Tscan Therapeutics, Inc. Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Sep 2, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 12, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the TCRX SEC filings page.
Tscan Therapeutics, Inc. (TCRX) reported $7.1M in revenue over the twelve months to Jun 30, 2026, up 2.2% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 6 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Development-stage R&D intensity, rather than commercial revenue, is the dominant mechanic driving TScan’s cash needs.
In FY2025, R&D spending reached$114M against revenue of$10.3M , showing that research investment remains many times larger than the current commercial base. Operating cash flow of-$135M closely matched net loss of-$130M , indicating that reported losses largely reflect ongoing cash-consuming operations rather than a wide accounting-to-cash gap.
Revenue recovered from
Liabilities fell while equity contracted, making the balance sheet less insulated despite lower obligations. The current ratio was 8.4x, and reported liquidity equaled 13.5 months of the latest annual operating outflow, describing substantial short-term resources relative to that measured outflow.
Financial Health Signals
Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Tscan Therapeutics, Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Tscan Therapeutics, Inc. held $152.4M in cash, cash equivalents and investments at the end of fiscal year 2025, and its operations used $135.3M of cash that year. Cash Runway ranks emerging companies on the size of that balance against the outflow behind it, and Tscan Therapeutics, Inc. scores 34/100 among other emerging companies.
Not available for Tscan Therapeutics, Inc., and counted as zero in the overall score.
Tscan Therapeutics, Inc. spent $114.2M on research and development in fiscal year 2025, which was 78.1% of its operating costs that year. R&D Intensity ranks emerging companies on the share of operating costs that goes into research, and Tscan Therapeutics, Inc. scores 97/100 among other emerging companies.
Tscan Therapeutics, Inc. reported revenue of $10.3M in fiscal year 2025, against $2.8M in fiscal year 2024. Revenue Progress ranks emerging companies on the three-year path of that line, and Tscan Therapeutics, Inc. scores 15/100 among other emerging companies.
Tscan Therapeutics, Inc.'s operations used $135.3M of cash in fiscal year 2025, against $110.8M used in fiscal year 2024. Burn Trend ranks emerging companies on which way that figure has moved over three years, and Tscan Therapeutics, Inc. scores 14/100 among other emerging companies.
Tscan Therapeutics, Inc.'s cash, cash equivalents and investments came to $152.4M at the end of fiscal year 2025, against $105.7M of total liabilities. Balance Sheet ranks emerging companies on that comparison, and Tscan Therapeutics, Inc. scores 70/100 among other emerging companies.
Tscan Therapeutics, Inc. scores -4.02, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($45.2M) relative to total liabilities ($105.7M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Tscan Therapeutics, Inc. passes 2 of 7 computable financial strength tests (2 of the nine could not be computed from available data). No profitability signals pass, 1 of 2 leverage/liquidity signals pass, both operating efficiency signals pass.
Tscan Therapeutics, Inc. reported a net loss of $129.8M while operations used $135.3M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Tscan Therapeutics, Inc. reported an operating loss of $135.8M against $2.8M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
Tscan Therapeutics, Inc. generated $1.1M in revenue in Q2 2026. This represents a decrease of 65.8% from the same quarter a year earlier. Against the prior quarter it is up 7.0%.
Tscan Therapeutics, Inc.'s EBITDA was -$29.8M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 21.5% from the same quarter a year earlier. Against the prior quarter it is down 4.7%.
Tscan Therapeutics, Inc. reported -$30.4M in net income in Q2 2026. This represents an increase of 17.8% from the same quarter a year earlier. Against the prior quarter it is down 5.9%.
Tscan Therapeutics, Inc. earned -$0.23 per diluted share (EPS) in Q2 2026. This represents an increase of 17.9% from the same quarter a year earlier. Against the prior quarter it is down 4.5%.
Cash & Balance Sheet
Tscan Therapeutics, Inc. recorded an outflow of $28.0M in free cash flow in Q2 2026, representing a cash shortfall after capex. This represents an increase of 18.9% from the same quarter a year earlier. Against the prior quarter it is down 15.1%.
Tscan Therapeutics, Inc. held $100.2M in cash against $21.1M in long-term debt as of Q2 2026.
Not reported for Q2 2026.
Margins & Returns
Tscan Therapeutics, Inc.'s ROE was -44.0% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is down 23.1 percentage points from the same quarter a year earlier. Against the prior quarter it is down 14.4 percentage points.
Not reported for Q2 2026.
Not shown for Q2 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for Q2 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Capital Allocation
Tscan Therapeutics, Inc. invested $23.4M in research and development in Q2 2026. This represents a decrease of 28.3% from the same quarter a year earlier. Against the prior quarter it is up 6.8%.
Tscan Therapeutics, Inc. invested $493K in capex in Q2 2026, funding long-term assets and infrastructure. This represents a decrease of 61.5% from the same quarter a year earlier. Against the prior quarter it is up 604.3%.
Not reported for Q2 2026.
TCRX Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $1.1M-65.8% | $982K-54.8% | $2.6M+286.0% | $2.5M+139.4% | $3.1M+473.9% | $2.2M+283.6% | $665K-90.8% | $1.0M-73.0% |
| R&D Expenses | $23.4M-28.3% | $21.9M-26.5% | $20.0M-31.7% | $31.7M+20.7% | $32.6M+21.4% | $29.8M+19.8% | $29.4M+31.0% | $26.3M+15.5% |
| SG&A Expenses | $8.1M-10.5% | $8.2M-4.8% | $6.4M-20.4% | $7.9M+6.3% | $9.1M+17.0% | $8.6M+21.9% | $8.0M+30.2% | $7.4M+25.7% |
| Operating Income | -$30.5M+21.1% | -$29.1M+19.6% | -$23.9M+35.0% | -$37.1M-13.6% | -$38.7M-13.3% | -$36.3M-15.5% | -$36.7M-71.9% | -$32.6M-31.8% |
| EBITDA | -$29.8M+21.5% | -$28.4M+20.0% | -$23.1M+35.8% | -$36.3M-14.8% | -$38.0M-15.0% | -$35.6M-18.1% | -$36.0M-79.7% | -$31.6M-34.7% |
| Interest Expense | $699K+1.5% | $689K+1.5% | $702K-10.5% | $699K-27.0% | $689K-27.6% | $679K-29.2% | $784K-8.0% | $958K-2.4% |
| Net Income | -$30.4M+17.8% | -$28.7M+16.0% | -$23.0M+35.8% | -$35.7M-19.5% | -$37.0M-16.7% | -$34.1M-13.2% | -$35.8M-82.6% | -$29.9M-30.0% |
| EPS (Diluted) | -$0.23+17.9% | -$0.22+15.4% | -$0.18+40.0% | -$0.28-12.0% | -$0.280.0% | -$0.26+18.8% | -$0.30-172.7% | -$0.25-4.2% |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, Income Tax, EPS (Basic), Diluted Shares (Avg).
TCRX Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $171.5M-42.6% | $202.0M-39.3% | $228.8M-38.4% | $262.2M-24.7% | $298.6M-20.4% | $332.7M+38.1% | $371.1M+36.4% | $348.0M+19.4% |
| Current Assets | $104.4M-52.8% | $132.8M-47.9% | $157.2M-46.3% | $188.2M-31.3% | $221.1M-26.2% | $254.8M+54.7% | $292.7M+50.7% | $274.1M+26.0% |
| Cash & Equivalents | $100.2M-40.9% | $128.1M-16.9% | $152.4M-14.7% | $169.5M+27.3% | $169.4M-30.0% | $154.1M+9.7% | $178.7M+34.0% | $133.1M-14.2% |
| Short-Term Investments | $0-100.0% | $0-100.0% | $0-100.0% | $14.9M-89.2% | $48.7M-12.4% | $97.6M+338.2% | $111.4M+89.9% | $138.0M+129.1% |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $102.4M-15.9% | $105.1M-14.2% | $105.7M-18.8% | $118.2M-0.6% | $121.8M+1.8% | $122.5M+3.9% | $130.1M+7.3% | $118.9M-2.8% |
| Current Liabilities | $31.0M-1.1% | $20.0M-33.0% | $18.7M-48.0% | $29.2M+1.9% | $31.3M-18.8% | $29.8M-5.3% | $36.0M+20.6% | $28.7M-13.5% |
| Long-Term Debt | $21.1M-34.8% | $32.7M+1.5% | $32.5M+1.4% | $32.4M+5.8% | $32.3M+60.6% | $32.2M+37.2% | $32.1M+20.1% | $30.6M+6.3% |
| Total Equity | $69.0M-60.9% | $96.9M-53.9% | $123.1M-48.9% | $144.0M-37.1% | $176.7M-30.8% | $210.2M+70.9% | $241.0M+59.7% | $229.1M+35.6% |
| Retained Earnings | -$563.9M-26.4% | -$533.5M-30.4% | -$504.9M-34.6% | -$481.9M-42.0% | -$446.2M-44.2% | -$409.2M-47.3% | -$375.1M-51.5% | -$339.3M-48.8% |
Not reported in any period shown, so not listed: Inventory, Accounts Receivable, Goodwill, Non-Current Liabilities.
TCRX Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$27.5M+17.2% | -$24.3M+35.4% | -$32.0M-16.7% | -$32.5M-16.3% | -$33.3M-26.9% | -$37.6M-28.4% | -$27.4M-15.3% | -$27.9M-448.2% |
| Depreciation & Amortization | $699K+0.1% | $693K+2.2% | $757K+7.7% | $767K-25.3% | $698K-37.5% | $678K-45.9% | $703K-46.7% | $1.0M-20.1% |
| Capital Expenditures | $493K-61.5% | $70K-95.4% | $171K-80.7% | $1.4M+4.0% | $1.3M+48.4% | $1.5M+117.3% | $888K+89.3% | $1.4M-3.5% |
| Free Cash Flow | -$28.0M+18.9% | -$24.3M+37.8% | -$32.2M-13.7% | -$33.9M-15.7% | -$34.5M-27.5% | -$39.1M-30.5% | -$28.3M-16.8% | -$29.3M-543.9% |
| Investing Cash Flow | -$465K-101.0% | -$70K-100.5% | $14.8M-45.7% | $32.6M+139.6% | $48.4M+243.7% | $13.5M-62.6% | $27.3M+1326.7% | -$82.4M-34.1% |
| Financing Cash Flow | N/A | N/A | $73K-99.8% | $0-100.0% | $116K-99.9% | -$525K-303.5% | $45.7M+240373.7% | $1.2M+588.1% |
Not reported in any period shown, so not listed: Stock-Based Compensation, Dividends Paid, Share Buybacks.
TCRX Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Margin | -2901.3% | -2967.3% | -929.4% | -1475.6% | -1256.6% | -1669.7% | -5520.6% | -3109.8% |
| Net Margin | -2888.6% | -2919.1% | -895.1% | -1422.1% | -1201.3% | -1572.0% | -5384.8% | -2849.1% |
| Return on Equity | -44.0%-23.1pp | -29.6%-13.3pp | -18.7%-3.8pp | -24.8%-11.7pp | -20.9%-8.5pp | -16.2%+8.3pp | -14.9%-1.9pp | -13.1%+0.6pp |
| Return on Assets | -17.7%-5.3pp | -14.2%-3.9pp | -10.0%-0.4pp | -13.6%-5.0pp | -12.4%-3.9pp | -10.3%+2.3pp | -9.7%-2.4pp | -8.6%-0.7pp |
| Current Ratio | 3.37-3.7x | 6.65-1.9x | 8.41+0.3x | 6.44-3.1x | 7.06-0.7x | 8.55+3.3x | 8.14+1.6x | 9.56+3.0x |
| Debt-to-Equity | 0.31+0.1x | 0.34+0.2x | 0.26+0.1x | 0.23+0.1x | 0.18+0.1x | 0.150.0x | 0.130.0x | 0.130.0x |
| FCF Margin | -2666.8% | -2479.5% | -1253.3% | -1349.6% | -1123.1% | -1801.8% | -4255.6% | -2792.0% |
Not reported in any period shown, so not listed: Gross Margin, Asset Turnover.
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin, FCF Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Tscan Therapeutics, Inc. TCRX | FY2025 | $10.3M | -$129.8M | N/A | $45.2M | 38/100 |
| Adagene Inc. ADAG | FY2025 | $7.7M | -$17.6M | N/A | $235.7M | 67/100 |
| HilleVax, Inc. HLVX | FY2024 | N/A | -$147.3M | N/A | $104.8M | — |
| Macrogenics Inc MGNX | FY2025 | $149.5M | -$75K | -0.1% | $254.2M | 57/100 |
| Mei Pharma Inc MEIP | FY2025 | $0 | -$15.9M | N/A | $100.8M | — |
| Anixa Biosciences Inc ANIX | FY2025 | N/A | -$10.9M | N/A | $114.0M | — |
Where Tscan Therapeutics, Inc. Ranks
Frequently Asked Questions
What is Tscan Therapeutics, Inc.'s annual revenue?
Tscan Therapeutics, Inc. (TCRX) reported $10.3M in total revenue for fiscal year 2025. This represents a 266.7% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Tscan Therapeutics, Inc.'s revenue growing?
Tscan Therapeutics, Inc. (TCRX) revenue grew by 266.7% year-over-year, from $2.8M to $10.3M in fiscal year 2025.
Is Tscan Therapeutics, Inc. profitable?
No, Tscan Therapeutics, Inc. (TCRX) reported a net income of -$129.8M in fiscal year 2025.
What is Tscan Therapeutics, Inc.'s EBITDA?
Tscan Therapeutics, Inc. (TCRX) had EBITDA of -$132.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Tscan Therapeutics, Inc. have?
As of fiscal year 2025, Tscan Therapeutics, Inc. (TCRX) had $152.4M in cash and equivalents against $32.5M in long-term debt.
What is Tscan Therapeutics, Inc.'s return on equity (ROE)?
Tscan Therapeutics, Inc. (TCRX) has a return on equity of -105.4% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Tscan Therapeutics, Inc.'s free cash flow?
Tscan Therapeutics, Inc. (TCRX) recorded an outflow of $139.7M in free cash flow during fiscal year 2025. This represents a -21.9% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Tscan Therapeutics, Inc.'s operating cash flow?
Tscan Therapeutics, Inc. (TCRX) recorded an outflow of $135.3M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Tscan Therapeutics, Inc.'s total assets?
Tscan Therapeutics, Inc. (TCRX) had $228.8M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Tscan Therapeutics, Inc.'s capital expenditures?
Tscan Therapeutics, Inc. (TCRX) invested $4.4M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Tscan Therapeutics, Inc. spend on research and development?
Tscan Therapeutics, Inc. (TCRX) invested $114.2M in research and development during fiscal year 2025.
What is Tscan Therapeutics, Inc.'s current ratio?
Tscan Therapeutics, Inc. (TCRX) had a current ratio of 8.41 as of fiscal year 2025, which is generally considered healthy.
What is Tscan Therapeutics, Inc.'s debt-to-equity ratio?
Tscan Therapeutics, Inc. (TCRX) had a debt-to-equity ratio of 0.26 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Tscan Therapeutics, Inc.'s return on assets (ROA)?
Tscan Therapeutics, Inc. (TCRX) had a return on assets of -56.7% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Tscan Therapeutics, Inc.'s P/E ratio?
Tscan Therapeutics, Inc. (TCRX) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (trailing 12 months to June 30, 2026). The market capitalization is $45.2M as of Sep 2, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Tscan Therapeutics, Inc.'s price-to-sales ratio?
Tscan Therapeutics, Inc. (TCRX) trades at 6.4x sales, its market capitalization divided by revenue of $7.1M revenue, trailing 12 months to June 30, 2026. The market capitalization is $45.2M as of Sep 2, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
How does Tscan Therapeutics, Inc.'s liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, Tscan Therapeutics, Inc. (TCRX) held $152.4M in cash, cash equivalents and investments, and reported an operating cash outflow of $135.3M over that year. Dividing the one by the other, the reported balance equals about 14 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
What is Tscan Therapeutics, Inc.'s Altman Z-Score?
Tscan Therapeutics, Inc. (TCRX) has an Altman Z-Score of -4.02, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Tscan Therapeutics, Inc.'s Piotroski F-Score?
Tscan Therapeutics, Inc. (TCRX) has a Piotroski F-Score of 2 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Tscan Therapeutics, Inc.'s earnings high quality?
Tscan Therapeutics, Inc. (TCRX) reported a net loss of $129.8M while operations used $135.3M of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Tscan Therapeutics, Inc. cover its interest payments?
Tscan Therapeutics, Inc. (TCRX) reported an operating loss of $135.8M against $2.8M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Tscan Therapeutics, Inc.?
Tscan Therapeutics, Inc. (TCRX) scores 38 out of 100 on our Financial Health Score, indicating weak standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.