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TScan Therapeutics, Inc.

TCRX Nasdaq Biological Products, (No Diagnostic Substances) Financials FY2020โ€“FY2025

Last close ยท Oct 23, 2026

$0.20

6.0%
Compare
Revenue Total sales reported in the income statement.
$10.3M
266.7% vs prior year
Operating margin Operating income as a share of revenue.
โˆ’1,315.4%
3,472.3ย pts
Net income Profit after all expenses, interest and tax.
โˆ’$130M
Free cash flow Cash from operations minus capital spending.
โˆ’$140M
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
โˆ’3,300.3%
Market cap Last close times the latest diluted share count, so it is approximate.
$26.4M
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
โ€”
On โˆ’$0.91 EPS (TTM)

What TScan Therapeutics, Inc. does

No business description yet.

Legal name
TScan Therapeutics, Inc.
Fiscal year ends
December 31, 2025
Latest annual report
10-K ยท Mar 4, 2026
Accession ยท CIK
0001193125-26-089884
0001783328

Revenue and margins

TScan Therapeutics, Inc. had $10.3M of revenue in fiscal 2025, up 266.7% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was โˆ’$140M in fiscal 2025, โˆ’1,353.3% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

TScan Therapeutics, Inc. returned โ€” to shareholders in fiscal 2025. The diluted share count rose 15.9%.

Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Balance sheet

Cash, debt and the ratios that show how comfortably TScan Therapeutics, Inc. can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $161M$120M$192M$290M$152M
Debt incl. finance leases โ€”$29.3M$30.0M$32.1M$32.5M
Debt / equity โ€”0.3x0.2x0.1x0.3x
Interest coverage โ€”โˆ’56.7xโˆ’24.9xโˆ’36.9xโˆ’49.0x
Current ratio 7.8x7.2x6.5x8.1x8.4x
Quick ratio 7.8x7.2x6.5x8.1x8.4x
Total assets $188M$199M$272M$371M$229M
Total liabilities $27.3M$99.7M$121M$130M$106M
Shareholders' equity $161M$99.4M$151M$241M$123M
Net debt (โˆ’ = net cash) โ€”โˆ’$90.7Mโˆ’$162Mโˆ’$258Mโˆ’$120M

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. โ€œPlanโ€ marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$0.0M

0 insiders

Of sales under plans

โ€”

$0.0M

No open-market insider trades in the last 12 months.

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8โ€“9 is strong, 0โ€“2 weak.

TestFY20FY21FY22FY23FY24FY25
Net income is positive โœ• โœ• โœ• โœ• โœ• โœ•
Cash from operations is positive โœ• โœ• โœ• โœ• โœ• โœ•
Return on assets rose โ€” โœ“ โœ• โœ“ โœ• โœ•
Cash from operations exceeds net income โœ“ โœ• โœ• โœ“ โœ“ โœ•
Debt fell relative to assets โ€” โ€” โ€” โœ“ โœ“ โœ•
Current ratio rose โ€” โœ“ โœ• โœ• โœ“ โœ“
Share count didn't rise โ€” โœ• โœ• โœ• โœ• โœ•
Gross margin rose โ€” โ€” โ€” โ€” โ€” โ€”
Revenue rose relative to assets โ€” โœ“ โœ“ โœ“ โœ• โœ“
F-score โ€” / 33 / 71 / 74 / 83 / 82 / 8
Accruals ratio โˆ’46.5%0.0%0.1%โˆ’11.8%โˆ’5.2%1.9%
Altman Z'' โˆ’5.267.88โˆ’0.28โˆ’0.000.75โˆ’5.99

6 years of figures

Amounts in USD. Hover a ratioโ€™s name for its definition.

Download CSV
Fiscal yearFY20FY21FY22FY23FY24FY25
Income statement
Revenue $1.1M $10.1M $13.5M $21.0M $2.8M $10.3M
Research and development $20.6M $45.0M $59.8M $88.2M $107M $114M
Operating income โˆ’$26.2M โˆ’$48.6M โˆ’$66.6M โˆ’$93.5M โˆ’$135M โˆ’$136M
Interest expense โ€” โ€” $1.2M $3.8M $3.7M $2.8M
Income tax โ€” โ€” โ€” โ€” โ€” $0.0M
Net income โˆ’$26.1M โˆ’$48.6M โˆ’$66.2M โˆ’$89.2M โˆ’$127M โˆ’$130M
Diluted EPS โˆ’$28.52 โˆ’$4.17 โˆ’$2.75 โˆ’$1.36 โˆ’$1.14 โˆ’$1.00
Diluted shares 0.00B 0.01B 0.02B 0.07B 0.11B 0.13B
Cash flow
Cash from operations โˆ’$3.0M โˆ’$48.7M โˆ’$66.5M โˆ’$61.4M โˆ’$111M โˆ’$135M
Capital expenditure $4.2M $9.9M $4.2M $3.1M $3.8M $4.4M
Free cash flow โˆ’$7.3M โˆ’$58.6M โˆ’$70.7M โˆ’$64.5M โˆ’$115M โˆ’$140M
Depreciation and amortization $1.2M $3.3M $5.1M $5.4M $4.1M $2.9M
Stock-based compensation $0.5M $2.5M $4.6M $5.2M $9.5M $11.7M
Balance sheet
Cash and short-term investments $34.8M $161M $120M $192M $290M $152M
Total debt โ€” โ€” $29.3M $30.0M $32.1M $32.5M
Current assets $36.4M $166M $124M $194M $293M $157M
Current liabilities $17.4M $21.3M $17.3M $29.8M $36.0M $18.7M
Property and equipment, net $5.7M $11.8M $10.1M $7.7M $7.2M $8.7M
Total assets $49.7M $188M $199M $272M $371M $229M
Total liabilities $32.5M $27.3M $99.7M $121M $130M $106M
Preferred stock โ€” โ€” โ€” $0.0M $0.0M โ€”
Shareholders' equity โˆ’$42.5M $161M $99.4M $151M $241M $123M
Margins
Operating margin โˆ’2,417.8% โˆ’479.6% โˆ’492.3% โˆ’444.0% โˆ’4,787.7% โˆ’1,315.4%
EBITDA margin โˆ’2,307.2% โˆ’447.1% โˆ’454.6% โˆ’418.3% โˆ’4,642.1% โˆ’1,287.3%
Net margin โˆ’2,408.0% โˆ’479.5% โˆ’489.3% โˆ’423.9% โˆ’4,527.7% โˆ’1,256.8%
FCF margin โˆ’669.2% โˆ’578.0% โˆ’522.6% โˆ’306.4% โˆ’4,071.3% โˆ’1,353.3%
Returns
Return on capital โ€” โ€” โˆ’605.3% โ€” โ€” โˆ’3,300.3%
Return on capital employed โˆ’81.2% โˆ’29.2% โˆ’36.7% โˆ’38.6% โˆ’40.2% โˆ’64.6%
Return on equity โ€” โˆ’82.2% โˆ’50.9% โˆ’71.3% โˆ’65.1% โˆ’71.3%
Return on assets โˆ’52.5% โˆ’40.9% โˆ’34.2% โˆ’37.9% โˆ’39.6% โˆ’43.3%
Return on tangible equity โ€” โˆ’30.2% โˆ’66.6% โˆ’59.1% โˆ’52.9% โˆ’105.4%
Growth
Revenue growth โ€” 834.7% 33.5% 55.5% โˆ’86.6% 266.7%
Share count change โ€” 1,173.2% 106.2% 172.8% 70.7% 15.9%
Financial health
Debt / equity โ€” โ€” 0.3x 0.2x 0.1x 0.3x
Interest coverage โ€” โ€” โˆ’56.7x โˆ’24.9x โˆ’36.9x โˆ’49.0x
Current ratio 2.1x 7.8x 7.2x 6.5x 8.1x 8.4x
Quick ratio 2.1x 7.8x 7.2x 6.5x 8.1x 8.4x
Capital allocation
Capex / revenue 390.6% 98.0% 31.2% 14.9% 135.8% 42.7%
Stock comp / revenue 47.5% 24.8% 33.6% 24.7% 339.1% 113.4%
Quality scores
Piotroski F-score โ€” 3.0 1.0 4.0 3.0 2.0
Altman Z'' โˆ’5.3 7.9 โˆ’0.3 โˆ’0.0 0.7 โˆ’6.0
Accruals ratio โˆ’46.5% 0.0% 0.1% โˆ’11.8% โˆ’5.2% 1.9%

Source: SEC EDGAR XBRL filings (CIK 0001783328). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only โ€” not investment advice. Check the original filings before relying on any figure.

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