On August 8, 2022 TCR2 Therapeutics Inc. (Nasdaq: TCRR), a clinical-stage cell therapy company with a pipeline of novel T cell therapies for cancer patients suffering from solid tumors, reported financial results for the second quarter ended June 30, 2022 and provided a corporate update (Press release, TCR2 Therapeutics, AUG 8, 2022, View Source [SID1234617796]).

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"TCR2 made significant strides this quarter in preparation for our upcoming gavo-cel Phase 1 and TC-510 data expected in the second half of 2022. As part of our commitment to deliver a meaningfully interpretable dataset, we plan to present our gavo-cel Phase 1 trial data on at least 30 patients in September in order to collect additional scans on patients evaluable for efficacy," said Garry Menzel, Ph.D., President and Chief Executive Officer of TCR2 Therapeutics. "We also continue to expect to present initial safety, efficacy and translational data from our TC-510 Phase 1 clinical trial before the end of 2022. In connection with progressing our two mesothelin-focused clinical trials, we have activated additional clinical sites and expanded our manufacturing capacity through ElevateBio BaseCamp. This will allow us to further accelerate the pace at which we can deliver our unique cell therapy to benefit patients suffering from solid tumors."

Recent Developments

TC-510:

TCR2 initiated the Phase 1 dose escalation portion of the Phase 1/2 clinical trial of TC-510, its first enhanced mesothelin-targeted TRuC-T cell that co-expresses a PD-1:CD28 chimeric switch receptor. Enrollment is ongoing and the Company expects to report on initial safety, efficacy and translational data from at least one of the Phase 1 dose escalation cohorts of the Phase 1/2 clinical trial in the second half of 2022.
Corporate:

TCR2 announced the appointment of industry and finance veteran Eric Sullivan as Chief Financial Officer where he will be responsible for leading all aspects of financial management and capital market strategy as well as overseeing investor relations and select business operations.
Manufacturing:

TCR2 announced today the commencement of clinical trial material production at ElevateBio BaseCamp in anticipation of increased demand from the Phase 2 expansion trial of gavo-cel.
Anticipated Milestones

Gavo-cel:

Present the expanded Phase 1 dataset for gavo-cel in September 2022.
Provide an update from the Phase 2 portion of the ongoing gavo-cel Phase 1/2 clinical trial in the second half of 2022.
TC-510:

Report initial safety, efficacy and translational data from at least one of the Phase 1 dose escalation cohorts of the TC-510 Phase 1/2 clinical trial in the second half of 2022.
Pipeline:

Initiate IND-enabling studies for TC-520, an enhanced CD70 targeting TRuC-T cell program, in 2022.
Financial Highlights

Cash Position: TCR2 ended the second quarter of 2022 with $206.2 million in cash, cash equivalents, and investments compared to $265.6 million as of December 31, 2021. Net cash used in operations was $19.5 million for the second quarter of 2022 compared to $15.0 million for the second quarter of 2021. TCR2 projects net cash use of $115-125 million for 2022. We expect cash on hand to support operations into 2024.

R&D Expenses: Research and development expenses were $25.8 million for the second quarter of 2022 compared to $18.6 million for the second quarter of 2021. The increase in R&D expenses was primarily due to an increase in contract manufacturing costs and clinical trial expenses associated with patient treatment and headcount.

G&A Expenses: General and administrative expenses were $6.0 million for the second quarter of 2022 compared to $5.7 million for the second quarter of 2021. The increase in general and administrative expenses was due to an increase in personnel costs and other professional fees.

Net Loss: Net loss was $31.6 million for the second quarter of 2022 compared to $24.3 million for the second quarter of 2021.
Upcoming Events

TCR2 Therapeutics management is scheduled to participate at the following upcoming conferences.

Wedbush PacGrow Healthcare Conference: Management will participate in investor one-on-one meetings on August 10, 2022