Filing Flows › TScan Therapeutics (TCRX) › Q2 2025
TScan Therapeutics (TCRX) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 12, 2025
TScan Therapeutics (TCRX) reported revenue of $3.1M for the second quarter 2025 (Q2 2025), +474% from a year earlier and +42% from the quarter before.
TScan Therapeutics, Q2 2025: revenue $3.1M (+474% year over year), net loss $37.0M, operating cash flow −$33.3M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $3.1M | +42% | +474% |
| Operating profit | −$38.7M | — | — |
| Net earnings | −$37.0M | — | — |
| Operating cash flow | −$33.3M | — | — |
What changed
Revenue was $3.1M in Q2 2025, up 474% year over year and up 42% from the previous quarter.
Operating costs exceeded revenue by $38.7M, an operating margin of -1256.6%. Total costs grew 20% against revenue growth of 474%. The fastest-growing cost line was Research & development (+21%). The quarter ended with a net loss of $37.0M, wider than the previous quarter's $34.1M loss.
Operating cash flow was −$33.3M. Non-cash charges added back $698K of depreciation and $3.3M of share-based compensation. Capital expenditures of $1.3M exceeded it, leaving free cash flow of −$34.5M.
Questions
What was TScan Therapeutics' revenue in the second quarter 2025?
TScan Therapeutics (TCRX) reported revenue of $3.1M for the second quarter 2025 (Q2 2025), +474% from a year earlier and +42% from the quarter before.
Source: TScan Therapeutics 10-Q on SEC EDGAR.