TScan Therapeutics (TCRX) AI Stock Analysis

• Market Cap: $59.18M
• Dividend Yield: N/A
• Average Volume (3M): 476.93K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.96
• Revenue Growth: -10.03%
• EPS Growth: 11.06%
• Country: US
• Employees: 200
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -0.18
• Shares Outstanding: 52,625,034
• 10 Day Avg. Volume: 455,904
• 30 Day Avg. Volume: 476,927
• PEG Ratio: 0.08
• Price to Book (P/B): 1.05
• Price to Sales (P/S): 12.58
• P/FCF Ratio: -0.93
• Enterprise Value/Market Cap: <0.01
• Enterprise Value/Revenue: 0.03
• Enterprise Value/Gross Profit: 0.04
• Enterprise Value/Ebitda: >-0.01
• 1Y Price Target: $6.00
• Price Target Upside: 476.92% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 6
• EPS Forecast (FY): -0.76
• Revenue Forecast (FY): $7.88M

• Rating: 49 Neutral
• Price Target: $1.00 ▼(-3.85% Downside)
• Action: Reiterated Date: 03/10/26
• Date: Action: Reiterated 03/10/26

The score is held down primarily by weak financial performance: large ongoing losses and substantial cash burn create meaningful financing risk despite strong gross margins and a reasonable equity base. Technicals are supportive with improving momentum above key moving averages, while corporate updates add modest upside via upcoming catalysts and stated runway. Valuation remains constrained by negative earnings and no indicated dividend support.

Positive Factors

High gross margin

Consistently high gross margin (~91% TTM) indicates favorable unit economics for TCR-based therapeutics and licensing. As clinical programs advance toward commercialization, this margin profile supports operating leverage and allows incremental revenue to translate efficiently into gross profit over time.

Near-term pivotal pipeline catalysts

A planned pivotal trial for TSC-101 and near-term IND filings for TSC-102 represent structural de-risking events. Progressing programs toward registrational stages increases the probability of partnerships, milestone receipts and longer-term commercial optionality that can materially alter the company’s competitive trajectory.

Extended runway; lower debt

A reported cash balance funding operations into 2H 2027, together with declining debt versus 2024, lengthens runway to execute pivotal trials and initial readouts. This reduces near-term financing pressure, enabling focus on clinical delivery and increasing the odds of securing value-accretive partnerships rather than emergency dilution.

Negative Factors

High cash burn

Sustained negative operating cash flow (~ -$135M TTM) and free cash flow (~ -$140M TTM) indicate heavy ongoing cash consumption. Reliance on external financing is structurally elevated; timeline slips or higher-than-expected trial costs would necessitate additional capital, increasing dilution and financing risk over the medium term.

Large operating losses

Very large operating and net losses (~ -$130M TTM) show the cost base vastly exceeds current revenue. Persistent deficits constrain strategic flexibility and require successful clinical outcomes or sizable partnerships to return to sustainable profitability; otherwise losses will erode shareholder value over time.

Low, volatile revenue

Modest, declining revenue (~$7.8M TTM, -7.9%) and multi-year volatility highlight dependency on collaboration and milestone income rather than product sales. This makes revenue generation uncertain and pushes commercialization and profitability further into the future, increasing exposure to partner timing and deal risk.

TScan Therapeutics Business Overview & Revenue Model

Company Description

TScan Therapeutics, Inc., a preclinical-stage biopharmaceutical company, develops T cell receptor-engineered T cell therapies for the treatment of patients with cancer. It is developing TSC-100 and TSC-101 for the treatment of patients with hematologic malignancies to eliminate residual leukemia and prevent relapse after hematopoietic stem cell transplantation; and TSC-200, TSC-201, TSC-202, TSC-203, and TSC-204 for the treatment of solid tumors. The company is also developing vaccines for infectious diseases, such as SARS-CoV-2. It has a collaboration and license agreement with Novartis Institutes for BioMedical Research, Inc., to identify novel cancer antigens from the T cells of patients with a certain specific type of cancer. TScan Therapeutics, Inc. was incorporated in 2018 and is headquartered in Waltham, Massachusetts.

How the Company Makes Money

TScan Therapeutics generates revenue primarily through collaboration and licensing arrangements with other biopharmaceutical companies, which may include upfront payments, research and development reimbursements, and potential milestone payments and royalties tied to development, regulatory, and commercial outcomes. As a clinical-stage company, it is not primarily reliant on product sales from commercialized therapies; instead, earnings are driven by partner-funded research activities and contractual payments under these agreements. Specific counterparties, deal economics (e.g., amounts, milestones, royalty rates), and the extent of any product sales revenue are null.

TScan Therapeutics Financial Statement Overview

Summary

Financials reflect a development-stage biotech with high gross margin (~91% TTM) but very large operating and net losses (EBIT about -$136M TTM; net loss about -$130M TTM) and heavy cash burn (FCF about -$140M TTM). Balance sheet has meaningful equity (~$123M TTM) and debt has declined vs. 2024, but leverage is moderate (debt-to-equity ~0.66) and ongoing losses keep financing/dilution risk elevated.

Income Statement

TTM (Trailing-Twelve-Months) revenue is modest at ~$7.8M and down (-7.9%), following a sharp multi-year volatility (peak in 2023, then a steep drop in 2024). Profitability remains weak: despite strong gross profit margin (~91% TTM), operating losses are very large (EBIT about -$136M TTM) and net losses are substantial (about -$130M TTM), indicating the cost structure is far ahead of current revenue scale. The main strength is the consistently high gross margin profile; the main weakness is persistent and sizable operating losses with inconsistent revenue traction.

Balance Sheet

The balance sheet shows meaningful equity support (stockholders’ equity ~$123M TTM) and total assets of ~$229M, but leverage has increased relative to equity in the latest period (debt-to-equity ~0.66 TTM). Total debt is ~$61.6M TTM, down versus 2024, which is a positive directional shift; however, continued net losses drive a very weak return for shareholders (return on equity deeply negative TTM). Overall, the company has a decent capital base for a biotech, but ongoing losses and moderate leverage elevate financing risk over time.

Cash Flow

Cash generation is a key pressure point: operating cash flow is materially negative (about -$135M TTM) and free cash flow is also deeply negative (about -$140M TTM), implying heavy ongoing cash burn. While free cash flow growth is reported as positive in the latest period, the absolute level of cash outflow remains very large, and cash burn has generally worsened from 2023 to TTM. A relative positive is that free cash flow is roughly in line with net loss (free cash flow to net income ~1.04 TTM), but the magnitude of cash usage suggests continued dependence on external funding.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	10.32M	2.82M	21.05M	13.54M	10.14M
Gross Profit	7.46M	2.82M	21.05M	13.54M	10.14M
EBITDA	-132.95M	-119.74M	-80.10M	-59.91M	-45.30M
Net Income	-129.77M	-127.50M	-89.22M	-66.22M	-48.63M
Balance Sheet
Total Assets	228.79M	371.12M	272.15M	199.09M	188.11M
Cash, Cash Equivalents and Short-Term Investments	152.41M	290.11M	192.04M	120.03M	161.41M
Total Debt	94.14M	97.38M	92.43M	85.98M	6.04M
Total Liabilities	105.67M	130.15M	121.28M	99.66M	27.33M
Stockholders Equity	123.12M	240.97M	150.87M	99.43M	160.78M
Cash Flow
Free Cash Flow	-139.73M	-114.65M	-64.50M	-70.73M	-58.62M
Operating Cash Flow	-135.32M	-110.82M	-61.36M	-66.50M	-48.68M
Investing Cash Flow	109.37M	-52.61M	-60.76M	-4.22M	-9.94M
Financing Cash Flow	-336.00K	208.76M	135.44M	29.36M	189.67M

TScan Therapeutics Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 1.04
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TCRX, the sentiment is Negative. The current price of 1.04 is below the 20-day moving average (MA) of 1.09, below the 50-day MA of 1.07, and below the 200-day MA of 1.46, indicating a bearish trend. The MACD of <0.01 indicates Positive momentum. The RSI at 45.82 is Neutral, neither overbought nor oversold. The STOCH value of 12.32 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TCRX.

TScan Therapeutics Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
ALXO	54 Neutral	$286.91M	-0.60	-118.95%	―	―	31.98%
IKT	54 Neutral	$218.28M	-3.06	-131.71%	―	-100.00%	79.01%
ZNTL	53 Neutral	$189.30M	-1.02	-51.49%	―	-33.76%	17.54%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
SRZN	50 Neutral	$215.57M	-0.39	―	―	-63.96%	-28.50%
TCRX	49 Neutral	$59.18M	-1.41	-71.28%	―	-10.03%	11.06%
TIL	44 Neutral	$57.99M	-2.22	-53.02%	―	―	1.40%

TScan Therapeutics Corporate Events

TScan Therapeutics Outlines Pivotal 2026 Outlook in Presentation

On January 12, 2026, TScan Therapeutics made public a new corporate presentation timed with the 44th Annual J.P. Morgan Healthcare Conference, detailing what it characterizes as a highly active 2026 outlook built around a pivotal trial launch for its lead TCR-T candidate TSC-101 in the second quarter, new investigational filings for follow-on candidate TSC-102 in the first quarter, and initial clinical and preclinical data readouts from its solid tumor program in the first half of the year. The presentation also highlights encouraging early clinical data for TSC-101 in high-risk post-transplant patients, continued progress in its autoimmunity discovery platform, and a cash position of $184.5 million as of September 30, 2025 that the company says will fund operations into the second half of 2027, positioning TScan for a potentially pivotal year that could shape its competitive standing in TCR-T cell therapies and its future funding and partnership prospects.

The most recent analyst rating on (TCRX) stock is a Hold with a $0.97 price target. To see the full list of analyst forecasts on TScan Therapeutics stock, see the TCRX Stock Forecast page.