TScan Therapeutics Inc at Morgan Stanley Global Healthcare Conference Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Maxwell Skor - Morgan Stanley - Analyst : Okay, great. So can you walk us through the most recent clinical data for the program that you presented at ASH in December and how that compares to the standard of care. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. PRELIMINARY SEPTEMBER 09, 2025 / 9:35PM, TCRX.OQ - TScan Therapeutics Inc at Morgan Stanley Global Healthcare Conference

Question: Maxwell Skor - Morgan Stanley - Analyst : Okay, and do you have any expectations for the 2 year relapse data on the initial phase one patients by you I believe you're guiding to year end.

Question: Maxwell Skor - Morgan Stanley - Analyst : Okay, and can you talk a bit more about just the patient makeup, the inclusion criteria. How should we think about these patients overall?

Question: Maxwell Skor - Morgan Stanley - Analyst : So are these generally older patients that can't handle the more intensive?

Question: Maxwell Skor - Morgan Stanley - Analyst : Okay. And is there a higher bar in regards to safety that you have to then.

Question: Maxwell Skor - Morgan Stanley - Analyst : Great. So maybe drilling down a bit more on 101, could you describe the pivotal trial and what you, what's unique about the trial design?

Question: Maxwell Skor - Morgan Stanley - Analyst : Okay, so what are you looking for in the pivotal study? What are the thresholds in regards to hazard ratio and reduction and relapse rates that might affect the patient population potentially, basically what would be considered a win in this case? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. PRELIMINARY SEPTEMBER 09, 2025 / 9:35PM, TCRX.OQ - TScan Therapeutics Inc at Morgan Stanley Global Healthcare Conference

Question: Maxwell Skor - Morgan Stanley - Analyst : Months. Okay, and based on your your interactions with KOLs, could you just comment on physician feedback in regards to the overall profile of 101, and have you heard anything regarding the ease of use?

Question: Maxwell Skor - Morgan Stanley - Analyst : Okay, and can you touch on your plans to expand into other HOA? Types, yeah, any commentary there?

Question: Maxwell Skor - Morgan Stanley - Analyst : TCRs. Okay. Now let's pivot over I guess to the solid tumor program. So what is your immunobank of TCRs and how does it enable multiplex TCR cell therapy?

Question: Maxwell Skor - Morgan Stanley - Analyst : Okay, that's helpful. So what are you looking for in the initial safety and response data? I believe it's expected in the first quarter.

Question: Maxwell Skor - Morgan Stanley - Analyst : And can you elaborate a bit more on the patients enroll in this study?

Question: Maxwell Skor - Morgan Stanley - Analyst : Okay, before jumping into financials, maybe you can just highlight what the catalyst path ahead looks like for maybe the next 12 to 16 months and maybe what the market's missing overall with the T scan story.

Question: Maxwell Skor - Morgan Stanley - Analyst : Maybe next year we'd expect an R&D day or Or something like, yeah, so.

Question: Maxwell Skor - Morgan Stanley - Analyst : Okay, great. So with approximately $218 million in cash equivalent at the end of the second quarter runway into the first half of 27, how are you prioritizing capital allocation for programs across your pipeline?

Question: Maxwell Skor - Morgan Stanley - Analyst : Great. Okay, now I'm going to move to a couple of survey questions we've been asking most of our companies. With China's rise in biotech innovation, how are you thinking about your competitive position here and will this influence your R&D or potentially BD strategy?

Question: Maxwell Skor - Morgan Stanley - Analyst : Would that be the CRISPR. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. PRELIMINARY SEPTEMBER 09, 2025 / 9:35PM, TCRX.OQ - TScan Therapeutics Inc at Morgan Stanley Global Healthcare Conference

Question: Maxwell Skor - Morgan Stanley - Analyst : Okay, so how are you, if you are, how are you currently leveraging AI or thinking about AI's future disruptive potential?

Question: Maxwell Skor - Morgan Stanley - Analyst : And then last question. What has been most impactful from a regulatory perspective? Would it be the FDA changes or MFN or tariffs granted that might be a little bit early in regards to your case?

Question: Maxwell Skor - Morgan Stanley - Analyst : Nothing specific. Okay. And then I guess the last last question would be, is there anything I've missed in regards to what we've covered today, anything investors are calling out or anything you'd like to emphasize? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. PRELIMINARY SEPTEMBER 09, 2025 / 9:35PM, TCRX.OQ - TScan Therapeutics Inc at Morgan Stanley Global Healthcare Conference