TScan Therapeutics (TCRX) AI Stock Analysis

• Market Cap: $58.73M
• Dividend Yield: N/A
• Average Volume (3M): 445.65K
• Price to Earnings (P/E): ―
• Beta (1Y): 2.05
• 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: 52,471,405
• 10 Day Avg. Volume: 457,092
• 30 Day Avg. Volume: 445,653
• 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: -0.50
• Enterprise Value/Revenue: -3.80
• Enterprise Value/Gross Profit: -4.22
• Enterprise Value/Ebitda: 0.23
• 1Y Price Target: $6.33
• Price Target Upside: 508.65% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 6
• EPS Forecast (FY): -0.9
• Revenue Forecast (FY): $7.88M

• Rating: 46 Neutral
• Price Target: $1.00 ▼(-3.85% Downside)
• Action: Reiterated Date: 03/04/26
• Date: Action: Reiterated 03/04/26

Overall score is held back primarily by weak financial performance (large ongoing losses and heavy cash burn on modest, declining revenue). Technicals are neutral-to-weak with the stock below key longer-term moving averages. A positive offset is the corporate update highlighting a potentially pivotal 2026 clinical timeline and stated cash runway into 2H 2027, but profitability and cash outflows remain the dominant risks.

Positive Factors

Proprietary TCR discovery platform

TScan’s discovery platform that identifies TCRs against tumor antigens is a durable competitive asset. It supports a diversified pipeline, enables repeated product opportunities across indications, and increases appeal for partnerships and licensing over multiple development cycles.

Regulatory progress: IND clearances

FDA IND clearances for two TSC-102 variants materially expand clinical access and de-risk program progression. These regulatory approvals enable enrollment across additional HLA types, strengthening development scalability and the company’s ability to advance multiple programs concurrently.

Near-term cash runway into 2H 2027

A cash balance that management projects to support operations into 2H 2027 provides a multi-quarter runway to execute pivotal 2026 trials and manufacturing scale-up. This reduces immediate financing pressure and gives time to generate clinical milestones or partner agreements.

Negative Factors

High operating cash burn

Very large negative operating and free cash flows mean TScan consumes capital rapidly, creating durable reliance on external funding. Ongoing burn reduces strategic flexibility, increases dilution risk with any future financings, and heightens pressure if clinical timelines slip.

Modest and declining revenue

Low, falling revenue underscores limited near-term commercial traction and insufficient partner-derived cash to offset R&D spend. Persistently small revenue inflows make the company dependent on financing or milestone events to sustain development beyond the runway.

Large losses and moderate leverage

Substantial operating losses combined with meaningful debt raise refinancing and covenant risks over time. Negative returns and rising leverage limit financial flexibility, can increase borrowing costs, and elevate the likelihood of dilutive capital raises if clinical progress stalls.

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

Financial profile is pressured by very large operating and net losses (EBIT about -$136M TTM; net loss about -$130M) alongside heavy cash burn (operating cash flow about -$135M; free cash flow about -$140M). While gross margin is strong (~91% TTM) and equity is meaningful (~$123M), revenue is modest (~$7.8M TTM) and down year-over-year, keeping funding/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	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	7.76M	2.82M	21.05M	13.54M	10.14M	1.08M
Gross Profit	6.99M	2.82M	21.05M	13.54M	10.14M	-19.49M
EBITDA	-126.44M	-119.74M	-80.10M	-59.91M	-45.30M	-25.00M
Net Income	-129.77M	-127.50M	-89.22M	-66.22M	-48.63M	-26.13M
Balance Sheet
Total Assets	228.79M	371.12M	272.15M	199.09M	188.11M	49.74M
Cash, Cash Equivalents and Short-Term Investments	152.41M	290.11M	192.04M	120.03M	161.41M	34.79M
Total Debt	61.60M	97.38M	92.43M	85.98M	6.04M	7.43M
Total Liabilities	105.67M	130.15M	121.28M	99.66M	27.33M	92.20M
Stockholders Equity	123.12M	240.97M	150.87M	99.43M	160.78M	-42.46M
Cash Flow
Free Cash Flow	-139.73M	-114.65M	-64.50M	-70.73M	-58.62M	-7.26M
Operating Cash Flow	-135.32M	-110.82M	-61.36M	-66.50M	-48.68M	-3.02M
Investing Cash Flow	109.37M	-52.61M	-60.76M	-4.22M	-9.94M	-4.24M
Financing Cash Flow	-336.00K	208.76M	135.44M	29.36M	189.67M	288.00K

TScan Therapeutics Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 1.04
• 50DMA: Negative
• 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 Negative. The current price of 1.04 is above the 20-day moving average (MA) of 1.01, below the 50-day MA of 1.05, and below the 200-day MA of 1.48, indicating a neutral trend. The MACD of <0.01 indicates Negative momentum. The RSI at 49.89 is Neutral, neither overbought nor oversold. The STOCH value of 47.76 is Neutral, 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	$271.58M	-1.09	-118.95%	―	―	31.98%
IKT	54 Neutral	$231.62M	-3.35	-131.71%	―	-100.00%	79.01%
ZNTL	53 Neutral	$171.96M	-1.14	-49.18%	―	-33.76%	17.54%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
SRZN	50 Neutral	$230.14M	-1.23	―	―	-63.96%	-28.50%
TCRX	46 Neutral	$58.73M	-0.92	-76.44%	―	-10.03%	11.06%
TIL	44 Neutral	$56.29M	-0.73	-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.