[SCHEDULE 13G/A] TScan Therapeutics, Inc. SEC Filing
Adage reports 1.35M warrants in TCRX; 2.52% of class disclosed
Adage Capital Management, L.P., together with Robert Atchinson and Phillip Gross, report beneficial ownership of 1,350,000 shares of TScan Therapeutics Voting Common Stock issuable upon exercise of warrants.
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Adage Capital Management, L.P., together with Robert Atchinson and Phillip Gross, report beneficial ownership of 1,350,000 shares of TScan Therapeutics Voting Common Stock issuable upon exercise of warrants. These shares represent 2.52% of the company's Voting Common Stock based on an aggregate of 52,314,039 shares outstanding used for the calculation. The filing shows shared voting and dispositive power over the 1,350,000 warrant‑issued shares and no sole voting or dispositive power.
This position is reported as holdings through Adage affiliates and reflects potential future dilution if the warrants are exercised; the reported amount is not currently held as sole-owned shares.
Insights
TL;DR: Adage discloses a modest 2.52% position via warrants—potential dilution but not a controlling stake.
The report discloses 1,350,000 shares issuable upon exercise of warrants held through Adage affiliates, producing a 2.52% stake on the stated share base of 52,314,039. Because the position is below 5% and recorded as shared voting/dispositive power, this is a routine disclosure signaling potential dilution rather than an active control initiative. Investors should note the holdings are derivative in nature (warrants), so immediate voting influence and economic exposure differ from outright share ownership.
TL;DR: Shared voting power over warrant‑issued shares indicates coordination but does not imply control.
The filing identifies Adage and two named principals with shared voting and dispositive authority over the 1.35M warrant‑linked shares. Reporting as shared power and classification as investment adviser/parent entities suggests governance involvement through standard investment structures rather than an intent to change control. The position size (2.52%) is below conventional thresholds that typically trigger more substantive governance concerns or mandatory tender/merger notifications.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What did Adage report for TCRX?
Adage Capital, Robert Atchinson and Phillip Gross reported beneficial ownership of 1,350,000 TCRX shares issuable upon exercise of warrants.
What percentage of TCRX does the reported position represent?
The reported amount represents 2.52% of TScan Therapeutics' Voting Common Stock based on 52,314,039 shares used in the calculation.
Are the reported TCRX shares currently outstanding or issuable upon exercise?
The 1,350,000 shares are issuable upon exercise of warrants, not described as presently held common shares.
Do the reporting persons have sole voting or dispositive power over these TCRX shares?
No. The filing shows 0 sole voting power and 1,350,000 shared voting and shared dispositive power for each reporting person.
Through what entity are the warrants held?
The warrants are directly held by Adage Capital Partners, L.P. (ACP), with Adage Capital Management, L.P. acting as investment manager.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 3)
TScan Therapeutics, Inc.
(Name of Issuer)
Voting Common Stock, par value $0.0001 per share
(Title of Class of Securities)
89854M101
(CUSIP Number)
06/30/2025
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
SCHEDULE 13G
CUSIP No.
89854M101
1
Names of Reporting Persons
Adage Capital Management, L.P.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
1,350,000.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
1,350,000.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,350,000.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
2.52 %
12
Type of Reporting Person (See Instructions)
IA, PN
Comment for Type of Reporting Person: The 1,350,000 shares of Voting Common Stock (as defined in Item 2(a)) reported herein are issuable upon exercise of warrants.
SCHEDULE 13G
CUSIP No.
89854M101
1
Names of Reporting Persons
Robert Atchinson
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
1,350,000.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
1,350,000.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,350,000.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
2.52 %
12
Type of Reporting Person (See Instructions)
HC, IN
Comment for Type of Reporting Person: The 1,350,000 shares of Voting Common Stock reported herein are issuable upon exercise of warrants.
SCHEDULE 13G
CUSIP No.
89854M101
1
Names of Reporting Persons
Phillip Gross
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
1,350,000.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
1,350,000.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,350,000.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
2.52 %
12
Type of Reporting Person (See Instructions)
HC, IN
Comment for Type of Reporting Person: The 1,350,000 shares of Voting Common Stock reported herein are issuable upon exercise of warrants.
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
TScan Therapeutics, Inc.
(b)
Address of issuer's principal executive offices:
830 Winter Street, Waltham, MA 02541
Item 2.
(a)
Name of person filing:
This statement is filed by:
(i) Adage Capital Management, L.P., a Delaware limited partnership ("ACM"), as the investment manager of Adage Capital Partners, L.P., a Delaware limited partnership ("ACP"), with respect to the shares of voting common stock, par value $0.0001 per share (the "Voting Common Stock") of TScan Therapeutics, Inc., a Delaware corporation (the "Company") issuable upon exercise of warrants directly held by ACP;
(ii) Robert Atchinson ("Mr. Atchinson"), as (1) managing member of Adage Capital Advisors, L.L.C., a limited liability company organized under the laws of the State of Delaware ("ACA"), managing member of Adage Capital Partners GP, L.L.C., a limited liability company organized under the laws of the State of Delaware ("ACPGP"), general partner of ACP and (2) managing member of Adage Capital Partners LLC, a Delaware limited liability company ("ACPLLC"), general partner of ACM, with respect to the shares of Voting Common Stock directly issuable upon exercise of warrants held by ACP; and
(iii) Phillip Gross ("Mr. Gross"), as (1) managing member of ACA, managing member of ACPGP and (2) managing member of ACPLLC, general partner of ACM, with respect to the shares of Voting Common Stock issuable upon exercise of warrants directly held by ACP.
The foregoing persons are hereinafter sometimes collectively referred to as the "Reporting Persons." Any disclosures herein with respect to persons other than the Reporting Persons are made on information and belief after making inquiry to the appropriate party.
The filing of this statement should not be construed in and of itself as an admission by any Reporting Person as to beneficial ownership of the securities reported herein.
(b)
Address or principal business office or, if none, residence:
The address of the business office of each of the Reporting Persons is 200 Clarendon Street, 52nd Floor, Boston, Massachusetts 02116.
(c)
Citizenship:
ACM is a limited partnership organized under the laws of the State of Delaware. Messrs. Gross and Atchinson are citizens of the United States.
(d)
Title of class of securities:
Voting Common Stock, par value $0.0001 per share
(e)
CUSIP No.:
89854M101
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
The information required by Item 4(a) is set forth in Row 9 of the cover page for each of the Reporting Persons and is incorporated herein by reference.
The percentage set forth in this Schedule 13G is calculated based upon an aggregate of 52,314,039 shares of Voting Common Stock outstanding as of April 30, 2025, as reported in the Company's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2025 filed with the Securities and Exchange Commission on May 6, 2025, and assumes the exercise of the reported warrants held by ACP.
(b)
Percent of class:
2.52%
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
The information required by Item 4(c)(i) is set forth in Row 5 of the cover page for each of the Reporting Persons and is incorporated herein by reference.
(ii) Shared power to vote or to direct the vote:
The information required by Item 4(c)(ii) is set forth in Row 6 of the cover page for each of the Reporting Persons and is incorporated herein by reference.
(iii) Sole power to dispose or to direct the disposition of:
The information required by Item 4(c)(iii) is set forth in Row 7 of the cover page for each of the Reporting Persons and is incorporated herein by reference.
(iv) Shared power to dispose or to direct the disposition of:
The information required by Item 4(c)(iv) is set forth in Row 8 of the cover page for each of the Reporting Persons and is incorporated herein by reference.
Item 5.
Ownership of 5 Percent or Less of a Class.
Ownership of 5 percent or less of a class
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required.
See Item 2(a).
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
Not Applicable
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
Adage Capital Management, L.P.
Signature:
/s/ Robert Atchinson
Name/Title:
By: Adage Capital Partners LLC, its General Partner, By: Robert Atchinson, its Managing Member
