On November 9, 2023, TScan Therapeutics Inc (TCRX, Financial), a clinical-stage biopharmaceutical company, released its financial results for the third quarter ended September 30, 2023. The company, which specializes in T cell receptor-engineered T cell therapies for cancer treatment, highlighted significant progress in its clinical programs and provided a comprehensive update on its financial health.
Corporate and Clinical Developments
TCRX CEO Gavin MacBeath, Ph.D., expressed optimism about the company's advancements, particularly in its heme and solid tumor programs. He noted, "With the recent FDA clearance of our IND for TSC-203-A0201 targeting PRAME, we remain committed to populating the ImmunoBank with TCRs that address different targets and HLA types to expand the reach of multiplexed TCR-T cell therapy." The company is poised to share initial results from its heme program at the upcoming ASH Annual Meeting in December.
Financial Performance
TCRX reported a solid financial position, with cash, cash equivalents, and marketable securities totaling $215.4 million, excluding $5.0 million of restricted cash. This financial cushion is expected to fund the company's operations and capital expenditure requirements well into 2026.
Revenue for the third quarter of 2023 saw a modest increase to $3.9 million, up from $3.4 million in the same period last year. This rise is attributed to the timing of research activities under the collaboration agreement with Amgen.
However, research and development expenses also increased significantly to $22.7 million, up from $15.0 million in the third quarter of 2022. This increase was driven by clinical trial start-up fees, patient enrollment, personnel costs, and facilities expansion. General and administrative expenses rose to $5.9 million, a $1.0 million increase from the previous year, mainly due to higher legal and professional fees.
The net loss for the quarter was reported at $23.0 million, compared to a net loss of $16.2 million for the same period in 2022. The company's common stock outstanding as of September 30, 2023, was 47,823,116 shares, which includes both voting and non-voting common stock.
Looking Ahead
TCRX is on track to file two additional INDs by the end of the year and plans to expand the ImmunoBank in 2024. The company anticipates reaching the recommended Phase 2 dose for both TSC-100 and TSC-101 and reporting interim clinical data for the program by the end of 2023. For its solid tumor program, TCRX expects to report initial multiplexed therapy data and response data for singleplex cohorts in 2024.
Overall, TScan Therapeutics Inc (TCRX, Financial) has demonstrated a commitment to advancing its clinical programs while maintaining a strong financial position. The company's strategic initiatives and robust cash reserves position it well for continued progress and potential success in its mission to develop innovative cancer therapies.
Explore the complete 8-K earnings release (here) from TScan Therapeutics Inc for further details.
