Filing Flows › TScan Therapeutics (TCRX) › Q4 2025
TScan Therapeutics (TCRX) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Mar 4, 2026
TScan Therapeutics (TCRX) reported revenue of $2.6M for the fourth quarter 2025 (Q4 2025), +286% from a year earlier and +2% from the quarter before. Operating margin was -929.4%, net loss $23.0M (895.1% of revenue).
TScan Therapeutics, Q4 2025: revenue $2.6M (+286% year over year), operating margin -929.4%, net loss $23.0M, operating cash flow −$32.0M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $2.6M | +2% | +286% |
| Operating profit | −$23.9M | — | — |
| Net earnings | −$23.0M | — | — |
| Operating cash flow | −$32.0M | — | — |
What changed
Revenue was $2.6M in Q4 2025, up 286% year over year and up 2% from the previous quarter.
Operating costs exceeded revenue by $23.9M, an operating margin of -929.4%. Total costs fell 29% while revenue rose 286%. The quarter ended with a net loss of $23.0M, narrower than the previous quarter's $35.7M loss.
Operating cash flow was −$32.0M. Non-cash charges added back $723K of depreciation and $2.0M of share-based compensation. Working capital and other items used $11.8M. Capital expenditures of $171K exceeded it, leaving free cash flow of −$32.2M.
Questions
What was TScan Therapeutics' revenue in the fourth quarter 2025?
TScan Therapeutics (TCRX) reported revenue of $2.6M for the fourth quarter 2025 (Q4 2025), +286% from a year earlier and +2% from the quarter before.
Was TScan Therapeutics profitable in the fourth quarter 2025?
Operating loss was $23.9M (-929.4% of revenue) and net loss $23.0M.
Source: TScan Therapeutics 10-K on SEC EDGAR.