WALTHAM, Mass. - TScan Therapeutics, Inc. (NASDAQ: TCRX), a biopharmaceutical company specializing in T cell therapies for cancer, announced today the launch of a $125 million public offering of common stock and pre-funded warrants.
The company, which is in the clinical stage of developing T cell receptor-engineered therapies, intends to grant underwriters a 30-day option to purchase additional shares amounting to 15% of the total offered.
The offering is contingent on market and regulatory conditions, and there is no certainty regarding its completion or the final terms. Morgan Stanley and TD Cowen are the joint book-running managers, with LifeSci Capital as the lead manager. BTIG, H.C. Wainwright & Co., and Needham & Company are co-managers.
The proceeds from this offering are earmarked for general corporate purposes. The securities were registered with the SEC on March 6, 2024, and the effective date of the registration statement was April 12, 2024. The offering is made through a preliminary prospectus supplement and accompanying prospectus available on the SEC's website.
TScan's focus is on TCR-engineered T cell therapies (TCR-T) aimed at treating cancer patients. The company's lead candidates, TSC-100 and TSC-101, are being developed to prevent relapse in patients with hematologic malignancies after allogeneic hematopoietic cell transplantation.
Moreover, TScan is working on multiplexed TCR-T candidates for solid tumors and expanding its ImmunoBank, a repository of therapeutic TCRs.
The company's statements regarding the offering's completion and use of proceeds are forward-looking and subject to risks and uncertainties. These statements are protected under the Private Securities Litigation Reform Act of 1995. TScan has advised that these forward-looking statements should not be taken as guarantees of future performance, and actual events or results may differ.
This news is based on a press release statement from TScan Therapeutics, Inc.
InvestingPro Insights
As TScan Therapeutics, Inc. (NASDAQ: TCRX) embarks on a significant public offering, the latest metrics from InvestingPro provide insights into the company's financial health and market performance. With a market capitalization of $341.4 million, TCRX shows a dynamic presence in the biopharmaceutical industry, particularly in the T cell therapy space for cancer treatment.
InvestingPro Data reveals that TScan has experienced a notable revenue growth of 55.52% over the last twelve months as of Q4 2023, with an even more impressive quarterly growth rate of 132.99% in Q4 2023.
This suggests a strong upward trajectory in the company's sales figures, which could be a positive indicator for potential investors. Despite these robust growth figures, the company's gross profit margin stands at -318.8%, reflecting significant costs associated with its clinical-stage operations.
InvestingPro Tips indicate that TScan's P/E Ratio has improved to -3.85, adjusted for the last twelve months as of Q4 2023, from a previous -5.26. This could signal a trend towards narrowing losses or increasing earnings. Additionally, the company's Price / Book ratio is 2.28, which may attract investors looking for companies with potentially undervalued assets relative to their market price.
For those considering an investment in TScan Therapeutics, it's worth noting that the company's stock has shown remarkable resilience, with a 1 Year Price Total Return of 235.16%. This level of performance highlights the stock's volatility but also its potential for significant returns. With the next earnings date set for May 7, 2024, investors will be keen to see if the company can maintain its growth momentum.
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