ALLOHA-2 Phase 3

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ALLOHA-2 Phase 3

Quick Note

June 22, 2026 TScan Therapeutics, Inc. (TCRX)

Rating: ALLOHA-2 Phase 3OUTPERFORM

Price:

$0.92 TCRX reported initial Cohort C data from the ongoing Ph 1 ALLOHA study of TSC-101

12-Month Price Target: in patients with hematologic malignancies undergoing allo-HCT, with this cohort

$5.00 treated using the company's finalized commercial-ready manufacturing process.

We view the readout as further de-risking the platform, as it extends the depth

and rapidity of donor chimerism conversion seen in prior cohorts into a higher-risk

Analysts population while validating the shorter, lower-cost process the company intends to

David Nierengarten, Ph.D. carry into commercialization.

(415) 274-6862

David.Nierengarten@wedbush.com Cohort C enrolled a higher-risk population than Cohort A and historical control

Martin Fan, Ph.D. (Figure 1). Of 19 patients enrolled and 17 successfully manufactured, 14 proceeded

(213) 688-3404 to transplant and received at least one TSC-101 infusion. 75% of Cohort C patientsMartin.Fan@wedbush.com

were MRD-positive prior to transplant versus 53% on the prior control arm, andDennis Pak

(415) 263-6647 86% showed mixed donor chimerism post-transplant prior to dosing versus 76%

Dennis.Pak@wedbush.com of controls. Despite the poor prognostic pattern, 13 of 14 (93%) demonstrated

declining recipient chimerism (Figure 2), 11 of 14 patients (79%) achieved complete

donor chimerism within approximately three weeks of the first infusion (Figure

3), and all five patients evaluable after a second infusion achieved complete

donor chimerism (Figure 4), versus 61% (11/18) and 53% (9/17) of the control

arm at comparable timepoints. Two of the three remaining patients showed

continued improvement toward complete chimerism. Relative to the original