TCRX on Nasdaq
TScan Therapeutics, Inc.
In its 2026 annual report the company says: “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).”5 It is headquartered in Waltham, Massachusetts.1 Its shares trade on Nasdaq under the symbol TCRX.1
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Last updated Oct 21, 2026.
Overview
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- 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…5 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
Every line of the income statement as filed: the last 2 fiscal years, latest first.2
| Period ending | 2025-12-31 | 2024-12-31 |
|---|---|---|
| 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- basic | 129.8M shares | 112.0M shares |
| Weighted average common shares outstanding-diluted | 129.8M shares | 112.0M shares |
| Unrealized gain (loss) on available-for-sale securities | -$51.0K | $51.0K |
| Comprehensive loss | -$129.8M | -$127.4M |
No quarter-by-quarter statement was filed.
Every line of the balance sheet as filed: the last 3 fiscal years (annual) or 3 quarters (quarterly), latest first.2
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Cash and cash equivalents | $152.4M | $178.7M | |
| Marketable securities | $111.4M | ||
| Prepaid expenses and other current assets | $4.8M | $2.6M | |
| Total current assets | $157.2M | $292.7M | |
| Property and equipment, net | $8.7M | $7.2M | |
| Right-of-use assets | $57.7M | $64.4M | |
| Restricted cash | $5.0M | $5.0M | |
| Long-term deposit and other assets | $101.0K | $1.8M | |
| Total assets | $228.8M | $371.1M | |
| Accounts payable | $1.2M | $4.3M | |
| Accrued expenses and other current liabilities | $7.7M | $15.4M | |
| Operating lease liability, current portion | $7.2M | $4.6M | |
| Deferred revenue, current portion | $2.6M | $11.7M | |
| Total current liabilities | $18.7M | $36.0M | |
| Deferred revenue, net of current portion | $1.2M | ||
| Operating lease liability, net of current portion | $54.4M | $60.7M | |
| Long-term debt and accrued interest | $32.5M | $32.1M | |
| Other long term liabilities | $135.0K | ||
| Total liabilities | $105.7M | $130.1M | |
| Additional paid-in capital | $628.0M | $616.0M | |
| Accumulated other comprehensive income | $51.0K | ||
| Accumulated deficit | -$504.9M | -$375.1M | |
| Total stockholders' equity | $123.1M | $241.0M | $150.9M |
| Total liabilities and stockholders' equity | $228.8M | $371.1M | |
| Preferred stock, par value | $0.00 | $0.00 | |
| Preferred stock, shares authorized | 10.0M shares | 10.0M shares | |
| Preferred stock, shares issued | 0 shares | 0 shares | |
| Preferred stock, shares outstanding | 0 shares | 0 shares |
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Cash and cash equivalents | $152.4M | $178.7M | |
| Marketable securities | $111.4M | ||
| Prepaid expenses and other current assets | $4.8M | $2.6M | |
| Total current assets | $157.2M | $292.7M | |
| Property and equipment, net | $8.7M | $7.2M | |
| Right-of-use assets | $57.7M | $64.4M | |
| Restricted cash | $5.0M | $5.0M | |
| Long-term deposit and other assets | $101.0K | $1.8M | |
| Total assets | $228.8M | $371.1M | |
| Accounts payable | $1.2M | $4.3M | |
| Accrued expenses and other current liabilities | $7.7M | $15.4M | |
| Operating lease liability, current portion | $7.2M | $4.6M | |
| Deferred revenue, current portion | $2.6M | $11.7M | |
| Total current liabilities | $18.7M | $36.0M | |
| Deferred revenue, net of current portion | $1.2M | ||
| Operating lease liability, net of current portion | $54.4M | $60.7M | |
| Long-term debt and accrued interest | $32.5M | $32.1M | |
| Other long term liabilities | $135.0K | ||
| Total liabilities | $105.7M | $130.1M | |
| Additional paid-in capital | $628.0M | $616.0M | |
| Accumulated other comprehensive income | $51.0K | ||
| Accumulated deficit | -$504.9M | -$375.1M | |
| Total stockholders' equity | $123.1M | $241.0M | $150.9M |
| Total liabilities and stockholders' equity | $228.8M | $371.1M | |
| Preferred stock, par value | $0.00 | $0.00 | |
| Preferred stock, shares authorized | 10.0M shares | 10.0M shares | |
| Preferred stock, shares issued | 0 shares | 0 shares | |
| Preferred stock, shares outstanding | 0 shares | 0 shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 2 fiscal years, latest first.2
| Period ending | 2025-12-31 | 2024-12-31 |
|---|---|---|
| Net loss | -$129.8M | -$127.5M |
| Depreciation expense | $2.9M | $4.1M |
| Accretion of marketable securities | -$2.4M | -$3.9M |
| Non-cash interest expense related to loan payable | $462.0K | $773.0K |
| Loss on extinguishment of debt | $1.1M | |
| Stock-based compensation | $11.7M | $9.5M |
| Prepaid expenses and other assets | -$525.0K | -$538.0K |
| Right-of-use assets and lease liabilities, net | $2.9M | $1.9M |
| Accounts payable | -$3.0M | $2.0M |
| Accrued expense and other liabilities | -$7.2M | $4.5M |
| Deferred revenue | -$10.3M | -$2.8M |
| Net cash used in operating activities | -$135.3M | -$110.8M |
| Purchases of property and equipment | -$4.4M | -$3.8M |
| Purchases of marketable securities | -$87.5M | -$241.4M |
| Proceeds from maturities of marketable securities | $201.2M | $192.7M |
| Net cash provided by (used in) investing activities | $109.4M | -$52.6M |
| Repayment of loan payable, net | -$17.1M | |
| Proceeds from borrowings under loan agreement, net | $32.5M | |
| Proceeds from issuance of common stock, net of offering costs | $33.1M | |
| Proceeds from issuance of pre-funded warrants, net of offering costs | $158.3M | |
| Issuance of common stock under employee stock purchase plan | $264.0K | $333.0K |
| Proceeds from exercise of stock options | $1.7M | |
| Cash paid for debt issuance costs | -$400.0K | |
| Cash paid for financing costs | -$200.0K | |
| Net cash provided by (used in) financing activities | -$336.0K | $208.8M |
| Net increase (decrease) in cash, cash equivalents and restricted cash | -$26.3M | $45.3M |
| Cash paid for interest | $2.3M | $2.9M |
| Debt issuance costs not yet paid | $400.0K | |
| Financing costs not yet paid | $200.0K | |
| Lease liability arising from obtaining right-of-use asset | $6.1M | |
| Purchase of property and equipment in accounts payable and accrued liabilities | $7.0K | $84.0K |
| Issuance of common stock upon note conversion | $14.8M |
No quarter-by-quarter statement was filed.
Corporate structure
TScan Therapeutics, Inc. sits at the top of its group. 2 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.
Major holders of TScan Therapeutics, Inc.
- Readout Capital, LP Filed SCHEDULE 13G on TScan Therapeutics, Inc., latest Sep 25, 2026
- BIOTECHNOLOGY VALUE FUND L P Filed SCHEDULE 13G/A on TScan Therapeutics, Inc., latest Aug 14, 2026 (5 filings since Jun 5, 2023)
- Lynx1 Capital Management LP Filed SCHEDULE 13G/A on TScan Therapeutics, Inc., latest Aug 14, 2026 (4 filings since Jun 2, 2023)
- Adage Capital Management, L.P. Filed SCHEDULE 13G/A on TScan Therapeutics, Inc., latest Aug 12, 2025
- BlackRock Filed SCHEDULE 13G/A on TScan Therapeutics, Inc., latest Jul 16, 2025 (7 filings since Feb 4, 2022)
- EcoR1 Capital, LLC Filed SCHEDULE 13G/A on TScan Therapeutics, Inc., latest May 15, 2025 (2 filings since Jun 5, 2023)
- K2 HealthVentures Equity Trust LLC Filed SCHEDULE 13G/A on TScan Therapeutics, Inc., latest Feb 14, 2025 (4 filings since Sep 30, 2022)
- ADAGE CAPITAL PARTNERS GP, L.L.C. Filed SCHEDULE 13G/A on TScan Therapeutics, Inc., latest Feb 12, 2025 (3 filings since Jun 12, 2023)
- Cormorant Asset Management, LP Filed SC 13G/A on TScan Therapeutics, Inc., latest Nov 14, 2024 (2 filings since Apr 29, 2024)
- BAKER BROS. ADVISORS LP Filed SC 13D/A on TScan Therapeutics, Inc., latest Apr 23, 2024 (3 filings since May 12, 2022)
- GV 2017, L.P. Filed SC 13G/A on TScan Therapeutics, Inc., latest Feb 9, 2024 (2 filings since Feb 14, 2022)
- Pitango HealthTech Fund I, L.P. Filed SC 13G/A on TScan Therapeutics, Inc., latest Feb 8, 2024 (2 filings since Feb 14, 2022)
- TScan Therapeutics, Inc. Waltham, Massachusetts
- TScan Securities Corporation Subsidiary · Massachusetts, United States
Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What TScan Therapeutics, Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
Property and equipment
| Item | Latest | A year before | Change |
|---|---|---|---|
| Property and equipment, before depreciation | $30.3M2 Dec 31, 2025 | $25.9M2 Dec 31, 2024 | +16.7% |
| Accumulated depreciation | $21.6M2 Dec 31, 2025 | $18.7M2 Dec 31, 2024 | +15.3% |
| Property and equipment, net | $8.7M2 Dec 31, 2025 | $7.2M2 Dec 31, 2024 | +20.2% |
| Operating-lease assets (leased space) | $57.7M2 Dec 31, 2025 | $64.4M2 Dec 31, 2024 | −10.3% |
Investments
| Item | Latest | A year before | Change |
|---|---|---|---|
| Cash and cash equivalents | $152.4M2 Dec 31, 2025 | $178.7M2 Dec 31, 2024 | −14.7% |
| Marketable securities, current | $111.4M2 Dec 31, 2024 | $58.7M9 Dec 31, 2023 | +89.9% |
Properties, in its own words
Our corporate headquarters is located at 830 Winter Street in Waltham, Massachusetts. The facility at 830 Winter Street is 51,100 square feet of laboratory space, with a lease expiration of October 2029. We also lease a facility at 880 Winter Street which is 113,487 square feet of office and laboratory space with a lease termination date of December 2032. We believe our facilities are sufficient to meet our current needs for the foreseeable future.
Item 2 of the 10-K filed Mar 4, 2026.5
Leadership
Who has led TScan Therapeutics, Inc., and when. Pick a name to see everywhere that person has worked.
Chief executive
Chief financial officer
2025
- Chief executive officerGavin Macbeath Jun 15, 2023 to now14
- Chief executive officerDavid P. Southwell Jul 15, 2021 to Feb 6, 202315
- Chief financial officerJason Amello Feb 2, 2024 to now16
- Chief financial officerBrian M. Silver Jul 15, 2021 to Jun 15, 202317
Board members and other officers (21)
- Chief Medical OfficerChrystal Louis May 2, 2024 to now18
- OfficerZoran Zdraveski Aug 27, 2024 to now19
- Chief Accounting OfficerLeiden Dworak Jul 24, 2023 to now20
- Chief Medical OfficerDebora Barton Jul 7, 2022 to Jun 15, 202321
- Chief Scientific OfficerGavin Macbeath Jul 15, 2021 to Feb 6, 202322
- Chief Business OfficerWilliam Desmarais Jul 15, 2021 to Jul 27, 202223
- Board memberGarry A. Nicholson Jun 14, 2024 to now24
- Board memberBarbara Klencke Apr 10, 2023 to now25
- Board memberGavin Macbeath Jun 15, 2023 to now14
- Board memberKeith Woods Dec 8, 2023 to now26
- Board memberChristoph H. Westphal Jul 15, 2021 to Jul 15, 202127
- Board memberDavid P. Southwell Jul 15, 2021 to Feb 6, 202315
- Board memberFelix Baker Jul 15, 2021 to now28
- Board memberGabriela Gruia Jul 15, 2021 to now29
- Board memberIttai Harel Jul 15, 2021 to Jun 3, 202230
- Board memberJulian Baker Jul 15, 2021 to now28
- Board memberKatina Dorton Jul 15, 2021 to now31
- Board memberL.p. 667 Jul 15, 2021 to now28
- Board memberStephen R. Biggar Jul 15, 2021 to Jul 15, 202132
- Board memberTimothy J. Barberich Jul 15, 2021 to Dec 21, 202333
- General counselZoran Zdraveski Sep 9, 2021 to Jun 15, 202334
Subsidiaries and ownership
Subsidiaries (Exhibit 21)
- TScan Securities Corporation Massachusetts4
The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.
Timeline
- Sep 30, 20268-K Executive or director change35
- Sep 11, 20268-K Executive or director change36
- Sep 2, 20268-K Exit or restructuring costs; Listing notice or transfer; Executive or director change37
- Aug 18, 20268-K Ended a material agreement38
- Aug 12, 20268-K Results of operations39
- Jun 22, 20268-K Regulation FD disclosure; Other events40
- May 22, 20268-K Bylaws or fiscal year changed; Shareholder vote41
- May 6, 20268-K Results of operations42
- Apr 2, 20268-K Executive or director change43
- Mar 4, 20268-K Results of operations44
- Jan 12, 20268-K Regulation FD disclosure45
- Nov 26, 20258-K Executive or director change46
- Jun 15, 2023New chief executive Gavin Macbeath becomes CEO14
- Jul 15, 2021New chief executive David P. Southwell becomes CEO15
Calendar
Coming up
- Nov 11, 2026Reports results for the quarter ending Sep/2026 A year earlier it reported ($0.28) a share, on Nov 12, 2025.47
When it reported results
- Aug 12, 2026Reported quarterly or annual results39
- May 6, 2026Reported quarterly or annual results42
- Mar 4, 2026Reported quarterly or annual results44
- Nov 12, 2025Reported quarterly or annual results48
- Aug 12, 2025Reported quarterly or annual results49
- May 6, 2025Reported quarterly or annual results50
- Mar 5, 2025Reported quarterly or annual results51
- Nov 12, 2024Reported quarterly or annual results52
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
272 filings to the SEC since October 2021: 6 annual reports, 15 quarterly reports, 62 major events, 94 insider forms, 41 large holders, 54 other. The latest 20:
- Oct 2, 20264 EDGAR
- Oct 2, 20264 EDGAR
- Sep 30, 20268-K EDGAR
- Sep 25, 2026SCHEDULE 13G EDGAR
- Sep 11, 20268-K EDGAR
- Sep 2, 20268-K EDGAR
- Aug 18, 20268-K EDGAR
- Aug 14, 2026SCHEDULE 13G/A EDGAR
- Aug 14, 2026SCHEDULE 13G/A EDGAR
- Aug 12, 202610-Q EDGAR
- Aug 12, 20268-K EDGAR
- Jun 22, 20268-K EDGAR
- May 22, 20264 EDGAR
- May 22, 20268-K EDGAR
- May 22, 20264 EDGAR
- May 22, 20264 EDGAR
- May 22, 20264 EDGAR
- May 22, 20264 EDGAR
- May 22, 20264 EDGAR
- May 15, 2026SCHEDULE 13G/A EDGAR
The 272 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.
| Date | Who | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Dec 23, 2025 | Lynx1 Capital Management LP10% owner | Buy | 6,232 | $0.90 | $5.6K | Form 4 |
| Dec 22, 2025 | Lynx1 Capital Management LP10% owner | Buy | 75,500 | $0.90 | $68.0K | Form 4 |
| Dec 19, 2025 | Lynx1 Capital Management LP10% owner | Buy | 80,069 | $0.90 | $72.1K | Form 4 |
| May 20, 2025 | Lynx1 Capital Management LP10% owner | Buy | 1,200,000 | $1.20 | $1.4M | Form 4 |
| May 19, 2025 | Lynx1 Capital Management LP10% owner | Buy | 1,388,794 | $1.20 | $1.7M | Form 4 |
| Dec 13, 2024 | Nichols Weston10% owner | Buy | 100,000 | $2.90 | $290.0K | Form 4 |
| Dec 12, 2024 | Nichols Weston10% owner | Buy | 31,800 | $3.01 | $95.7K | Form 4 |
| Nov 15, 2024 | Nichols Weston10% owner | Buy | 947 | $4.34 | $4.1K | Form 4 |
| Sep 23, 2024 | Klencke BarbaraDirector | Buy | 5,000 | $5.29 | $26.4K | Form 4 |
| Aug 26, 2024 | Klencke BarbaraDirector | Buy | 5,000 | $5.53 | $27.6K | Form 4 |
| Aug 23, 2024 | Klencke BarbaraDirector | Buy | 5,000 | $5.69 | $28.4K | Form 4 |
| Aug 23, 2024 | ZDRAVESKI ZORANSee Remarks | Sale | 164,686 | $5.78 | $951.9K | Form 4 |
| Dec 19, 2023 | BARBERICH TIMOTHY JDirector | Buy | 317 | $4.97 | $1.6K | Form 4 |
| Dec 18, 2023 | BARBERICH TIMOTHY JDirector | Buy | 28,830 | $4.89 | $141.0K | Form 4 |
| Dec 14, 2023 | Klencke BarbaraDirector | Buy | 5,000 | $5.08 | $25.4K | Form 4 |
| Jun 2, 2023 | BARBERICH TIMOTHY JDirector | Buy | 37,880 | $2.63 | $99.6K | Form 4 |
| May 31, 2023 | Lynx1 Capital Management LP10% owner | Sale | 25,400 | $2.52 | $63.9K | Form 4 |
| Dec 28, 2022 | Silver Brian M.Chief Financial Officer | Buy | 3,158 | $1.56 | $4.9K | Form 4 |
| Dec 27, 2022 | Silver Brian M.Chief Financial Officer | Buy | 2,842 | $1.50 | $4.3K | Form 4 |
| May 18, 2022 | SOUTHWELL DAVID PChief Executive Officer | Buy | 25,000 | $3.59 | $89.8K | Form 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.
- Readout Capital, LPSCHEDULE 13G, 1 filing Sep 25, 202653
- BIOTECHNOLOGY VALUE FUND L PSCHEDULE 13G/A, 5 filings Jun 5, 2023 to Aug 14, 202654
- Lynx1 Capital Management LPSCHEDULE 13G/A, 4 filings Jun 2, 2023 to Aug 14, 202655
- Adage Capital Management, L.P.SCHEDULE 13G/A, 1 filing Aug 12, 202556
- BlackRockSCHEDULE 13G/A, 7 filings Feb 4, 2022 to Jul 16, 202557
- EcoR1 Capital, LLCSCHEDULE 13G/A, 2 filings Jun 5, 2023 to May 15, 202558
- K2 HealthVentures Equity Trust LLCSCHEDULE 13G/A, 4 filings Sep 30, 2022 to Feb 14, 202559
- ADAGE CAPITAL PARTNERS GP, L.L.C.SCHEDULE 13G/A, 3 filings Jun 12, 2023 to Feb 12, 202560
- Cormorant Asset Management, LPSC 13G/A, 2 filings Apr 29, 2024 to Nov 14, 202461
- BAKER BROS. ADVISORS LPSC 13D/A, 3 filings May 12, 2022 to Apr 23, 202462
- GV 2017, L.P.SC 13G/A, 2 filings Feb 14, 2022 to Feb 9, 202463
- Pitango HealthTech Fund I, L.P.SC 13G/A, 2 filings Feb 14, 2022 to Feb 8, 202464
- HILLHOUSE INVESTMENT MANAGEMENT, LTD.SC 13G/A, 2 filings Feb 14, 2022 to Feb 14, 202365
- RA CAPITAL MANAGEMENT, L.P.SC 13G/A, 1 filing Aug 15, 202266
- Deer IX & Co. Ltd.SC 13G, 1 filing Feb 14, 202267
- Longwood Fund IV, L.P.SC 13G, 1 filing Feb 10, 202268
Executive pay
What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.
| Year | Executive | Age | Salary | Total pay |
|---|---|---|---|---|
| 2025 | Gavin MacBeathPh.D. | $665.0K | $2.8M69 | |
| 2025 | Chrystal LouisM.D., M.P.H. | 50 | $530.0K | $1.6M69 |
| 2025 | Jason A. Amello | 57 | $520.0K | $1.3M69 |
| 2024 | Chief Financial Officer and Treasurer | $463.5K | $3.7M69 | |
| 2024 | Chief Medical Officer | $343.1K | $3.0M69 | |
| 2024 | Chief Executive Officer and Director | $620.0K | $1.8M69 |
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.
| Fund | Shares | Value | Share of the fund | Change |
|---|---|---|---|---|
| Lynx1 Capital Management LP | 8,019,148 | $7.9M | 0.9% | No change |
| Bvf Inc/il | 5,564,290 | $5.5M | 0.1% | No change |
| Baker Bros. Advisors LP | 2,784,792 | $2.7M | 0.0% | No change |
| Vanguard Capital Management LLC | 2,158,831 | $2.1M | 0.0% | +4,575 |
| Two Sigma Investments, LP | 1,949,604 | $1.9M | 0.0% | +740,595 |
| Renaissance Technologies LLC | 1,326,799 | $1.3M | 0.0% | −37,984 |
| Deer Management Co. LLC | 1,245,504 | $1.2M | 0.2% | No change |
| Millennium Management LLC | 1,163,611 | $1.1M | 0.0% | −296,674 |
| Jacobs Levy Equity Management, Inc | 1,049,806 | $1.0M | 0.0% | +241,450 |
| Citadel Advisors LLC | 1,009,107 | $989.0K | 0.0% | +690,696 |
| BlackRock, Inc. | 994,654 | $974.9K | 0.0% | −846,298 |
| Kalehua Capital Management LLC | 909,752 | $891.6K | 0.3% | New |
| Boothbay Fund Management, LLC | 772,241 | $756.9K | 0.0% | New |
| Marshall Wace, Llp | 687,364 | $673.6K | 0.0% | +450,018 |
| DC Funds, LP | 630,000 | $617.5K | 49.3% | No change |
| Geode Capital Management, LLC | 584,811 | $573.4K | 0.0% | −32,141 |
| D. E. Shaw & Co., Inc. | 548,402 | $537.5K | 0.0% | +228,815 |
| Vanguard Fiduciary Trust Co | 363,954 | $356.7K | 0.0% | +58,182 |
| Jane Street Group, LLC | 241,493 | $236.7K | 0.0% | +97,072 |
| Verdad Advisers, LP | 232,759 | $228.1K | 0.2% | +98,758 |
| State Street Corp | 207,313 | $203.2K | 0.0% | No change |
| Mizuho Securities Usa LLC | 205,600 | $201.5K | 0.0% | New |
| Morgan Stanley | 197,891 | $194.0K | 0.0% | +24,248 |
| XTX Topco Ltd | 149,467 | $146.5K | 0.0% | +88,747 |
| Brown Brothers Harriman & Co | 143,051 | $140.2K | 0.0% | No change |
13F reports cover disclosed long positions in U.S. stocks only.
SEC filer profile
How TScan Therapeutics, Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.
- Name on EDGARTScan Therapeutics, Inc.1
- CIK0001783328
- Employer ID (EIN)82-52820755
- Filer statusNon-accelerated filer an emerging growth company; a smaller reporting company; not a shell company5
- Incorporated inDelaware5
- Fiscal year endsDecember 311
- Industry code (SIC)2836 Biological Products, (No Diagnostic Substances)1
- SEC reviewing officeOffice of Life Sciences, Division of Corporation Finance1
- Business address830 Winter Street, Waltham, MA 024511
- Phone857-399-95001
- Shares outstanding52,625,035 Voting Common Stock shares; 4,276,588 Nonvoting Common Stock shares as of Feb 27, 20265
- Public float$56.9M as of Jun 30, 20255
- AuditorDeloitte & Touche LLP, Boston, Massachusetts PCAOB ID 34; no auditor attestation of internal control over financial reporting5
- On EDGAR sinceJul 26, 20191
- Filings331 in all: 4 (97), 8-K (64), 3 (22), 10-Q (16), SC 13G (15), CORRESP (13), SCHEDULE 13G/A (12), SC 13G/A (11)1
All 35 form types
S-8 (8), UPLOAD (8), 424B5 (6), 10-K (5), DEF 14A (5), DEFA14A (5), EFFECT (5), ARS (4), S-1/A (4), S-3 (4), FWP (3), S-3/A (3), SC 13D/A (3), SEC STAFF LETTER (3), 144 (2), D (2), 10-K/A (1), 424B4 (1), 8-A12B (1), AW (1), CERT (1), DRS (1), PRE 14A (1), S-1 (1), S-1MEF (1), SC 13D (1), SCHEDULE 13G (1)
- Latest filingsAnnual report (10-K) Mar 4, 2026
Quarterly report (10-Q) Aug 12, 2026
Proxy statement (DEF 14A) Apr 17, 2026
Latest 8-K (8-K) Sep 30, 2026
Securities registered for trading
| Class | Symbol | Exchange |
|---|---|---|
| Voting Common Stock, $0.0001 par value per share | TCRX | The Nasdaq Global Market, LLC |
From the cover page of the 10-K filed Mar 4, 2026 (Section 12(b) of the Exchange Act).5
Risk factors and legal proceedings
The risks TScan Therapeutics, Inc. names in Item 1A of its 10-K filed Mar 4, 2026: 75 risks under these headings, as written.5
- Risks Related to Our Business and Industry
- We have incurred significant losses since inception, and we expect to incur losses over the next several years and may not be able to achieve or sustain revenues or profitability in the future.
- Our business depends upon the success of our proprietary platform.
- Our limited operating history may make it difficult to evaluate the success of our business to date and to assess our future viability.
- We have never generated any revenue from sales of our TCR-T therapy product candidates and our ability to generate revenue from product sales and become profitable depends significantly on our success in a number of areas.
- We will need to obtain substantial additional funding to complete the development and any commercialization of our product candidates, if approved. If we are unable to raise this necessary capital when needed, we could be forced to delay, reduce or eliminate our product development programs, commercialization efforts or other operations.
- Raising additional capital may cause dilution to our existing stockholders, restrict our operations or require us to relinquish rights to our intellectual property or product candidates on unfavorable terms to us.
- Global economic uncertainty and financial market volatility caused by political instability, changes in international trade relationships and conflicts could make it more difficult for us to access financing and could adversely affect our business and operations.
- The U.S. Congress and the Trump administration have made and may make substantial changes to fiscal, tax, and other federal policies that may adversely affect our business.
- Recent volatility in capital markets and lower market prices for many securities may affect our ability to access new capital through sales of shares of our common stock or issuance of indebtedness, which may impact our liquidity, limit our ability to
- grow our business, pursue acquisitions or improve our operating infrastructure and restrict our ability to compete in our markets.
- Adverse developments affecting the financial services industry, such as actual events or concerns involving liquidity, defaults or non-performance by financial institutions or transactional counterparties, could adversely affect our current and projected business operations and its financial condition and results of operations.
The other 64 risks
- The terms of our loan agreement place restrictions on our operating and financial flexibility. If we raise additional capital through debt financing, the terms of any new debt could further restrict our operating and financial flexibility.
- We have recently reduced the size of our organization, and we may encounter difficulties in managing this development and our strategic prioritization, which could disrupt our operations. In addition, we may not achieve the anticipated benefits and savings from the workforce reduction.
- Risks Related to the Development of Our Product Candidates
- Our approach to the discovery and development of product candidates based on our proprietary platform represents a novel approach to cancer treatment, which creates significant challenges for us.
- We are early in our development efforts. If we are unable to advance our product candidates through clinical development, obtain regulatory approval and ultimately commercialize our product candidates, or experience significant delays in doing so, our business will be materially harmed.
- Although many of our personnel have extensive experience in clinical development and manufacturing at other companies, we have limited direct experience as a company in conducting clinical trials and managing a manufacturing facility for our product candidates.
- Our business is highly dependent on our current product candidates, and we must complete IND-enabling studies and clinical testing before we can seek regulatory approval and begin commercialization of any of our product candidates.
- Our preclinical studies and clinical trials may fail to demonstrate adequately the safety, potency and purity of any of our product candidates, which would prevent or delay development, regulatory approval and commercialization.
- Clinical development involves a lengthy and expensive process with an uncertain outcome, and results of earlier studies and trials may not be predictive of future clinical trial results. If our preclinical studies and clinical trials are not sufficient to support regulatory approval of any of our product candidates, we may incur additional costs or experience delays in completing, or ultimately be unable to complete, the development of such product candidate.
- Our business could be adversely affected by the effects of health epidemics in regions where we, our partners or other third parties on which we rely have significant manufacturing facilities, concentrations of potential clinical trial sites or other business operations.
- We may rely on third parties to manufacture our clinical product supplies, and we may rely on third parties to produce and process our product candidates, if licensed.
- We cannot guarantee that our product candidates will show any functionality in the solid tumor microenvironment.
- Since the number of patients that we plan to dose in our initial clinical trials may be small, the results from such clinical trial, once completed, may be less reliable than results achieved in larger clinical trials, which may hinder our efforts to obtain regulatory approval for our product candidates.
- Allogeneic HCT is a high-risk procedure that may result in complications or adverse events for patients in our clinical trials including those unrelated to the use of our product candidates.
- We may not be able to file IND applications or IND amendments to commence additional clinical trials on the timelines we expect, and even if we are able to, the FDA may not permit us to proceed.
- Our product candidates may cause undesirable side effects or have other properties that could halt their clinical development, prevent their regulatory approval, require expansion of the trial size, limit their commercial potential, or result in other significant negative consequences.
- Our product candidates may target healthy cells expressing target antigens leading to potentially fatal adverse effects.
- Our product candidates may have serious and potentially fatal cross-reactivity to other peptides or protein sequences within the body.
- The vectors used to manufacture our TCR-T therapy product candidates may incorrectly modify the genetic material of a patient’s T cells, potentially triggering the development of a new cancer or other adverse events.
- If we encounter difficulties enrolling patients in our clinical trials, our clinical development activities could be delayed or otherwise adversely affected.
- The market opportunities for our product candidates may be relatively small. In addition, our estimates of the prevalence of our target patient populations may be inaccurate.
- Our product candidates rely on the use of protein binding domains, or binders, to target specific cancers, which we may develop, or which may be developed by third parties. We are limited in our ability to apply our product candidates to a wider range of potential target cancers by our ability to develop, partner for or acquire these binders on commercially reasonable terms.
- We currently have no marketing and sales organization and have no experience as a company in marketing products. If we are unable to establish marketing and sales capabilities or to enter into agreements with third parties to market and sell our product candidates, if licensed, we may not be able to generate product revenue.
- Even if we obtain regulatory approval of our product candidates, the products may not gain market acceptance among physicians, patients, hospitals, cancer treatment centers and others in the medical community.
- A variety of risks associated with marketing our product candidates internationally could materially adversely affect our business.
- We face significant competition, and our operating results will suffer if we fail to compete effectively.
- Our internal computer systems, or those used by our third-party CROs, our clinical sites, or other contractors or consultants, may fail or suffer cybersecurity incidents, data breaches or other unauthorized or improper access, which could result in a material disruption of the development programs of our product candidates.
- Cybersecurity incidents, loss of data or modification of information, and other disruptions could compromise information related to our business or prevent us from accessing critical information, result in a significant disruption of our activities and expose us to liability, which could adversely affect our business and our reputation.
- Risks Related to Manufacturing
- Manufacturing and administering our product candidates is complex and we may encounter difficulties in production, particularly with respect to process development or scaling up of our manufacturing capabilities. If we encounter such difficulties, our ability to provide supply of our TCR-T therapy product candidates for clinical trials or, if approved, for commercial purposes, could be delayed or stopped.
- Although many of our personnel have experience in clinical manufacturing at other companies, we have limited experience as a company managing manufacturing for our product candidates, which will be costly, time-consuming, and which may not be successful.
- We may have difficulty validating our manufacturing process as we manufacture TCR-T therapy product candidates from an increasingly diverse patient population for our clinical trials.
- Risks Related to Government Regulation
- The regulatory approval process is lengthy and time-consuming, and we may experience significant delays in the clinical development and regulatory approval of our product candidates.
- We may be unable to obtain regulatory approval for our product candidates under applicable regulatory requirements. The denial or delay of any such approval would delay commercialization of our product candidates and adversely impact our potential to generate revenue, our business and our results of operations.
- We may seek orphan drug status for some of our current or future product candidates, but we may be unable to obtain such designations or to maintain the benefits associated with orphan drug status, including market exclusivity, which may cause our revenue, if any, to be reduced.
- A Breakthrough Therapy designation by the FDA, even if granted for any of our product candidates, may not lead to a faster development or regulatory review or approval process and it does not increase the likelihood that our product candidates will receive marketing approval.
- A Fast Track designation by the FDA, even if granted for any of our current or future product candidates, may not lead to a faster development or regulatory review or approval process, and does not increase the likelihood that our product candidates will receive marketing approval.
- We may seek Accelerated Approval from the FDA for any of our current or future product candidates. Accelerated Approval, even if granted, for any of our current or future product candidates, may not lead to a faster development, or regulatory review or approval process, and it does not increase the likelihood that our product candidates will receive marketing approval.
- A Regenerative Medicine Advanced Therapy (RMAT) designation by the FDA, even if granted for any of our product candidates, may not lead to a faster development or regulatory review or approval process, and does not increase the likelihood that our product candidates will receive marketing approval and we may be unable to obtain or maintain the benefits associated with such designation.
- We may seek designation for our target discovery platform as a designated platform technology, but we might not receive such designation, and even if we do, such designation may not lead to a faster regulatory review or approval process.
- Obtaining and maintaining regulatory approval of our product candidates in one jurisdiction does not mean that we will be successful in obtaining regulatory approval of our product candidates in other jurisdictions.
- Even if we receive regulatory approval of our product candidates, we will be subject to ongoing regulatory obligations and continued regulatory review, which may result in significant additional expense and we may be subject to penalties if we fail to comply with regulatory requirements or experience unanticipated problems with our product candidates.
- The third-party payer or insurance coverage and reimbursement status of newly-approved products are uncertain. Our product candidates may become subject to unfavorable pricing regulations, third-party coverage and reimbursement practices, or healthcare reform initiatives, which would harm our business. Failure to obtain or maintain adequate coverage and reimbursement for new or current products could limit our ability to market those products and decrease our ability to generate revenue.
- The impact of recent healthcare reform legislation and other changes in the healthcare industry and in healthcare spending on us is currently unknown and may adversely affect our business model.
- Regulatory requirements in the U.S. and abroad governing cell therapy products have changed frequently and may continue to change in the future, which could negatively impact our ability to complete clinical trials and commercialize our product candidates in a timely manner, if at all.
- Inadequate funding for the FDA, the SEC and other government agencies could hinder their ability to hire and retain key personnel, and substantial changes in leadership, personnel, organizational structure, and policy could prevent new products and services from being developed or commercialized in a timely manner or otherwise prevent those agencies from performing normal business functions on which the operation of our business may rely, which could negatively impact our business.
- Our employees, independent contractors, consultants, commercial partners and vendors may engage in misconduct or other improper activities, including noncompliance with regulatory standards and requirements.
- We are currently subject to, and may in the future become subject to additional, federal, state and foreign laws and regulations, industry guidelines, and contractual requirements, imposing obligations on how we collect, store, use and process personal information. Our actual or perceived failure to comply with such obligations could harm our business.
- If we fail to comply with environmental, health and safety laws and regulations, we could become subject to fines or penalties or incur costs that could have a material adverse effect on the success of our business.
- Even if we are able to commercialize any product candidates, the products may become subject to unfavorable pricing regulations, third-party reimbursement practices or healthcare reform initiatives, which would harm our business.
- Risks Related to Our Intellectual Property
- If we are unable to obtain and maintain patent protection for any product candidates we develop and for our technology, or if the scope of the patent protection obtained is not sufficiently broad, our competitors could develop and commercialize products, product candidates and technology similar or identical to ours, and our ability to successfully commercialize any product candidates we may develop, and our technology may be adversely affected.
- We could be unsuccessful in obtaining meaningful patent protection on one or more components of our platform technology.
- If we fail to comply with any of our obligations under existing or future agreements pursuant to which we license intellectual property rights or technology, if the licenses are terminated or if disputes regarding these licenses arise, we could lose significant rights or technology that are material to our business and could interfere with our ability to operate our business.
- We are currently, and expect in the future to be, party to material license or collaboration agreements, which may impose numerous obligations and restrictions on us.
- Our proprietary position may depend upon patents that are manufacturing, formulation or method-of-use patents, which may not prevent a competitor or other third party from using the same product candidate for another use.
- If our efforts to protect the proprietary nature of the intellectual property related to our technologies are not adequate, we may not be able to compete effectively in our market.
- If we are unable to protect the confidentiality of our trade secrets, our business and competitive position would be harmed.
- Third-party claims of intellectual property infringement, misappropriation or other violations may prevent or delay our product candidate discovery and development efforts.
- We may not be successful in obtaining or maintaining necessary rights to product components and processes for our development pipeline through acquisitions and in-licenses.
- We may eventually become involved in lawsuits to protect or enforce our intellectual property and proprietary rights, including any patents that we or our licensors may obtain in the future, which could be expensive, time-consuming and unsuccessful.
- Obtaining and maintaining our patent protection depends on compliance with various procedures, document submission, fee payments and other requirements imposed by governmental patent agencies, and our patent protection could be reduced or eliminated for non-compliance with these requirements.
- If we obtain any patents covering our product candidates, they could nonetheless be found invalid or unenforceable if challenged in court or the USPTO.
- Changes to patent law and its interpretation in the U.S. and in foreign jurisdictions could diminish the value of patents in general and may impact the validity, scope or enforceability of our patent rights, thereby impairing our ability to protect our product candidates and technologies.
- We have limited foreign intellectual property rights and may not be able to protect our intellectual property rights throughout the world.
- We may be subject to claims challenging the inventorship or ownership of our patent rights and other intellectual property.
- We may be subject to claims that our employees, consultants or independent contractors have wrongfully used or disclosed trade secrets or other confidential information of their former employers or other third parties or claims asserting ownership of what we regard as our own intellectual property.
Legal proceedings
We are not currently a party to any material legal proceedings. From time to time, we may become involved in legal proceedings arising in the ordinary course of our business. Regardless of outcome, litigation can have an adverse impact on us due to defense and settlement costs, diversion of management resources, negative publicity, reputational harm and other factors.
The opening of Item 3, Legal Proceedings.5
Sources
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- 19SEC EDGARZoran Zdraveski, Officer
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- 21SEC EDGARDebora Barton, Chief Medical Officer
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- 24SEC EDGARGarry A. Nicholson, Board member
- 25SEC EDGARBarbara Klencke, Board member
- 26SEC EDGARKeith Woods, Board member
- 27SEC EDGARChristoph H. Westphal, Board member
- 28SEC EDGARFelix Baker, Board member
- 29SEC EDGARGabriela Gruia, Board member
- 30SEC EDGARIttai Harel, Board member
- 31SEC EDGARKatina Dorton, Board member
- 32SEC EDGARStephen R. Biggar, Board member
- 33SEC EDGARTimothy J. Barberich, Board member
- 34SEC EDGARZoran Zdraveski, General counsel
- 35SEC EDGARExecutive or director change
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- 38SEC EDGAREnded a material agreement
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- 45SEC EDGARRegulation FD disclosure
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