# TSCAN THERAPEUTICS, INC. (TCRX) · Edgar & Edgarette company card

> Tscan Therapeutics (TCRX) grew revenue 267% in FY2025 to $10 million, operating margin -1315% against a -15.8% median for biological products, (no diagnostic substances), equity 53.8% of assets. Every figure is from the company’s own annual report filed with the SEC.

SEC CIK 1783328 · fiscal year ended 2025-12-31 · 5 audited years read · [page](https://www.pops4.com/boards/company/TCRX) · [JSON](https://www.pops4.com/boards/company/TCRX.json)

## Figures, as filed in the 10-K

| Measure | Value |
|---|---|
| Revenue | $10M |
| Revenue growth, 1 year | 266.7% |
| Revenue growth per year | 0.5% |
| Operating margin | -1315.4% (prior year -4787.7%) |
| Net margin | -1256.8% |
| Operating cash flow | −$135M |
| Capital spending | $4M |
| Free cash flow | −$140M |
| Cash | $152M |
| Long-term debt | $33M |
| Total assets | $229M |
| Total equity | $123M |
| Equity ÷ assets | 53.8% |
| Return on equity | -105.4% |
| Dividend per share | — |
| Dividend years rising | — |

## Readings, computed from those figures

- Altman Z: -5.99 (distress zone)
- Piotroski F: 2 of 9 (weak)
- Health Harbor boat: Rotting at the dock · four or more warning signs · filed restructuring or exit costs in the last 12 months; slow and jumpy: growing slower than its size class, with revenue that swings more; operating cash flow was negative; operating loss: a margin of -1315.4% in FY2025; revenue is hard to predict: its 80% range is ±67%
- Cash Compass: Fading · slow and jumpy, lagging its peers

## Edgarette's reading

Exposure: revenue $10.3M (FY2025), total debt $32.5M. Experience: revenue up 266.7% on the year, up 0.5% a year over 4 years; operating margin -1315.4%, up from -4787.7%. Soundness: equity 53.8% of assets, return on equity -105.4%. Credibility: four or more audited years, reasonable weight. Range: 80% of past cases like this landed between $10.3M and $52.4M next year (method v4.1: its own 3-year record of growth weighed at 40% against under $50M filers; across 2019–2025, 69.0% landed inside, 83.4% on the one year the method never saw). In a shock year the stress range is $9.3M to $58.9M. A statistical range, not company guidance. Against peers (31 filers, $50M+ revenue, biological products, (no diagnostic substances)): operating margin -1315.4% against a -15.8% median; growth 266.7% against 21.4%.

Range logged 2026-09-24, receipt e063f72c9136a40a, status open. A statistical range, not company guidance.

## Health Watch, last 12 months

- Item 3.01 Exchange listing notice or transfer: 1, latest 2026-09-02 ([filing](https://www.sec.gov/Archives/edgar/data/1783328/000119312526379343/0001193125-26-379343-index.htm))
- Item 2.05 Restructuring or exit costs: 1, latest 2026-09-02 ([filing](https://www.sec.gov/Archives/edgar/data/1783328/000119312526379343/0001193125-26-379343-index.htm))
- Item 5.02 Director or officer change: 6, latest 2026-10-16 ([filing](https://www.sec.gov/Archives/edgar/data/1783328/000119312526424198/0001193125-26-424198-index.htm))

## Recent filings

- DEF 14A · filed 2026-10-26 · [filing](https://www.sec.gov/Archives/edgar/data/1783328/000119312526431045/0001193125-26-431045-index.htm)
- 8-K · filed 2026-10-16 · 5.02 Departure or Election of Directors; Appointment of Officers · [filing](https://www.sec.gov/Archives/edgar/data/1783328/000119312526424198/0001193125-26-424198-index.htm)
- 8-K · filed 2026-09-30 · 5.02 Departure or Election of Directors; Appointment of Officers · [filing](https://www.sec.gov/Archives/edgar/data/1783328/000119312526409199/0001193125-26-409199-index.htm)
- 8-K · filed 2026-09-11 · 5.02 Departure or Election of Directors; Appointment of Officers · [filing](https://www.sec.gov/Archives/edgar/data/1783328/000119312526388631/0001193125-26-388631-index.htm)
- 8-K · filed 2026-09-02 · 2.05 Costs Associated with Exit or Disposal Activities; 3.01 Notice of Delisting or Failure to Satisfy a Listing Rule; 5.02 Departure or Election of Directors; Appointment of Officers; 7.01 Regulation FD Disclosure; 8.01 Other Events; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1783328/000119312526379343/0001193125-26-379343-index.htm)
- 8-K · filed 2026-08-18 · 1.02 Termination of a Material Definitive Agreement · [filing](https://www.sec.gov/Archives/edgar/data/1783328/000119312526355664/0001193125-26-355664-index.htm)

## Sources

- facts: https://data.sec.gov/api/xbrl/companyfacts/CIK0001783328.json
- filings: https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1783328

## Cite

POPS4, Edgar & Edgarette: TSCAN THERAPEUTICS, INC. (TCRX) company card, from the company's own SEC filings, accessed 2026-11-04, https://www.pops4.com/boards/company/TCRX. CC BY 4.0. For a figure, add the filing URL under filings or sources.

DOI https://doi.org/10.5281/zenodo.23672509 · catalog https://www.pops4.com/boards/catalog.json · Figures as filed with the SEC. Card text CC BY 4.0, POPS4.

Reporting, not investment advice. No price targets and no trading recommendations.

Figures are as filed in audited 10-K reports and can move with restatements, acquisitions, disposals or a change in fiscal year. A range set from how past company-years turned out is not a promise about the next one, and says nothing about the share price.