TScan Therapeutics, which is cutting about 75% of its workforce, has approved retention awards for its chief executive and its chief legal officer. The awards pair cash paid in stages with stock units the company has not yet granted. The Waltham biotech's compensation committee approved the program Sept. 8, according to a securities filing dated Sept. 11.

Chief Executive Officer Gavin MacBeath is to receive $822,000 in cash and Chief Legal and Strategy Officer Zoran Zdraveski $416,000. One-third of the first half of each cash award is to be paid in November 2026 and the other two-thirds of that half in February 2027. The second half is to be paid when the company's in vivo solid tumor program reaches certain milestones, which the filing calls the Clinical Milestone.

Under the filing, MacBeath and Zdraveski are to be granted 2.4 million and 1.05 million restricted stock units, respectively, under TScan's 2021 equity plan. One-third would vest when the company reaches a financing milestone. The remaining two-thirds would vest in equal installments on the first and second anniversaries of that milestone, and every installment requires the executive to still be working for TScan on the vesting date.

The filing says the program also covers other key employees. It does not say how many, and it does not define either milestone.

TScan announced the workforce reduction Sept. 2, when it paused enrollment in its Phase 3 ALLOHA-2 study of TSC-101 and shifted to preclinical work on its in vivo solid tumor program. The company said in a filing that day that it expects to substantially complete the reorganization by the end of 2026, with about $4.1 million in employee-related costs, "consisting primarily of pay continuation and related benefits."

As of Oct. 8, the Massachusetts WARN tracker lists a TScan notice, received Sept. 2, covering 96 workers in Waltham, with layoffs dated Nov. 2.

The company's chief financial officer, Jason A. Amello, and chief medical officer, Chrystal Louis, are to leave no later than Nov. 1 under separation agreements disclosed in a Sept. 30 filing.

Sources:

TScan Therapeutics Form 8-K on the retention program, Sept. 11, 2026

TScan Form 8-K on the strategic reorganization, Sept. 2, 2026

TScan Form 8-K on executive separation agreements, Sept. 30, 2026

Massachusetts WARN layoff and closure updates

checked Oct. 8, 2026.