TScan Therapeutics, Inc. (TCRX)·Q4 2024 Earnings Summary

Executive Summary

• Q4 2024 was operationally active but financially soft: revenue fell to $0.67M as Amgen-collaboration revenue timing waned, while OpEx rose with ALLOHA and PLEXI‑T trial activity; net loss widened to $35.8M and EPS was $(0.30) .
• Clinical momentum continued: ALLOHA Phase 1 showed strong signals (EFS HR=0.30; 8% relapses in treatment arm vs 33% control), and management plans to initiate a registrational TSC‑101 trial in H2 2025; PLEXI‑T now has seven cleared TCR‑Ts with first multiplex dosing targeted for H1 2025 .
• Balance sheet strengthened: $30M registered direct at a 37% premium and an SVB term loan (up to $52.5M; $32.5M drawn) extended cash runway into Q1 2027, providing funding for pivotal execution and multiplex readouts in H2 2025 .
• Estimates context: S&P Global consensus data was unavailable via our feed at the time of analysis. Third‑party (Zacks) indicated Q4 revenue and EPS missed: $0.665M vs $1.52M est. and $(0.29) vs $(0.27), respectively (non‑S&P) .
• Key upcoming catalysts: TSC‑101 registrational trial start (H2’25), multiplex safety/response data (H2’25), and a new IND (TSC‑102‑A0301) in H2’25; these clinical and regulatory milestones, plus extended runway, are the likely stock drivers through 2025 .

What Went Well and What Went Wrong

What Went Well

• ALLOHA Phase 1 data signaled meaningful clinical potential: “Event-free survival strongly favors the treatment arm (HR=0.30),” with 2/26 (8%) relapses in treatment vs 4/12 (33%) in control; no DLTs and persistent TCR‑T cells >1 year .
• Pipeline breadth and execution: IND cleared for MAGE‑A4 (TSC‑202‑A0201) bringing PLEXI‑T to seven cleared TCR‑Ts; first multiplex dosing targeted H1’25, with safety/response data H2’25 .
• Balance sheet fortification: $30M registered direct at 37% premium and non‑dilutive SVB term loan (up to $52.5M; $32.5M drawn) extended runway to Q1’27, de‑risking near‑term funding .

What Went Wrong

• Topline contraction and wider losses: Q4 revenue dropped to $0.67M (from $7.21M in Q4’23) on collaboration timing; net loss increased to $35.8M as R&D scaled with trial activity .
• Operating intensity climbing: R&D rose to $29.4M (+31% y/y) and G&A to $8.0M (+29% y/y), reflecting heavier clinical and organizational buildout; includes a $1.1M loss on extinguishment of debt in Q4 .
• Minor timeline slippage: Management moved first multiplex dosing target from “by end of 2024” (Q3 update) to “H1 2025” in Q4, implying a short delay as the program progressed through early dose levels .

Financial Results

Note on margins: S&P Global margin data was unavailable via our feed. Net income margin % can be inferred from reported revenue and net loss but is not presented here to avoid mixing computed metrics with reported figures .

Guidance Changes

Earnings Call Themes & Trends

Note: We did not locate a Q4 2024 earnings call transcript in our document set or on the IR site; themes are synthesized from the press release and prior quarter communications .

Management Commentary

• “We are encouraged by the ALLOHA heme data… with only 2 of 26 patients having relapsed compared to 4 of 12 control-arm subjects… We look forward to treating our first patient with multiplex therapy in the first half of 2025 and sharing safety and response data… in the second half of the year.” — Gavin MacBeath, Ph.D., CEO .
• “Plans to continue development of TSC‑101 only… Initiate a registration trial for TSC‑101… in the second half of 2025.” — Company business update .
• “Registered direct offering… at a price of $4.00 per pre-funded warrant, representing a premium of 37%… [extending] cash runway into the first quarter of 2027.” — Company financing update .

Q&A Highlights

• No Q4 2024 earnings call transcript was available in our document set or on the company’s IR press release page; therefore specific Q&A exchanges cannot be summarized .

Estimates Context

• S&P Global consensus estimates were unavailable via our feed at the time of analysis (API limit).
• Third‑party context (Zacks): Q4 2024 revenue $0.665M vs $1.52M estimate and EPS $(0.29) vs $(0.27), implying revenue and EPS misses (non‑S&P) .

Key Takeaways for Investors

• Clinical de‑risking is building in heme (EFS HR=0.30; favorable relapse profile), positioning TSC‑101 for registrational start in H2’25 pending further FDA feedback .
• Solid tumor multiplex has broadened to seven cleared TCR‑Ts; first multiplex dosing in H1’25 and safety/response data in H2’25 are key 2025 readouts .
• Liquidity runway now into Q1’27 via premium financing and SVB term loan, reducing near‑term financing overhang through pivotal and multiplex catalysts .
• Near‑term P&L will remain loss‑making as clinical execution scales; revenue is collaboration‑timing dependent and not a durable driver near term .
• Watch for any regulatory clarity on the registrational path for TSC‑101 and execution on multiplex dosing/data; slippages or safety signals would be stock‑moving .
• Trend vs prior quarters: modest delay of multiplex start (YE’24 → H1’25) but stronger heme dataset and better funding set-up improve the medium‑term setup into 2H’25 milestones .

Sources

• Q4 2024 8‑K and Exhibit 99.1 press release: financials, clinical updates, financing, and milestones .
• Q3 2024 8‑K and PR: prior period financials and program status .
• Q2 2024 8‑K and PR: prior period financials, RMAT designation, and milestones .
• Additional Q4 2024 press releases: ASH updated data and KOL event; registered direct offering .
• Third‑party estimates context (non‑S&P): Nasdaq/Zacks recap .