0000950170-25-063968 | 10-Q | XBRL Viewer

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2025

Schedule of Assets Carried at Fair Value on a Hierarchy Basis

The following tables set forth by level, within the fair value hierarchy, the assets carried at fair value (in thousands):


	Fair value measurements at March 31, 2025 using
	Active Markets (Level 1)		Observable Inputs (Level 2)		Unobservable Inputs (Level 3)		Total
Assets
Cash equivalents – money market funds	$	141,917	$	-	$	-	$	141,917
Cash equivalents - government securities		7,993		-		-		7,993
Marketable securities – government securities		97,581		-		-		97,581
Total financial assets	$	247,491	$	-	$	-	$	247,491


	Fair value measurements at December 31, 2024 using
	Active Markets (Level 1)		Observable Inputs (Level 2)		Unobservable Inputs (Level 3)		Total
Assets
Cash equivalents – money market funds	$	169,744	$	-	$	-	$	169,744
Marketable securities – government securities		111,421		-		-		111,421
Total financial assets	$	281,165	$	-	$	-	$	281,165

Loan and Security Agreements

3 Months Ended

Mar. 31, 2025

Debt Disclosure [Abstract]

Loan and Security Agreements

8. Loan and Security Agreements

K2 HealthVentures LLC

On September 9, 2022 (the Closing Date), the Company entered into a $60.0 million Convertible Loan and Security Agreement (the K2HV Loan Agreement) with K2HV, upon which the Company drew the first tranche of $30.0 million from K2HV on the Closing Date. On November 20, 2024, K2HV elected to convert $15.0 million of the outstanding principal balance into 3,134,796 shares of the Company's Voting Common Stock at a price of $4.785, in accordance with the agreement. On December 20, 2024, the Company entered into the SVB Loan Agreement, terminated the K2HV Loan Agreement and repaid all remaining outstanding loan obligations to K2HV, which included $15.0 million in remaining principal, a $1.8 million exit fee, and a $0.3 million prepayment fee. The Company recognized a loss from extinguishment of $1.1 million.

The Company recorded $1.0 million in interest expense for the three months ended March 31, 2024.

Silicon Valley Bank

On December 20, 2024 (the Effective Date), the Company entered into a Loan and Security Agreement (SVB Loan Agreement) with Silicon Valley Bank, a division of First-Citizens Bank & Trust Company (SVB). Under the SVB Loan Agreement, SVB will extend up to $52.5 million through a non-convertible term loan facility, consisting of a first tranche of $32.5 million fully funded on the Effective Date and a second tranche of $20.0 million to be available to the Company at the lender’s sole discretion on or prior to June 30, 2026.

The term loans will mature on September 1, 2029, and will be subject to monthly interest only payments until September 30, 2027, provided the Company achieves certain financial and clinical milestones, following which the term loans will amortize in equal monthly installments until maturity. If the Company does not achieve such financial and clinical milestones by June 30, 2026, the maturity date will be September 1, 2028, and the interest only period will end on September 30, 2026, following which the term loans will amortize in equal monthly installments until maturity.

The term loans will accrue interest at a per annum rate equal to the greater of (i) 7.00% and (ii) the prime rate (as last quoted in The Wall Street Journal), minus 0.75%; provided that such interest rate shall not exceed 9.75% per annum. The Company will be liable for a final payment that is due on the earliest to occur of (a) the maturity date, (b) the repayment of the term loans in full, and (c) the date upon which the term loans are accelerated by the lender, in an amount equal to the aggregate original principal amount of the term loans extended by the lender to the Company, multiplied by 5.0% (Exit Fee). In addition, the Company will be liable for a prepayment fee equal to (x) 3.0% of the principal amount of term loans prepaid during the first year of the term, (y) 2.0% of the principal amount of term loans prepaid during the second year of the term, and (z) 1.0% of the principal amount of term loans prepaid thereafter. The term loans will automatically accelerate upon the occurrence of a bankruptcy or insolvency event involving the Company or its subsidiaries.

The SVB Loan Agreement contains customary representations and warranties, events of default and affirmative and negative covenants, including covenants that limit or restrict the Company’s and its subsidiaries’ ability to, among other things, dispose of assets, make changes to its business, management, ownership or business locations, merge or consolidate, incur additional indebtedness, grant liens on its assets, pay dividends or other distributions, repurchase equity, make investments, and enter into certain transactions with affiliates, in each case subject to certain thresholds and exceptions. The SVB Loan Agreement does not require the Company to comply with a financial maintenance covenant. As collateral for its obligations under the SVB Loan Agreement, the Company granted the lender a first-priority security interest on substantially all of the Company’s assets (other than intellectual property), subject to certain exceptions. The Company’s obligations under the SVB Loan Agreement will be guaranteed by each of the Company’s future direct or indirect subsidiaries, subject to certain exceptions.

The Company recorded $0.7 million in interest expense for the three months ended March 31, 2025. The effective interest rate on the SVB Loan Agreement, including the amortization of the debt discount and issuance costs, and accretion of the Exit Fee, was 8.46% at March 31, 2025.

Future principal payments as of March 31, 2025 are as follows (in thousands):


2027	$	4,063
2028		16,250
2029		12,187
Total principal payments		32,500
Plus: Final payment fee		1,625
Less: unamortized debt discount and final fee		(1,943	)
Total debt	$	32,182

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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+ Details

Accrued Expenses and Other Current Liabilities (Tables)

3 Months Ended

Mar. 31, 2025

Payables and Accruals [Abstract]

Schedule of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following (in thousands):


	March 31,		December 31,
	2025		2024
Accrued research and development	$	6,255	$	6,735
Accrued employee compensation and benefits		2,024		6,845
Accrued consulting and professional services		751		1,473
Accrued legal services and license fee		381		281
Other		196		76
Total accrued expenses and other current liabilities	$	9,607	$	15,410

Segment Reporting - Schedule of Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Revenue
Collaboration and license revenue	$ 2,171	$ 566
Operating expenses:
Research and development	29,788	24,857
General and administrative	8,633	7,082
Loss from operations	(36,250)	(31,373)
Other (expense) income:
Interest and other income, net	2,802	2,190
Interest expense	679	959
Net loss	(34,127)	(30,142)
Reportable Segment
Revenue
Collaboration and license revenue	2,171	566
Operating expenses:
Loss from operations	(36,250)	(31,373)
Other (expense) income:
Interest and other income, net	2,802	2,190
Interest expense	(679)	(959)
Net loss	(34,127)	(30,142)
Reportable Segment \| Laboratory Supplies, Research Materials and Studies
Operating expenses:
Research and development	9,489	7,276
Reportable Segment \| Personnel Expenses
Operating expenses:
Research and development	8,816	7,707
General and administrative	3,019	2,668
Reportable Segment \| Legal and Professional Fees
Operating expenses:
General and administrative	1,954	1,668
Reportable Segment \| Facility-Related and Other
Operating expenses:
Research and development	5,548	3,901
General and administrative	1,808	1,647
Reportable Segment \| Clinical Studies
Operating expenses:
Research and development	3,695	3,833
Reportable Segment \| Stock-Based Compensation
Operating expenses:
Research and development	1,738	1,065
General and administrative	1,676	919
Reportable Segment \| Depreciation Expense
Operating expenses:
Research and development	502	1,075
General and administrative	$ 176	$ 180

Fair Value Measurements - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2025	Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value, assets, level 1 to level 2 transfers	$ 0	$ 0
Fair value, assets, level 2 to level 1 transfers	0	0
Fair value, assets, transfers into level 3	0	0
Fair value, assets, transfers out of level 3	$ 0	$ 0

Fair Value Measurements

3 Months Ended

Mar. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurements

3. Fair Value Measurements

The following tables set forth by level, within the fair value hierarchy, the assets carried at fair value (in thousands):


	Fair value measurements at March 31, 2025 using
	Active Markets (Level 1)		Observable Inputs (Level 2)		Unobservable Inputs (Level 3)		Total
Assets
Cash equivalents – money market funds	$	141,917	$	-	$	-	$	141,917
Cash equivalents - government securities		7,993		-		-		7,993
Marketable securities – government securities		97,581		-		-		97,581
Total financial assets	$	247,491	$	-	$	-	$	247,491


	Fair value measurements at December 31, 2024 using
	Active Markets (Level 1)		Observable Inputs (Level 2)		Unobservable Inputs (Level 3)		Total
Assets
Cash equivalents – money market funds	$	169,744	$	-	$	-	$	169,744
Marketable securities – government securities		111,421		-		-		111,421
Total financial assets	$	281,165	$	-	$	-	$	281,165

Money market funds and government securities are valued by the Company based on quoted market prices, which represent a Level 1 measurement within the fair value hierarchy. There were no transfers among Level 1, Level 2, or Level 3 categories in the periods presented.

Assets and Liabilities Not Carried at Fair Value

The carrying value of accounts payable and accrued expenses that are reported on the consolidated balance sheets approximate fair value due to the short-term nature of these liabilities. Based on the borrowing rates currently available to the Company for bank loans with similar maturities, the fair value of long-term debt is approximately equal to its carrying amount as of March 31, 2025.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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+ Details

Net Loss Per Share - Summary of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Earnings Per Share [Abstract]
Net loss	$ (34,127)	$ (30,142)
Weighted-average common shares outstanding, basic	129,678,572	94,875,893
Weighted-average common shares outstanding, diluted	129,678,572	94,875,893
Net loss per share, basic	$ (0.26)	$ (0.32)
Net loss per share, diluted	$ (0.26)	$ (0.32)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Loan and Security Agreements - Schedule of Future Principal Debt Payment (Details) $ in Thousands	Mar. 31, 2025 USD ($)
Debt Disclosure [Abstract]
2027	$ 4,063
2028	16,250
2029	12,187
Total principal payments	32,500
Plus: Final payment fee	1,625
Less: unamortized debt discount and final fee	(1,943)
Total debt	$ 32,182

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2025	Apr. 30, 2025
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2025
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q1
Trading Symbol	TCRX
Entity Registrant Name	TSCAN THERAPEUTICS, INC.
Entity Central Index Key	0001783328
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Shell Company	false
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	001-40603
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	82-5282075
Entity Address, Address Line One	830 Winter Street
Entity Address, State or Province	MA
Entity Address, City or Town	Waltham
Entity Address, Postal Zip Code	02451
City Area Code	857
Local Phone Number	399-9500
Title of 12(b) Security	Voting Common Stock, $0.0001 par value per share
Security Exchange Name	NASDAQ
Voting Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		52,314,039
Non-voting Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		4,276,588

Net Loss Per Share - Summary of Potential Common Shares Excluded from Computation of Diluted Net Loss per Share (Details) - shares	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total	17,586,025	18,769,423
Options to Purchase Common Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total	17,324,388	12,499,831
Common stock issuable upon conversion of the K2HV Loan Agreement
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total	0	6,269,592
Potential shares issuable under the ESPP
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total	261,637

Nature of Business and Basis of Presentation

3 Months Ended

Mar. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Nature of Business and Basis of Presentation

1. Nature of Business and Basis of Presentation

Nature of Business

TScan Therapeutics, Inc. and its wholly-owned subsidiary, TScan Securities Corporation (the Company), is a biotechnology company that was incorporated in Delaware on April 17, 2018 and has a principal place of business in Waltham, Massachusetts. The Company is focused on developing a pipeline of TCR-T therapy candidates for the treatment of patients with cancer.

Basis of Presentation

The accompanying interim unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (U.S. GAAP) and applicable rules and regulations of the Securities and Exchange Commission (the SEC) regarding interim financial reporting, and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. Management believes that the interim financial statements reflect all adjustments, which include only normal recurring adjustments necessary for the fair statement of the Company’s financial position, results of its operations and cash flows. The condensed consolidated financial statements include the accounts of TScan Therapeutics, Inc. and its subsidiary, TScan Securities Corporation. All intercompany balances and transactions have been eliminated in consolidation. The results for the three months ended March 31, 2025, are not necessarily indicative of results to be expected for the year ending December 31, 2025, any other interim periods, or any future year or period. The accompanying condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K, which was filed with the SEC on March 5, 2025. In the opinion of the Company’s management, all adjustments (consisting of normal and recurring adjustments) considered necessary for a fair statement of the results for the interim periods presented have been included.

Risks, Uncertainties and Going Concern

The Company is subject to risks common to companies in the biotechnology industry, including, but not limited to, successful development of technology, obtaining additional funding, protection of proprietary technology, compliance with government regulations, risks of failure of preclinical studies and clinical trials, the need to obtain marketing approval for its product candidates and the ability to successfully market any products that receive approval, fluctuations in operating results, economic pressure impacting therapeutic pricing, dependence on key personnel, risks associated with changes in technologies, development by competitors of technological innovations and the ability to scale manufacturing to large scale production. Product candidates currently under development will require significant additional research and development efforts, including preclinical and clinical testing and regulatory approval prior to commercialization. These efforts require significant amounts of additional capital, adequate personnel and infrastructure and extensive compliance capabilities. Even if the Company’s development efforts are successful, it is uncertain when, if ever, the Company will realize significant revenue from sales.

The accompanying unaudited condensed consolidated financial statements have been prepared on the basis of continuity of operations, realization of assets and the satisfaction of liabilities and commitments in the ordinary course of business. The Company has primarily funded its operations with proceeds from sales of capital stock, payments received under its license and collaboration agreements and debt financings. Since its inception, the Company has incurred recurring losses, including net losses of $34.1 million and $30.1 million for the three months ended March 31, 2025 and 2024, respectively. As of March 31, 2025, the Company had an accumulated deficit of $409.2 million. The Company expects to continue to generate operating losses in the foreseeable future. The Company expects that its cash, cash equivalents and marketable securities as of March 31, 2025, will be sufficient to fund the Company’s operations for at least the next 12 months from the date of the issuance of these financial statements.

Emerging Growth Company Status

The Company qualifies as “emerging growth company” as defined in the Jumpstart Our Business Startups Act of 2012 (JOBS Act) and has elected to “opt in” to the extended transition related to complying with new or revised accounting standards, which means that when a standard is issued or revised and it has different application dates for public and nonpublic companies, the Company will adopt the new or revised standard at the time nonpublic companies adopt the new or revised standard and will do so until such time that the Company either (i) irrevocably elects to “opt out” of such extended transition period or (ii) no longer qualifies as an emerging growth company. The Company may choose to early adopt any new or revised accounting standards whenever such early adoption is permitted for nonpublic companies.

Collaboration and License Agreements - Additional Information (Details) - USD ($) $ in Thousands		1 Months Ended	3 Months Ended
	May 08, 2023	Jul. 31, 2023	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024
Collaboration And License Agreements [Line Items]
Collaboration and license revenue			$ 2,171	$ 566
Long-term deferred revenue			501		$ 1,246
Amgen Inc. \| Amgen Agreement
Collaboration And License Agreements [Line Items]
License agreement date	May 08, 2023
Upfront payment receivable	$ 30,000
Upfront payment received		$ 30,000
Potential milestone payment	$ 500,000
Expects research term	3 years
Collaboration and license revenue			2,200	$ 600
Deferred revenue			10,800
Long-term deferred revenue			$ 500

Net Loss Per Share - Additional Information (Details) - shares	Mar. 31, 2025	Dec. 27, 2024
Pre-Funded Warrants [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common stock issuable upon exercise warrants	73,087,945	7,500,000

Loan and Security Agreements - Additional Information (Details) - USD ($)			3 Months Ended		12 Months Ended
	Dec. 20, 2024	Nov. 20, 2024	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024	Sep. 09, 2022
Debt Instrument [Line Items]
Debt instrument drew			$ 32,500,000
Debt Instrument, Payment Terms			The term loans will mature on September 1, 2029, and will be subject to monthly interest only payments until September 30, 2027, provided the Company achieves certain financial and clinical milestones, following which the term loans will amortize in equal monthly installments until maturity. If the Company does not achieve such financial and clinical milestones by June 30, 2026, the maturity date will be September 1, 2028, and the interest only period will end on September 30, 2026, following which the term loans will amortize in equal monthly installments until maturity.
K2HV [Member]
Debt Instrument [Line Items]
Principal amount						$ 60,000,000
Convertible outstanding principal balance		$ 15,000,000
Converted instrument, shares issued		3,134,796
Conversion price		$ 4.785
Repaid remaining principal amount	$ 15,000,000
Exit fee	1,800,000
Prepayment fee	300,000
Rcognized loss from extinguishment	(1,100,000)
Interest expense				$ 1,000,000
Silicon Valley Bank [Member]
Debt Instrument [Line Items]
Principal amount	$ 52,500,000
Term loan maturity date	Sep. 01, 2029
Contractual interest rate	7.00%
Prime rate	0.75%
Interest rate			8.46%
Interest expense					$ 700,000
Tranche One [Member] \| K2HV [Member]
Debt Instrument [Line Items]
Debt instrument drew						$ 30,000,000
Tranche One [Member] \| Silicon Valley Bank [Member]
Debt Instrument [Line Items]
Debt instrument drew	$ 32,500,000
Tranche Two [Member] \| Silicon Valley Bank [Member]
Debt Instrument [Line Items]
Debt instrument remaining borrowing capacity	$ 20,000,000
Maximum [Member] \| Silicon Valley Bank [Member]
Debt Instrument [Line Items]
Contractual interest rate	9.75%

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2025	Dec. 31, 2024
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Voting Common Stock
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	300,000,000	300,000,000
Common stock, shares issued	52,314,039	52,314,039
Common stock, shares outstanding	52,314,039	52,314,039
Non-voting Common Stock
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	10,000,000	10,000,000
Common stock, shares issued	4,276,588	4,276,588
Common stock, shares outstanding	4,276,588	4,276,588

Accrued Expenses and Other Current Liabilities

3 Months Ended

Mar. 31, 2025

Payables and Accruals [Abstract]

Accrued Expenses and Other Current Liabilities

4. Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following (in thousands):


	March 31,		December 31,
	2025		2024
Accrued research and development	$	6,255	$	6,735
Accrued employee compensation and benefits		2,024		6,845
Accrued consulting and professional services		751		1,473
Accrued legal services and license fee		381		281
Other		196		76
Total accrued expenses and other current liabilities	$	9,607	$	15,410

Net Loss Per Share (Tables)

3 Months Ended

Mar. 31, 2025

Earnings Per Share [Abstract]

Summary of Basic and Diluted Net Loss Per Share

Basic and diluted net loss per share was calculated as follows (in thousands, except share and per share data):


	Three Months Ended
	March 31,
	2025			2024
Numerator:
Net loss	$	(34,127	)	$	(30,142	)
Denominator:
Weighted-average common shares outstanding, basic and diluted		129,678,572			94,875,893
Net loss per share, basic and diluted	$	(0.26	)	$	(0.32	)

Summary of Potential Common Shares Excluded from Computation of Diluted Net Loss per Share

The Company excluded the following potential common shares from the computation of diluted net loss per share for the periods indicated because including them would have had an anti-dilutive effect:


	March 31,
	2025		2024
Options to purchase common stock		17,324,388		12,499,831
Common stock issuable upon conversion of the K2HV Loan Agreement		-		6,269,592
Potential shares issuable under the ESPP		261,637		-
Total		17,586,025		18,769,423

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Non-voting Common Stock	Voting Common Stock	Common Stock Non-voting Common Stock	Common Stock Voting Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit
Balances at Dec. 31, 2023	$ 150,867			$ 1	$ 4	$ 398,459		$ (247,597)
Balances, shares at Dec. 31, 2023				4,276,588	43,552,941
Exercise of stock options	258					258
Exercise of stock options, shares					75,208
Stock-based compensation expense	1,984					1,984
Net loss	(30,142)							(30,142)
Balances at Mar. 31, 2024	122,967			$ 1	$ 4	400,701		(277,739)
Balances, shares at Mar. 31, 2024				4,276,588	43,628,149
Balances at Dec. 31, 2024	240,970			$ 1	$ 5	616,009	$ 51	(375,096)
Balances, shares at Dec. 31, 2024		4,276,588	52,314,039	4,276,588	52,314,039
Stock-based compensation expense	3,414					3,414
Net loss	(34,127)							(34,127)
Unrealized loss on available-for-sale securities	(55)						(55)
Balances at Mar. 31, 2025	$ 210,202			$ 1	$ 5	$ 619,423	$ (4)	$ (409,223)
Balances, shares at Mar. 31, 2025		4,276,588	52,314,039	4,276,588	52,314,039

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

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-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 4.E)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480418/310-10-S99-2

+ Details

Nature of Business and Basis of Presentation - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Date of incorporation	Apr. 17, 2018
Net losses	$ 34,127	$ 30,142
Accumulated deficit	$ 409,223		$ 375,096

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

- Definition

Amount of accumulated undistributed earnings (deficit).

+ References + Details

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2025

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

The accounting policies of the Company are set forth in Note 2 to the consolidated financial statements contained in the Company's Annual Report on Form 10-K for the year ended December 31, 2024, the accounting policies followed by the Company for interim financial reporting are consistent with the accounting policies therein.

Recent Issued Accounting Pronouncements Not Yet Effective

In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” This ASU updates income tax disclosure requirements primarily by requiring specific categories and greater disaggregation within the rate reconciliation and disaggregation of income taxes paid by jurisdiction. This ASU is effective for annual periods beginning after December 15, 2024, and is applicable to the Company’s fiscal year beginning January 1, 2025, with early application permitted. The Company is currently evaluating the impact of adopting this ASU on its consolidated financial statements and disclosures.

In November 2024, the FASB issued ASU No. 2024-04, Debt-Debt with Conversions and Other Options. ASU 2024-04 is intended to clarify requirements for determining whether certain settlements of convertible debt instruments, including convertible debt instruments with cash conversion features or convertible debt instruments that are not currently convertible, should be accounted for as an induced conversion. This ASU is effective for all entities for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods, with early adoption permitted. The Company is currently evaluating the potential impact of this guidance on its disclosures.

In November 2024, the FASB issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures. ASU 2024-03 is intended to improve disclosures about a public business entity’s expense and provide more detailed information to investors about the types of expenses in commonly presented expense captions. The amendments in this ASU are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the potential impact of this guidance on its disclosures.

Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Payables and Accruals [Abstract]
Accrued research and development	$ 6,255	$ 6,735
Accrued employee compensation and benefits	2,024	6,845
Accrued consulting and professional services	751	1,473
Accrued legal services and license fee	381	281
Other	196	76
Total accrued expenses and other current liabilities	$ 9,607	$ 15,410

Fair Value Measurements - Schedule of Assets Carried at Fair Value on a Hierarchy Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Assets, Fair Value Disclosure [Abstract]
Total financial assets	$ 247,491	$ 281,165
Government Securities
Assets, Fair Value Disclosure [Abstract]
Cash and cash equivalents fair value disclosure	7,993
Marketable securities, fair value disclosure	97,581	111,421
Cash Equivalents - Money Market Funds
Assets, Fair Value Disclosure [Abstract]
Cash and cash equivalents fair value disclosure	141,917	169,744
Active Markets (Level 1)
Assets, Fair Value Disclosure [Abstract]
Total financial assets	247,491	281,165
Active Markets (Level 1) \| Government Securities
Assets, Fair Value Disclosure [Abstract]
Cash and cash equivalents fair value disclosure	7,993
Marketable securities, fair value disclosure	97,581	111,421
Active Markets (Level 1) \| Cash Equivalents - Money Market Funds
Assets, Fair Value Disclosure [Abstract]
Cash and cash equivalents fair value disclosure	$ 141,917	$ 169,744

Stockholders' Equity

3 Months Ended

Mar. 31, 2025

Stockholders' Equity Note [Abstract]

Stockholders' Equity

5. Stockholders' Equity

ATM Program

On May 16, 2023, the Company entered into a sales agreement (the Sales Agreement) with Wedbush Securities, Inc. (Wedbush), as sales agent, pursuant to which the Company could offer, issue and sell up to an aggregate amount of $75.0 million of shares of the Company's voting common stock, par value $0.0001 per share (Voting Common Stock), from time to time in “at-the-market” (ATM) offerings during the term of the Sales Agreement under a registration statement on Form S-3 (File No. 333-268260) filed with the SEC, which was declared effective on May 16, 2023. No Voting Common Stock has been sold under this Sales Agreement to date.

Equity Offerings

On June 1, 2023, the Company completed an underwritten public offering resulting in the issuance and sale of (a) 23,287,134 shares of Voting Common Stock, at a price of $2.00 per share, and (b) pre-funded warrants (Pre-Funded Warrants) to purchase up to 47,010,526 shares of the Voting Common Stock, at a price of $1.9999 per warrant with an exercise price of $0.0001 per share. The Company received aggregate net proceeds of $134.7 million after deducting underwriting discounts, commissions and other offering expenses, with $42.4 million allocated to the Voting Common Stock and $92.3 million allocated to Pre-Funded Warrants.

On April 24, 2024, the Company completed an underwritten public offering resulting in the issuance and sale of (a) 4,958,068 shares of Voting Common Stock, including the partial exercise of the underwriters’ option to purchase 2,485,487 additional shares of Voting Common Stock, at the closing market price on April 16, 2024, of $7.13 per share, and (b) Pre-Funded Warrants to purchase up to 18,577,419 shares of the Voting Common Stock, at a price of $7.1299 per warrant with an exercise price of $0.0001 per share. The Company received aggregate net proceeds of approximately $161.4 million after deducting underwriting discounts, commissions and other offering expenses, with $33.1 million allocated to the Voting Common Stock and $128.3 million allocated to Pre-Funded Warrants.

On December 27, 2024, the Company completed a registered direct offering with an existing investor for the issuance of pre-funded warrants to purchase up to 7,500,000 shares of the Company's Voting Common Stock, with an exercise price of $0.0001 per warrant. The pre-funded warrants were issued at a purchase price of $4.00 per warrant, resulting in gross proceeds of approximately $30.0 million, before deducting offering expenses of $0.2 million.

The Pre-Funded Warrants are immediately exercisable subject to certain ownership limitations, have an exercise price of $0.0001 per share, may be exercised at any time and do not expire. The Pre-Funded Warrants were determined to be equity classified because they are freestanding financial instruments that are legally detachable and separately exercisable from the equity instruments, are immediately exercisable, do not embody an obligation for the Company to repurchase its shares, permit the holders to receive a fixed number of common shares upon exercise, are indexed to the Company’s common stock and meet the equity classification criteria. In addition, the Pre-Funded Warrants do not provide any guarantee of value or return. As such, proceeds received from the issuance from the Pre-Funded Warrants were recorded as a component of stockholders’ equity within additional paid-in capital. As of March 31, 2025, no Pre-Funded Warrants have been exercised.

- Definition

The entire disclosure for equity.

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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Cash flows from operating activities:
Net loss	$ (34,127)	$ (30,142)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation expense	678	1,254
Accretion of marketable securities	(1,277)	(453)
Non-cash interest expense related to note payable	110	199
Stock-based compensation	3,414	1,984
Changes in current assets and liabilities:
Prepaid expenses and other assets	(524)	255
Right-of-use assets and lease liabilities, net	1,167	214
Accounts payable	558	(410)
Accrued expense and other liabilities	(5,414)	(1,602)
Deferred revenue	(2,171)	(566)
Net cash used in operating activities	(37,586)	(29,267)
Cash flows from investing activities:
Purchases of property and equipment	(1,532)	(705)
Purchases of marketable securities	(60,938)	(8,779)
Maturities of marketable securities	76,000	45,647
Net cash provided by investing activities	13,530	36,163
Cash flows from financing activities:
Proceeds from exercise of stock options		258
Cash paid for debt issuance costs	(400)
Cash paid for financing costs	(125)
Net cash provided by (used in) financing activities	(525)	258
Net increase (decrease) in cash, cash equivalents and restricted cash	(24,581)	7,154
Cash, cash equivalents, and restricted cash - beginning of period	183,720	138,390
Cash, cash equivalents, and restricted cash - end of period	159,139	145,544
Summary of cash, cash equivalents and restricted cash reported within the consolidated balance sheets:
Cash and cash equivalents	154,108	140,513
Restricted cash	5,031	5,031
Total cash, cash equivalents, and restricted cash	159,139	145,544
Supplemental disclosure of cash flow information:
Cash paid for interest	569	758
Supplemental disclosure of non-cash investing and financing activities:
Financing costs not yet paid	75
Purchase of property and equipment in accounts payable and accrued liabilities	$ 339	$ 309

Summary of Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2025

Accounting Policies [Abstract]

Recent Issued Accounting Pronouncements Not Yet Effective

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 154,108	$ 178,689
Marketable securities	97,581	111,421
Prepaid expenses and other current assets	3,147	2,612
Total current assets	254,836	292,722
Property and equipment, net	8,351	7,242
Right-of-use assets	62,736	64,357
Restricted cash	5,031	5,031
Long-term deposit and other assets	1,755	1,766
Total assets	332,709	371,118
Current liabilities:
Accounts payable	4,966	4,278
Accrued expenses and other current liabilities	9,607	15,410
Operating lease liability, current portion	4,971	4,570
Deferred revenue, current portion	10,272	11,698
Total current liabilities	29,816	35,956
Deferred revenue, net of current portion	501	1,246
Operating lease liability, net of current portion	59,884	60,739
Long-term debt and accrued interest	32,182	32,072
Other long term liabilities	124	135
Total liabilities	122,507	130,148
Commitments and contingencies (Note 7)
Stockholders' equity:
Preferred stock, $0.0001 par value; 10,000,000 shares authorized; no shares issued and outstanding at March 31, 2025 and December 31, 2024	0	0
Additional paid-in capital	619,423	616,009
Accumulated other comprehensive loss	(4)	51
Accumulated deficit	(409,223)	(375,096)
Total stockholders' equity	210,202	240,970
Total liabilities and stockholders' equity	332,709	371,118
Voting Common Stock
Stockholders' equity:
Common stock	5	5
Non-voting Common Stock
Stockholders' equity:
Common stock	$ 1	$ 1

Segment Reporting - Additional Information (Details)	3 Months Ended
Segment Reporting - Additional Information (Details)	Mar. 31, 2025 Segment
Segment Reporting [Abstract]
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration]	srt:ChiefExecutiveOfficerMember
Number of operating segments	1
Segment Reporting, CODM, Profit (Loss) Measure, How Used, Description	The CODM assesses the Company's performance by reviewing GAAP net loss and significant expenses by function along with the annual budget. The chief operating decision maker considers budget-to-actual variances on a quarterly basis when making decisions about the allocation of operating and capital resources.

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2025	Mar. 31, 2024
Pay vs Performance Disclosure
Net Income (Loss)	$ (34,127)	$ (30,142)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Stockholders' Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions					23 Months Ended
	Dec. 27, 2024	Apr. 24, 2024	Jun. 01, 2023	May 16, 2023	Mar. 31, 2025	Dec. 31, 2024
Class of Stock [Line Items]
Net proceeds from common stock and warrants after deducting underwriting discounts, commissions and other offering expenses		$ 161.4	$ 134.7
Proceeds from issuance of pre-funded warrants, net of offering costs		128.3	92.3
Proceeds from issuance of common stock, net of offering costs		$ 33.1	$ 42.4
Voting Common Stock
Class of Stock [Line Items]
Common stock, par value					$ 0.0001	$ 0.0001
Voting Common Stock \| Public Offering
Class of Stock [Line Items]
Sale of stock price per share			$ 2
Voting Common Stock \| Follow On Offering
Class of Stock [Line Items]
Number of shares issued		4,958,068	23,287,134
Underwriter option to purchase number of additional shares		2,485,487
Sale of stock price per share		$ 7.13
Voting Common Stock \| ATM Program \| Wedbush Securities, Inc.
Class of Stock [Line Items]
Number of shares issued					0
Issuance of common stock, net of offering costs				$ 75.0
Common stock, par value				$ 0.0001
Pre-Funded Warrants [Member]
Class of Stock [Line Items]
Common stock issuable upon exercise warrants	7,500,000				73,087,945
Warrants exercised					0
Warrant exercise price			$ 0.0001
Proceeds from issuance of pre-funded warrants, net of offering costs	$ 30.0
Offering expenses	$ 0.2
Pre-Funded Warrants [Member] \| Voting Common Stock
Class of Stock [Line Items]
Common stock issuable upon exercise warrants		18,577,419	47,010,526
Warrant exercise price	$ 0.0001	$ 0.0001	$ 0.0001

Net Loss Per Share

3 Months Ended

Mar. 31, 2025

Earnings Per Share [Abstract]

Net Loss Per Share

10. Net Loss Per Share

Net Loss Per Share

Basic and diluted net loss per share was calculated as follows (in thousands, except share and per share data):


	Three Months Ended
	March 31,
	2025			2024
Numerator:
Net loss	$	(34,127	)	$	(30,142	)
Denominator:
Weighted-average common shares outstanding, basic and diluted		129,678,572			94,875,893
Net loss per share, basic and diluted	$	(0.26	)	$	(0.32	)

The 73,087,945 shares of the Company's common stock issuable upon exercise of the Pre-Funded Warrants described in Note 5 are included as outstanding common stock in the calculation of basic and diluted net loss per share.

The Company has two classes of common stock, each with identical participation rights to earnings and liquidation preferences, and therefore the calculation of net loss per share as described above is identical to the calculation under the two-class method. The Company excluded the following potential common shares from the computation of diluted net loss per share for the periods indicated because including them would have had an anti-dilutive effect:


	March 31,
	2025		2024
Options to purchase common stock		17,324,388		12,499,831
Common stock issuable upon conversion of the K2HV Loan Agreement		-		6,269,592
Potential shares issuable under the ESPP		261,637		-
Total		17,586,025		18,769,423

Segment Reporting

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

Segment Reporting

9. Segment Reporting

Operating segments are defined as components of the entity for which separate financial information is made available and that is regularly evaluated by the chief operating decision maker (CODM) in making decisions regarding resource allocation and assessing performance. The Company's CODM is its chief executive officer and the Company manages its operations as a single segment for the purposes of assessing performance and making operating decisions. The Company is focused on the development of TCR-T therapies for the treatment of patients with cancer.

The CODM assesses the Company's performance by reviewing GAAP net loss and significant expenses by function along with the annual budget. The chief operating decision maker considers budget-to-actual variances on a quarterly basis when making decisions about the allocation of operating and capital resources.

The following table provides information about the Company's single operating segment which includes significant expenses by function along with significant non-cash expense items.


	Three Months Ended March 31,
	2025			2024
Revenue:
Collaboration and license revenue	$	2,171		$	566
Operating expenses:
Research and development:
Laboratory supplies, research materials and studies		9,489			7,276
Personnel expenses		8,816			7,707
Facility-related and other		5,548			3,901
Clinical studies		3,695			3,833
Stock-based compensation		1,738			1,065
Depreciation expense		502			1,075
General and administrative:
Personnel expenses		3,019			2,668
Legal and professional fees		1,954			1,668
Facility-related and other		1,808			1,647
Stock-based compensation		1,676			919
Depreciation Expense		176			180
Loss from operations		(36,250	)		(31,373	)
Other (expense) income:
Interest and other income, net		2,802			2,190
Interest expense		(679	)		(959	)
Net loss	$	(34,127	)	$	(30,142	)

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Revenue
Collaboration and license revenue	$ 2,171	$ 566
Revenue from Contract with Customer, Product and Service [Extensible Enumeration]	Collaboration And License Revenue	Collaboration And License Revenue
Operating expenses:
Research and development	$ 29,788	$ 24,857
General and administrative	8,633	7,082
Total operating expenses	38,421	31,939
Loss from operations	(36,250)	(31,373)
Other (expense) income:
Interest and other income, net	2,802	2,190
Interest expense	(679)	(959)
Total other income	2,123	1,231
Net loss	$ (34,127)	$ (30,142)
Net loss per share, basic	$ (0.26)	$ (0.32)
Net loss per share, diluted	$ (0.26)	$ (0.32)
Weighted average common shares outstanding- basic	129,678,572	94,875,893
Weighted average common shares outstanding-diluted	129,678,572	94,875,893
Comprehensive loss:
Net Income (Loss)	$ (34,127)	$ (30,142)
Other comprehensive loss:
Unrealized loss on available-for-sale securities	(55)
Comprehensive loss	$ (34,182)	$ (30,142)

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Rule 10b5-1 Arrangement Modified	false
Non-Rule 10b5-1 Arrangement Modified	false

Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

Schedule of Segment Information

The following table provides information about the Company's single operating segment which includes significant expenses by function along with significant non-cash expense items.


	Three Months Ended March 31,
	2025			2024
Revenue:
Collaboration and license revenue	$	2,171		$	566
Operating expenses:
Research and development:
Laboratory supplies, research materials and studies		9,489			7,276
Personnel expenses		8,816			7,707
Facility-related and other		5,548			3,901
Clinical studies		3,695			3,833
Stock-based compensation		1,738			1,065
Depreciation expense		502			1,075
General and administrative:
Personnel expenses		3,019			2,668
Legal and professional fees		1,954			1,668
Facility-related and other		1,808			1,647
Stock-based compensation		1,676			919
Depreciation Expense		176			180
Loss from operations		(36,250	)		(31,373	)
Other (expense) income:
Interest and other income, net		2,802			2,190
Interest expense		(679	)		(959	)
Net loss	$	(34,127	)	$	(30,142	)

Commitments and Contingencies

3 Months Ended

Mar. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

7. Commitments and Contingencies

Leases

The Company leases office space under non-cancelable operating lease agreements. There have been no material changes to the Company's leases during the period ended March 31, 2025.

Brigham and Women’s License Agreement

The Company obtained the worldwide exclusive license to its foundational technology from the Brigham and Women’s Hospital, Inc. (BWH). The license, as amended, grants worldwide exclusive use to the patent underlying the TargetScan technology in exchange for fees including development milestones and various royalties on product sales should they occur in the future.

Royalty Agreement

In June 2018, the Company amended and restated an existing royalty agreement with one of its founders. Under the amended and restated royalty agreement, the Company agreed to pay the founder an aggregate royalty of 1% of net sales of any product sold by the Company or by any of its direct or indirect licensees for use in the treatment of any disease or disorder covered by a pending patent application or issued patent held or controlled by the Company as of the last date that the founder was providing services to the Company as a director or consultant under a written agreement in perpetuity. Royalties are payable with respect to each applicable product for a defined period of time set forth in the royalty agreement. The founder assigned his rights and obligations under the royalty agreement to one of his affiliated entities in January 2021.

Loan and Security Agreements (Tables)

3 Months Ended

Mar. 31, 2025

Debt Disclosure [Abstract]

Schedule of Future Principal Debt Payment

Future principal payments as of March 31, 2025 are as follows (in thousands):


2027	$	4,063
2028		16,250
2029		12,187
Total principal payments		32,500
Plus: Final payment fee		1,625
Less: unamortized debt discount and final fee		(1,943	)
Total debt	$	32,182