TScan Therapeutics, Inc.
For the period ended Dec 31, 2025. Filed Mar 4, 2026.
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FY2025 · Filed Mar 4, 2026
TCRX$0.19+2.0%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
(in thousands)
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 · 2024 | |||
| Cash flows from operating activities: | |||
| Net loss | $(129,766) | $(127,499) | |
| Adjustments to reconcile net loss to net cash used in operating activities: | |||
| Depreciation expense | 2,866 | 4,108 | |
| Accretion of marketable securities | (2,409) | (3,897) | |
| Non-cash interest expense related to loan payable | 462 | 773 | |
| Loss on extinguishment of debt | - | 1,090 | |
| Stock-based compensation | 11,706 | 9,549 | |
| Changes in current assets and liabilities: | |||
| Prepaid expenses and other assets | (525) | (538) | |
| Right-of-use assets and lease liabilities, net | 2,909 | 1,881 | |
| Accounts payable | (3,011) | 1,994 | |
| Accrued expense and other liabilities | (7,226) | 4,532 | |
| Deferred revenue | (10,325) | (2,815) | |
| Net cash used in operating activities | (135,319) | (110,822) | |
| Cash flows from investing activities: | |||
| Purchases of property and equipment | (4,407) | (3,825) | |
| Purchases of marketable securities | (87,471) | (241,445) | |
| Proceeds from maturities of marketable securities | 201,250 | 192,657 | |
| Net cash provided by (used in) investing activities | 109,372 | (52,613) | |
| Cash flows from financing activities: | |||
| Repayment of loan payable, net | - | (17,144) | |
| Proceeds from borrowings under loan agreement, net | - | 32,457 | |
| Proceeds from issuance of common stock, net of offering costs | - | 33,131 | |
| Proceeds from issuance of pre-funded warrants, net of offering costs | - | 158,271 | |
| Issuance of common stock under employee stock purchase plan | 264 | 333 | |
| Proceeds from exercise of stock options | - | 1,717 | |
| Cash paid for debt issuance costs | (400) | - | |
| Cash paid for financing costs | (200) | - | |
| Net cash provided by (used in) financing activities | (336) | 208,765 | |
| Net increase (decrease) in cash, cash equivalents and restricted cash | (26,283) | 45,330 | |
| Cash, cash equivalents, and restricted cash - beginning of year | 183,720 | 138,390 | |
| Cash, cash equivalents, and restricted cash - end of year | $157,437 | $183,720 | |
| Summary of cash, cash equivalents and restricted cash reported within the consolidated balance sheets: | |||
| Cash and cash equivalents | 152,406 | 178,689 | |
| Restricted cash | 5,031 | 5,031 | |
| Total cash, cash equivalents, and restricted cash | $157,437 | $183,720 | |
| Supplemental disclosure of cash flow information: | |||
| Cash paid for interest | $2,307 | $2,881 | |
| Supplemental disclosure of non-cash investing and financing activities: | |||
| Debt issuance costs not yet paid | $ | - | $400 |
| Financing costs not yet paid | $ | - | $200 |
| Lease liability arising from obtaining right-of-use asset | $ | - | $6,133 |
| Purchase of property and equipment in accounts payable and accrued liabilities | $7 | $84 | |
| Issuance of common stock upon note conversion | $ | - | $14,750 |
TSCAN THERAPEUTICS, INC.
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