TScan Therapeutics, Inc. 2025 Annual Report — Key Investor Insights Overview TScan Therapeutics, Inc. (Nasdaq: TCRX) has released its Annual Report for the fiscal year ended December 31, 2025. The company, headquartered in Waltham, MA, specializes in T cell receptor (TCR)-engineered T cell (TCR-T) therapies, focusing on developing innovative treatments for cancer and other diseases. The report contains several forward-looking statements, risk disclosures, and operational highlights that are crucial for current and prospective shareholders. Key Financial and Operational Highlights Significant Losses Since Inception: TScan has incurred substantial operating losses since its founding and expects to continue incurring losses for the next several years. The company explicitly warns that it may not achieve or sustain profitability in the future. Capital Requirements: The company will need to obtain substantial additional funding to complete the development and potential commercialization of its product candidates. If TScan cannot raise sufficient capital, it may be forced to delay, reduce, or eliminate product development programs, commercialization efforts, or other operations. Current Shares Outstanding: As of December 31, 2025, TScan reported 52,625,035 shares of voting common stock and 4,276,588 shares of non-voting common stock outstanding. Market Value: The aggregate market value of the voting and non-voting common equity held by non-affiliates, based on the closing price on Nasdaq Global Market as of June 30, 2025, is referenced but the specific dollar figure is omitted in the report. Reporting Status: TScan is not a well-known seasoned issuer, is not a shell company, and is classified as a smaller reporting company and emerging growth company. Regulatory and Competitive Environment: The report outlines risks related to regulatory developments in the U.S. and abroad, competition, intellectual property protection, and the anticipated trends and challenges in the business and market. Risks From Macroeconomic Factors: Rising inflation rates, global economic uncertainty, political instability, and financial market volatility could impact TScan’s operating costs, liquidity, and access to credit. Loan Agreement Restrictions: The company’s loan agreements restrict operating and financial flexibility. Additional debt financing could further limit flexibility. Risks and Price-Sensitive Information for Shareholders Need for Additional Capital: The urgent need for capital and risk of dilution or unfavorable terms for shareholders if new funding is raised. Potential Impact of Financial Market Volatility: Recent volatility in capital markets and lower market prices for many securities could affect TScan’s ability to access new capital, impacting liquidity and restricting growth, acquisitions, and competitiveness. Dependence on Proprietary Platform Success: The company’s business is heavily dependent on the success of its proprietary TCR-T platform. If clinical trials or regulatory approvals do not progress as expected, this could materially impact share value. Adverse Developments in Financial Services: Concerns about liquidity, defaults, or non-performance by financial institutions or counterparties could adversely affect TScan’s operations and financial condition. Inflation and Access to Credit: Rising inflation rates may increase operating costs, reduce liquidity, and affect the company’s ability to access credit. Forward-Looking Statements The report contains numerous forward-looking statements regarding potential product efficacy, competition, regulatory developments, intellectual property, anticipated industry trends, sufficiency of capital resources, effects of public health crises, inflation, and global economic uncertainty. TScan cautions that actual results may differ materially from those projected due to the inherent risks and uncertainties in biotechnology development and the company’s early-stage nature. Special Note for Investors Investors should be aware that TScan’s continued losses, urgent need for capital, dependence on the success of its TCR-T platform, and exposure to macroeconomic risks are all factors that could materially impact the share price. Any developments related to financing, regulatory milestones, clinical trial results, or adverse macroeconomic events may significantly influence shareholder value. Disclaimer This article is based on TScan Therapeutics, Inc.’s 2025 Annual Report and is intended for informational purposes only. It should not be construed as investment advice or as a recommendation to buy or sell any securities. Investors are strongly encouraged to conduct their own due diligence and consult with a qualified financial advisor before making investment decisions. Forward-looking statements are subject to risks and uncertainties, and actual results may differ materially from those projected.
