TCRX TScan Therapeutics, Inc. Insider Trading

Lynx1 Capital (10% owner) buys 161,801 shares at $0.90 across 3 trades, adding 2.1% to holdings amid -50.5% quarterly decline.

Lynx1 Capital Management LP, holding 8.02M shares post-transaction, executed 3 separate purchases totaling 161,801 shares for $145,525.96 at a blended average price of $0.90 between December 19–23, 2025. The stock is currently trading at $0.91, down 70.7% from its 52-week high of $3.11 and down 50.5% over the past 90 days. The company reported severely distressed fundamentals: $2.5M quarterly revenue, -$35.7M net loss, -86.6% annual revenue decline, and a $21.8M market capitalization, indicating significant operating stress. Lynx1's prior trades at TCRX show mixed results—two 2025 spring purchases posted positive 90-day returns (+49.2%, +50.0%), while two late-2024 purchases posted steep 90-day losses (-38.3%, -40.1%)—suggesting uncertain timing accuracy at this ticker. The current purchase occurs after a severe recent drawdown, but without scheduled trading plan disclosure or other context, the motivation remains opaque.

Lynx1 Capital (10% owner) purchases 2,588,794 shares at $1.20, raising stake 48.3% to 7.95M shares amid steep stock decline

Lynx1 Capital executed 2 separate purchases totaling 2,588,794 shares for $3,106,552.80 at a blended average price of $1.20, increasing holdings by 48.3% from 5.36M to 7.95M shares. The current price of $1.32 is 86.1% below the 52-week high of $9.51, and the stock has declined 39.7% over the past 90 days. This buying follows a troubling pattern at TCRX: Lynx1's prior 3 purchases at this ticker (on 2024-11-15, 2024-12-12, and 2024-12-13) all resulted in negative 90-day returns ranging from -38.3% to -53.0%, with 0 of 3 well-timed at the 90-day mark. The company's fundamentals show severe deterioration—annual revenue declined 86.6%, with latest quarterly revenue of $2.2M against a net loss of $34.1M and a market cap of $31.6M. While Lynx1's cross-ticker track record shows a 57.14% win rate over 90 days, the consistent underperformance of its TCRX-specific purchases and the company's collapsing revenue trajectory present material headwinds that differ markedly from the insider's broader portfolio success.

10% owner Lynx1 Capital buys 131,800 shares at $2.93 avg across 2 transactions; stock -68.4% from 52-week high

Lynx1 Capital Management LP, a 10% shareholder, made 2 separate purchases totaling 131,800 shares for $385,768.96 on 2024-12-12 and 2024-12-13, lifting its stake from 5,225,547 to 5,357,347 shares (+2.5%). The purchases occurred at a blended average price of $2.93, near the current price of $3.01 but dramatically below the 52-week high of $9.51 (stock down -68.4% from peak and -31.8% over the prior 30 days). TScan remains unprofitable with net income of $-29,887,000.00 against quarterly revenue of $1,049,000.00, though the company showed annual revenue growth of +55.5%. Lynx1's cross-ticker track record shows 4 prior open-market buys with an average 30-day return of -34.4%, and its only prior trade at TCRX (a buy on 2024-11-15) is down -34.4% at the 30-day mark, with no 0 of its prior buys demonstrating positive 90-day returns. The filing reflects purchasing activity by an established large holder at sharply depressed valuations during a period of sustained decline, providing no clarity on whether this represents confidence in fundamentals or opportunistic accumulation by a passive investor.

Lynx1 Capital (10% owner) bought 947 shares of TCRX at $4.34 as stock down 55.7% from 52-week high.

Lynx1 Capital Management LP, holding 5,225,547 shares post-transaction, purchased 947 shares at $4.34 on 2024-11-15 while the stock trades at $4.21 (current price) and sits 55.7% below its 52-week high of $9.51. The company remains deeply unprofitable with net income of $-29,887,000.00 over its most recent full fiscal year, though quarterly revenue of $1,049,000.00 represents 55.5% annual growth. This modest buy by a major holder at depressed price levels occurs amid significant price deterioration (down 21.6% over 30 days and 28.5% over 90 days) in a pre-revenue stage biotech, but the transaction size—947 shares—and minimal portfolio impact (+0.0% of 5.22M prior shares) offer limited signal strength on its own.

TCRX Director Klencke buys 5,000 shares at $5.29; stock now $5.10, -46.4% from 52-week high

Director Barbara Klencke purchased 5,000 shares of TCRX at $5.29 on 2024-09-23, increasing her holdings by 12.5% to 45,000 shares total. The stock has since fallen to $5.10 and is currently down 46.4% from its 52-week high of $9.51, and down 10.0% over the past 30 days. While Klencke's cross-ticker track record shows a 100% 90-day win rate with an average 90-day return of +32.1%, her same-ticker history at TCRX presents mixed results: her 2023-12-14 buy returned +32.1% over 90 days, but her 2024-08-23 buy is down 3.0% at the 30-day mark, with the August 26 purchase outcome still unmeasurable. The company remains unprofitable with a net loss of $-31.7M against quarterly revenue of $536.0K, though annual revenue is growing at +55.5%. Investors should monitor whether this purchase reflects conviction in a biotech turnaround or a data-driven entry point that may not persist given the recent downward price momentum.

Director Klencke Barbara acquired 10,000 shares ($56.1K) at blended $5.61 amid -41.8% 52-week decline; mirrors profitable 2023 timing at same ticker

Barbara Klencke, a director at TScan Therapeutics, made 2 separate purchases totaling 10,000 shares for $56,100.00 at an average price of $5.61 on August 23 and August 26, 2024, increasing her holdings by 33.3%. The company trades at $5.53 (current), down 41.8% from its 52-week high and down 23.9% over the prior 30 days, presenting a deeply depressed entry environment. Notably, Klencke's prior buy at this same ticker on 2023-12-14 was well-timed, yielding positive 30d and 90d returns of +18.1% and +32.1% respectively, suggesting a pattern of entering at or near cyclical lows. The company remains unprofitable with a net loss of $-31.7M against quarterly revenue of $536.0K, but shows strong annual revenue growth of +55.5%, creating tension between operational losses and top-line momentum. This insider accumulation at a 52-week trough, combined with her prior success at the same company and a cross-ticker track record showing 100% 90-day win rate, warrants investor attention as a potential contrarian signal.