepare for pivotal/commercial manufacturing .
  • FDA granted RMAT designation to lead heme TCR-T candidates TSC-100 and TSC-101; expansion cohorts planned in Q3 2024 with one-year data expected by end of 2024 .
  • Near-term catalysts: initial singleplex solid tumor data by year-end 2024 and heme one-year data; index inclusion (Russell 3000) as of July 1, 2024 .

What Went Well and What Went Wrong

What Went Well

  • RMAT designation underscores regulatory momentum for TSC-100/101; CEO: “Receipt of RMAT designation from the FDA is an important milestone...transformative potential of TSC-100 and TSC-101” .
  • Manufacturing strategy advanced: signed LOI with global CDMO to support pivotal trials and commercialization .
  • Solid tumor program enrolling across first two dose levels; goal to start multiplex therapy by year-end to enable meaningful response data in 2025 .

What Went Wrong

  • Revenue materially lower YoY due to collaboration timing; Q2 2024 $0.54M vs $3.15M in Q2 2023 .
  • R&D expenses rose to $26.9M (from $21.2M YoY) driven by higher clinical study costs and headcount; G&A increased to $7.8M (from $6.5M) .
  • Net loss widened to $31.7M from $24.0M YoY despite higher net interest income, reflecting elevated operating spend with pipeline progress .

Financial Results

MetricQ2 2023Q1 2024Q2 2024
Revenue ($USD Millions)$3.15 $0.57 $0.54
Net Loss ($USD Millions)$(24.05) $(30.14) $(31.66)
Net Loss per Share ($)$(0.51) $(0.32) $(0.28)
R&D Expense ($USD Millions)$21.23 $24.86 $26.88
G&A Expense ($USD Millions)$6.53 $7.08 $7.77
Total Operating Expenses ($USD Millions)$27.76 $31.94 $34.65
Loss from Operations ($USD Millions)$(24.61) $(31.37) $(34.11)
Interest and Other Income, net ($USD Millions)$1.53 $2.19 $3.41
KPIQ4 2023Q1 2024Q2 2024
Cash, Cash Equivalents & Marketable Securities ($USD Millions)$192.04 $162.80 $297.70
Cash RunwayInto 2026 Into Q4 2026 (with April offering) Into Q4 2026
Shares Outstanding (basic, incl. pre-funded warrants in EPS calc)94.84M 94.88M 113.43M
Pre-funded Warrants Outstanding47.01M 47.01M 65.59M

Revenue breakdown (no segments):

Revenue TypeQ2 2023Q1 2024Q2 2024
Collaboration & License Revenue ($USD Millions)$3.15 $0.57 $0.54

Note: No margin metrics were reported in company materials for these periods .

Guidance Changes

MetricPeriodPrevious Guidance (Q1 2024)Current Guidance (Q2 2024)Change
Heme Phase 1: Open expansion cohorts at proposed RP2DQ3 2024Planned Q3 2024 Planned Q3 2024 Maintained
Heme Phase 1: One-year clinical/translational data2H 20242H 2024 By end of 2024 Maintained/refined timing
Heme: Initiate registration trial (pending FDA feedback)20252025 2025 Maintained
Solid Tumor Phase 1: Initial singleplex data2H 20242H 2024 By end of 2024 Maintained/refined timing
Solid Tumor Phase 1: Multiplex therapy response data2025Long-term multiplex data 2025 Response data in 2025 Maintained
Manufacturing: Engage global CDMO2024Not specifiedLOI signed to initiate pivotal/commercial manufacturing New/expanded detail
Cash RunwayThrough Q4 2026Through Q4 2026 (post offering) Through Q4 2026 Maintained

Earnings Call Themes & Trends

No Q2 2024 earnings call transcript was available in our document catalog; themes reflect press release and prior quarter updates.

TopicPrevious Mentions (Q-2: Q4 2023; Q-1: Q1 2024)Current Period (Q2 2024)Trend
Regulatory momentum (RMAT)Not mentioned RMAT designation for TSC-100/101 Positive step-change
Manufacturing readiness (CDMO)Building capabilities; leadership adds LOI with global CDMO for pivotal/commercial Advancing to scale-up
Heme program clinical status8/8 relapse-free; no DLTs; RP2D likely Expansion cohorts planned Q3; one-year data by EOY Progressing per plan
Solid tumor programINDs cleared; first patient dosing targeted First patient dosed; enrolling; initial data by EOY Executing enrollment
Funding/runwayInto 2026 Into Q4 2026 (post offering) Extended runway
Index inclusionN/AJoined Russell 3000 as of July 1 Visibility improved

Management Commentary

  • CEO (Q2): “Receipt of RMAT designation from the FDA is an important milestone that highlights the transformative potential of TSC-100 and TSC-101… Our goal is to start treating patients with multiplex therapy by the end of the year, which should set us up to report meaningful response data in 2025.” .
  • CEO (Q1): “We plan to complete Phase 1 enrollment and open expansion cohorts… and provide a data update near the end of 2024.” .
  • CMO (Q4): “Solid tumors are notoriously heterogenous… We believe the only way to eradicate solid tumors is through a multi-targeted approach… we now have six TCR-Ts cleared for clinical development.” .

Q&A Highlights

  • No Q2 2024 earnings call transcript was available; Q&A highlights and clarifications cannot be provided from primary sources in this period [ListDocuments results showed none].

Estimates Context

  • Wall Street consensus EPS and revenue estimates from S&P Global could not be retrieved at the time of request due to data access limits; comparison to estimates is therefore unavailable. Values would normally be retrieved from S&P Global.
  • Given the lack of available consensus data, no beat/miss assessment versus Street numbers can be made for Q2 2024 at this time.

Key Takeaways for Investors

  • Regulatory tailwind: RMAT designation for lead heme assets de-risks development and may enable expedited interactions with FDA; expansion and one-year data by EOY 2024 are key inflection points .
  • Execution on scaling: CDMO LOI signals readiness to transition toward pivotal-scale manufacturing ahead of registrational planning .
  • Solid tumor readouts: Initial singleplex data by year-end and multiplex response data in 2025 will frame broader efficacy potential of the ImmunoBank strategy .
  • Financial runway supports milestones: ~$297.7M cash and securities fund operations into Q4 2026, reducing financing risk near-term .
  • Revenue variability expected: Collaboration revenue timing drove YoY decline; focus remains on clinical progress over near-term top line .
  • Index inclusion enhances visibility/liquidity: Russell 3000 entry may broaden investor base ahead of data catalysts .
  • Monitoring priorities: Q3 expansion cohort initiation (heme), initial solid tumor data by EOY, and any updates toward registrational design in 2025 .