Persistent free cash flow deficits are evident, with quarterly outflows consistently exceeding $24 million, highlighting the company's dependence on external capital to sustain its clinical-stage research activities.
| Cash from Operations | -122.01M | -135.32M | -110.82M | -61.36M | -66.5M | -48.68M | -3.02M | -12.52M |
| Operating CF Margin % | - | -1310.6% | -3935.44% | -291.5% | -491.34% | -480% | -278.62% | - |
| Operating CF Growth % | -24.48% | -22.1% | -80.62% | 7.74% | -36.62% | -1510.22% | 75.86% | - |
| Net Income | -124.31M | -129.77M | -127.5M | -89.22M | -66.22M | -48.63M | -26.13M | -13.66M |
| Depreciation & Amortization | 2.88M | 2.87M | 4.11M | 5.36M | 5.14M | 3.33M | 1.23M | 519K |
| Stock-Based Compensation | 8.29M | 11.71M | 9.55M | 5.21M | 4.55M | 2.52M | 515K | 240K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | -9.16M | 0 | 0 |
| Other Non-Cash Items | 1.8M | -1.95M | -2.03M | -315K | 260K | 9.16M | 2K | 78K |
| Working Capital Changes | -10.69M | -18.18M | 5.05M | 17.61M | -10.23M | -5.9M | 21.36M | 299K |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -2.52M | -3.01M | 1.99M | -52K | 528K | 10K | 1.13M | 161K |
| Cash from Investing | 95.77M | 109.37M | -52.61M | -60.76M | -4.22M | -9.94M | -4.24M | -1.25M |
| Capital Expenditures | -2.94M | -4.41M | -3.83M | -3.15M | -4.22M | -9.94M | -4.24M | -1.25M |
| CapEx % of Revenue | 32.24% | 42.68% | 135.83% | 14.95% | 31.22% | 98.03% | 390.6% | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 189K | -336K | 208.76M | 135.44M | 29.36M | 189.67M | 288K | 34.81M |
| Debt Issued (Net) | 0 | 0 | 15.31M | 0 | 29.35M | 0 | 0 | 0 |
| Equity Issued (Net) | 264K | 264K | 33.13M | 42.41M | 193K | 189.38M | 288K | 34.81M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 191K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -75K | -600K | 160.32M | 93.03M | -191K | 291K | 0 | 5K |
| Net Change in Cash | -26.05M | -26.28M | 45.33M | 13.33M | -41.37M | 131.05M | -6.97M | 21.04M |
| Free Cash Flow | -124.96M | -139.73M | -114.65M | -64.5M | -70.73M | -58.62M | -7.26M | -13.77M |
| FCF Margin % | -1367.74% | -1353.28% | -4071.27% | -306.45% | -522.56% | -578.03% | -669.22% | - |
| FCF Growth % | -0.94% | -21.88% | -77.74% | 8.8% | -20.66% | -707.3% | 47.27% | - |
| FCF per Share | -0.96 | -1.08 | -1.02 | -0.98 | -2.94 | -2.45 | -0.29 | -0.55 |
| FCF Conversion (FCF/Net Income) | 1.01x | 1.04x | 0.87x | 0.69x | 1.00x | 1.00x | 0.12x | 0.92x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Clinical milestone funding dependency
As reported in financial statements, TCRX exhibits a consistent disconnect between net losses and operating cash outflows, with OCF/NI ratios frequently fluctuating around 0.90, suggesting that non-cash items like stock-based compensation are providing only a modest buffer against the company's underlying cash-intensive research and development activities.
The proximity of operating cash flow to net income indicates that the company's losses are largely cash-based rather than driven by significant non-cash accounting charges. Investors should monitor this relationship, as it implies that the company lacks the non-cash cushion that might otherwise extend its runway during periods of clinical trial acceleration.
Based on recent quarterly data, TCRX continues to experience significant free cash flow burn, with quarterly outflows consistently exceeding $24 million, reflecting the heavy capital requirements of its clinical-stage pipeline and the absence of self-sustaining cash generation from its current collaboration-dependent revenue model.
The persistent negative FCF margins, which have reached as low as -53% in previous periods, underscore the company's reliance on external financing to fund its operations. This trajectory suggests that until clinical milestones translate into more substantial, recurring cash inflows, the company will remain highly sensitive to capital market conditions.
According to historical filings, TCRX maintains a relatively low absolute level of capital expenditure, yet the CapEx-to-revenue ratio remains highly volatile, occasionally exceeding 100% during periods of lower milestone recognition, which highlights the company's limited investment in physical infrastructure relative to its massive R&D-driven operating expenses.
The low absolute spending on property and equipment suggests that the company is prioritizing the outsourcing of manufacturing or utilizing existing laboratory capacity rather than building out heavy internal production facilities. This strategy appears to preserve cash for clinical trial execution, though it may warrant further investigation into the long-term scalability of its manufacturing processes.
As indicated by quarterly cash flow statements, TCRX experiences significant swings in working capital, with fluctuations often exceeding $10 million in a single quarter, which likely reflects the timing of milestone-related payments and the management of accounts payable associated with its clinical trial service providers.
These working capital movements appear to be driven by the episodic nature of collaboration revenue and the timing of clinical trial expenses. Investors should interpret these shifts as operational noise rather than a fundamental change in the company's ability to manage its short-term liquidity requirements.
Quick answers to the most common questions about buying TCRX stock.
TScan Therapeutics, Inc. (TCRX) generated $-135.3M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
TScan Therapeutics, Inc. (TCRX) reported negative free cash flow of $139.7M in 2025, indicating capital requirements exceeded cash from operations.
TScan Therapeutics, Inc. (TCRX) spent $4.4M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.