[Form 4] TScan Therapeutics, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Zscaler, Inc. (ZS) has filed a Form 144 indicating a proposed insider sale of common stock. The filing covers the potential sale of 56,428 shares with an aggregate market value of approximately $17.45 million. The shares are expected to be sold on or about 07/02/2025 through Morgan Stanley Smith Barney LLC on the NASDAQ exchange. As disclosed, Zscaler has 155,695,672 shares outstanding; therefore, the planned sale represents roughly 0.036 % of total shares.

The seller, Remo E. Canessa, previously sold 3,684 shares on 06/17/2025 for gross proceeds of $1.12 million. The current Form 144 aggregates shares acquired via restricted stock awards, performance shares, and an employee stock-purchase plan between 2018-2022. No gifts were involved and prior purchases were made either without cash consideration (share grants) or with cash (ESPP shares).

Form 144 is a notice of intent; it does not guarantee that the sale will occur, but it signals insider intent and allows the market to anticipate potential share supply. The filer attests that no material non-public adverse information is known and acknowledges Rule 144 and 10b5-1 representations.

Positive

• Sale represents only 0.036 % of shares outstanding, indicating limited dilution or market impact.

Negative

• $17.45 million insider sale could be interpreted by some investors as a bearish signal despite its small proportion of total shares.
• The filing does not specify a 10b5-1 plan adoption date, reducing clarity on whether the sale is pre-planned.

Insights

Securities Analyst

TL;DR: $17.5 M insider sale is modest vs. float; signals liquidity event, not necessarily bearish.

The proposed disposition equals only 0.036 % of ZS’s shares outstanding, so mechanical supply impact should be minimal. However, any insider sale over $10 million attracts attention during valuation-sensitive periods. Because the shares stem from vested grants and an ESPP plan, the transaction appears to be routine monetisation of compensation. The single prior sale of 3,684 shares in the last three months is also relatively small. No 10b5-1 adoption date is provided, so investors cannot confirm whether it is a pre-scheduled trade, but the Rule 144 notice and standard disclaimer reduce concerns about trading on undisclosed information. Overall market effect: limited.

Corporate Governance Expert

TL;DR: Filing is neutral; standard procedural disclosure with limited governance red flags.

Form 144 compliance indicates appropriate transparency. The filer certifies no possession of adverse material information, consistent with governance best practices. Sale size relative to holdings and company float is immaterial, suggesting diversification rather than insider pessimism. Absence of leverage or unusual consideration mitigates risk of forced sales. Missing details on Rule 10b5-1 plan date slightly reduces visibility, yet does not imply misconduct. I view the disclosure as neutral from a governance standpoint.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Dorton Katina

(Last) (First) (Middle)

C/O TSCAN THERAPEUTICS, INC.

830 WINTER STREET

(Street)

WALTHAM MA 02451

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
TScan Therapeutics, Inc. [ TCRX ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
06/30/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Option (Right to Buy)	$1.45	06/30/2025		A		67,000		(1)	06/30/2035	Voting Common Stock	67,000	$0	67,000	D

Explanation of Responses:

1. The shares subject to this option shall vest and become exercisable in full upon the earlier to occur of (i) June 30, 2026 and (ii) the next annual meeting of the Issuer's stockholders, subject to the Reporting Person's continued service at such time.

Remarks:

Exhibit List - Exhibit 24 - Power of Attorney

	/s/ Zoran Zdraveski, Attorney-in-Fact	07/02/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

How many ZS shares are proposed to be sold under this Form 144?

The filing covers 56,428 common shares of Zscaler, Inc.

What is the estimated market value of the planned insider sale for ZS?

The aggregate market value is approximately $17.45 million.

When is the anticipated sale date for the ZS shares?

The approximate sale date listed is 07/02/2025.

Who is selling the shares disclosed in the ZS Form 144 filing?

The seller named is Remo E. Canessa.

How many shares has the filer sold in the last three months?

He sold 3,684 shares on 06/17/2025 for $1.12 million in gross proceeds.

Does the filing indicate use of a Rule 10b5-1 trading plan?

The form references 10b5-1 compliance, but no adoption date for a trading plan is provided.