TScan Therapeutics, Inc.
TCRX evidence brief
What we can confirm
What it means
What to watch
Prepared research question
What matters most for TCRX—catalysts, financial risk and supporting evidence?
Traceable citations · Unknowns marked
BioSniper AI · TCRX
TScan Therapeutics is a clinical-stage biopharmaceutical company developing T-cell receptor (TCR) engineered T-cell therapies for cancer, with a lead program in Phase 1/3 and a cash position of $105.2M as of June 30, 2026.
Key risk: Significant accumulated deficit
BioSniper Score
Based on 5 of 6 signals
Market Cap
$49.2M
Cash Runway
11.5 moLead Asset
tsc-100 (Phase 3)
Next Catalyst
Phase3_Topline · Jun 1, 2029Financial data as of Jun 30, 2026.
Tracking 12 pipeline candidates · 6 clinical trials · 1 catalyst for TScan Therapeutics, Inc..
TScan Therapeutics is a clinical-stage biopharmaceutical company developing T-cell receptor (TCR) engineered T-cell therapies for cancer, with a lead program in Phase 1/3 and a cash position of $105.2M as of June 30, 2026.
- Cash and equivalents of $105.2M as of June 30, 2026 [sec].
- Total revenue of $1.1M and net loss of -$30.4M for the quarter ended June 30, 2026 [sec].
- Accumulated deficit of $563.9M as of June 30, 2026 [sec_mda · as of 2026-08-12].
- Lead product candidate is in a Phase 1/3 clinical trial evaluating T-cell receptor engineered donor T cells [catalyst].
- Shareholders' equity of $176.7M and total debt of $44.5M as of June 30, 2026 [sec].
What works
- The company has a proprietary platform for identifying and developing T-cell receptor (TCR) engineered T-cell therapies, which may allow targeting of a broad range of cancer antigens [sec_mda · as of 2026-08-12].
- TScan has advanced a product candidate into a Phase 1/3 clinical trial, indicating progress from preclinical to late-stage development [catalyst].
- The company has secured financing through equity offerings and debt, including a registered direct offering in December 2024 that generated gross proceeds of approximately $30 million [sec_mda · as of 2025-11-12].
What to weigh
- TScan has an accumulated deficit of $563.9M as of June 30, 2026, reflecting a history of significant losses and no product revenue [sec_mda · as of 2026-08-12].
- The company expects to continue incurring significant expenses and operating losses for the foreseeable future, and will need substantial additional funding to support operations [sec_mda · as of 2026-08-12].
- Product revenue is not expected for many years, if ever, and depends on successful development and commercialization of product candidates [sec_mda · as of 2026-03-04].
- The company's ability to raise additional capital is uncertain and may be on unfavorable terms, which could impact its ability to continue operations [sec_mda · as of 2026-05-06].
From the filings
Quoted directly from source documents.
The company has an accumulated deficit of $563.9 million as of June 30, 2026.
“As of June 30, 2026, we had an accumulated deficit of $563.9 million.”
SEC MD&A · August 12, 2026
The company expects to continue incurring significant expenses and operating losses.
“We expect to continue to incur significant expenses and increasing operating losses for the foreseeable future.”
SEC MD&A · August 12, 2026
Product revenue is not expected for many years, if ever.
“Our ability to generate product revenues, which we do not expect will occur for many years, if ever, will depend significantly on the successful development and eventual commercialization of one or more of our product candidates.”
SEC MD&A · March 4, 2026
The company completed a registered direct offering in December 2024.
“On December 27, 2024, we completed a registered direct offering with an existing investor for the issuance of Pre-Funded Warrants to purchase up to 7,500,000 shares of the Company's Voting Common Stock with an exercise price of $0.0001 per warrant.”
SEC MD&A · November 12, 2025
Catalyst timeline
- 2026-06-01 · Phase3_Topline — Topline data from the Phase 1/3 study evaluating T-cell receptor engineered donor T cells is expected.
Risks & what to watch (4)›
Key risks
- Significant accumulated deficit — Accumulated deficit of $563.9M as of June 30, 2026, with no product revenue [sec_mda · as of 2026-08-12].
- Need for substantial additional funding — Company expects to need substantial additional funding to support operations and growth strategy [sec_mda · as of 2026-05-06].
- Clinical development uncertainty — Success of product candidates depends on many factors including clinical trial outcomes and regulatory approval [sec_mda · as of 2026-03-04].
- Dependence on future capital raises — May be unable to raise additional funds on favorable terms or at all, which could impact operations [sec_mda · as of 2026-05-06].
What to watch
- Phase 1/3 clinical trial topline data expected in 2026 [catalyst].
- Cash runway and any additional financing activities, given the $105.2M cash position as of June 30, 2026 [sec].
- Progress in preclinical and clinical development of other product candidates [sec_mda · as of 2026-08-12].
- Regulatory updates and potential partnerships or collaborations [sec_mda · as of 2026-05-06].
Sources: SEC MD&A · Generated August 27, 2026 · How we verify sources →
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Evidence & data
Score breakdownBased on 5 of 6 signals · derived from public data
11.5 months
D/E 1.48 · 0% dilution
Lead: Phase 3
12 candidates
1 upcoming, next in ~1006d
No insider transactions in the last 180 days
Runway
Catalysts
Pipeline
Regulatory
Financials
Institutional Holdings
Source: SEC Form 13F · as of Mar 2026Institutional holders
58
Total value held
$32.2M
| Holder | Shares | Value |
|---|---|---|
| lynx1 capital management lp | 8,019,148 | $8.1M |
| bvf inc/il | 5,564,290 | $5.6M |
| vanguard capital management llc | 4,308,512 | $4.4M |
| baker bros. advisors lp | 2,784,792 | $2.8M |
| blackrock, inc. | 1,840,952 | $1.9M |
| millennium management llc | 1,460,285 | $1.5M |
| renaissance technologies llc | 1,364,783 | $1.4M |
| two sigma investments, lp | 1,209,009 | $1.2M |
| jacobs levy equity management, inc | 808,356 | $816K |
| dc funds, lp | 630,000 | $630K |
Showing top 10 of 58 institutional holders of TScan Therapeutics, Inc.. Open the full 13F history after sign-in.
Short Interest
as of Apr 28, 2026- % of float
- 2.4%
- Days to cover
- 0.9
- Shares short
- 942,877
- Daily short volume
- -
Short percent of float and days-to-cover reflect reported short positioning. Daily short volume is the exchange-reported short share of a single day's trading volume and is noisier. See the most-shorted biotech ranking →
TCRX short interestGovernance
Frequently asked questions
What is the AI investment thesis for TScan Therapeutics, Inc.?
TScan Therapeutics is a clinical-stage biopharmaceutical company developing T-cell receptor (TCR) engineered T-cell therapies for cancer, with a lead program in Phase 1/3 and a cash position of $105.2M as of June 30, 2026.
What is TScan Therapeutics, Inc.'s lead drug candidate?
TScan Therapeutics, Inc.'s most advanced tracked candidate is tsc-100 (Phase 3) for AML.
What is TScan Therapeutics, Inc.'s next catalyst?
TScan Therapeutics, Inc.'s next tracked catalyst is a Phase3_Topline event — "Phase 3 Topline: A Phase 1/3 Study Evaluating the Efficacy and Safety of T-Cell Receptor Engineered Donor T Cells in " — expected June 1, 2029.
Who is the CEO of TScan Therapeutics, Inc.?
Dr. Gavin MacBeath Ph.D. is the chief executive officer of TScan Therapeutics, Inc. (TCRX).
Where is TScan Therapeutics, Inc. headquartered?
TScan Therapeutics, Inc. (TCRX) is headquartered in Waltham, MA, United States.
The AI overview and BioSniper Score are neutral, data-derived signals built from public SEC filings, ClinicalTrials.gov and FDA records — not investment advice.