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TScan Therapeutics (TCRX) earnings and revenue breakdown

Latest: Q2 2026 · 10-Q filed Aug 12, 2026 · TScan Therapeutics (TCRX) Q2 2026 earnings results →

Q2 2026 Revenue down 66% year over year to $1.1M

TScan Therapeutics made $1.1M in Q2 2026 (-66% Y/Y). Operating margin n/m, net loss $30.4M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 12, 2026.

Revenue$1.1M
Year over year-66%
Operating marginn/m
Net earnings−$30.4M
Operating cash flow−$27.5M

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

What changed this quarter

Revenue was $1.1M in Q2 2026, down 66% year over year and up 7% from the previous quarter.

Operating costs exceeded revenue by $30.5M, an operating margin of -2901.3%. Total costs fell 24% while revenue fell 66%. The quarter ended with a net loss of $30.4M, wider than the previous quarter's $28.7M loss.

Operating cash flow was −$27.5M. Non-cash charges added back $699K of depreciation and $2.4M of share-based compensation. Capital expenditures of $493K exceeded it, leaving free cash flow of −$28.0M.

Quarterly history

TScan Therapeutics revenue by quarterTScan Therapeutics revenue by quarter$665KQ4 2024$2.2MQ1 2025$3.1MQ2 2025$2.5MQ3 2025$2.6MQ4 2025$982KQ1 2026$1.1MQ2 2026
TScan Therapeutics net earnings by quarterTScan Therapeutics net earnings by quarter−$35.8MQ4 2024−$34.1MQ1 2025−$37.0MQ2 2025−$35.7MQ3 2025−$23.0MQ4 2025−$28.7MQ1 2026−$30.4MQ2 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q2 202610-QAug 12, 2026$1.1M-66%n/m−$30.4M−$27.5M
Q1 202610-QMay 6, 2026$982K-55%n/m−$28.7M−$24.3M
Q4 202510-KMar 4, 2026$2.6M+286%-929.4%−$23.0M−$32.0M
Q3 202510-QNov 12, 2025$2.5M+139%n/m−$35.7M−$32.5M
Q2 202510-QAug 12, 2025$3.1M+474%n/m−$37.0M−$33.3M
Q1 202510-QMay 6, 2025$2.2M+284%n/m−$34.1M−$37.6M
Q4 202410-KMar 5, 2025$665K-91%n/m−$35.8M−$27.4M

Charts

TScan Therapeutics: revenue growth, year over year and quarter over quarterTScan Therapeutics: revenue growth, year over year and quarter over quarterY/YQ/Q-91%Q4 2024+284%+226%Q1 2025+400%+42%Q2 2025+139%-18%Q3 2025+286%+2%Q4 2025-55%-62%Q1 2026-66%+7%Q2 2026
Latest (Q2 2026): Y/Y -66%, Q/Q +7%.
TScan Therapeutics: where the cash came from (+) and went (−), TTM to Q2 2026TScan Therapeutics: where the cash came from (+) and went (−), TTM to Q2 2026Operating cash flow−$116MCash drawn (+) / kept (−)$69.2MOther investing$49.0MCapital spending−$2.2MShares issued$172K
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
TScan Therapeutics: profit against cash, quarter by quarterTScan Therapeutics: profit against cash, quarter by quarterNet incomeOperating cash flow−$29.9M−$27.9MQ3 2024−$35.8M−$27.4MQ4 2024−$34.1M−$37.6MQ1 2025−$37.0M−$33.3MQ2 2025−$35.7M−$32.5MQ3 2025−$23.0M−$32.0MQ4 2025−$28.7M−$24.3MQ1 2026−$30.4M−$27.5MQ2 2026
Latest (Q2 2026): Net income −$30.4M, Operating cash flow −$27.5M.
TScan Therapeutics: diluted shares by fiscal year (split-adjusted)TScan Therapeutics: diluted shares by fiscal year (split-adjusted)5MFY202070MFY202172MFY202266MFY2023112MFY2024130MFY2025
+2261.3% since FY2020: more shares outstanding (issuance, stock pay); earlier years scaled for the 3-for-1 split before FY2023, 2-for-1 split before FY2022.
TScan Therapeutics: long-term debt falling due (FY2025)TScan Therapeutics: long-term debt falling due (FY2025)$4.1M2027$16.2M2028$12.2M2029
Cash $152M, short-term investments —, long-term debt $32.5M at 2025-12-31.
TScan Therapeutics in its industry: growth against margin (76 companies, SIC 2836)TScan Therapeutics in its industry: growth against margin (76 companies, SIC 2836)revenue growth, year over year →↑ operating marginmedian +9%median -100%AMGNGILDBIIBMRNANBIXEXELHALOMGTXTECHVIRRGENTARSBCRXALECADMAKRYSIOVATWSTIPSCIMCRVISKVCELADPTNVAXKYMRGLUEIBRXAUTLAGENDNAPLXRXRXFENCCSBRCHRSIVVDCRSPEDITDTILVXRTSTRORGNXCCCCBSEMSCLXACOGTSHASRZNVYGRFDMTLENZALGSXFORELUTFATEOCGNSCTXCRBUCGONDBVTINBXMGXLCTXDYAIPRMEATRAVitro Biopharma, Inc.HUMARLAYPLURBEAMPROKCRDFAIMVIVSTCRX (-66%, -100%)
Biological Products, (No Diagnostic Substances); dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

The same charts as the app — open one to draw it.

💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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About TScan Therapeutics

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.

In its own words, from its 10-K, filed Mar 4, 2026.

TScan Therapeutics against its Biological Products, (No Diagnostic Substances) peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: -66% against the peers' median +11%.

CompanyQuarterRevenueY/YOp. margin
TCRX TScan TherapeuticsQ2 2026$1.1M-66%n/m
AMGN AmgenQ3 2026$10.4B+8%35.8%
GILD Gilead SciencesQ3 2026$8.3B+7%41.7%
BIIB BiogenQ3 2026$2.8B+11%-0.3%
MRNA ModernaQ3 2026$1.3B+29%9.9%
NBIX Neurocrine BiosciencesQ3 2026$1.1B+41%29.5%
EXEL ExelixisQ3 2026$659M+10%40.8%
HALO Halozyme TherapeuticsQ3 2026$493M+39%59.8%
MGTX MeiraGTx HoldingsQ2 2026$321M87×76.0%

Source: TScan Therapeutics 10-Q on SEC EDGAR · CIK 1783328 · Biological Products, (No Diagnostic Substances)

13F: who owns TCRX and who is buying

Largest holders of TCRX (13F)Largest holders of TCRX (13F)Lynx1 Capital Management LP$7.9MBVF$5.5MBaker Bros. Advisors LP$2.7MVanguard Group$2.5MVanguard Capital Management LLC$2.1MTwo Sigma Investments, LP$1.9MRenaissance Technologies LLC$1.3MAcadian Asset Management LLC$1.3MDeer Management Co. LLC$1.2MMillennium Management LLC$1.1M
Funds' net buying of TCRX by quarter (13F)Funds' net buying of TCRX by quarter (13F)$2.0M2024-09−$1.9M2024-12−$1.9M2025-03−$6.3M2025-06−$1.7M2025-09−$3.9M2025-12$1.8M2026-03$3.6M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on TCRX

History

Every quarter: Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results · Q4 2024 results

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