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Tscan Therapeutics, Inc. key statistics and ratios

In fiscal 2025, Tscan Therapeutics, Inc. had return on equity of -71.3%, an operating margin of -1315.4%, debt equal to 26.4% of equity and a current ratio of 8.41. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMJun 2026
Operating margin<−999%−479.6%−492.3%−444.0%<−999%<−999%<−999%
Net margin<−999%−479.5%−489.3%−423.9%<−999%<−999%<−999%
Free-cash-flow margin−669.2%−578.0%−522.6%−306.4%<−999%<−999%<−999%
Return on equity—−82.2%−50.9%−71.3%−65.1%−71.3%−122.5%
Return on assets−52.5%−40.9%−34.2%−37.9%−39.6%−43.3%−58.8%
Asset turnover0.020.090.070.090.010.030.04
Current ratio2.097.767.176.518.148.413.37
Debt to equity—0.0%30.2%19.9%13.5%26.4%47.5%
Interest cover (operating income ÷ interest)——n/mn/mn/mn/mn/m
R&D as % of revenue>999%443.3%442.0%418.8%>999%>999%>999%
Capital spending as % of revenue390.6%98.0%31.2%14.9%135.8%42.7%30.4%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

3 of 6 checks passed · June 30, 2026
What it owns · $171m
Short-term assets $104mLonger-term assets $67m
What it owes, and who funded it · $171m
Short-term liabilities $31mLonger-term liabilities $71mShareholders' equity $69m
  • Short-term assets cover short-term liabilities $104m of assets due within a year against $31m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $104m short-term assets against $71m of longer-dated liabilities.
  • More cash than debt $100m of cash against $33m of debt.
  • Debt below 40% of shareholders' equity Debt is 47% of equity.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt −$116m of operating cash flow against $33m of debt.
  • Operating profit covers interest at least five times over Operating income of −$121m against $3m of interest.

From Tscan Therapeutics, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

12 /100

Weak moat

How hard Tscan Therapeutics's competitive advantage looks for rivals to wear away, judged from 6 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Net income has been a median -34.0% of total assets over 6 years.

  • Durability 10 / 20

    Operating margin has been a median -739.0%; its worst year was -2072.1%.

  • Cash conversion 0 / 20

    Free cash flow was positive in 0 of 6 years, at a median -670.2% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (17 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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Figures from Tscan Therapeutics, Inc.'s SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Tscan Therapeutics, Inc.