Executive Summary

Q3 topline: Collaboration revenue $1.05M, net loss $(29.9)M, and EPS $(0.25); revenue declined year over year on Amgen-collaboration timing, while sequential opex came down modestly .
Versus consensus (third-party proxy): EPS beat by $0.03 (actual $(0.25) vs $(0.28) est.) but revenue missed by $1.81M ($1.05M actual vs $2.86M est.); S&P Global consensus was unavailable at time of analysis .
Clinical momentum in heme: In ALLOHA Phase 1, 16/16 treatment-arm patients were relapse-free and MRD-negative at the July 8 cutoff; no dose-limiting toxicities; supports potential to reduce relapses post-HCT .
Runway intact: Cash, cash equivalents, and marketable securities of $271.1M as of Sept 30; runway guided into 4Q26, unchanged from prior quarter .

What Went Well and What Went Wrong

What Went Well

Zero relapses in all 16 treatment-arm patients in ALLOHA at the July 8 cutoff; five patients ≥1 year post-transplant remained relapse-free/MRD-negative; no DLTs observed, safety aligned with HCT .
Execution toward multiplex solid tumor therapy: management reiterated being “on track” to dose the first multiplex patient and provide a Phase 1 update by year-end 2024, with response data targeted for 2025 .
Manufacturing scale-up: internal capacity increased and a CDMO with commercial capabilities identified; plan to transfer commercial heme manufacturing process to CDMO in 2025 .

“During the third quarter we continued to prioritize screening, enrolling, and dosing patients in the solid tumor program and remain on track to dose our first patient with multiplex therapy and provide an update on our Phase 1 study by the end of the year.” — CEO Gavin MacBeath .

What Went Wrong

Revenue down sharply YoY to $1.0M (from $3.9M) due to timing of research activities under the Amgen collaboration; this contributed to a revenue miss versus third-party consensus .
Operating expense growth YoY: R&D rose to $26.3M (from $22.7M) and G&A to $7.4M (from $5.9M), reflecting higher clinical and headcount costs; total opex expanded to $33.7M (from $28.6M) .
Timeline nuance in heme expansion cohorts: prior communication targeted opening in 3Q24; Q3 update frames opening “by the end of 2024,” implying modest slippage .

Financial Results

P&L, Cash, and Share Metrics (chronological: oldest → newest)

Metric	Q3 2023	Q1 2024	Q2 2024	Q3 2024
Collaboration & license revenue ($M)	$3.89	$0.57	$0.54	$1.05
Research & development ($M)	$22.74	$24.86	$26.88	$26.26
General & administrative ($M)	$5.89	$7.08	$7.77	$7.41
Total operating expenses ($M)	$28.64	$31.94	$34.65	$33.67
Net loss ($M)	$(23.00)	$(30.14)	$(31.66)	$(29.89)
Net loss per share ($)	$(0.24)	$(0.32)	$(0.28)	$(0.25)
Interest and other income, net ($M)	$2.73	$2.19	$3.41	$3.69
Interest expense ($M)	$(0.98)	$(0.96)	$(0.95)	$(0.96)
Cash, cash eq. & marketable securities ($M, period-end)	N/A	$162.8	$297.7	$271.1
Shares o/s basic & diluted (weighted avg, M)	94.83	94.88	113.43	118.70

Notes: Q3 revenue decline vs prior year due to Amgen collaboration timing; text reiterates rationale . Runway into 4Q26 reiterated in Q2 and Q3 .

Q3 2024 Actuals vs Consensus (third-party proxy; S&P Global unavailable)

Metric	Actual	Consensus	Surprise
EPS ($)	$(0.25)	$(0.28)	+$0.03 (beat)
Revenue ($M)	$1.05	$2.86	$(1.81) (miss)

S&P Global consensus estimates were unavailable due to data-access limits at time of analysis.

KPIs and Operating Highlights

KPI	Current Quarter	Prior Insights
ALLOHA treatment-arm outcomes	16/16 relapse-free and MRD-negative at July 8 cutoff; 5/5 ≥1 year relapse-free; no DLTs; safety consistent with HCT	Earlier updates indicated all treated patients relapse-free with no DLTs
Solid tumor program	Screening/enrollment/dosing ongoing; on track to first multiplex dosing by YE24; response data in 2025	First patient dosed in May; initial singleplex data expected by YE24
Manufacturing	Internal capacity increased; CDMO with commercial capabilities identified; heme tech transfer to CDMO in 2025	LOI with global CDMO for pivotal/commercial MFG
Cash runway	Into 4Q26	Into 4Q26

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Cash runway	Multi-year	Into 4Q26 (Q2 PR)	Into 4Q26 (Q3 PR)	Maintained
ALLOHA: open expansion cohorts	2024	Planned for Q3 2024 (Q2 PR)	“By the end of 2024” (Q3 PR)	Slipped modestly
ALLOHA: 1-year data (initial patients)	2024	By end of 2024 (Q2 PR)	By end of 2024 (Q3 PR)	Maintained
ALLOHA: initiate registration trial	2025	2025, pending regulatory feedback (Q2 PR)	2025, pending regulatory feedback (Q3 PR)	Maintained
Solid tumor: first multiplex dosing	2024	Goal by YE24 (Q1 PR)	On track by YE24 (Q3 PR)	Maintained/affirmed
Solid tumor: data cadence	2024–2025	Initial singleplex data by YE24; multiplex response data 2025 (Q2 PR)	Update by YE24; multiplex response data 2025 (Q3 PR)	Maintained
MAGE-A4 TCR IND (TSC-202-A0201)	2024	Additional INDs planned (Q2 PR)	IND filing planned by YE24 (Q3 PR)	Introduced/clarified
Heme manufacturing transfer to CDMO	2025	CDMO LOI for pivotal/commercial (Q2 PR)	On track to transfer in 2025 (Q3 PR)	Clarified/timed

Earnings Call Themes & Trends

Note: No Q3 2024 earnings call transcript was available in our sources; themes derived from company disclosures.

Topic	Previous Mentions (Q1)	Previous Mentions (Q2)	Current Period (Q3)	Trend
Heme clinical efficacy/safety	All treated patients relapse-free; no DLTs	RMAT designation; plan for expansion cohorts; 1-yr data YE24	16/16 relapse-free; 5/5 ≥1 yr; no DLTs; ASH oral presentation	Strengthening evidence
Solid tumor (multiplex) progress	First patient dosed; plan multiplex by YE24	Enrolling; initial singleplex data YE24	On track to first multiplex dosing by YE24; response data 2025	On plan
Manufacturing/CDMO	Expanding internal capabilities planned	LOI with global CDMO	Internal capacity increased; CDMO identified; heme process transfer in 2025	Operational de-risking
Regulatory	INDs cleared; heme progressing	RMAT for TSC-100/101	Continued regulatory path; registrational trial in 2025 pending feedback	Positive momentum
Funding runway	Into 4Q26 post raise	Into 4Q26	Into 4Q26	Maintained

Management Commentary

“We remain committed to advancing our clinical-stage pipeline… We are encouraged to see that none of the 16 patients on the treatment arm relapsed… We look forward to sharing updated data… at ASH.” — Gavin MacBeath, CEO (Q3 PR) .
“During the third quarter we continued to prioritize screening, enrolling, and dosing patients in the solid tumor program and remain on track to dose our first patient with multiplex therapy… by the end of the year.” — Gavin MacBeath, CEO (Q3 PR) .
“Receipt of RMAT designation from the FDA is an important milestone… we look forward to working closely with the FDA to support the development of these TCR-T therapy candidates.” — Gavin MacBeath, CEO (Q2 PR) .

Q&A Highlights

No Q3 2024 earnings call transcript was available in our document and web sources; we found no transcript on the company site or major transcript aggregators for the period reviewed [Search returned none].

Estimates Context

S&P Global (Capital IQ) consensus data was unavailable due to data-access limits at time of analysis.
Third-party proxy (MarketBeat): EPS $(0.25) vs $(0.28) consensus (+$0.03 beat); revenue $1.05M vs $2.86M consensus (−$1.81M miss) .
Likely estimate revisions: magnitude of revenue shortfall tied to collaboration timing (as disclosed) suggests consensus models may adjust quarterly revenue cadence without materially changing long-term clinical-value drivers .

Key Takeaways for Investors

Clinical read-through in heme remains the primary stock driver: zero relapses in all treated patients to date (as of cutoff) and safety consistent with HCT underpin the registrational path; ASH oral and subsequent updates are key catalysts .
Solid tumor multiplex remains on schedule for first dosing by YE24, with response data anticipated in 2025—an incremental, but potentially high-impact, proof point for the multiplex thesis .
Financials are collaboration-timing sensitive; Q3 revenue miss was driven by Amgen activity timing, not underlying clinical execution; sequential opex moderation aided the EPS beat vs third-party consensus .
Operational de-risking: expanded internal manufacturing capacity and a commercial-capable CDMO engagement, with heme transfer targeted in 2025, support potential scale-up into registrational activities .
Runway to 4Q26 provides funding visibility through multiple catalysts (ASH updates, heme expansion cohorts, INDs, early multiplex data), reducing near-term financing overhang risk .
Watch for timeline execution: slight slip in opening heme expansion cohorts (from 3Q24 to by YE24) should be monitored; broader 2025 registration start remains guided .
Trading setup: near-term catalysts (ASH/KOL event, YE24 updates) could drive sentiment; revenue cadence volatility is less material than clinical milestones for valuation at this stage .

Sources

Press release: “TScan Therapeutics Reports Third Quarter 2024 Financial Results and Provides Corporate Update,” Nov 12, 2024 .
Form 8-K (Item 2.02) including Exhibit 99.1 press release, Nov 12, 2024 .
Press release: “TScan Therapeutics Announces Upcoming Oral Presentation of Data from ALLOHA™ Phase 1 Heme Trial at ASH,” Nov 5, 2024 .
Press release: “TScan Therapeutics Reports Second Quarter 2024 Financial Results and Provides Corporate Update,” Aug 12, 2024 .
Form 8-K (Item 2.02) for Q2 2024, Aug 12, 2024 .
Form 8-K (Item 2.02) for Q1 2024, May 13, 2024 .
Third-party consensus proxy (MarketBeat) for Q3 2024 earnings metrics .

TScan Therapeutics, Inc. (TCRX)·Q3 2024 Earnings Summary