TCRX on Nasdaq

TScan Therapeutics, Inc.

We are a fully integrated clinical-stage biotechnology company focused on developing a robust pipeline of T cell receptor (TCR)-engineered T cell, or TCR-T, therapies for the treatment of patients.4 From its latest annual report

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Last updated Oct 19, 2026.

Overview

$10.3MRevenue, fiscal 20252
-$129.8MNet income, fiscal 20252

Compare with Alpha Cognition Inc., Taysha Gene Therapies, Inc. or Caribou Biosciences, Inc., or pick any stock.

  • TickerTCRX on Nasdaq1
  • IndustryBiological Products, (No Diagnostic Substances)1
  • HeadquartersWaltham, Massachusetts1
  • Incorporated inDE3
  • Business address830 Winter Street, Waltham, Ma 024513
  • Filer category, Emerging growth company3

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We are a fully integrated clinical-stage biotechnology company focused on developing a robust pipeline of T cell receptor (TCR)-engineered T cell, or TCR-T, therapies for the treatment of patients with cancer. Our lead product candidate, TSC-101, is in development for the treatment of patients with acute myeloid leukemia (AML) and myelodysplastic syndrome (MDS) who are undergoing allogeneic hematopoietic cell transplantation (HCT). The product is designed to eliminate residual disease and promote complete donor chimerism, thereby preventing relapse. TSC-101 targets HA-2, an antigen that is present on all blood cells, malignant or benign, in patients with the HLA type A*02:01. We are currently conducting a Phase 1 clinical study of TSC-101 (the ALLOHA™ trial, NCT05473910) and during the fourth quarter of 2025, following a productive End-of-Phase meeting with the U.S. Food and Drug Adminis…4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

-1315.4%Operating margin2
-1256.8%Net margin2
266.7%Revenue growth, 20252
-105.4%Return on equity2
0.26×Debt to equity2
-$139.7MFree cash flow2

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Research and development98¢$114.2M
  • Interest2¢$2.8M

Out of $10.3M in revenue.2 The company lost money this year.

Financial statements

Revenue56782$10.3M in 2025+852% since 2020
0$10.0M$20.0M$30.0M2020: $1.1M$1.1M20202021: $10.1M$10.1M2021+835%2022: $13.5M$13.5M2022+33%2023: $21.0M$21.0M2023+56%2024: $2.8M$2.8M2024−87%2025: $10.3M$10.3M2025+267%
Operating income56782-$135.8M in 2025+418% since 2020
-$150.0M-$100.0M-$50.0M02020: -$26.2M-$26.2M20202021: -$48.6M-$48.6M2021+85%2022: -$66.6M-$66.6M2022+37%2023: -$93.5M-$93.5M2023+40%2024: -$134.8M-$134.8M2024+44%2025: -$135.8M-$135.8M2025+1%
Net income56782-$129.8M in 2025+397% since 2020
-$150.0M-$100.0M-$50.0M02020: -$26.1M-$26.1M20202021: -$48.6M-$48.6M2021+86%2022: -$66.2M-$66.2M2022+36%2023: -$89.2M-$89.2M2023+35%2024: -$127.5M-$127.5M2024+43%2025: -$129.8M-$129.8M2025+2%

Every line of the income statement as filed: the last 2 fiscal years, latest first.2

Period ending2025-12-312024-12-31
Collaboration and license revenue$10.3M$2.8M
Research and development$114.2M$107.3M
General and administrative$32.0M$30.3M
Total operating expenses$146.1M$137.6M
Loss from operations-$135.8M-$134.8M
Interest and other income, net$8.8M$12.1M
Interest expense-$2.8M-$3.7M
Loss on extinguishment of debt-$1.1M
Total other income$6.0M$7.3M
Net Loss-$129.8M-$127.5M
Net loss per share, basic-$1.00-$1.14
Net loss per share, diluted-$1.00-$1.14
Weighted average common shares outstanding- basic129.8M shares112.0M shares
Weighted average common shares outstanding-diluted129.8M shares112.0M shares
Unrealized gain (loss) on available-for-sale securities-$51.0K$51.0K
Comprehensive loss-$129.8M-$127.4M

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Leadership

Who has led TScan Therapeutics, Inc., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. David P. Southwell2021–2023
  2. Gavin Macbeath2023–now

Chief financial officer

  1. Brian M. Silver2021–2023
  2. Jason Amello2024–now
2025
Board members and other officers (21)

Timeline

  1. Jun 15, 2023New chief executive Gavin Macbeath becomes CEO13
  2. Jul 15, 2021New chief executive David P. Southwell becomes CEO14

Filings

270 filings to the SEC since October 2021: 6 annual reports, 15 quarterly reports, 62 major events, 94 insider forms, 39 large holders, 54 other. The latest 20:

  1. Oct 2, 20264 EDGAR
  2. Oct 2, 20264 EDGAR
  3. Sep 30, 20268-K EDGAR
  4. Sep 25, 2026SCHEDULE 13G EDGAR
  5. Sep 11, 20268-K EDGAR
  6. Sep 2, 20268-K EDGAR
  7. Aug 18, 20268-K EDGAR
  8. Aug 14, 2026SCHEDULE 13G/A EDGAR
  9. Aug 14, 2026SCHEDULE 13G/A EDGAR
  10. Aug 12, 202610-Q EDGAR
  11. Aug 12, 20268-K EDGAR
  12. Jun 22, 20268-K EDGAR
  13. May 22, 20264 EDGAR
  14. May 22, 20268-K EDGAR
  15. May 22, 20264 EDGAR
  16. May 22, 20264 EDGAR
  17. May 22, 20264 EDGAR
  18. May 22, 20264 EDGAR
  19. May 22, 20264 EDGAR
  20. May 15, 2026SCHEDULE 13G/A EDGAR

The 270 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

23 open-market trades by officers, directors and large owners since October 2021: 21 buys and 2 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Dec 23, 2025Lynx1 Capital Management LP10% ownerBuy6,232$0.90$5.6KForm 4
Dec 22, 2025Lynx1 Capital Management LP10% ownerBuy75,500$0.90$68.0KForm 4
Dec 19, 2025Lynx1 Capital Management LP10% ownerBuy80,069$0.90$72.1KForm 4
May 20, 2025Lynx1 Capital Management LP10% ownerBuy1,200,000$1.20$1.4MForm 4
May 19, 2025Lynx1 Capital Management LP10% ownerBuy1,388,794$1.20$1.7MForm 4
Dec 13, 2024Nichols Weston10% ownerBuy100,000$2.90$290.0KForm 4
Dec 12, 2024Nichols Weston10% ownerBuy31,800$3.01$95.7KForm 4
Nov 15, 2024Nichols Weston10% ownerBuy947$4.34$4.1KForm 4
Sep 23, 2024Klencke BarbaraDirectorBuy5,000$5.29$26.4KForm 4
Aug 26, 2024Klencke BarbaraDirectorBuy5,000$5.53$27.6KForm 4
Aug 23, 2024Klencke BarbaraDirectorBuy5,000$5.69$28.4KForm 4
Aug 23, 2024ZDRAVESKI ZORANSee RemarksSale164,686$5.78$951.9KForm 4
Dec 19, 2023BARBERICH TIMOTHY JDirectorBuy317$4.97$1.6KForm 4
Dec 18, 2023BARBERICH TIMOTHY JDirectorBuy28,830$4.89$141.0KForm 4
Dec 14, 2023Klencke BarbaraDirectorBuy5,000$5.08$25.4KForm 4
Jun 2, 2023BARBERICH TIMOTHY JDirectorBuy37,880$2.63$99.6KForm 4
May 31, 2023Lynx1 Capital Management LP10% ownerSale25,400$2.52$63.9KForm 4
Dec 28, 2022Silver Brian M.Chief Financial OfficerBuy3,158$1.56$4.9KForm 4
Dec 27, 2022Silver Brian M.Chief Financial OfficerBuy2,842$1.50$4.3KForm 4
May 18, 2022SOUTHWELL DAVID PChief Executive OfficerBuy25,000$3.59$89.8KForm 4

All 23 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 60. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Lynx1 Capital Management LP8,019,148$7.9M0.9%No change
Bvf Inc/il5,564,290$5.5M0.1%No change
Baker Bros. Advisors LP2,784,792$2.7M0.0%No change
Vanguard Capital Management LLC2,158,831$2.1M0.0%+4,575
Two Sigma Investments, LP1,949,604$1.9M0.0%+740,595
Renaissance Technologies LLC1,326,799$1.3M0.0%−37,984
Deer Management Co. LLC1,245,504$1.2M0.2%No change
Millennium Management LLC1,163,611$1.1M0.0%−296,674
Jacobs Levy Equity Management, Inc1,049,806$1.0M0.0%+241,450
Citadel Advisors LLC1,009,107$989.0K0.0%+690,696
BlackRock, Inc.994,654$974.9K0.0%−846,298
Kalehua Capital Management LLC909,752$891.6K0.3%New
Boothbay Fund Management, LLC772,241$756.9K0.0%New
Marshall Wace, Llp687,364$673.6K0.0%+450,018
DC Funds, LP630,000$617.5K49.3%No change
Geode Capital Management, LLC584,811$573.4K0.0%−32,141
D. E. Shaw & Co., Inc.548,402$537.5K0.0%+228,815
Vanguard Fiduciary Trust Co363,954$356.7K0.0%+58,182
Jane Street Group, LLC241,493$236.7K0.0%+97,072
Verdad Advisers, LP232,759$228.1K0.2%+98,758
State Street Corp207,313$203.2K0.0%No change
Mizuho Securities Usa LLC205,600$201.5K0.0%New
Morgan Stanley197,891$194.0K0.0%+24,248
XTX Topco Ltd149,467$146.5K0.0%+88,747
Brown Brothers Harriman & Co143,051$140.2K0.0%No change

13F reports cover disclosed long positions in U.S. stocks only.

Sources

The numbers on this page point here. Each one links to the record it came from.

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