(TCRX) TScan Therapeutics, Inc. Business Model Canvas Research

Contract research organizations help TScan Therapeutics scale assay development, preclinical testing, and data generation without building every niche capability in-house. This keeps fixed costs lower and adds flexibility as the pipeline expands; TScan reported $286.6 million in cash, cash equivalents, and marketable securities at December 31, 2025.

• Scales discovery work fast
• Reduces in-house build needs
• Supports pipeline flexibility

Contract manufacturing and process partners help TScan Therapeutics move TCR programs from preclinical work to GMP clinical supply, covering process development, reagent supply, and manufacturing readiness. This lowers the need to build all production in-house, which matters as TScan scales multiple cell-therapy programs at once.

• Support GMP readiness
• Supply critical reagents
• Reduce capex burden
• Speed clinical material output

TScan Therapeutics, Inc. advances TSC-100 and TSC-101 to target residual leukemia cells after hematopoietic stem cell transplantation, with the goal of cutting relapse in blood cancers. This work depends on a steady stream of preclinical data packages to support IND-enabling studies and move both programs forward.

• Targets post-transplant residual disease

• Focuses on relapse prevention

• Needs ongoing preclinical evidence

• Advances 2 lead programs

TScan Therapeutics, Inc. is pushing five solid-tumor programs, TSC-200 through TSC-204, which gives it a wider shot at clinical wins than a single-asset model. The same platform also supports vaccine-related antigen discovery, including SARS-CoV-2 work, so the company can build value across oncology and infectious disease.

• Five solid-tumor programs
• Infectious-disease antigen discovery

TScan Therapeutics, Inc. relies on a scientific and technical team with deep immunology, T cell biology, and oncology expertise; that skill mix drives antigen discovery, TCR engineering, and translational work. In a preclinical biotech model, this team is the core asset because there is no commercial scale yet, only platform execution and pipeline progress.

• Drives discovery and engineering
• Supports translational development
• Creates preclinical value

TScan Therapeutics, Inc.'s Waltham, Massachusetts headquarters anchors corporate, research, and business development work, and gives the company a base for lab operations and day-to-day coordination. The site also helps TScan Therapeutics, Inc. recruit in the Boston biotech corridor, which supports access to a deep local talent pool.

• HQ for strategy and execution
• Supports lab and team coordination
• Helps recruit Boston biotech talent

TScan Therapeutics, Inc. uses patient T cells to discover cancer-specific antigens directly from human biology, which can reveal targets missed by genomics-only screens. This raises the odds of finding truly tumor-relevant specificity for precision immunotherapy.

• Patient-derived, not inferred
• Finds missed neoantigens
• Improves target specificity

TScan Therapeutics, Inc. can use one discovery engine across 2 fields: oncology and vaccines. That gives it optionality beyond cancer and can lift capital efficiency by reusing the same scientific platform instead of funding separate R&D stacks.

• 1 platform, 2 use cases
• More shots at value creation
• Lower duplicate R&D spend

TScan Therapeutics, Inc. depends on clinicians and trial sites with blood cancer and solid tumor experience to shape protocol design and run studies well. In 2025, that collaboration is key to moving TCR-T assets from preclinical work into first-in-human and later-stage testing.

• Need site expertise in oncology trials
• Supports protocol design and execution

TScan Therapeutics, Inc. keeps investors and regulators updated through earnings calls, SEC filings, and trial readouts, so the market can track pipeline progress, cash needs, and dilution risk. That steady flow of data helps support confidence in the platform story.

• Tracks pipeline milestones
• Signals financing needs early
• Builds trust in the platform

TScan Therapeutics, Inc. relies on academic and hospital networks to reach investigators and translational partners who can feed target discovery and shape later study design. This matters in a narrow field with only 1 core platform and ongoing clinical-stage programs, where partner credibility can speed trial access and data quality.

• Access to specialist investigators
• Supports target discovery
• Improves study design
• Builds trust in oncology networks

TScan Therapeutics, Inc. uses its website and investor materials as a low-cost channel to publish pipeline status, platform strategy, and corporate news, so partners and investors can quickly judge progress. Its latest public filings and updates also show ongoing clinical spend and no product revenue yet, which makes the site a key source for tracking execution.

• Low-cost digital investor access
• Pipeline and platform updates
• Fast read on corporate news

Patients with solid tumors are TScan Therapeutics, Inc.’s broadest addressable group, and TSC-200 to TSC-204 are built for this market. Solid tumors make up about 90% of adult cancers, so the opportunity is larger than blood cancers, but the biology is harder, which makes precise target discovery more valuable.

• TSC-200 to TSC-204 target solid tumors
• Solid tumors are ~90% of adult cancers
• Higher complexity raises target value

TScan Therapeutics, Inc. also uses its antigen-discovery platform for infectious disease work, so vaccine makers and public-health groups can be customers too. Its SARS-CoV-2 studies show the same TCR-based approach used in oncology can identify virus-specific targets and support immune monitoring.

• Vaccine partners need fast epitope mapping.
• Public-health groups can use immune profiling.
• SARS-CoV-2 work proves platform reach.

TScan Therapeutics, Inc. has ongoing general and administrative costs for Nasdaq listing, legal, finance, compliance, and board oversight even with no product revenue. In its latest filed year, these costs stayed in the tens of millions of dollars, reflecting a public-company burden that scales with reporting and governance.

• Legal, finance, compliance, reporting
• Supports Nasdaq and governance
• Runs before revenue arrives

For TScan Therapeutics, Inc., intellectual property and collaboration costs come from patent filings, outside counsel, license terms, and partner oversight. In biotech, protecting target and platform IP is core to value, so these expenses tend to stay high even before product revenue starts.

Collaboration deals can also add shared research, reporting, and admin costs, plus governance work across partners. The cost base is tied to keeping ownership clear and enforceable, especially where target-specific T cell therapy data and platform methods need patent coverage.

• Patent filing and maintenance fees
• License royalties and milestone risk
• Shared R&D and admin costs
• Partner governance and reporting load

TScan Therapeutics, Inc. can earn licensing and option fees by monetizing target libraries, platform access, and rights to future assets, which fits its discovery-first model. With 0 product revenue so far, these deals can bring in cash before any product launch and help fund R&D without waiting for approvals.

• Monetize target libraries
• Charge for platform access
• License future asset rights
• Generate cash pre-launch

TScan Therapeutics is still pre-commercial, so royalties and product sales are future upside, not current revenue. In its latest 2025 filings, the Company reported no commercial product sales; if a candidate wins approval, revenue could come from direct sales plus royalties on partnered assets.

That makes this stream highly optional: near term, it is zero; long term, it can scale with each approved therapy.

• 2025: no commercial product revenue
• Upside starts only after approval
• Royalties depend on partner deals