TScan Therapeutics (TCRX) AI Stock Analysis

• Market Cap: $54.56M
• Dividend Yield: N/A
• Average Volume (3M): 470.22K
• Price to Earnings (P/E): ―
• Beta (1Y): 2.02
• Revenue Growth: -10.03%
• EPS Growth: 11.06%
• Country: US
• Employees: 200
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -0.28
• Shares Outstanding: 52,471,405
• 10 Day Avg. Volume: 439,619
• 30 Day Avg. Volume: 470,217
• PEG Ratio: 0.17
• Price to Book (P/B): 1.41
• Price to Sales (P/S): 120.90
• P/FCF Ratio: -2.97
• Enterprise Value/Market Cap: -0.41
• Enterprise Value/Revenue: -2.64
• Enterprise Value/Gross Profit: -2.90
• Enterprise Value/Ebitda: 0.16
• 1Y Price Target: $6.33
• Price Target Upside: 559.38% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 6
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 49 Neutral
• Price Target: $0.99 ▲(3.13% Upside)

The score is held down primarily by weak financial performance (large losses and heavy cash burn) despite improving TTM revenue and only moderate balance-sheet leverage. Technicals are mildly constructive short term but still show a longer-term downtrend and near-term stretched signals. Valuation is constrained by negative earnings, while corporate events are mixed with an extended runway and pivotal-trial focus offset by program pausing and layoffs.

Positive Factors

TTM revenue growth

Sustained ~21% TTM revenue growth indicates improving commercial or partner-funded activity that supports ongoing R&D and operations. For a clinical-stage biotech, rising revenue from collaborations or milestones reflects external validation and helps de-risk near-term financing needs over the next several quarters.

Near-term cash runway

A stated cash balance funding operations into 2H 2027 materially extends the company’s runway, lowering immediate financing pressure. That runway supports pivotal trial starts and filings, improving the chance management can reach key value-driving milestones before needing dilutive capital.

Platform and pipeline progression

A discovery platform plus an advancing pipeline (pivotal TSC-101, new filings and early clinical/preclinical readouts) offers durable competitive advantage. Progress across oncology and autoimmunity diversifies future indication potential and enhances partnering or commercialization pathways long term.

Negative Factors

Heavy cash burn

Persistently negative operating and free cash flow means the business continues to consume capital at scale. Even with current runway, ongoing high cash outflows create sustained reliance on external financing and increase dilution or refinancing risk if trial timelines slip or milestones are delayed.

Deep unprofitability

Very large operating and net losses and steep negative margins produce negative returns on equity and weaken long-term balance-sheet resilience. Continued unprofitability constrains strategic optionality, forcing dependence on partners or capital markets until commercial revenues materialize.

Program pauses and workforce cuts

Pausing enrollment in a program and cutting ~30% of staff increase execution risk and can delay critical data readouts. Reduced capacity may slow development pace, jeopardize timelines for pivotal milestones, and impair institutional knowledge, which weakens ability to deliver on the 2026 program cadence.

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 through a combination of research and development collaborations, licensing agreements, and potentially through future sales of its therapeutic products once they receive regulatory approval. The company may enter into strategic partnerships with larger pharmaceutical companies, which can provide upfront payments, milestone payments based on the achievement of specific development goals, and royalties on future sales of the products developed from these collaborations. Additionally, TScan may receive funding through grants and other financial support aimed at advancing its research initiatives.

TScan Therapeutics Financial Statement Overview

Summary

Revenue is up strongly in TTM (~+21%), but the company remains deeply unprofitable with very large operating/net losses and sharply negative margins. Cash burn is heavy with deeply negative operating cash flow and free cash flow, implying continued reliance on external funding. The balance sheet is comparatively steadier with moderate leverage (debt-to-equity ~0.36) and positive equity, but assets/equity have declined and ROE is substantially negative.

Income Statement

TTM (Trailing-Twelve-Months) revenue is up strongly versus the prior year (about +21%), but the business remains deeply unprofitable with very large operating and net losses and sharply negative margins. While gross profit is positive and high in TTM, profitability has not improved enough to offset the cost structure, and revenue has been volatile across annual periods (including a sharp drop in 2024 versus 2023).

Balance Sheet

The company shows a moderate leverage profile with debt meaningfully below equity in TTM (debt-to-equity ~0.36), and equity remains positive, which supports financial flexibility. However, returns on equity are substantially negative due to ongoing losses, and total assets and equity declined from 2024 to TTM, indicating balance sheet contraction while profitability remains pressured.

Cash Flow

Cash burn remains heavy: TTM operating cash flow and free cash flow are both deeply negative, indicating continued reliance on external funding. A positive note is that free cash flow roughly tracks net loss (free cash flow to net income ~1.04 in TTM), suggesting losses are largely reflected in cash, but the absolute level of cash outflow is high and has not stabilized.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	8.42M	2.82M	21.05M	13.54M	10.14M	1.08M
Gross Profit	7.66M	2.82M	21.05M	13.54M	10.14M	-19.49M
EBITDA	-136.89M	-119.74M	-80.10M	-59.91M	-45.30M	-25.00M
Net Income	-142.60M	-127.50M	-89.22M	-66.22M	-48.63M	-26.13M
Balance Sheet
Total Assets	262.23M	371.12M	272.15M	199.09M	188.11M	49.74M
Cash, Cash Equivalents and Short-Term Investments	184.45M	290.11M	192.04M	120.03M	161.41M	34.79M
Total Debt	95.62M	97.38M	92.43M	85.98M	6.04M	7.43M
Total Liabilities	118.20M	130.15M	121.28M	99.66M	27.33M	92.20M
Stockholders Equity	144.02M	240.97M	150.87M	99.43M	160.78M	-42.46M
Cash Flow
Free Cash Flow	-135.85M	-114.65M	-64.50M	-70.73M	-58.62M	-7.26M
Operating Cash Flow	-130.73M	-110.82M	-61.36M	-66.50M	-48.68M	-3.02M
Investing Cash Flow	121.84M	-52.61M	-60.76M	-4.22M	-9.94M	-4.24M
Financing Cash Flow	45.28M	208.76M	135.44M	29.36M	189.67M	288.00K

TScan Therapeutics Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.96
• 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 0.96 is below the 20-day moving average (MA) of 1.12, below the 50-day MA of 1.05, and below the 200-day MA of 1.52, indicating a bearish trend. The MACD of -0.03 indicates Positive momentum. The RSI at 33.82 is Neutral, neither overbought nor oversold. The STOCH value of 6.90 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	61 Neutral	$108.98M	-0.99	-118.95%	―	―	31.98%
IKT	54 Neutral	$189.18M	-2.74	-131.71%	―	-100.00%	79.01%
ZNTL	53 Neutral	$184.24M	-1.22	-49.18%	―	-33.76%	17.54%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
SRZN	50 Neutral	$202.71M	-1.08	―	―	-63.96%	-28.50%
TCRX	49 Neutral	$54.56M	-0.86	-76.44%	―	-10.03%	11.06%
TIL	44 Neutral	$50.32M	-0.65	-50.60%	―	―	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.

TScan Therapeutics Approves Key Employee Retention Program

On November 25, 2025, TScan Therapeutics‘ Board of Directors approved a retention program to secure key employees, including its CEO, CFO, and CMO, with cash and equity-based awards. This initiative aims to support the company’s operations and advance the pivotal trial of TSC-101, potentially impacting its market position and stakeholder interests.

The most recent analyst rating on (TCRX) stock is a Sell with a $1.00 price target. To see the full list of analyst forecasts on TScan Therapeutics stock, see the TCRX Stock Forecast page.