TScan Therapeutics, Inc.

Listed Company

TCRXCIK 0001783328NasdaqEmerging GrowthBiological Products, (No Diagnostic Substances)DelawareFY ends Dec 31

Period

FY 2025

Revenue

$10.32M

Net Income

$-129.80M

Total Assets

$228.79M

Equity

$123.12M

Shares Out

23.98M

Op. Cash Flow

$-135.32M

Business

TScan Therapeutics, Inc. is a clinical-stage biotechnology company developing T cell receptor-engineered T cell (TCR-T) therapies for the treatment of cancer. It offers autologous and donor-derived TCR-T therapy product candidates, a proprietary discovery platform (TargetScan, ReceptorScan, SafetyScan), the ImmunoBank of therapeutic TCRs, and in-house non-viral manufacturing (T-Integrate) to create customized multiplex TCR-T treatments. Its business is organized around three pillars: heme malignancies, solid tumor programs, and strategic partnerships/collaborations. Clinical development and distribution occur through multicenter clinical trials and a combination of in-house GMP manufacturing and a global CDMO network to support trial supply and future commercialization.

Summary from filing dated 2025-03-05

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Collaboration and license revenue	10	3	21	14	10
Research and development	114	107	88	60	45
General and administrative	32	30	26	20	14
Total operating expenses	146	138	115	80	59
Loss from operations	−136	−135	−93	−67	−49
Interest and other income, net	9	12	8	2	16,000
Interest expense	−3	−4	−4	−1	—
Loss on extinguishment of debt	—	−1	—	—	—
Total other income	6	7	4	415,000	16,000
Net Loss	−130	−128	−89	−66	−49
Net loss per share, basic	−1	−1.14	−1.36	−2.75	−4.17
Net loss per share, diluted	−1	−1.14	−1.36	−2.75	−4.17
Weighted average common shares outstanding- basic	130	112	66	24	12
Weighted average common shares outstanding-diluted	130	112	66	24	12
Unrealized gain (loss) on available-for-sale securities	−51,000	51,000	—	—	—
Comprehensive loss	−130	−127	−89	—	—

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2022 2022-10-31
Cash and cash equivalents	152	179	133	120	—
Marketable securities	—	111	59	—	—
Prepaid expenses and other current assets	5	3	2	4	—
Total current assets	157	293	194	124	—
Property and equipment, net	9	7	8	10	—
Right-of-use assets	58	64	63	59	58
Restricted cash	5	5	5	5	—
Long-term deposit and other assets	101,000	2	2	725,000	—
Total assets	229	371	272	199	—
Accounts payable	1	4	2	3	—
Accrued expenses and other current liabilities	8	15	11	7	—
Operating lease liability, current portion	7	5	3	4	—
Deferred revenue, current portion	3	12	10	4	—
Total current liabilities	19	36	30	17	—
Deferred revenue, net of current portion	—	1	6	—	—
Operating lease liability, net of current portion	54	61	59	53	—
Long-term debt and accrued interest	33	32	27	29	—
Other long term liabilities	—	135,000	—	49,000	—
Total liabilities	106	130	121	100	—
Commitments and contingencies (Note 10)	—	—	—	—	—
Additional paid-in capital	628	616	398	258	—
Accumulated other comprehensive income	—	51,000	—	—	—
Accumulated deficit	−505	−375	−248	−158	—
Total stockholders' equity	123	241	151	99	—
Total liabilities and stockholders' equity	229	371	272	199	—

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net loss	−130	−127	−89	−66	−49
Depreciation expense	3	4	5	5	3
Accretion of marketable securities	−2	−4	−1	—	—
Non-cash interest expense related to loan payable	462,000	773,000	757,000	—	—
Stock-based compensation	12	10	5	5	3
Prepaid expenses and other assets	−525,000	−538,000	985,000	−410,000	−3
Right-of-use assets and lease liabilities, net	3	2	935,000	−2	−9,000
Accounts payable	−3	2	−52,000	528,000	10,000
Accrued expense and other liabilities	−7	5	4	732,000	3
Deferred revenue	−10	−3	12	−9	−7
Net cash used in operating activities	−135	−111	−61	−67	−49
Purchases of property and equipment	−4	−4	−3	−4	−10
Purchases of marketable securities	−87	−241	−78	—	—
Proceeds from maturities of marketable securities	201	193	20	—	—
Net cash provided by (used in) investing activities	109	−53	−61	−4	−10
Repayment of loan payable, net	—	−17	—	—	—
Proceeds from borrowings under loan agreement, net	—	32	—	—	—
Proceeds from issuance of common stock, net of offering costs	—	33	42	193,000	—
Proceeds from issuance of pre-funded warrants, net of offering costs	—	158	92	—	—
Issuance of common stock under employee stock purchase plan	264,000	333,000	—	193,000	—
Proceeds from exercise of stock options	—	2	711,000	133,000	291,000
Cash paid for debt issuance costs	−400,000	—	—	—	—
Cash paid for financing costs	−200,000	—	—	—	—
Net cash provided by (used in) financing activities	−336,000	209	135	29	190
Net increase (decrease) in cash, cash equivalents and restricted cash	−26	45	13	−41	131
Cash paid for interest	2	3	3	660,000	—
Debt issuance costs not yet paid	—	400,000	—	—	—
Financing costs not yet paid	—	200,000	—	—	—
Lease liability arising from obtaining right-of-use asset	—	6	6	54	—
Purchase of property and equipment in accounts payable and accrued liabilities	7,000	84,000	301,000	444,000	828,000
Issuance of common stock upon note conversion	—	15	—	—	159

Filings

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