Why Is TScan Therapeutics Stock Gaining Today?

TScan Therapeutics, Inc. TCRX shares are trading higher in the premarket session on Thursday.

The firm announced a significant financing deal, entering into a securities purchase agreement with Lynx1 Capital Management LP and an investment fund advised by Lynx1.

Under the agreement, TScan will sell approximately $30 million in pre-funded warrants, which are exercisable for up to 7.50 million shares of its voting common stock.

According to Benzinga Pro, TCRX stock has lost over 51% in the past year. 

Each warrant will be priced at $4.00, with an exercise price of $0.0001 per share.

This deal represents a 37% premium over TScan’s last closing price and a 34% premium compared to its 10-day volume-weighted average closing price. The financing is expected to close by December 27, 2024, pending customary closing conditions.

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Gavin MacBeath, Ph.D., CEO of TScan Therapeutics, expressed appreciation for Lynx1’s continued support, highlighting the investment as a testament to their commitment to TScan’s mission of delivering life-changing TCR-T cell therapies for cancer patients.

Jason A. Amello, CFO of TScan, added that the additional $30 million in gross proceeds will extend the company’s cash runway, now expected to fund operations into the first quarter of 2027, up from the previous expectation of the fourth quarter of 2026.

This funding comes after TScan filed a registration statement with the SEC in November 2022, which was declared effective in May 2023.

Price Action: TCRX shares are trading higher by 16.8% to $3.40 premarket at last check Thursday.

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