Filing Flows › TScan Therapeutics (TCRX) › Q3 2025
TScan Therapeutics (TCRX) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 12, 2025
TScan Therapeutics (TCRX) reported revenue of $2.5M for the third quarter 2025 (Q3 2025), +139% from a year earlier and -18% from the quarter before.
TScan Therapeutics, Q3 2025: revenue $2.5M (+139% year over year), net loss $35.7M, operating cash flow −$32.5M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $2.5M | -18% | +139% |
| Operating profit | −$37.1M | — | — |
| Net earnings | −$35.7M | — | — |
| Operating cash flow | −$32.5M | — | — |
What changed
Revenue was $2.5M in Q3 2025, up 139% year over year and down 18% from the previous quarter.
Operating costs exceeded revenue by $37.1M, an operating margin of -1475.6%. Total costs grew 17% against revenue growth of 139%. The fastest-growing cost line was Research & development (+21%). The quarter ended with a net loss of $35.7M, narrower than the previous quarter's $37.0M loss.
Operating cash flow was −$32.5M. Non-cash charges added back $767K of depreciation and $3.0M of share-based compensation. Capital expenditures of $1.4M exceeded it, leaving free cash flow of −$33.9M.
Questions
What was TScan Therapeutics' revenue in the third quarter 2025?
TScan Therapeutics (TCRX) reported revenue of $2.5M for the third quarter 2025 (Q3 2025), +139% from a year earlier and -18% from the quarter before.
Source: TScan Therapeutics 10-Q on SEC EDGAR.