TScan Therapeutics, Inc. (TCRX) AI Stock Analysis

TScan Therapeutics, Inc. is a preclinical-stage biopharmaceutical company focused on advancing T cell receptor-engineered therapies for cancer treatment. Based in Waltham, Massachusetts, the company is developing hematologic malignancy candidates TSC-100 and TSC-101 to target residual leukemia and prevent relapse following hematopoietic stem cell transplantation. TScan is also advancing solid tumor pipeline programs, including TSC-200, TSC-201, TSC-202, TSC-203, and TSC-204. Beyond oncology, the company develops vaccines for infectious diseases such as SARS-CoV-2. It collaborates with Novartis Institutes for BioMedical Research, Inc. to identify novel cancer antigens derived from patient T cells.

TScan reported FY2025 revenue of $10.3M, an increase of 266.7% from $2.8M in FY2024, following $21.0M in FY2023. Gross margin was 72.2% in FY2025 after remaining at 100.0% across the preceding four fiscal years. Annual R&D expenses reached $114.2M in FY2025, leading to an operating margin of -1315.4% and a net loss of -$129.8M. Over the trailing twelve months ended June 30, 2026, revenue stood at $7.1M with an operating margin of -2901.3%. For the latest quarter ended June 30, 2026, quarterly revenue fell 65.8% year-over-year.

As of June 30, 2026, TScan held $100.2M in cash and short-term investments and $90.9M in total debt, leaving net cash of $9.3M. The company reported a current ratio of 3.37, shareholders' equity of $69.0M, and a debt-to-equity ratio of 1.32. Operating cash flow in FY2025 was -$135.3M, and capital expenditures were $4.4M, resulting in free cash flow of -$139.7M. Over five years, the company's share count increased by 443.5%, with share issuance raising $264,000 in FY2025.

TScan has a market capitalization of $15.1M and an enterprise value of $15.4M. Its price-to-sales ratio of 2.2x and EV-to-revenue multiple of 2.2x are below the median of its US-listed Healthcare peers of 4.1x. Its EV-to-EBITDA multiple stands at 0.4x, compared to the peer median of 12.0x. Over the past year, TCRX shares fell 90.7%, trailing the S&P 500 return of 16.8%. Over a five-year period, TCRX fell 96.6%, compared to an 83.0% gain for the S&P 500.

Wall Street analyst coverage consists of 1 Strong Buy and 4 Hold ratings. The mean price target is $1.00, representing a 332.9% premium over the last close of $0.23. For the fiscal year ending December 31, 2026, consensus estimates model an EPS of -$0.78 on revenue of $2.9M. For the following fiscal year, 4 analysts anticipate revenue of $1.2M and an EPS of -$0.57. TScan beat EPS estimates in 3 of the last 4 quarters, and the next earnings date is November 11, 2026.

This page is an AI-written research summary of TScan Therapeutics, Inc. (TCRX). The text was generated on October 30, 2026 from Quotelinks data as of October 16, 2026 (company profile, annual results, latest balance sheet, valuation, price performance and analyst estimates). An automatic check rejects any draft that contains a figure not found in that data. It is not investment advice; verify figures on the linked tabs before making decisions.

Related: TCRX income statement, TCRX balance sheet, TCRX key metrics, TCRX analyst forecast, TCRX chart. See the TCRX stock overview for the latest quote and news.