TScan Therapeutics, Inc. (TCRX) Income Statement
TCRX 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsTCRX revenue and net income
Where TCRX's revenue goes
2025Each bar shows an amount and its share of revenue. TCRX kept −1,256.8% of revenue as net income.
TCRX profit margins
TCRX growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +266.7% | −8.6% | +56.9% | — |
| Gross profit | +164.9% | −18.0% | — | — |
| Operating income | — | — | — | — |
| Net income | — | — | — | — |
| EPS (diluted) | — | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
TCRX quarterly EPS vs estimates
TScan Therapeutics beat the analyst EPS estimate in 6 of the last 8 quarters. Next report: November 11, 2026 (estimate $-0.18).
TCRX income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|
| Revenue | $10.3M | $2.8M | $21.0M | $13.5M | $10.1M | $1.1M | $0 |
| Cost of revenue | $2.9M | $4.1M | $88.2M | $5.1M | $3.3M | $20.6M | $9.4M |
| Gross profit | $7.5M | $2.8M | $21.0M | $13.5M | $10.1M | −$19.5M | −$9.4M |
| Research & development | $114.2M | $107.3M | $88.2M | $59.8M | $45.0M | $20.6M | $9.4M |
| Sales, general & admin | $32.0M | $29.6M | $25.5M | $20.4M | $13.8M | $6.7M | $4.8M |
| Total operating expenses | $143.3M | $137.6M | $114.5M | $80.2M | $58.8M | $6.7M | $4.8M |
| Operating income | −$135.8M | −$134.8M | −$93.5M | −$66.6M | −$48.6M | −$26.2M | −$14.2M |
| Interest income | $8.8M | $12.1M | $6.3M | $1.6M | $17,000 | $106,000 | $552,000 |
| Interest expense | $2.8M | $3.7M | $3.8M | $1.2M | $16,000 | $0 | $0 |
| Income before taxes | −$129.8M | −$127.5M | −$89.2M | −$66.2M | −$48.6M | −$26.1M | −$13.7M |
| Income taxes | — | — | $5.2M | −$415,000 | $3.1M | −$106,000 | −$552,000 |
| Net income | −$129.8M | −$127.5M | −$89.2M | −$66.2M | −$48.6M | −$26.1M | −$13.7M |
| EBITDA | −$124.1M | −$119.7M | −$80.1M | −$59.9M | −$45.3M | −$25.0M | −$13.7M |
| EPS (diluted) | −$1.00 | −$1.15 | −$1.89 | −$2.75 | −$9.98 | −$1.09 | — |
| Gross margin | 72.2% | 100.0% | 100.0% | 100.0% | 100.0% | −1,796.5% | — |
| Operating margin | −1,315.4% | −4,787.7% | −444.0% | −492.3% | −479.6% | −2,417.8% | — |
| Net margin | −1,256.8% | −4,527.7% | −423.9% | −489.3% | −479.5% | −2,408.0% | — |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.1M | $982,000 | $2.6M | $2.5M | $3.1M | $2.2M | $665,000 | $1.0M | $536,000 | $566,000 | $7.2M | $3.9M |
| Cost of revenue | $0 | $693,000 | $723,000 | $767,000 | $0 | $0 | $711,000 | $1.0M | $1.1M | $1.3M | $1.3M | $1.3M |
| Gross profit | $1.1M | $289,000 | $2.6M | $2.5M | $3.1M | $2.2M | $665,000 | $1.0M | $536,000 | $566,000 | $5.9M | $3.9M |
| Research & development | $23.4M | $21.9M | $20.0M | $31.7M | $32.6M | $29.8M | $29.4M | $26.3M | $26.9M | $24.9M | $22.4M | $22.7M |
| Sales, general & admin | $8.1M | $8.2M | $5.7M | $7.7M | $8.9M | $8.5M | $7.3M | $7.4M | $7.6M | $6.9M | $6.2M | $5.9M |
| Total operating expenses | $31.5M | $29.4M | $26.4M | $39.6M | $41.7M | $38.4M | $37.4M | $33.7M | $34.6M | $31.9M | $27.3M | $28.6M |
| Operating income | −$30.5M | −$29.1M | −$23.9M | −$37.1M | −$38.7M | −$36.2M | −$36.7M | −$32.6M | −$34.1M | −$31.4M | −$21.4M | −$24.7M |
| Interest income | $833,000 | $1.2M | $1.6M | $2.0M | $2.4M | $2.8M | $2.8M | $3.7M | $3.4M | $2.2M | $2.6M | $2.7M |
| Interest expense | $699,000 | $689,000 | $702,000 | $699,000 | $689,000 | $679,000 | $784,000 | $958,000 | $952,000 | $959,000 | $852,000 | $982,000 |
| Income before taxes | −$30.4M | −$28.7M | −$23.0M | −$35.7M | −$37.0M | −$34.1M | −$35.8M | −$29.9M | −$31.7M | −$30.1M | −$19.6M | −$23.0M |
| Income taxes | — | — | — | — | — | — | $1.3M | — | −$1.1M | −$1.3M | −$1.0M | −$1.3M |
| Net income | −$30.4M | −$28.7M | −$23.0M | −$35.7M | −$37.0M | −$34.1M | −$35.8M | −$29.9M | −$31.7M | −$30.1M | −$19.6M | −$23.0M |
| EBITDA | −$29.0M | −$27.3M | −$21.6M | −$34.2M | −$35.6M | −$32.8M | −$34.3M | −$27.9M | −$29.6M | −$27.9M | −$17.5M | −$20.7M |
| EPS (diluted) | −$0.23 | −$0.22 | −$0.18 | −$0.28 | −$0.28 | −$0.26 | −$0.30 | −$0.25 | −$0.28 | −$0.32 | −$0.21 | −$0.24 |
| Gross margin | 100.0% | 29.4% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 82.2% | 100.0% |
| Operating margin | −2,901.3% | −2,967.3% | −929.4% | −1,475.6% | −1,256.6% | −1,669.7% | −5,520.6% | −3,109.8% | −6,364.6% | −5,542.9% | −296.2% | −636.7% |
| Net margin | −2,888.6% | −2,919.1% | −895.1% | −1,422.1% | −1,201.3% | −1,571.9% | −5,384.8% | −2,849.1% | −5,906.9% | −5,325.4% | −272.0% | −591.6% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in TCRX's financial statements (latest annual report filed March 4, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
TCRX financial results
In fiscal year 2025 (ended December 31, 2025), TScan Therapeutics reported revenue of $10.3 million, up 266.7% from the year before. It had a net loss of $129.8 million, a net profit margin of −1,256.8%. Diluted earnings per share came to −$1.00. Over five years revenue grew at an average rate of 56.9% a year.
See the TCRX stock overview for the latest quote and news, or the TCRX chart for price history and technical indicators.
TCRX income statement FAQ
What is TScan Therapeutics's annual revenue?
TScan Therapeutics reported total revenue of $10.3 million for fiscal year 2025, which ended on December 31, 2025. That was up 266.7% from $2.8 million the previous year.
Is TScan Therapeutics profitable?
No. TScan Therapeutics reported a net loss of $129.8 million in fiscal 2025, a net profit margin of −1,256.8%; its operating margin was −1,315.4%.
What is TScan Therapeutics's gross margin?
TScan Therapeutics's gross margin was 72.2% in fiscal 2025: for every $100 of revenue, TScan Therapeutics kept $72 after the direct cost of its products and services.
How much does TScan Therapeutics spend on research and development?
TScan Therapeutics spent $114.2 million on research and development in fiscal 2025, 1,105.6% of revenue.
How fast is TScan Therapeutics growing?
Revenue grew 56.9% a year on average over the last five fiscal years, from $1.1 million to $10.3 million.
What are TScan Therapeutics's earnings per share?
TScan Therapeutics earned $-1.00 per diluted share in fiscal 2025, compared with $-1.15 a year earlier.
When will TScan Therapeutics report its next earnings?
TScan Therapeutics is expected to report results for the quarter ending September 30, 2026 on November 11, 2026.
When does TScan Therapeutics's fiscal year end?
TScan Therapeutics's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on March 4, 2026.