TScan Therapeutics Inc (NASDAQ: TCRX) is a clinical-stage biopharmaceutical company developing T-cell receptor (TCR)-based therapies. Revenue to date has consisted primarily of consideration from collaboration agreements, specifically the Novartis Agreement and the Amgen Agreement, recognized under ASC 606. The company has generated no product revenue and funds operations through equity issuances, pre-funded warrants, convertible debt, and collaboration payments. Net cash used in operating activities was $135.3 million for the year ended December 31, 2025. TScan operates as a pre-commercial entity with capital requirements met entirely by external financing. CEO Gavin MacBeath, Ph.D. signs as principal executive officer on the 10-K filed March 4, 2026, with Jason A. Amello serving as CFO.

Revenue model

Collaboration and license revenue from the Novartis Agreement and the Amgen Agreement, recognized under ASC 606 as promised goods or services are delivered. No product sales revenue has been generated as of the filing date.

Products and services

TCR-based therapeutic candidates in clinical development. Specific product candidate names and pipeline stage details are not supported by the provided filing excerpts.

Customers and end markets

Pharmaceutical collaborators Novartis and Amgen are the disclosed revenue-generating customers as of the 10-K filed March 4, 2026. End market is oncology or related indications implied by TCR-based therapy, though specific indications are not detailed in the provided excerpts.

Value-chain role

Drug discovery and clinical-stage development organization. Relies on contract research organizations (CROs), clinical sites, and third-party contractors for trial execution. No internal manufacturing or commercial operations disclosed in the provided excerpts.

Geographic exposure

U.S.-based operations with regulatory exposure to EU (GDPR, Clinical Trials Regulation) and UK (Human Medicines Regulations 2012, proposed Medicines for Human Use (Clinical Trials) (Amendment) Regulations 2024) frameworks, indicating clinical activity or data processing in those jurisdictions.

Source: SEC 10-K, filed 2026-03-04

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