X0202 SCHEDULE 13G/A 0000918923 XXXXXXXX LIVE 3 Voting Common Stock, $0.0001 par value per share 03/31/2026 0001783328 TScan Therapeutics, Inc. 89854M101 830 WINTER STREET WALTHAM MA 02451 Rule 13d-1(c) BIOTECHNOLOGY VALUE FUND L P a DE 0.00 3014267.00 0.00 3014267.00 3014267.00 N 5.4 PN BVF I GP LLC a DE 0.00 3014267.00 0.00 3014267.00 3014267.00 N 5.4 OO BIOTECHNOLOGY VALUE FUND II LP a DE 0.00 1868548.00 0.00 1868548.00 1868548.00 N 3.3 PN BVF II GP LLC a DE 0.00 1868548.00 0.00 1868548.00 1868548.00 N 3.3 OO Biotechnology Value Trading Fund OS LP a E9 0.00 560400.00 0.00 560400.00 560400.00 N 1.0 PN BVF Partners OS Ltd. a E9 0.00 560400.00 0.00 560400.00 560400.00 N 1.0 CO BVF GP HOLDINGS LLC a DE 0.00 4882815.00 0.00 4882815.00 4882815.00 N 8.7 OO BVF PARTNERS L P/IL a DE 0.00 5578288.00 0.00 5578288.00 5578288.00 N 9.99 IA PN BVF INC/IL a DE 0.00 5578288.00 0.00 5578288.00 5578288.00 N 9.99 CO LAMPERT MARK N a X1 0.00 5578288.00 0.00 5578288.00 5578288.00 N 9.99 IN TScan Therapeutics, Inc. Biotechnology Value Fund, L.P. ("BVF") BVF I GP LLC ("BVF GP") Biotechnology Value Fund II, L.P. ("BVF2") BVF II GP LLC ("BVF2 GP") Biotechnology Value Trading Fund OS LP ("Trading Fund OS") BVF Partners OS Ltd. ("Partners OS") BVF GP Holdings LLC ("BVF GPH") BVF Partners L.P. ("Partners") BVF Inc. Mark N. Lampert ("Mr. Lampert") Each of the foregoing is referred to as a "Reporting Person" and collectively as the "Reporting Persons." Biotechnology Value Fund, L.P. 44 Montgomery St., 40th Floor San Francisco, California 94104 BVF I GP LLC 44 Montgomery St., 40th Floor San Francisco, California 94104 Biotechnology Value Fund II, L.P. 44 Montgomery St., 40th Floor San Francisco, California 94104 BVF II GP LLC 44 Montgomery St., 40th Floor San Francisco, California 94104 Biotechnology Value Trading Fund OS LP PO Box 309 Ugland House Grand Cayman, KY1-1104 Cayman Islands BVF Partners OS Ltd. PO Box 309 Ugland House Grand Cayman, KY1-1104 Cayman Islands BVF GP Holdings LLC 44 Montgomery St., 40th Floor San Francisco, California 94104 BVF Partners L.P. 44 Montgomery St., 40th Floor San Francisco, California 94104 BVF Inc. 44 Montgomery St., 40th Floor San Francisco, California 94104 Mark N. Lampert 44 Montgomery St., 40th Floor San Francisco, California 94104 Biotechnology Value Fund, L.P. Delaware BVF I GP LLC Delaware Biotechnology Value Fund II, L.P. Delaware BVF II GP LLC Delaware Biotechnology Value Trading Fund OS LP Cayman Islands BVF Partners OS Ltd. Cayman Islands BVF GP Holdings LLC Delaware BVF Partners L.P. Delaware BVF Inc. Delaware Mark N. Lampert United States Y As of the close of business on March 31, 2026, the Reporting Persons and a certain Partners managed account (the "Partners Managed Account") held Pre-Funded Warrants (the "Pre-Funded Warrants") exercisable for an aggregate of 8,784,348 Shares. The Pre-Funded Warrants are exercisable at any time at an exercise price of $0.0001 per Share and do not expire. A holder of Pre-Funded Warrants will not have the right to exercise any portion of its Pre-Funded Warrants which, upon giving effect to such exercise, would cause the aggregate number of Shares beneficially owned by the holder (together with its affiliates and other attribution parties (as defined in the Pre-Funded Warrant)) to exceed 9.99% of the Shares outstanding immediately after such exercise (the "Pre-Funded Warrants Blocker"). As of the close of business on March 31, 2026, the Pre-Funded Warrants Blocker limits the exercise of the Pre-Funded Warrants held by the Reporting Persons and the Partners Managed Account to 13,998 out of the 8,784,348 Shares underlying the Pre-Funded Warrants held by them. As of the close of business on March 31, 2026, (i) BVF beneficially owned 3,014,267 Shares, including 13,998 Shares underlying certain Pre-Funded Warrants held by it and excluding 4,658,896 Shares underlying certain Pre-Funded Warrants held by it, (ii) BVF2 beneficially owned 1,868,548 Shares, excluding 3,733,846 Shares underlying the Pre-Funded Warrants held by it, and (iii) Trading Fund OS beneficially owned 560,400 Shares, excluding 303,238 Shares underlying the Pre-Funded Warrants held by it. BVF GP, as the general partner of BVF, may be deemed to beneficially own the 3,014,267 Shares beneficially owned by BVF. BVF2 GP, as the general partner of BVF2, may be deemed to beneficially own the 1,868,548 Shares beneficially owned by BVF2. Partners OS, as the general partner of Trading Fund OS, may be deemed to beneficially own the 560,400 Shares beneficially owned by Trading Fund OS. BVF GPH, as the sole member of each of BVF GP and BVF2 GP, may be deemed to beneficially own the 4,882,815 Shares beneficially owned in the aggregate by BVF and BVF2. Partners, as the investment manager of BVF, BVF2 and Trading Fund OS, and the sole member of Partners OS, may be deemed to beneficially own the 5,578,288 Shares beneficially owned in the aggregate by BVF, BVF2 and Trading Fund OS and held in the Partners Managed Account, including 135,073 Shares held in the Partners Managed Account, which excludes 74,370 Shares underlying the Pre-Funded Warrants held in the Partners Managed Account. BVF Inc., as the general partner of Partners, may be deemed to beneficially own the 5,578,288 Shares beneficially owned by Partners. Mr. Lampert, as a director and officer of BVF Inc., may be deemed to beneficially own the 5,578,288 Shares beneficially owned by BVF Inc. The foregoing should not be construed in and of itself as an admission by any Reporting Person as to beneficial ownership of any Shares owned by another Reporting Person. BVF GP disclaims beneficial ownership of the Shares beneficially owned by BVF. BVF2 GP disclaims beneficial ownership of the Shares beneficially owned by BVF2. Partners OS disclaims beneficial ownership of the Shares beneficially owned by Trading Fund OS. BVF GPH disclaims beneficial ownership of the Shares beneficially owned by BVF and BVF2. Each of Partners, BVF Inc. and Mr. Lampert disclaims beneficial ownership of the Shares beneficially owned by BVF, BVF2 and Trading Fund OS and held in the Partners Managed Account, and the filing of this statement shall not be construed as an admission that any such person or entity is the beneficial owner of any such securities. The following percentages are based upon a denominator that is the sum of: (i) 52,625,035 Shares outstanding as of February 27, 2026, which is the total number of Shares outstanding as disclosed in the Issuer's Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 4, 2026, (ii) 3,199,687 Shares issued to the Reporting Persons and Partners Managed Account on March 27, 2026 upon the exercise of certain Pre-Funded Warrants previously held by the Reporting Persons and Partners Managed Account, as applicable, and (iii) 13,998 Shares issuable upon the exercise of certain Pre-Funded Warrants held by the Reporting Persons, as applicable. As of the close of business on March 31, 2026, (i) BVF beneficially owned approximately 5.4% of the outstanding Shares, (ii) BVF2 beneficially owned approximately 3.3% of the outstanding Shares, (iii) Trading Fund OS beneficially owned approximately 1.0% of the outstanding Shares, (iv) BVF GP may be deemed to beneficially own approximately 5.4% of the outstanding Shares, (v) BVF2 GP may be deemed to beneficially own approximately 3.3% of the outstanding Shares, (vi) Partners OS may be deemed to beneficially own approximately 1.0% of the outstanding Shares, (vii) BVF GPH may be deemed to beneficially own approximately 8.7% of the outstanding Shares, and (viii) each of Partners, BVF Inc. and Mr. Lampert may be deemed to beneficially own approximately 9.99% of the outstanding Shares (less than 1% of the outstanding Shares are held in the Partners Managed Account). See Cover Pages Items 5-9. See Cover Pages Items 5-9. See Cover Pages Items 5-9. See Cover Pages Items 5-9. Y N BVF GP, BVF GPH, Partners, BVF Inc. and Mr. Lampert share voting and dispositive power over the Shares beneficially owned by BVF. BVF GPH, Partners, BVF Inc. and Mr. Lampert share voting and dispositive power over the Shares beneficially owned by BVF2. Partners, BVF Inc. and Mr. Lampert share voting and dispositive power over the Shares beneficially owned by Trading Fund OS and held in the Partners Managed Account. Y N See Exhibit 99.1 to the Schedule 13G filed with the Securities and Exchange Commission on June 5, 2023. Y N By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11. BIOTECHNOLOGY VALUE FUND L P /s/ Mark N. Lampert 05/15/2026 BVF I GP LLC /s/ Mark N. Lampert 05/15/2026 BIOTECHNOLOGY VALUE FUND II LP /s/ Mark N. Lampert 05/15/2026 BVF II GP LLC /s/ Mark N. Lampert 05/15/2026 Biotechnology Value Trading Fund OS LP /s/ Mark N. Lampert 05/15/2026 BVF Partners OS Ltd. /s/ Mark N. Lampert 05/15/2026 BVF GP HOLDINGS LLC /s/ Mark N. Lampert 05/15/2026 BVF PARTNERS L P/IL /s/ Mark N. Lampert 05/15/2026 BVF INC/IL /s/ Mark N. Lampert 05/15/2026 LAMPERT MARK N /s/ Mark N. Lampert 05/15/2026