The company's capital structure reflects a reliance on debt financing, evidenced by a debt-to-equity ratio of 0.62 as of 2026Q1, alongside a significant reduction in total assets from $374.9M in 2024Q2 to $202.0M.
TScan Therapeutics, Inc. (TCRX) balance sheet — 7-year assets, liabilities & shareholders' equity history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 |
|---|
| Total Current Assets | 104.4M | 157.21M | 292.72M | 194.24M | 124.13M | 165.65M | 36.45M | 42.38M |
| Cash & Short-Term Investments | 100.16M | 152.41M | 290.11M | 192.04M | 120.03M | 161.41M | 34.79M | 41.76M |
| Cash Only | 100.16M | 152.41M | 178.69M | 133.36M | 120.03M | 161.41M | 34.79M | 41.76M |
| Short-Term Investments | 0 | 0 | 111.42M | 58.69M | 0 | 0 | 0 | 0 |
| Accounts Receivable | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Sales Outstanding | - | - | - | - | - | - | - | - |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - |
| Other Current Assets | 0 | 4.8M | 2.61M | 2.19M | 4.1M | 0 | 0 | 0 |
| Total Non-Current Assets | 67.05M | 71.58M | 78.4M | 77.91M | 74.96M | 22.45M | 13.29M | 7M |
| Property, Plant & Equipment | 61.97M | 66.45M | 71.6M | 71.23M | 69.2M | 17.26M | 12.53M | 6.41M |
| Fixed Asset Turnover | 0.11x | 0.16x | 0.04x | 0.30x | 0.20x | 0.59x | 0.09x | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 15.09M | 5.03M | 0 | 0 | 5.04M | 5.2M | 0 | 0 |
| Other Non-Current Assets | 47K | -15.67M | 6.8M | 6.68M | 725K | 0 | 761K | 595K |
| Total Assets | 171.45M | 228.79M | 371.12M | 272.15M | 199.09M | 188.11M | 49.74M | 49.38M |
| Asset Turnover | 0.03x | 0.05x | 0.01x | 0.08x | 0.07x | 0.05x | 0.02x | - |
| Asset Growth % | -144.87% | -38.35% | 36.37% | 36.7% | 5.84% | 278.2% | 0.72% | - |
| Total Current Liabilities | 30.96M | 18.7M | 35.96M | 29.82M | 17.3M | 21.34M | 17.45M | 2.4M |
| Accounts Payable | 3.12M | 1.24M | 4.28M | 2.37M | 2.91M | 1.76M | 2.91M | 1.01M |
| Days Payables Outstanding | 1.71K | 158.05 | - | - | - | - | 51.62 | 39.04 |
| Short-Term Debt | 11.71M | 0 | 0 | 3.35M | 3.68M | 0 | 0 | 0 |
| Deferred Revenue (Current) | 10.03M | 2.62M | 11.7M | 10.14M | 3.87M | 11.41M | 10.63M | 0 |
| Other Current Liabilities | 0 | 4.34M | 6.92M | 5.9M | 2.48M | 3.92M | 1.67M | 31K |
| Current Ratio | 3.37x | 8.41x | 8.14x | 6.51x | 7.17x | 7.76x | 2.09x | 17.69x |
| Quick Ratio | 3.37x | 8.41x | 8.14x | 6.51x | 7.17x | 7.76x | 2.09x | 17.69x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 71.47M | 86.97M | 94.19M | 91.46M | 82.35M | 5.99M | 74.75M | 4.44M |
| Long-Term Debt | 21.07M | 32.53M | 32.07M | 26.7M | 29.29M | 0 | 0 | 0 |
| Capital Lease Obligations | 213.58M | 54.44M | 60.74M | 59.14M | 53.01M | 4.39M | 6.02M | 4.44M |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 135K | 0 | 49K | 97K | 59.92M | 0 |
| Total Liabilities | 102.43M | 105.67M | 130.15M | 121.28M | 99.66M | 27.33M | 92.2M | 6.84M |
| Total Debt | 90.89M | 94.14M | 97.38M | 92.43M | 85.98M | 6.04M | 7.43M | 4.89M |
| Net Debt | -9.26M | -58.27M | -81.31M | -40.93M | -34.04M | -155.36M | -27.36M | -36.88M |
| Debt / Equity | 1.32x | 0.76x | 0.40x | 0.61x | 0.86x | 0.04x | - | 0.11x |
| Debt / EBITDA | -0.77x | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 0.08x | - | - | - | - | - | - | - |
| Interest Coverage | -41.21x | -45.86x | -33.90x | -22.73x | -55.31x | - | - | - |
| Total Equity | 69.02M | 123.12M | 240.97M | 150.87M | 99.43M | 160.78M | -42.46M | 42.54M |
| Equity Growth % | -200.87% | -48.91% | 59.72% | 51.73% | -38.15% | 478.64% | -199.81% | - |
| Book Value per Share | 0.53 | 0.95 | 2.15 | 2.30 | 4.13 | 6.72 | -1.70 | 1.71 |
| Total Shareholders' Equity | 69.02M | 123.12M | 240.97M | 150.87M | 99.43M | 160.78M | -42.46M | 42.54M |
| Common Stock | 8K | 5K | 6K | 5K | 3K | 3K | 1K | 0 |
| Retained Earnings | -563.89M | -504.86M | -375.1M | -247.6M | -158.38M | -92.16M | -43.53M | -17.41M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 51K | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying TCRX stock.
As of 2025, TScan Therapeutics, Inc. (TCRX) had total assets of $228.8M including $157.2M in current assets.
TScan Therapeutics, Inc. (TCRX) carries total debt of $94.1M, offset by $152.4M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
TScan Therapeutics, Inc. (TCRX) has total shareholders' equity (book value) of $123.1M ($0.95 book value per share). Book value represents the net worth of the company belonging to common stock holders.
TScan Therapeutics, Inc. (TCRX) reported a current ratio of 8.41x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.
Key Metrics
Top Statement Risk
Clinical milestone funding dependency
Metrics are mathematically derived from official filings.
Capital Erosion Amidst Clinical Development
As reported in financial statements, TCRX has seen total assets decline from $374.9M in 2024Q2 to $202.0M by 2026Q1, reflecting a consistent trajectory of capital consumption as the company funds its extensive R&D pipeline without the benefit of recurring, self-sustaining commercial revenue streams.
The steady contraction of the asset base suggests that the company is effectively trading cash for clinical progress, which is typical for the sector but warrants close monitoring of the remaining runway. Investors should interpret this downward trend as a signal that the current business model remains entirely dependent on external capital or milestone-based inflows to sustain operations.
Strategic Leverage Amidst High Burn
Based on reported figures, TCRX maintains a debt-to-equity ratio of 0.62 as of 2026Q1, indicating a reliance on debt financing that, while currently manageable, introduces fixed obligations that may constrain financial flexibility if clinical milestones are delayed or if the broader capital markets tighten.
The presence of $59.9M in debt on the balance sheet suggests management is utilizing leverage to extend the cash runway, though this increases the risk profile for equity holders. Analysts should monitor whether the company can generate sufficient clinical data to justify this leverage before the debt matures or requires refinancing.
Cash Runway and Liquidity Buffers
According to recent SEC filings, TCRX's cash position has decreased to $128.1M in 2026Q1, which, when viewed alongside the current ratio of 6.65, suggests that while the company possesses sufficient short-term liquidity, the ongoing burn rate necessitates a clear path to further non-dilutive funding.
The high current ratio is somewhat misleading due to the nature of biotech working capital, where the primary concern is the absolute cash balance relative to the monthly burn rate. The decline in cash reserves indicates that the company is approaching a critical juncture where clinical efficacy data will be required to secure future financing on favorable terms.
Hidden Risks in Asset Composition
As noted in historical balance sheet data, the absence of goodwill and the concentration of assets in cash and PPE suggest that the company's valuation is almost entirely tied to intangible intellectual property that is not explicitly captured on the balance sheet, creating significant valuation uncertainty.
The lack of goodwill is a positive indicator of a clean balance sheet, but it also means that the company's true value is entirely dependent on the success of its proprietary platforms. Investors should be aware that the book value of the company may bear little relation to its market value, as the latter is driven by speculative clinical outcomes rather than tangible assets.