TScan Therapeutics (TCRX) AI Stock Analysis

• Market Cap: $68.10M
• Dividend Yield: N/A
• Average Volume (3M): 616.71K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.99
• 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: 487,998
• 30 Day Avg. Volume: 616,709
• 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: 2.17
• Enterprise Value/Revenue: 6.74
• Enterprise Value/Gross Profit: 7.84
• Enterprise Value/Ebitda: -0.43
• 1Y Price Target: $5.50
• Price Target Upside: 358.33% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 7
• EPS Forecast (FY): -0.9
• Revenue Forecast (FY): $9.82M

• Rating: 49 Neutral
• Price Target: $1.00 ▼(-16.67% Downside)

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

Revenue Growth Momentum

Sustained TTM revenue growth (~+21%) indicates strengthening partner-funded activity and increasing external validation of the discovery platform. Over the next 2-6 months, rising collaboration receipts can fund development and enhance negotiating leverage for further partnerships.

Advancing Clinical Pipeline

A planned pivotal launch for lead TSC-101 and upcoming filings for TSC-102 structurally de-risk the pipeline by moving candidates into registrational pathways. Successful execution would materially improve long-term commercialization prospects and partner interest across 2-6 months and beyond.

Cash Runway and Capital Structure

A reported cash balance funding operations into 2H 2027, combined with moderate leverage (debt-to-equity ~0.36), provides a durable multi-quarter cushion to advance pivotal trials and filings without immediate refinancing, supporting execution flexibility and partner discussions.

Negative Factors

Heavy Cash Burn

Persistently negative operating and free cash flow signals ongoing high cash burn tied to R&D and trials. Over the next several quarters this increases the probability of additional financing, potential dilution, or program prioritization, constraining strategic optionality.

Deep Unprofitability & Negative Margins

Substantial operating and net losses with sharply negative margins reflect structural cost intensity and immature revenue streams. Without clinical or regulatory breakthroughs, profitability is unlikely in the 2-6 month window, pressuring returns and sustaining negative ROE.

Program Setbacks and Workforce Cuts

Pausing solid tumor enrollment and a 30% headcount reduction indicate program setbacks and loss of capacity. This raises execution risk, concentrates binary reliance on hematologic programs and TSC-101 outcomes, and may delay data-readouts and diversification over the coming quarters.

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

TScan Therapeutics is experiencing strong revenue growth, but profitability remains a significant challenge with negative margins across key metrics. The balance sheet shows a moderate level of leverage and a solid equity base, but the negative return on equity is concerning. Cash flow improvements are noted, yet the company faces ongoing cash flow difficulties. Overall, while there are positive growth indicators, the financial health is impacted by profitability and cash flow issues.

Income Statement

TScan Therapeutics shows a significant revenue growth rate of 57.45% in the TTM, indicating strong top-line expansion. However, the company is struggling with profitability, as evidenced by negative net profit, EBIT, and EBITDA margins. The high gross profit margin of 81.70% in the TTM suggests efficient cost management, but the overall negative margins highlight ongoing operational challenges.

Balance Sheet

The company's debt-to-equity ratio of 0.36 in the TTM indicates a moderate level of leverage, which is manageable. However, the negative return on equity of -63.84% suggests that the company is not generating sufficient returns for its shareholders. The equity ratio of 59.19% reflects a solid capital structure, but the overall financial health is weakened by the negative profitability metrics.

Cash Flow

TScan Therapeutics has a positive free cash flow growth rate of 6.03% in the TTM, showing some improvement in cash generation. However, the operating cash flow to net income ratio of -4.03 indicates significant cash flow challenges. The free cash flow to net income ratio of 1.04 suggests that the company is generating slightly more free cash flow than net income, but the overall cash flow situation remains strained.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	21.87M	2.82M	21.05M	13.54M	10.14M	1.08M
Gross Profit	18.80M	2.82M	21.05M	13.54M	10.14M	-19.49M
EBITDA	-342.27M	-119.74M	-80.10M	-59.91M	-45.30M	-25.00M
Net Income	-356.62M	-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	-339.48M	-114.65M	-64.50M	-70.73M	-58.62M	-7.26M
Operating Cash Flow	-326.39M	-110.82M	-61.36M	-66.50M	-48.68M	-3.02M
Investing Cash Flow	308.82M	-52.61M	-60.76M	-4.22M	-9.94M	-4.24M
Financing Cash Flow	90.56M	208.76M	135.44M	29.36M	189.67M	288.00K

TScan Therapeutics Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 1.20
• 50DMA: Positive
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TCRX, the sentiment is Neutral. The current price of 1.2 is above the 20-day moving average (MA) of 1.06, above the 50-day MA of 1.05, and below the 200-day MA of 1.53, indicating a neutral trend. The MACD of 0.02 indicates Negative momentum. The RSI at 53.42 is Neutral, neither overbought nor oversold. The STOCH value of 65.45 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for TCRX.

TScan Therapeutics Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
IKT	54 Neutral	$206.15M	-2.89	-131.71%	―	-100.00%	79.01%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
ZNTL	51 Neutral	$253.60M	-1.52	-49.18%	―	-33.76%	17.54%
SRZN	50 Neutral	$171.43M	-0.92	―	―	-63.96%	-28.50%
TCRX	49 Neutral	$68.10M	-1.02	-76.44%	―	-10.03%	11.06%
ALXO	48 Neutral	$72.11M	-0.60	-118.95%	―	―	31.98%
TIL	44 Neutral	$48.76M	-0.62	-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.

TScan Therapeutics Shifts Focus to Hematologic Malignancies

On November 3, 2025, TScan Therapeutics announced a strategic shift to prioritize its hematologic malignancies program, pausing enrollment in its solid tumor trial and focusing on preclinical efforts for solid tumors and autoimmunity target discovery. This decision, following a positive meeting with the FDA regarding the pivotal trial design for TSC-101, includes a 30% workforce reduction, aiming to save $45 million annually in 2026 and 2027, and extends the company’s cash runway into the second half of 2027.

The most recent analyst rating on (TCRX) stock is a Hold with a $2.00 price target. To see the full list of analyst forecasts on TScan Therapeutics stock, see the TCRX Stock Forecast page.