TScan Officer Dworak Leiden Discloses 366,925 Options on Form 3
Rhea-AI Filing Summary
Dworak Leiden, reporting as an officer (Principal Accounting Officer) of TScan Therapeutics, Inc. (TCRX), filed an initial Form 3 reporting ownership of stock options granted by the company. The Form 3 reflects six option grants exercisable between 04/03/2032 and 01/02/2035 covering a total of 366,925 shares of Voting Common Stock with exercise prices ranging from $1.81 to $6.00. Vesting schedules are described for each grant, generally providing 25% vesting after one year followed by equal monthly vesting over 36 months, with certain tranches tied to service dates or shareholder approval. The filing date for the event is 08/14/2025 and the Form is signed by an attorney-in-fact on behalf of the reporting person.
Positive
- 366,925 stock options reported, showing clear disclosure of equity compensation
- Each option grant includes explicit vesting schedules (25% at one year, then monthly over 36 months) providing transparency
Negative
- None.
Insights
TL;DR: Officer holds options for 366,925 shares with multi-year vesting; disclosure is routine initial ownership reporting.
The Form 3 documents option-based compensation rather than open-market purchases or sales, showing seven-year plus exercise horizons and standard time-based vesting schedules. The total optioned shares (366,925) and stated exercise prices provide transparency on potential future dilution if exercised, but the filing does not disclose current exercised shares, cash proceeds, or percentage ownership versus outstanding shares, limiting assessment of immediate financial impact.
TL;DR: This is a routine initial Section 16 filing by an officer detailing stock option grants and vesting terms.
The filing correctly identifies the reporting person as an officer and provides explicit vesting schedules and grant approvals where applicable. It includes a power of attorney signature. There are no indications of related-party transactions, accelerated vesting triggers, or departures from standard equity award practices in the disclosed text.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| holding | Stock Option (Right to Buy) | -- | -- | -- |
| holding | Stock Option (Right to Buy) | -- | -- | -- |
| holding | Stock Option (Right to Buy) | -- | -- | -- |
| holding | Stock Option (Right to Buy) | -- | -- | -- |
| holding | Stock Option (Right to Buy) | -- | -- | -- |
| holding | Stock Option (Right to Buy) | -- | -- | -- |
Footnotes (1)
- The shares subject to this option shall vest and become exercisable with respect to 25% of the shares on the one-year anniversary of April 4, 2022, with the balance vesting thereafter in equal monthly installments over the next 36 months of continuous service to the Issuer. The shares subject to this option shall vest and become exercisable with respect to 25% of the shares on the one-year anniversary of February 2, 2023, with the balance vesting thereafter in equal monthly installments over the next 36 months of continuous service to the Issuer. 96,300 shares subject to this option shall vest and become exercisable with respect to 25% of the shares on the one-year anniversary of May 24, 2023, with the balance vesting thereafter in equal monthly installments over the next 36 months of continuous service to the Issuer. The remaining 67,500 shares subject to this option shall vest and become exercisable with respect to 25% of the shares on February 2, 2025, with the balance vesting thereafter in equal monthly installments over the next 36 months of continuous service to the Issuer, in each case subject to the Reporting Person's continued service at such time. This option was granted on May 24, 2023 subject to the approval of the Issuers' stockholders of an amendment to the TScan Therapeutics, Inc. 2021 Equity Incentive Plan, which was obtained on June 13, 2023. The shares subject to this option shall vest and become exercisable with respect to 25% of the shares on the one-year anniversary of July 21, 2023, with the balance vesting thereafter in equal monthly installments over the next 36 months of continuous service to the Issuer. The shares subject to this option shall vest and become exercisable with respect to 25% of the shares on the one-year anniversary of January 12, 2024, with the balance vesting thereafter in equal monthly installments over the next 36 months of continuous service to the Issuer. The shares subject to this option shall vest and become exercisable with respect to 25% of the shares on the one-year anniversary of January 3, 2025, with the balance vesting thereafter in equal monthly installments over the next 36 months of continuous service to the Issuer.
