Income statement, balance sheet and cash flow statement for the last 6 fiscal years, taken from the XBRL data TScan Therapeutics, Inc. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2021
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
1.09
10.1
13.5
21
2.82
10.3
Research and development
20.6
45
59.8
88.2
107
114
General and administrative
6.74
13.8
20.4
26.4
30.3
32
Operating expenses
27.3
58.8
80.2
115
138
146
Operating income
-26.2
-48.6
-66.6
-93.5
-135
-136
Interest expense
1.18
3.76
3.65
2.77
Other non-operating income
0.02
0.42
4.24
7.32
6.05
Income tax
0
Net income
-26.1
-48.6
-66.2
-89.2
-127
-130
EBITDA
-25
-45.3
-61.5
-88.1
-131
-133
EPS, basic
-28.52
-4.17
-2.75
-1.36
-1.14
-1.00
EPS, diluted
-28.52
-4.17
-2.75
-1.36
-1.14
-1.00
Shares, basic (weighted)
0.92
11.7
24
65.6
112
130
Shares, diluted (weighted)
0.92
11.7
24
65.6
112
130
Balance sheet
FY2021
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
34.8
161
120
133
179
152
Short-term investments
58.7
111
Other current assets
1.65
4.25
4.1
2.19
2.61
4.8
Total current assets
36.4
166
124
194
293
157
Property, plant and equipment
5.66
11.8
10.1
7.74
7.24
8.71
Lease right-of-use assets
6.87
5.49
59.1
63.5
64.4
57.7
Total assets
49.7
188
199
272
371
229
Accounts payable
2.91
1.77
2.91
2.37
4.28
1.24
Accrued liabilities
1.54
2.6
4.36
5.48
6.85
4.15
Deferred revenue
10.6
11.4
3.87
10.1
11.7
2.62
Short-term debt
3.35
Total current liabilities
17.4
21.3
17.3
29.8
36
18.7
Long-term debt
29.3
26.7
32.1
32.5
Lease liabilities
6.02
4.39
53
59.1
60.7
54.4
Other non-current liabilities
0.24
0.1
0.05
0.14
Total liabilities
32.5
27.3
99.7
121
130
106
Total debt
29.3
30
32.1
32.5
Paid-in capital
1.07
253
258
398
616
628
Retained earnings
-43.5
-92.2
-158
-248
-375
-505
Other comprehensive income
0.05
Shareholders' equity
-42.5
161
99.4
151
241
123
Total equity
-42.5
161
99.4
151
241
123
Total liabilities and equity
49.7
188
199
272
371
229
Shares outstanding
1.14
Cash flow statement
FY2021
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-26.1
-48.6
-66.2
-89.2
-127
-130
Depreciation and amortization
1.2
3.3
5.1
5.4
4.1
2.9
Stock-based compensation
0.52
2.52
4.55
5.21
9.55
11.7
Change in payables
1.13
0.01
0.53
-0.05
1.99
-3.01
Cash from operations
-3.02
-48.7
-66.5
-61.4
-111
-135
Capital expenditures
-4.24
-9.94
-4.23
-3.15
-3.83
-4.41
Purchases of investments
-77.6
-241
-87.5
Sales and maturities of investments
20
193
201
Cash from investing
-4.24
-9.94
-4.23
-60.8
-52.6
109
Debt issued
29.4
Stock issued
0.29
0.29
0.19
42.4
33.1
Cash from financing
0.29
190
29.4
135
209
-0.34
Net change in cash
-6.97
131
-41.4
13.3
45.3
-26.3
Free cash flow
-7.26
-58.6
-70.7
-64.5
-115
-140
Interest paid
0.66
3
2.88
2.31
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $0.34 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Operating margin
-1,695.0%
Operating income / revenue.
EBITDA margin
-1,655.0%
EBITDA (operating income + depreciation and amortization) / revenue.
Net margin
-1,655.0%
Net income / revenue.
FCF margin
-1,666.0%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
-1,635.0%
Cash from operations / revenue.
Return on equity (ROE)
-170.6%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-68.7%
Net income / average total assets.
Return on invested capital (ROIC)
-5,800.0%
Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue
1,365.0%
Research and development expense / revenue.
Stock-based pay / revenue
138.4%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
30.4%
Capital expenditures / revenue.
D&A / revenue
40.5%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
266.7%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
-8.6%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y
56.9%
Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y
-48.9%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
7.4%
Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y
-38.4%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
4.7%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
35.7%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y
15.9%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
75.4%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y
169.3%
Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
3.37x
Current assets / current liabilities.
Quick ratio
3.23x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
3.23x
(Cash + short-term investments) / current liabilities.
Debt / equity
0.47x
Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets
19.1%
Total debt / total assets.
Liabilities / assets
59.7%
Total liabilities / total assets.
Net debt
-$67.4M
Total debt - cash - short-term investments. Negative means more cash than debt.
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share
$0.05
Revenue / diluted weighted shares.
FCF per share
-$0.91
Free cash flow / diluted weighted shares.
Operating cash flow per share
-$0.89
Cash from operations / diluted weighted shares.
Book value per share
$0.53
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/S
3.04x
Market cap / revenue.
P/B
0.31x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
0.31x
Market cap / tangible book value, when positive.
FCF yield
-548.6%
Free cash flow / market cap.
Earnings yield
-545.2%
Net income / market cap (the inverse of P/E).
What was TScan Therapeutics, Inc.'s revenue in fiscal 2025?
TScan Therapeutics, Inc. reported revenue of $10.3M for fiscal 2025, 266.7% higher than the year before.
Was TScan Therapeutics, Inc. profitable in fiscal 2025?
No. It reported a net loss of $129.8M.
How much free cash flow did TScan Therapeutics, Inc. generate in fiscal 2025?
Cash from operations of $135.3M minus capital expenditures of $4.4M left free cash flow of -$139.7M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.