Cambridge biotech tracker · Waltham
TScan Therapeutics
Listed on Nasdaq as TCRX, filed under SEC industry code 2836 (biological products). Fiscal year ends in December. Numbers below are from the company’s own SEC filings through Q2 '26.
- Cash & investments
- $100M
- Q2 '26 · Jun 30, 2026
- Burn per quarter
- $29.1M
- avg. operating cash flow, 4 qtrs
- Runway
- 10 mo
- Under 12 months
- Net loss
- $30.4M
- Q2 '26
- R&D expense
- $23.4M
- 74% of opex
- Raised, last 4 qtrs
- +$73K
- net financing cash flow
- Next readout
- Dec 2026
- Phase 1 · cash past the catalyst
Cash & investments
Quarter-end balance
Operating cash flow
Per quarter; below zero is burn
R&D expense
Per quarter
Two views of the runway
Compare across the clusterThe outside view
10 months
Cash at Q2 '26 divided by the average burn of the last four quarters, $9.7M a month.
Management’s own date
Into Q2 2027
Apr–Jun 2027
Guidance counts money received after quarter end, so it is not converted into a burn rate.
“We believe that our existing cash and cash equivalents will enable us to fund our current operating plan into the second quarter of 2027.”
Cash against the calendar
What the runway has to reach.
Dec 2026estimated
A Basket Study of Customized Autologous TCR-T Cell Therapies in Patients With Locally Advanced (Unresectable) or Metastatic Solid Tumors
Head and Neck Cancer · Cervical Cancer · Non-small Cell Carcinoma
NCT05973487 on ClinicalTrials.govDoes the cash reach it?
Cash past the catalyst
- Runway
- 10 months
- Time to the date
- 2 months
It is about 2 months out. At the current burn there is roughly 9 months of cash left on the far side of it, which is enough room to raise on the result rather than ahead of it.
Catalysts ahead
Pipeline
3 active trials, through phase 3.
Phase 1 · 2Phase 3 · 1
| Study | Phase | Status | Enrolled | Primary completion |
|---|---|---|---|---|
| A Study of T-Cell Receptor Engineered Donor T Cells in Subjects Undergoing Allogeneic Peripheral Blood Stem Cell TransplantationNCT07702578 · AML, MDSPhase 3Jun 2029est. | Phase 3 | Active, not recruiting | ||
| A Study of T-Cell Receptor Engineered Donor T Cells in Subjects Undergoing Allogeneic Peripheral Blood Stem Cell Transplantation (ALLOHA)NCT05473910 · AML, MDSPhase 1Jun 2026 | Phase 1 | Active, not recruiting | ||
| A Basket Study of Customized Autologous TCR-T Cell Therapies in Patients With Locally Advanced (Unresectable) or Metastatic Solid TumorsNCT05973487 · Head and Neck Cancer, Cervical CancerPhase 1Dec 2026est. | Phase 1 | Active, not recruiting |
Interventional studies where this company is the lead sponsor, from ClinicalTrials.gov. Primary completion is when the last patient is measured on the primary endpoint, which is when the data exists rather than when it is announced. Extension, rollover and healthy-volunteer studies are listed but marked as non-catalysts, because they finish long after the result that mattered. Sponsors revise these dates as enrollment moves, so an estimate is a plan rather than a promise.
The controller’s read
What the filings say.
Generated from the numbers above using the same questions I ask when I open a client’s books: how long the cash lasts, what is driving the gap between loss and burn, and where the accounting judgment sits.
Get this read on your companyThe cash clears the next catalyst
The next dated event is a phase 1 readout in Dec 2026, about 2 months out. That leaves roughly 9 months of cash afterwards, which is the position you want: the raise can be negotiated on the data instead of on the calendar.
About 10 months of runway
Cash and investments of $100M at Q2 '26 against an average operating cash burn of $29.1M per quarter over the last four reported quarters runs out around April 2027. Under a year of runway is where ASC 205-40 going-concern evaluations, financing timing, and cost plans all get decided at once.
Cash position down $171M since Q3 '24
No meaningful financing inflows over the last four quarters, so the change is essentially operating burn. The balance is the number the board watches; the trend is the number the auditors watch.
R&D is 74% of operating expenses
$23.4M of R&D against $31.5M of total operating expenses in Q2 '26, with G&A at $8.1M. For a clinical-stage company, the accounting questions live inside that R&D line: CRO and CMC accruals, milestone recognition, and what gets capitalized versus expensed under ASC 730.
Revenue of $1.1M in Q2 '26
The balance sheet carries $586K of deferred revenue, which is typically upfront collaboration or license payments being recognized over time. Collaboration and license revenue under ASC 606 and ASC 808 is the single most judgment-heavy area in biotech accounting: performance obligations, variable consideration on milestones, and the split between revenue and cost-sharing.
Going-concern language in the 10-Q filed Aug 12, 2026
The filing contains definite substantial-doubt language, the conclusion of an ASC 205-40 evaluation that cash may not cover twelve months from the issuance date without additional financing or cost actions. Read the liquidity note in the filing for management's plans and whether they are considered probable.
$32.8M of long-term debt or convertible notes
Debt in a pre-revenue biotech usually comes with liquidity covenants and, for convertibles, embedded features that need ASC 815 and ASC 470 analysis each quarter.
Accumulated deficit of $564M
Total losses since inception. It is also roughly the size of the net operating loss carryforward the tax provision has to track, subject to Section 382 limits after each ownership change.
Cash-only balance shown
This company either holds no marketable securities or tags them under a name the tracker does not read. If the 10-Q reports a larger cash-and-investments figure, that figure is the right one.
Quarterly detail, eight quarters
| Quarter | Cash & inv. | Op. cash flow | Net income | R&D | G&A | Revenue | Stock comp | Financing |
|---|---|---|---|---|---|---|---|---|
| Q3 '24 · Sep 30, 24 | $271M | −$27.9M | −$29.9M | $26.3M | $7.4M | $1.0M | $2.5M | $1.2M |
| Q4 '24 · Dec 31, 24 | $290M | −$27.4M | −$35.8M | $29.4M | $8.0M | $665K | $2.7M | $45.7M |
| Q1 '25 · Mar 31, 25 | $252M | −$37.6M | −$34.1M | $29.8M | $8.6M | $2.2M | $3.4M | −$525K |
| Q2 '25 · Jun 30, 25 | $218M | −$33.3M | −$37.0M | $32.6M | $9.1M | $3.1M | $3.3M | $116K |
| Q3 '25 · Sep 30, 25 | $184M | −$32.5M | −$35.7M | $31.7M | $7.9M | $2.5M | $3.0M | $0 |
| Q4 '25 · Dec 31, 25 | $152M | −$32.0M | −$23.0M | $20.0M | $6.4M | $2.6M | $2.0M | $73K |
| Q1 '26 · Mar 31, 26 | $128M | −$24.3M | −$28.7M | $21.9M | $8.2M | $982K | $2.5M | — |
| Q2 '26 · Jun 30, 26 | $100M | −$27.5M | −$30.4M | $23.4M | $8.1M | $1.1M | $2.4M | — |
Source: SEC EDGAR XBRL company facts, latest filed value for each period. Fourth quarters are derived from annual less nine-month figures; quarterly cash flows are derived from year-to-date amounts. Not investment advice. If a figure disagrees with the filing, the filing is right.