What is TScan Therapeutics' operating income?

TScan Therapeutics' total operating income in 2025 was -$135.81 million, based on the following breakdown: Total Gross Profit: $10.33 million Total Operating Expenses: $146.14 million

TScan Therapeutics (TCRX) Financials

$0.90 -0.02 (-2.65%)

Closing price 07/16/2026 04:00 PM Eastern

Extended Trading

$0.93 +0.03 (+3.49%)

As of 07/16/2026 04:41 PM Eastern

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Annual Income Statements for TScan Therapeutics

This table shows TScan Therapeutics' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2020	2021	2022	2023	2024	2025
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-26	-49	-66	-89	-127	-130
Consolidated Net Income / (Loss)	-26	-49	-66	-89	-127	-130
Net Income / (Loss) Continuing Operations	-26	-49	-66	-89	-127	-130
Total Pre-Tax Income	-26	-49	-66	-89	-127	-130
Total Operating Income	-26	-49	-67	-93	-135	-136
Total Gross Profit	1.09	10	14	21	2.82	10
Total Revenue	1.09	10	14	21	2.82	10
Operating Revenue	1.09	10	14	21	2.82	10
Total Cost of Revenue	0.00	0.00	0.00	0.00	0.00	0.00
Total Operating Expenses	27	59	80	115	138	146
Selling, General & Admin Expense	6.74	14	20	26	30	32
Research & Development Expense	21	45	60	88	107	114
Total Other Income / (Expense), net	0.00	0.02	0.42	4.24	7.32	6.05
Interest Expense	-	0.00	1.18	3.76	4.74	2.77
Interest & Investment Income	-	0.02	1.59	8.00	12	8.82
Basic Earnings per Share	($28.52)	($4.17)	($2.75)	($1.36)	($1.14)	($1.00)
Weighted Average Basic Shares Outstanding	916.01K	11.66M	24.05M	65.60M	111.99M	129.78M
Diluted Earnings per Share	($28.52)	($4.17)	($2.75)	($1.36)	($1.14)	($1.00)
Weighted Average Diluted Shares Outstanding	916.01K	11.66M	24.05M	65.60M	111.99M	129.78M
Weighted Average Basic & Diluted Shares Outstanding	916.01K	11.66M	24.23M	47.88M	56.59M	56.90M

This table shows TScan Therapeutics' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	-23	-20	-30	-32	-30	-36	-34	-37	-36	-23	-29
Consolidated Net Income / (Loss)	-23	-20	-30	-32	-30	-36	-34	-37	-36	-23	-29
Net Income / (Loss) Continuing Operations	-23	-20	-30	-32	-30	-36	-34	-37	-36	-23	-29
Total Pre-Tax Income	-23	-20	-30	-32	-30	-36	-34	-37	-36	-23	-29
Total Operating Income	-25	-21	-31	-34	-33	-37	-36	-39	-37	-24	-29
Total Gross Profit	3.89	7.21	0.57	0.54	1.05	0.67	2.17	3.08	2.51	2.57	0.98
Total Revenue	3.89	7.21	0.57	0.54	1.05	0.67	2.17	3.08	2.51	2.57	0.98
Operating Revenue	3.89	7.21	0.57	0.54	1.05	0.67	2.17	3.08	2.51	2.57	0.98
Total Cost of Revenue	0.00	-	0.00	0.00	0.00	-	0.00	0.00	0.00	-	0.00
Total Operating Expenses	29	29	32	35	34	37	38	42	40	26	30
Selling, General & Admin Expense	5.89	6.16	7.08	7.77	7.41	8.02	8.63	9.10	7.87	6.39	8.22
Research & Development Expense	23	22	25	27	26	29	30	33	32	20	22
Total Other Income / (Expense), net	1.75	1.74	1.23	2.45	2.74	0.90	2.12	1.70	1.34	0.88	0.47
Interest Expense	0.98	0.85	0.96	0.95	0.96	1.87	0.68	0.69	0.70	0.70	0.69
Interest & Investment Income	2.73	2.60	2.19	3.41	3.69	2.78	2.80	2.39	2.04	1.58	1.16
Basic Earnings per Share	($0.24)	$0.32	($0.32)	($0.28)	($0.25)	($0.29)	($0.26)	($0.28)	($0.28)	($0.18)	($0.22)
Weighted Average Basic Shares Outstanding	94.83M	65.60M	94.88M	113.43M	118.70M	111.99M	129.68M	129.73M	129.84M	129.78M	129.91M
Diluted Earnings per Share	($0.24)	$0.32	($0.32)	($0.28)	($0.25)	($0.29)	($0.26)	($0.28)	($0.28)	($0.18)	($0.22)
Weighted Average Diluted Shares Outstanding	94.83M	65.60M	94.88M	113.43M	118.70M	111.99M	129.68M	129.73M	129.84M	129.78M	129.91M
Weighted Average Basic & Diluted Shares Outstanding	47.82M	47.88M	52.86M	52.97M	53.37M	56.59M	56.59M	56.75M	56.75M	56.90M	65.35M

This table details how cash moves in and out of TScan Therapeutics' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2020	2021	2022	2023	2024	2025
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-6.97	131	-41	13	45	-26
Net Cash From Operating Activities	-3.02	-49	-67	-61	-111	-135
Net Cash From Continuing Operating Activities	-3.02	-49	-67	-61	-111	-135
Net Income / (Loss) Continuing Operations	-26	-49	-66	-89	-127	-130
Consolidated Net Income / (Loss)	-26	-49	-66	-89	-127	-130
Depreciation Expense	1.23	3.33	5.14	5.36	4.11	2.87
Non-Cash Adjustments To Reconcile Net Income	0.52	2.52	4.81	4.89	7.52	9.76
Changes in Operating Assets and Liabilities, net	21	-5.90	-10	18	5.05	-18
Net Cash From Investing Activities	-4.24	-9.94	-4.23	-61	-53	109
Net Cash From Continuing Investing Activities	-4.24	-9.94	-4.23	-61	-53	109
Purchase of Property, Plant & Equipment	-4.24	-9.94	-4.23	-3.15	-3.83	-4.41
Purchase of Investments	-	-	0.00	-78	-241	-87
Sale and/or Maturity of Investments	-	-	0.00	20	193	201
Net Cash From Financing Activities	0.29	190	29	135	209	-0.34
Net Cash From Continuing Financing Activities	0.29	190	29	135	209	-0.34
Repayment of Debt	-	0.00	-0.32	0.00	-17	-0.60
Issuance of Debt	-	0.00	29	0.00	32	0.00
Issuance of Preferred Equity	0.00	100	0.00	0.00	0.00	0.00
Issuance of Common Equity	0.00	90	0.19	135	192	0.26
Other Financing Activities, net	0.29	0.29	0.13	0.71	1.72	0.00
Cash Interest Paid	-	0.00	0.66	3.00	2.88	2.31

This table details how cash moves in and out of TScan Therapeutics' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	-54	-22	7.15	102	-109	46	-25	15	0.11	-17	-24
Net Cash From Operating Activities	8.02	-24	-29	-26	-28	-27	-38	-33	-32	-32	-24
Net Cash From Continuing Operating Activities	8.02	-24	-29	-26	-28	-27	-38	-33	-32	-32	-24
Net Income / (Loss) Continuing Operations	-23	-20	-30	-32	-30	-36	-34	-37	-36	-23	-29
Consolidated Net Income / (Loss)	-23	-20	-30	-32	-30	-36	-34	-37	-36	-23	-29
Depreciation Expense	1.29	1.28	1.25	1.12	1.03	0.71	0.68	0.70	0.77	0.72	0.69
Non-Cash Adjustments To Reconcile Net Income	1.33	0.77	1.73	2.14	1.22	2.43	2.25	2.60	2.84	2.07	2.59
Changes in Operating Assets and Liabilities, net	28	-6.20	-2.11	2.18	-0.28	5.26	-6.38	0.39	-0.36	-12	1.11
Net Cash From Investing Activities	-61	1.91	36	-34	-82	27	14	48	33	15	-0.07
Net Cash From Continuing Investing Activities	-61	1.91	36	-34	-82	27	14	48	33	15	-0.07
Purchase of Property, Plant & Equipment	-1.42	-0.47	-0.71	-0.86	-1.37	-0.89	-1.53	-1.28	-1.43	-0.17	-0.07
Purchase of Investments	-60	-18	-8.78	-48	-137	-47	-61	-27	0.00	-	0.00
Sale and/or Maturity of Investments	-	20	46	16	56	76	76	76	34	15	0.00
Net Cash From Financing Activities	-0.25	0.02	0.26	162	1.23	46	-0.53	0.12	-	0.07	0.00
Net Cash From Continuing Financing Activities	-0.25	0.02	0.26	162	1.23	46	-0.53	0.12	-	0.07	0.00
Repayment of Debt	-	-	0.00	-	-	-17	-0.53	-0.08	-	-	0.00
Issuance of Common Equity	-0.26	-	-	-	-	30	0.00	-	-	0.07	0.00
Other Financing Activities, net	0.01	0.02	0.26	0.18	1.23	0.05	0.00	-	-	-	0.00
Cash Interest Paid	0.76	0.74	0.76	0.75	0.76	0.61	0.57	0.58	0.58	0.58	0.57

This table presents TScan Therapeutics' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2020	2021	2022	2023	2024	2025
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	50	188	199	272	371	229
Total Current Assets	36	166	124	194	293	157
Cash & Equivalents	35	161	120	133	179	152
Short-Term Investments	-	-	0.00	59	111	0.00
Prepaid Expenses	1.65	4.25	4.10	2.19	2.61	4.80
Plant, Property, & Equipment, net	5.66	12	10	7.74	7.24	8.71
Total Noncurrent Assets	7.63	11	65	70	71	63
Other Noncurrent Operating Assets	7.63	11	65	70	71	63
Total Liabilities & Shareholders' Equity	50	188	199	272	371	229
Total Liabilities	33	27	100	121	130	106
Total Current Liabilities	17	21	17	30	36	19
Short-Term Debt	-	-	0.00	3.35	0.00	0.00
Accounts Payable	2.91	1.77	2.91	2.37	4.28	1.24
Accrued Expenses	2.49	6.52	6.84	11	15	7.67
Current Deferred Revenue	11	11	3.87	10	12	2.62
Other Current Liabilities	1.42	1.65	3.68	3.25	4.57	7.17
Total Noncurrent Liabilities	15	5.99	82	91	94	87
Long-Term Debt	-	0.00	29	27	32	33
Noncurrent Deferred Revenue	8.82	1.50	0.00	5.62	1.25	0.00
Other Noncurrent Operating Liabilities	6.26	4.49	53	59	61	54
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	-42	161	99	151	241	123
Total Preferred & Common Equity	-42	161	99	151	241	123
Preferred Stock	-	-	-	0.00	0.00	0.00
Total Common Equity	-42	161	99	151	241	123
Common Stock	1.07	253	258	398	616	628
Retained Earnings	-44	-92	-158	-248	-375	-505
Accumulated Other Comprehensive Income / (Loss)	-	-	-	0.00	0.05	0.00

This table presents TScan Therapeutics' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	291	241	375	348	333	299	262	202
Total Current Assets	218	165	300	274	255	221	188	133
Cash & Equivalents	155	141	242	133	154	169	170	128
Short-Term Investments	60	22	56	138	98	49	15	0.00
Prepaid Expenses	2.14	1.94	1.85	2.97	3.15	3.09	3.71	4.71
Plant, Property, & Equipment, net	8.60	7.20	7.62	7.46	8.35	9.52	9.30	8.12
Total Noncurrent Assets	65	69	68	66	70	68	65	61
Other Noncurrent Operating Assets	65	69	68	66	70	68	65	61
Total Liabilities & Shareholders' Equity	291	241	375	348	333	299	262	202
Total Liabilities	122	118	120	119	123	122	118	105
Total Current Liabilities	33	31	39	29	30	31	29	20
Short-Term Debt	1.11	6.80	10	0.00	0.00	0.00	0.00	0.00
Accounts Payable	3.20	2.12	3.11	3.65	4.97	4.54	6.35	2.30
Accrued Expenses	9.26	8.79	11	11	9.61	13	11	8.59
Current Deferred Revenue	15	10	11	9.93	10	7.70	5.19	1.64
Other Current Liabilities	4.38	3.34	3.61	3.90	4.97	6.29	6.90	7.44
Total Noncurrent Liabilities	89	86	81	90	93	91	89	85
Long-Term Debt	29	23	20	31	32	32	32	33
Noncurrent Deferred Revenue	7.76	4.76	3.96	3.68	0.50	0.00	0.00	0.00
Other Noncurrent Operating Liabilities	53	58	57	56	60	58	57	52
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	169	123	255	229	210	177	144	97
Total Preferred & Common Equity	169	123	255	229	210	177	144	97
Preferred Stock	-	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	169	123	255	229	210	177	144	97
Common Stock	397	401	565	568	619	623	626	630
Retained Earnings	-228	-278	-309	-339	-409	-446	-482	-534
Accumulated Other Comprehensive Income / (Loss)	-	-	-	-	-0.00	-0.00	0.00	0.00

This table displays calculated financial ratios and metrics derived from TScan Therapeutics' official financial filings.

Metric	2020	2021	2022	2023	2024	2025
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
DEI Shares Outstanding	0.00	18,624,902.00	24,079,574.00	47,824,680.00	53,370,594.00	56,747,993.00
DEI Adjusted Shares Outstanding	0.00	18,624,902.00	24,079,574.00	47,824,680.00	53,370,594.00	56,747,993.00
DEI Earnings Per Adjusted Shares Outstanding	0.00	-2.61	-2.75	-1.87	-2.39	-2.29
Growth Metrics	-	-	-	-	-	-
Revenue Growth	0.00%	834.65%	33.47%	55.52%	-86.62%	266.65%
EBITDA Growth	0.00%	-81.23%	-35.72%	-43.25%	-48.37%	-1.71%
EBIT Growth	0.00%	-85.42%	-37.00%	-40.25%	-44.26%	-0.74%
NOPAT Growth	0.00%	-85.42%	-37.00%	-40.25%	-44.26%	-0.74%
Net Income Growth	0.00%	-86.11%	-36.19%	-34.73%	-42.91%	-1.78%
EPS Growth	0.00%	85.38%	34.05%	50.55%	16.18%	12.28%
Operating Cash Flow Growth	0.00%	-1,510.22%	-36.62%	7.74%	-80.62%	-22.10%
Free Cash Flow Firm Growth	0.00%	0.00%	-9.76%	18.54%	-93.97%	-30.48%
Invested Capital Growth	0.00%	96.43%	1,487.08%	-227.98%	-53.35%	119.05%
Revenue Q/Q Growth	0.00%	0.00%	1.81%	24.31%	-69.92%	22.58%
EBITDA Q/Q Growth	0.00%	0.00%	-7.15%	-3.42%	-13.87%	8.82%
EBIT Q/Q Growth	0.00%	0.00%	-7.15%	-2.98%	-12.85%	8.65%
NOPAT Q/Q Growth	0.00%	0.00%	-7.15%	-2.98%	-12.85%	8.65%
Net Income Q/Q Growth	0.00%	0.00%	-7.33%	-1.01%	-14.55%	9.00%
EPS Q/Q Growth	0.00%	0.00%	-133.66%	24.02%	-115.09%	9.91%
Operating Cash Flow Q/Q Growth	0.00%	-16.88%	-2.51%	-14.47%	-3.40%	-3.51%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	-18.17%	0.36%	-7.40%
Invested Capital Q/Q Growth	0.00%	0.00%	3.22%	32.61%	-49.90%	140.55%
Profitability Metrics	-	-	-	-	-	-
Gross Margin	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
EBITDA Margin	-2,304.42%	-446.83%	-454.37%	-418.53%	-4,641.80%	-1,287.62%
Operating Margin	-2,417.79%	-479.65%	-492.32%	-444.00%	-4,787.68%	-1,315.38%
EBIT Margin	-2,417.79%	-479.65%	-492.32%	-444.00%	-4,787.68%	-1,315.38%
Profit (Net Income) Margin	-2,408.02%	-479.49%	-489.26%	-423.86%	-4,527.66%	-1,256.81%
Tax Burden Percent	99.60%	100.00%	100.00%	100.00%	100.00%	100.00%
Interest Burden Percent	100.00%	99.97%	99.38%	95.46%	94.57%	95.55%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.00%	0.00%	-1,156.01%	0.00%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	-1,140.49%	0.00%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	1,105.12%	0.00%	0.00%	0.00%
Return on Equity (ROE)	-151.73%	-54.64%	-50.90%	-71.29%	-65.08%	-71.28%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	-643.55%	0.00%	0.00%	-3,549.31%
Operating Return on Assets (OROA)	-52.74%	-40.90%	-34.42%	-39.66%	-41.92%	-45.28%
Return on Assets (ROA)	-52.53%	-40.89%	-34.21%	-37.87%	-39.64%	-43.26%
Return on Common Equity (ROCE)	374.18%	-36.32%	-50.90%	-71.29%	-65.08%	-71.28%
Return on Equity Simple (ROE_SIMPLE)	61.53%	-30.24%	-66.60%	-59.14%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-18	-34	-47	-65	-94	-95
NOPAT Margin	-1,692.45%	-335.75%	-344.63%	-310.80%	-3,351.37%	-920.77%
Net Nonoperating Expense Percent (NNEP)	-22.32%	-14.86%	-15.53%	-18.83%	-15.77%	-18.36%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-36.16%	-34.56%	-61.08%
Cost of Revenue to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	621.29%	136.36%	150.37%	125.20%	1,075.53%	309.81%
R&D to Revenue	1,896.50%	443.29%	441.96%	418.80%	3,812.14%	1,105.57%
Operating Expenses to Revenue	2,517.79%	579.65%	592.32%	544.00%	4,887.68%	1,415.38%
Earnings before Interest and Taxes (EBIT)	-26	-49	-67	-93	-135	-136
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-25	-45	-61	-88	-131	-133
Valuation Ratios	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.67	0.38	1.85	0.67	0.46
Price to Tangible Book Value (P/TBV)	0.00	0.67	0.38	1.85	0.67	0.46
Price to Revenue (P/Rev)	86.41	10.55	2.76	13.25	57.62	5.50
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Revenue (EV/Rev)	109.35	0.00	0.00	5.55	0.00	0.00
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.29	0.20	0.13	0.26
Long-Term Debt to Equity	0.00	0.00	0.29	0.18	0.13	0.26
Financial Leverage	-2.02	-1.10	-0.97	-1.01	-1.07	-1.04
Leverage Ratio	2.89	1.34	1.49	1.88	1.64	1.65
Compound Leverage Factor	2.89	1.34	1.48	1.80	1.55	1.57
Debt to Total Capital	0.00%	0.00%	22.75%	16.61%	11.75%	20.90%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	1.85%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	22.75%	14.76%	11.75%	20.90%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	346.60%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	-246.61%	100.00%	77.25%	83.39%	88.25%	79.10%
Debt to EBITDA	0.00	0.00	-0.48	-0.34	-0.25	-0.24
Net Debt to EBITDA	0.00	0.00	1.48	1.84	1.97	0.90
Long-Term Debt to EBITDA	0.00	0.00	-0.48	-0.30	-0.25	-0.24
Debt to NOPAT	0.00	0.00	-0.63	-0.46	-0.34	-0.34
Net Debt to NOPAT	0.00	0.00	1.95	2.48	2.73	1.26
Long-Term Debt to NOPAT	0.00	0.00	-0.63	-0.41	-0.34	-0.34
Altman Z-Score	-0.76	1.78	-1.28	-0.23	-1.03	-3.95
Noncontrolling Interest Sharing Ratio	346.61%	33.53%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-
Current Ratio	2.09	7.76	7.17	6.51	8.14	8.41
Quick Ratio	1.99	7.56	6.94	6.44	8.07	8.15
Cash Flow Metrics	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-51	-56	-46	-88	-115
Operating Cash Flow to CapEx	-71.33%	-489.66%	-1,574.04%	-1,950.35%	-2,897.31%	-3,070.55%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	-47.59	-12.13	-18.65	-41.67
Operating Cash Flow to Interest Expense	0.00	0.00	-56.55	-16.32	-23.37	-48.87
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	-60.14	-17.16	-24.17	-50.46
Efficiency Ratios	-	-	-	-	-	-
Asset Turnover	0.02	0.09	0.07	0.09	0.01	0.03
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	0.00
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.19	1.16	1.24	2.36	0.38	1.29
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	0.00	0.00	0.00	0.00	0.00	0.00
Capital & Investment Metrics	-	-	-	-	-	-
Invested Capital	-18	-0.63	8.70	-11	-17	3.25
Invested Capital Turnover	-0.06	-1.11	3.35	-17.30	-0.20	-1.49
Increase / (Decrease) in Invested Capital	0.00	17	9.32	-20	-5.94	20
Enterprise Value (EV)	119	-54	-53	117	-96	-63
Market Capitalization	94	107	37	279	162	57
Book Value per Share	($46.36)	$6.76	$4.13	$3.15	$4.52	$2.17
Tangible Book Value per Share	($46.36)	$6.76	$4.13	$3.15	$4.52	$2.17
Total Capital	17	161	129	181	273	156
Total Debt	0.00	0.00	29	30	32	33
Total Long-Term Debt	0.00	0.00	29	27	32	33
Net Debt	-35	-161	-91	-162	-258	-120
Capital Expenditures (CapEx)	4.24	9.94	4.23	3.15	3.83	4.41
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-16	-17	-13	-24	-33	-14
Debt-free Net Working Capital (DFNWC)	19	144	107	168	257	139
Net Working Capital (NWC)	19	144	107	164	257	139
Net Nonoperating Expense (NNE)	7.76	15	20	24	33	35
Net Nonoperating Obligations (NNO)	-35	-161	-91	-162	-258	-120
Total Depreciation and Amortization (D&A)	1.23	3.33	5.14	5.36	4.11	2.87
Debt-free, Cash-free Net Working Capital to Revenue	-1,455.48%	-168.56%	-97.56%	-115.35%	-1,184.09%	-134.56%
Debt-free Net Working Capital to Revenue	1,751.06%	1,423.05%	789.23%	797.02%	9,118.11%	1,341.53%
Net Working Capital to Revenue	1,751.06%	1,423.05%	789.23%	781.12%	9,118.11%	1,341.53%
Earnings Adjustments	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	($4.17)	($2.75)	($1.36)	($1.14)	($1.00)
Adjusted Weighted Average Basic Shares Outstanding	0.00	23.98M	24.05M	65.60M	111.99M	129.78M
Adjusted Diluted Earnings per Share	$0.00	($4.17)	($2.75)	($1.36)	($1.14)	($1.00)
Adjusted Weighted Average Diluted Shares Outstanding	0.00	23.98M	24.05M	65.60M	111.99M	129.78M
Adjusted Basic & Diluted Earnings per Share	$0.00	($4.17)	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	11.66M	24.23M	47.88M	56.59M	56.90M
Normalized Net Operating Profit after Tax (NOPAT)	-18	-34	-47	-65	-94	-95
Normalized NOPAT Margin	-1,692.45%	-335.75%	-344.63%	-310.80%	-3,351.37%	-920.77%
Pre Tax Income Margin	-2,417.79%	-479.49%	-489.26%	-423.86%	-4,527.66%	-1,256.81%
Debt Service Ratios	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	-56.66	-24.86	-28.43	-49.05
NOPAT to Interest Expense	0.00	0.00	-39.66	-17.40	-19.90	-34.33
EBIT Less CapEx to Interest Expense	0.00	0.00	-60.26	-25.70	-29.23	-50.64
NOPAT Less CapEx to Interest Expense	0.00	0.00	-43.26	-18.24	-20.70	-35.92
Payout Ratios	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

This table displays calculated financial ratios and metrics derived from TScan Therapeutics' official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	47,818,766.00	47,824,680.00	47,882,196.00	52,862,805.00	52,973,870.00	53,370,594.00	56,590,627.00	56,590,627.00	56,747,993.00	56,747,993.00	56,901,623.00
DEI Adjusted Shares Outstanding	47,818,766.00	47,824,680.00	47,882,196.00	52,862,805.00	52,973,870.00	53,370,594.00	56,590,627.00	56,590,627.00	56,747,993.00	56,747,993.00	56,901,623.00
DEI Earnings Per Adjusted Shares Outstanding	-0.48	-0.41	-0.63	-0.60	-0.56	-0.67	-0.60	-0.65	-0.63	-0.40	-0.50
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	15.58%	132.99%	-91.68%	-82.97%	-73.01%	-90.78%	283.57%	473.88%	139.37%	286.02%	-54.77%
EBITDA Growth	-53.08%	-16.96%	-41.78%	-41.54%	-34.66%	-79.31%	-18.10%	-15.02%	-14.84%	35.74%	20.03%
EBIT Growth	-49.28%	-14.52%	-37.95%	-38.62%	-31.82%	-71.90%	-15.55%	-13.31%	-13.58%	35.01%	19.62%
NOPAT Growth	-49.28%	-14.52%	-37.95%	-38.62%	-31.82%	-71.90%	-15.55%	-13.31%	-13.58%	35.01%	19.62%
Net Income Growth	-41.56%	-4.75%	-33.59%	-31.67%	-29.96%	-82.58%	-13.22%	-16.71%	-19.48%	35.83%	16.00%
EPS Growth	64.18%	390.91%	65.59%	45.10%	-4.17%	-190.63%	18.75%	0.00%	-12.00%	37.93%	15.38%
Operating Cash Flow Growth	147.15%	-48.44%	-24.08%	-19.09%	-448.24%	-15.34%	-28.42%	-26.85%	-16.28%	-16.74%	35.40%
Free Cash Flow Firm Growth	126.95%	121.79%	98.05%	98.30%	-467.04%	-505.17%	-5,274.14%	-7,683.59%	-4.78%	-87.34%	-21.77%
Invested Capital Growth	-296.02%	-227.98%	-180.33%	-204.53%	31.07%	-53.35%	2.77%	24.75%	29.58%	119.05%	116.32%
Revenue Q/Q Growth	23.48%	85.52%	-92.15%	-5.30%	95.71%	-36.61%	226.47%	41.69%	-18.37%	2.23%	-61.75%
EBITDA Q/Q Growth	-0.63%	14.43%	-50.02%	-9.56%	4.25%	-13.95%	1.19%	-6.70%	4.40%	36.24%	-22.96%
EBIT Q/Q Growth	-0.56%	13.70%	-46.90%	-8.74%	4.37%	-12.54%	1.26%	-6.63%	4.14%	35.61%	-22.14%
NOPAT Q/Q Growth	-0.56%	13.70%	-46.90%	-8.74%	4.37%	-12.54%	1.26%	-6.63%	4.14%	35.61%	-22.14%
Net Income Q/Q Growth	4.36%	14.72%	-53.68%	-5.04%	5.60%	-19.81%	4.70%	-8.28%	3.36%	35.66%	-24.76%
EPS Q/Q Growth	52.94%	233.33%	-200.00%	12.50%	10.71%	-16.00%	10.34%	-7.69%	0.00%	35.71%	-22.22%
Operating Cash Flow Q/Q Growth	136.40%	-396.45%	-23.15%	10.39%	-6.46%	1.81%	-37.12%	11.49%	2.41%	1.42%	24.13%
Free Cash Flow Firm Q/Q Growth	133.62%	-35.99%	-109.78%	19.14%	-7,148.94%	29.34%	-29.75%	-17.12%	2.41%	-26.33%	15.66%
Invested Capital Q/Q Growth	-243.79%	32.61%	14.02%	-25.47%	5.17%	-49.90%	45.48%	2.90%	11.26%	140.55%	-53.28%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
EBITDA Margin	-603.60%	-278.42%	-5,321.38%	-6,156.34%	-3,011.92%	-5,413.68%	-1,638.51%	-1,233.91%	-1,445.04%	-901.25%	-2,896.74%
Operating Margin	-636.69%	-296.17%	-5,542.93%	-6,364.55%	-3,109.82%	-5,520.60%	-1,669.74%	-1,256.60%	-1,475.59%	-929.41%	-2,967.31%
EBIT Margin	-636.69%	-296.17%	-5,542.93%	-6,364.55%	-3,109.82%	-5,520.60%	-1,669.74%	-1,256.60%	-1,475.59%	-929.41%	-2,967.31%
Profit (Net Income) Margin	-591.64%	-271.99%	-5,325.44%	-5,906.90%	-2,849.09%	-5,384.81%	-1,571.95%	-1,201.30%	-1,422.14%	-895.09%	-2,919.14%
Tax Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Interest Burden Percent	92.92%	91.83%	96.08%	92.81%	91.62%	97.54%	94.14%	95.60%	96.38%	96.31%	98.38%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.00%	0.00%	-49,036.98%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	-49,028.75%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	48,456.95%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Equity (ROE)	-61.85%	-71.29%	-580.04%	-46.84%	-55.92%	-65.08%	-78.93%	-63.33%	-76.44%	-71.28%	-80.95%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-3,549.31%	-6,643.54%
Operating Return on Assets (OROA)	-47.20%	-26.46%	-396.24%	-224.48%	-91.07%	-48.33%	-25.74%	-25.98%	-40.73%	-31.99%	-101.40%
Return on Assets (ROA)	-43.86%	-24.30%	-380.69%	-208.34%	-83.43%	-47.15%	-24.23%	-24.83%	-39.26%	-30.81%	-99.75%
Return on Common Equity (ROCE)	-61.85%	-71.29%	-580.04%	-46.84%	-55.92%	-65.08%	-78.93%	-63.33%	-76.44%	-71.28%	-80.95%
Return on Equity Simple (ROE_SIMPLE)	-52.28%	0.00%	-78.72%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-17	-15	-22	-24	-23	-26	-25	-27	-26	-17	-20
NOPAT Margin	-445.68%	-207.32%	-3,880.05%	-4,455.19%	-2,176.87%	-3,864.42%	-1,168.82%	-879.62%	-1,032.91%	-650.59%	-2,077.12%
Net Nonoperating Expense Percent (NNEP)	-3.86%	-3.69%	-8.24%	-3.49%	-3.31%	-4.81%	-4.97%	-4.37%	-4.98%	-3.32%	-5.25%
Return On Investment Capital (ROIC_SIMPLE)	-	-8.26%	-14.33%	-8.36%	-8.79%	-9.41%	-10.47%	-12.95%	-14.70%	-10.73%	-15.74%
Cost of Revenue to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	151.63%	85.45%	1,251.24%	1,450.19%	706.29%	1,206.47%	397.65%	295.68%	313.58%	248.77%	836.76%
R&D to Revenue	585.05%	310.72%	4,391.70%	5,014.37%	2,503.53%	4,414.14%	1,372.09%	1,060.92%	1,262.01%	780.64%	2,230.55%
Operating Expenses to Revenue	736.69%	396.17%	5,642.93%	6,464.55%	3,209.82%	5,620.60%	1,769.74%	1,356.60%	1,575.59%	1,029.41%	3,067.31%
Earnings before Interest and Taxes (EBIT)	-25	-21	-31	-34	-33	-37	-36	-39	-37	-24	-29
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-23	-20	-30	-33	-32	-36	-36	-38	-36	-23	-28
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.72	1.85	3.09	1.21	1.15	0.67	0.37	0.46	0.72	0.46	0.59
Price to Tangible Book Value (P/TBV)	0.72	1.85	3.09	1.21	1.15	0.67	0.37	0.46	0.72	0.46	0.59
Price to Revenue (P/Rev)	7.23	13.25	25.67	25.35	28.18	57.62	17.66	11.79	12.26	5.50	6.29
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Revenue (EV/Rev)	0.00	5.55	16.72	3.44	2.49	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.18	0.20	0.25	0.12	0.13	0.13	0.15	0.18	0.23	0.26	0.34
Long-Term Debt to Equity	0.17	0.18	0.19	0.08	0.13	0.13	0.15	0.18	0.23	0.26	0.34
Financial Leverage	-1.03	-1.01	-0.99	-1.00	-1.07	-1.07	-1.06	-1.05	-1.05	-1.04	-1.03
Leverage Ratio	1.60	1.88	2.06	1.55	1.61	1.64	1.72	1.56	1.64	1.65	1.74
Compound Leverage Factor	1.49	1.73	1.98	1.44	1.47	1.60	1.62	1.49	1.58	1.59	1.71
Debt to Total Capital	15.05%	16.61%	19.74%	10.66%	11.80%	11.75%	13.28%	15.45%	18.37%	20.90%	25.20%
Short-Term Debt to Total Capital	0.56%	1.85%	4.44%	3.62%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	14.50%	14.76%	15.30%	7.04%	11.80%	11.75%	13.28%	15.45%	18.37%	20.90%	25.20%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	84.94%	83.39%	80.26%	89.34%	88.20%	88.25%	86.72%	84.55%	81.63%	79.10%	74.80%
Debt to EBITDA	-0.35	-0.34	-0.31	-0.29	-0.27	-0.25	-0.24	-0.23	-0.22	-0.24	-0.26
Net Debt to EBITDA	2.18	1.84	1.37	2.51	2.09	1.97	1.61	1.32	1.04	0.90	0.76
Long-Term Debt to EBITDA	-0.34	-0.30	-0.24	-0.19	-0.27	-0.25	-0.24	-0.23	-0.22	-0.24	-0.26
Debt to NOPAT	-0.47	-0.46	-0.42	-0.39	-0.37	-0.34	-0.33	-0.32	-0.31	-0.34	-0.36
Net Debt to NOPAT	2.92	2.48	1.85	3.42	2.88	2.73	2.24	1.84	1.46	1.26	1.06
Long-Term Debt to NOPAT	-0.45	-0.41	-0.33	-0.26	-0.37	-0.34	-0.33	-0.32	-0.31	-0.34	-0.36
Altman Z-Score	0.04	0.65	0.62	0.96	0.53	-0.16	-0.87	-1.33	-1.76	-2.34	-3.13
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	6.56	6.51	5.23	7.77	9.56	8.14	8.55	7.06	6.44	8.41	6.65
Quick Ratio	6.50	6.44	5.17	7.72	9.46	8.07	8.44	6.96	6.32	8.15	6.41
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	7.62	4.88	-0.48	-0.39	-28	-20	-26	-30	-29	-37	-31
Operating Cash Flow to CapEx	564.98%	-5,067.38%	-4,151.35%	-3,042.34%	-2,037.81%	-3,086.94%	-2,453.39%	-2,601.02%	-2,278.18%	-18,714.62%	-34,684.29%
Free Cash Flow to Firm to Interest Expense	7.76	5.72	-0.50	-0.41	-29.19	-10.54	-37.76	-43.58	-41.92	-52.73	-45.31
Operating Cash Flow to Interest Expense	8.16	-27.89	-30.52	-27.55	-29.14	-14.63	-55.35	-48.28	-46.44	-45.59	-35.24
Operating Cash Flow Less CapEx to Interest Expense	6.72	-28.44	-31.25	-28.45	-30.57	-15.10	-57.61	-50.14	-48.48	-45.83	-35.34
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.07	0.09	0.07	0.04	0.03	0.01	0.02	0.02	0.03	0.03	0.03
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	1.79	2.36	1.83	1.54	1.17	0.38	0.57	0.81	1.00	1.29	1.11
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	-17	-11	-9.57	-12	-11	-17	-9.31	-9.04	-8.02	3.25	1.52
Invested Capital Turnover	-4.19	-17.30	12.64	-46.92	-0.67	-0.20	-0.47	-0.66	-0.87	-1.49	-2.35
Increase / (Decrease) in Invested Capital	-25	-20	-21	-23	5.13	-5.94	0.27	2.97	3.37	20	11
Enterprise Value (EV)	-63	117	248	42	23	-96	-141	-104	-49	-63	-38
Market Capitalization	122	279	380	309	264	162	78	82	103	57	57
Book Value per Share	$3.53	$3.15	$2.57	$4.83	$4.32	$4.52	$3.71	$3.12	$2.54	$2.17	$1.70
Tangible Book Value per Share	$3.53	$3.15	$2.57	$4.83	$4.32	$4.52	$3.71	$3.12	$2.54	$2.17	$1.70
Total Capital	199	181	153	286	260	273	242	209	176	156	130
Total Debt	30	30	30	30	31	32	32	32	32	33	33
Total Long-Term Debt	29	27	23	20	31	32	32	32	32	33	33
Net Debt	-185	-162	-133	-267	-240	-258	-220	-186	-152	-120	-95
Capital Expenditures (CapEx)	1.42	0.47	0.71	0.86	1.37	0.89	1.53	1.28	1.43	0.17	0.07
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-30	-24	-23	-26	-26	-33	-27	-28	-25	-14	-15
Debt-free Net Working Capital (DFNWC)	186	168	140	271	245	257	225	190	159	139	113
Net Working Capital (NWC)	184	164	133	261	245	257	225	190	159	139	113
Net Nonoperating Expense (NNE)	5.67	4.66	8.18	7.78	7.05	10	8.75	9.89	9.77	6.28	8.27
Net Nonoperating Obligations (NNO)	-185	-162	-133	-267	-240	-258	-220	-186	-152	-120	-95
Total Depreciation and Amortization (D&A)	1.29	1.28	1.25	1.12	1.03	0.71	0.68	0.70	0.77	0.72	0.69
Debt-free, Cash-free Net Working Capital to Revenue	-176.56%	-115.35%	-153.55%	-216.25%	-274.46%	-1,184.09%	-603.23%	-405.65%	-302.70%	-134.56%	-167.04%
Debt-free Net Working Capital to Revenue	1,095.65%	797.02%	945.44%	2,223.72%	2,621.50%	9,118.11%	5,089.80%	2,726.73%	1,887.18%	1,341.53%	1,234.63%
Net Working Capital to Revenue	1,089.09%	781.12%	899.55%	2,139.00%	2,621.50%	9,118.11%	5,089.80%	2,726.73%	1,887.18%	1,341.53%	1,234.63%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.24)	$0.32	($0.32)	($0.28)	($0.25)	($0.29)	($0.26)	($0.28)	($0.28)	($0.18)	($0.22)
Adjusted Weighted Average Basic Shares Outstanding	94.83M	65.60M	94.88M	113.43M	118.70M	111.99M	129.68M	129.73M	129.84M	129.78M	129.91M
Adjusted Diluted Earnings per Share	($0.24)	$0.32	($0.32)	($0.28)	($0.25)	($0.29)	($0.26)	($0.28)	($0.28)	($0.18)	($0.22)
Adjusted Weighted Average Diluted Shares Outstanding	94.83M	65.60M	94.88M	113.43M	118.70M	111.99M	129.68M	129.73M	129.84M	129.78M	129.91M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	47.82M	47.88M	52.86M	52.97M	53.37M	56.59M	56.59M	56.75M	56.75M	56.90M	65.35M
Normalized Net Operating Profit after Tax (NOPAT)	-17	-15	-22	-24	-23	-26	-25	-27	-26	-17	-20
Normalized NOPAT Margin	-445.68%	-207.32%	-3,880.05%	-4,455.19%	-2,176.87%	-3,864.42%	-1,168.82%	-879.62%	-1,032.91%	-650.59%	-2,077.12%
Pre Tax Income Margin	-591.64%	-271.99%	-5,325.44%	-5,906.90%	-2,849.09%	-5,384.81%	-1,571.95%	-1,201.30%	-1,422.14%	-895.09%	-2,919.14%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-25.20	-25.07	-32.71	-35.83	-34.05	-19.59	-53.39	-56.10	-53.01	-33.99	-42.29
NOPAT to Interest Expense	-17.64	-17.55	-22.90	-25.08	-23.84	-13.71	-37.37	-39.27	-37.11	-23.79	-29.60
EBIT Less CapEx to Interest Expense	-26.65	-25.62	-33.45	-36.74	-35.48	-20.06	-55.64	-57.96	-55.05	-34.23	-42.39
NOPAT Less CapEx to Interest Expense	-19.09	-18.10	-23.64	-25.99	-25.27	-14.19	-39.63	-41.13	-39.14	-24.03	-29.71
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Financials Breakdown Chart

TScan Therapeutics Financials - Frequently Asked Questions

According to the most recent income statement we have on file, TScan Therapeutics' fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

TScan Therapeutics' net income appears to be on an upward trend, with a most recent value of -$129.77 million in 2025, rising from -$26.13 million in 2020. The previous period was -$127.50 million in 2024. Check out TScan Therapeutics' forecast to explore projected trends and price targets.

TScan Therapeutics' total operating income in 2025 was -$135.81 million, based on the following breakdown:

Total Gross Profit: $10.33 million
Total Operating Expenses: $146.14 million

Over the last 5 years, TScan Therapeutics' total revenue changed from $1.09 million in 2020 to $10.33 million in 2025, a change of 851.6%.

TScan Therapeutics' total liabilities were at $105.67 million at the end of 2025, a 18.8% decrease from 2024, and a 224.9% increase since 2020.

In the past 5 years, TScan Therapeutics' cash and equivalents has ranged from $34.79 million in 2020 to $178.69 million in 2024, and is currently $152.41 million as of their latest financial filing in 2025.

Over the last 5 years, TScan Therapeutics' book value per share changed from -46.36 in 2020 to 2.17 in 2025, a change of -104.7%.

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Financial statements for NASDAQ:TCRX last updated on 7/16/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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TScan Therapeutics (TCRX) Financials

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TScan Therapeutics Financials - Frequently Asked Questions

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TScan Therapeutics (TCRX) Financials

Annual Income Statements for TScan Therapeutics

Quarterly Income Statements for TScan Therapeutics

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Quarterly Cash Flow Statements for TScan Therapeutics

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Quarterly Balance Sheets for TScan Therapeutics

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Quarterly Metrics And Ratios for TScan Therapeutics

Financials Breakdown Chart

TScan Therapeutics Financials - Frequently Asked Questions

When does TScan Therapeutics' financial year end?

How has TScan Therapeutics' net income changed over the last 5 years?

What is TScan Therapeutics' operating income?

How has TScan Therapeutics' revenue changed over the last 5 years?

How much debt does TScan Therapeutics have?

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How has TScan Therapeutics' book value per share changed over the last 5 years?

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