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TScan Therapeutics cash flow, quarter by quarter

Latest: Q2 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$28.0M in Q2 2026 · −$118M over twelve months

Operating cash flow−$27.5M
Capital spending−$493K
Free cash flow−$28.0M

Analysis

In Q2 2026, TScan Therapeutics generated −$27.5M of operating cash flow and spent $493K on capital projects, leaving free cash flow of −$28.0M. That is $6.5M more than in Q2 2025 (−$34.5M).

Over the twelve months to Jun 30, 2026, operating cash flow was −$116M; the largest uses were operating cash flow ($116M), capital spending ($2.2M); besides operations, cash came from other investing ($49.0M), shares issued ($172K); the cash balance fell by $69.2M.

Operating cash flow was −$27.5M against net income of −$30.4M. The largest differences: stock-based pay +$2.4M, deferred revenue −$1.1M, payables +$843K.

Free cash flow

TScan Therapeutics: free cash flow by quarterTScan Therapeutics: free cash flow by quarter−$29.3MQ3 2024−$28.3MQ4 2024−$39.1MQ1 2025−$34.5MQ2 2025−$33.9MQ3 2025−$32.2MQ4 2025−$24.3MQ1 2026−$28.0MQ2 2026
Operating cash flow less capital spending.
TScan Therapeutics: operating cash flow against capital spendingTScan Therapeutics: operating cash flow against capital spendingOperating cash flowCapital spending−$27.9M$1.4MQ3 2024−$27.4M$888KQ4 2024−$37.6M$1.5MQ1 2025−$33.3M$1.3MQ2 2025−$32.5M$1.4MQ3 2025−$32.0M$171KQ4 2025−$24.3M$70KQ1 2026−$27.5M$493KQ2 2026
Latest (Q2 2026): Operating cash flow −$27.5M, Capital spending $493K.

Capital allocation, year by year

TScan Therapeutics: where the cash came from (up) and went (down), by fiscal yearTScan Therapeutics: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingFY2021: Operating cash flow −$48.7MFY2021: Shares issued $190MFY2021: Capital spending −$9.9M$190MFY2021FY2022: Operating cash flow −$66.5MFY2022: Net borrowing $29.4MFY2022: Shares issued $326KFY2022: Capital spending −$4.2M$29.7MFY2022FY2023: Operating cash flow −$61.4MFY2023: Shares issued $43.1MFY2023: Capital spending −$3.1M$43.1MFY2023FY2024: Operating cash flow −$111MFY2024: Net borrowing $15.3MFY2024: Shares issued $34.8MFY2024: Capital spending −$3.8M$50.2MFY2024FY2025: Operating cash flow −$135MFY2025: Shares issued $264KFY2025: Capital spending −$4.4M$264KFY2025
Over these 5 years operating cash flow totalled −$423M; the largest uses were operating cash flow ($423M) and capital spending ($25.5M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$115M
Debt$32.8M
Net cash$82.3M
Due within a year$11.7M
Cash runway12 months

TScan Therapeutics is burning cash: its operations consume cash, a free cash flow of −$118M a year at the current rate against $115M of cash and investments: a runway of about 12 months; $11.7M of debt also comes due within a year, which would need refinancing or new money before any new financing.

TScan Therapeutics: debt maturities by year (FY2025)TScan Therapeutics: debt maturities by year (FY2025)$4.1MYear 2$16.2MYear 3$12.2MYear 4
Principal due in each year as disclosed in the annual report, against $115M of cash and investments now.

Where the cash came from and went

TScan Therapeutics: sources (+) and uses (−) of cash, Q2 2026TScan Therapeutics: sources (+) and uses (−) of cash, Q2 2026Cash drawn (+) / kept (−)$27.9MOperating cash flow−$27.5MCapital spending−$493KNot reconciled$99KOther investing$28K
TScan Therapeutics: sources (+) and uses (−) of cash, TTM to Q2 2026TScan Therapeutics: sources (+) and uses (−) of cash, TTM to Q2 2026Operating cash flow−$116MCash drawn (+) / kept (−)$69.2MOther investing$49.0MCapital spending−$2.2MShares issued$172K

From profit to cash

TScan Therapeutics: net income to operating cash flow, Q2 2026TScan Therapeutics: net income to operating cash flow, Q2 2026Net income−$30.4MDepreciation & amortization$699KStock-based pay$2.4MPayables$843KAccrued liabilities−$740KDeferred revenue−$1.1MPrepaid and other assets$483KOperating cash flow−$27.5M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingShares issuedCash drawn (+) / kept (−)Free cash flow
Q2 2026−$27.5M−$493K—$27.9M−$28.0M
Q1 2026−$24.3M−$70K—$24.3M−$24.3M
Q4 2025−$32.0M−$171K$73K$17.1M−$32.2M
Q3 2025−$32.5M−$1.4M—−$112K−$33.9M
Q2 2025−$33.3M−$1.3M—−$15.3M−$34.5M
Q1 2025−$37.6M−$1.5M—$24.6M−$39.1M
Q4 2024−$27.4M−$888K$45K−$45.6M−$28.3M
Q3 2024−$27.9M−$1.4M$1.2M$109M−$29.3M

TScan Therapeutics: income statement and cash flow

TScan Therapeutics, Q2 2026: revenue $1.1M (-66% year over year). The chart follows the revenue to costs, profit and cash.

TScan Therapeutics: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.