TScan Therapeutics, Inc. (TCRX) Financial Statements
Industry: Biological Products, (No Diagnostic Substances)
In fiscal 2025, TScan Therapeutics reported revenue of $10.3M, up 266.7% from $2.8M the year before. Net income was -$129.8M (a -1256.8% net margin), or -$1.00 per diluted share. Operating margin was -1315.4%. Operating activities generated -$135.3M of cash, leaving -$139.7M of free cash flow. At fiscal year end, TScan Therapeutics held $228.8M in total assets against $105.7M in total liabilities, including $152.4M of cash and equivalents.
Open the full interactive TScan Therapeutics financials → Quarterly statements, key ratios, valuation history and price charts.
TScan Therapeutics Key Stats
| Share Price | $0.22 |
|---|---|
| Market Cap | $28.2M |
| Revenue YoY Growth | +266.7% |
| 52-Week Range | $0.22 – $2.52 |
| Shares Outstanding | 129.9 million (basic, 2026 Q2) |
TScan Therapeutics Income Statement
| FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|
| Revenue | $10.1M | $13.5M | $21.0M | $2.8M | $10.3M |
| Operating Income | -$48.6M | -$66.6M | -$93.5M | -$134.8M | -$135.8M |
| Pre-Tax Income | -$48.6M | -$66.2M | -$89.2M | -$127.5M | -$129.8M |
| Income Tax | — | — | — | — | $0 |
| Net Income | -$48.6M | -$66.2M | -$89.2M | -$127.5M | -$129.8M |
| Diluted EPS | -$4.17 | -$2.75 | -$1.36 | -$1.14 | -$1.00 |
TScan Therapeutics Quarterly Results
| 2025 Q3 | 2025 Q4 | 2026 Q1 | 2026 Q2 | |
|---|---|---|---|---|
| Revenue | $2.5M | $2.6M | $982,000 | $1.1M |
| Net Income | -$35.7M | -$23.0M | -$28.7M | -$30.4M |
| Diluted EPS | -$0.28 | -$0.18 | -$0.22 | -$0.23 |
TScan Therapeutics Balance Sheet
| FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|
| Cash & Equivalents | $161.4M | $120.0M | $133.4M | $178.7M | $152.4M |
| Current Assets | $165.7M | $124.1M | $194.2M | $292.7M | $157.2M |
| Total Assets | $188.1M | $199.1M | $272.1M | $371.1M | $228.8M |
| Current Liabilities | $21.3M | $17.3M | $29.8M | $36.0M | $18.7M |
| Total Long-Term Debt | — | $29.3M | $30.0M | $32.1M | $32.5M |
| Total Liabilities | $27.3M | $99.7M | $121.3M | $130.1M | $105.7M |
| Shareholders' Equity | $160.8M | $99.4M | $150.9M | $241.0M | $123.1M |
TScan Therapeutics Cash Flow Statement
| FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|
| Cash From Operations | -$48.7M | -$66.5M | -$61.4M | -$110.8M | -$135.3M |
| Cash From Investing | -$9.9M | -$4.2M | -$60.8M | -$52.6M | $109.4M |
| Cash From Financing | $189.7M | $29.4M | $135.4M | $208.8M | -$336,000 |
| Free Cash Flow | -$58.6M | -$70.7M | -$64.5M | -$114.6M | -$139.7M |
Figures from TScan Therapeutics' 10-K and 10-Q filings with the SEC, as of 2026-10-14. Fiscal years follow the company's own reporting calendar. EPS and share counts are adjusted for later stock splits. See the full TScan Therapeutics financials page for every line item.
TScan Therapeutics Company Profile
| Ticker | TCRX |
|---|---|
| Exchange | Nasdaq |
| Industry | Biological Products, (No Diagnostic Substances) |
| Headquarters | Waltham, Massachusetts |
| Incorporated in | Delaware |
| Fiscal Year End | December 31 |
| SEC Filer Category | Emerging growth company |
| SEC CIK | 0001783328 |
Frequently Asked Questions
What was TScan Therapeutics' revenue in fiscal 2025?
TScan Therapeutics (TCRX) reported revenue of $10.3M for fiscal 2025.
What is TScan Therapeutics' annual revenue history?
TScan Therapeutics' annual revenue by fiscal year: 2021: $10.1M; 2022: $13.5M; 2023: $21.0M; 2024: $2.8M; 2025: $10.3M.
What was TScan Therapeutics' net income in fiscal 2025?
TScan Therapeutics reported net income of -$129.8M for fiscal 2025.
What was TScan Therapeutics' earnings per share (EPS) in fiscal 2025?
TScan Therapeutics' diluted EPS was -$1.00 for fiscal 2025 (adjusted for any later stock splits).
How much free cash flow did TScan Therapeutics generate in fiscal 2025?
TScan Therapeutics generated -$139.7M of free cash flow in fiscal 2025.
What was TScan Therapeutics' revenue last quarter?
In its most recent reported quarter (2026 Q2), TScan Therapeutics reported revenue of $1.1M.
How much debt does TScan Therapeutics have?
TScan Therapeutics reported $32.5M of long-term debt, including the current portion, at the end of fiscal 2025.
How many shares of TScan Therapeutics are outstanding?
TScan Therapeutics reported a weighted average of 129.9 million basic shares outstanding in 2026 Q2.
What is TScan Therapeutics' market cap?
Based on its latest closing price, TScan Therapeutics (TCRX) has a market capitalization of about $28.2M.
When does TScan Therapeutics' fiscal year end?
TScan Therapeutics' fiscal year end, as registered with the SEC, is December 31.
Where is TScan Therapeutics headquartered?
TScan Therapeutics lists its business address in Waltham, Massachusetts in its SEC filings.