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TCRXTScan Therapeutics, Inc.
$0.92$120M
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TCRX logoTScan Therapeutics, Inc.(TCRX)Earnings, Financials & Key Ratios

TCRX•NASDAQ
Price updated Jun 19, 2026
SectorHealthcareIndustryBiotechnologySub-IndustryCell and Gene Therapy Developers
AboutTScan 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.Show more
  • Revenue$10M+266.7%
  • EBITDA-$133M-1.7%
  • Net Income-$130M-1.8%
  • EPS (Diluted)-1.00+12.3%
  • Gross Margin72.24%-27.8%
  • EBITDA Margin-1287.62%+72.3%
  • Operating Margin-1315.38%+72.5%
  • Net Margin-1256.81%+72.2%
  • ROE-71.28%-9.5%

TCRX Key Insights

TScan Therapeutics, Inc. (TCRX) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

  • ✓Strong 5Y sales CAGR of 56.9%
  • ✓Trading at only 1.0x book value

✗Weaknesses

  • ✗Profits declining 37.8% over 5 years
  • ✗Weak Piotroski F-Score: 2/9
  • ✗Negative free cash flow
  • ✗Shares diluted 16.0% in last year
  • ✗Trading more than 30% below 52-week high
  • ✗Low asset turnover indicates capital-intensive operations

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

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TCRX Price & Volume

TScan Therapeutics, Inc. (TCRX) stock price & volume — 10-year historical chart

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TCRX Growth Metrics

TScan Therapeutics, Inc. (TCRX) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years-
5 Years56.92%
3 Years-8.63%
TTM106.65%

Profit CAGR

10 Years-
5 Years-
3 Years-
TTM5.46%

EPS CAGR

10 Years-
5 Years-
3 Years-
TTM11.93%

Return on Capital

10 Years-46.3%
5 Years-45.54%
3 Years-46.86%
Last Year-49.82%

TCRX Recent Earnings

TScan Therapeutics, Inc. (TCRX) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat EPS 8/12 qtrs (67%)●Beat Revenue 5/12 qtrs (42%)
Q2 2026Latest
May 6, 2026
Metric
Actual
Est
EPS
$0.22+0.0%
$0.22
Rev
$982,000-60.7%
$3M
Q2 2026
Mar 4, 2026
Metric
Actual
Est
EPS
$0.18+33.3%
$0.27
Rev
$3M+5.4%
$2M
Q4 2025
Nov 12, 2025
Metric
Actual
Est
EPS
$0.28+20.0%
$0.35
Rev
$3M+29.4%
$2M
Q3 2025
Aug 12, 2025
Metric
Actual
Est
EPS
$0.28+0.0%
$0.28
Rev
$3M+65.4%
$2M
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q2 2026LatestMay 6, 2026
$0.22vs $0.22+0.0%
$982,000vs $3M-60.7%
Q2 2026Mar 4, 2026
$0.18vs $0.27+33.3%
$3Mvs $2M+5.4%
Q4 2025Nov 12, 2025
$0.28vs $0.35+20.0%
$3Mvs $2M+29.4%
Q3 2025Aug 12, 2025
$0.28vs $0.28+0.0%
$3Mvs $2M+65.4%
Based on last 12 quarters of dataView full earnings history →

TCRX Peer Comparison

TScan Therapeutics, Inc. (TCRX) competitors in Cell and Gene Therapy Developers — business model, growth, and fundamentals comparison

Select Columns
Stock Universe
Valuation
Growth
Profitability
Financial Health
Dividends & Buybacks
Price Performance
Technical
Fundamentals ($)
Sector-Specific
Institutional Holdings
CompanyMarket CapStock PriceP/E Ratio (TTM)Revenue Growth 1YNet MarginReturn on Equity (ROE)FCF YieldDebt / Equity
IMVT logoIMVTImmunovant, Inc.Direct Competitor7.26B35.34-12.76-68.16%0.00
TCRT logoTCRTAlaunos Therapeutics, Inc.Direct Competitor5.25M2.15-0.98-50%-1369.67%-165.94%
AGEN logoAGENAgenus Inc.Direct Competitor124.93M3.00-882.3510.37%52.16%
CABA logoCABACabaletta Bio, Inc.Direct Competitor463.08M2.84-1.73-131.58%0.24
KYMR logoKYMRKymera Therapeutics, Inc.Product Competitor7.38B90.43-24.51-16.72%-6.12%-25.02%0.05
FATE logoFATEFate Therapeutics, Inc.Product Competitor243.61M2.09-1.82-51.24%-20.57%-58.89%0.38
CRSP logoCRSPCRISPR Therapeutics AGProduct Competitor5.22B54.09-8.36-89.97%-138.57%-30.88%0.21
BEAM logoBEAMBeam Therapeutics Inc.Product Competitor3.51B34.14-42.15120.01%-49.17%-5.89%0.24

Compare TCRX vs Peers

TScan Therapeutics, Inc. (TCRX) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs IMVT

Most directly comparable listed peer for TCRX.

Scale Benchmark

vs TMO

Larger-name benchmark to compare TCRX against a more recognizable public peer.

Peer Set

Compare Top 5

vs IMVT, TCRT, AGEN, CABA

TCRX Income Statement

TScan Therapeutics, Inc. (TCRX) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily
MetricDec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Sales/Revenue
01.08M10.14M13.54M21.05M2.82M10.32M9.14M
Revenue Growth %
--834.65%33.47%55.52%-86.62%266.65%106.65%
Cost of Goods Sold
9.44M20.58M00002.87M693K
COGS % of Revenue
-1896.5%----27.76%-
Gross Profit
-9.44M▲ 0%
-19.49M▼ 106.4%
10.14M▲ 152.0%
13.54M▲ 33.5%
21.05M▲ 55.5%
2.82M▼ 86.6%
7.46M▲ 164.9%
8.44M▲ 0%
Gross Margin %
--1796.5%100%100%100%100%72.24%92.41%
Gross Profit Growth %
--106.44%152.03%33.47%55.52%-86.62%164.88%-
Operating Expenses
4.77M6.74M58.78M80.17M114.51M137.64M143.27M137.15M
OpEx % of Revenue
-621.29%579.65%592.32%544%4887.68%1387.62%-
Selling, General & Admin
4.77M6.74M13.83M20.35M25.49M29.56M31.99M30.56M
SG&A % of Revenue
-621.29%136.36%150.37%121.11%1049.68%309.81%-
Research & Development
9.44M20.58M44.95M59.82M88.15M107.35M114.15M106.27M
R&D % of Revenue
-1896.5%443.29%441.96%418.8%3812.14%1105.57%-
Other Operating Expenses
-9.44M-20.58M00862K728K-2.87M315K
Operating Income
-14.21M▲ 0%
-26.23M▼ 84.6%
-48.64M▼ 85.4%
-66.64M▼ 37.0%
-93.46M▼ 40.3%
-134.82M▼ 44.3%
-135.81M▼ 0.7%
-128.7M▲ 0%
Operating Margin %
--2417.79%-479.65%-492.32%-444%-4787.68%-1315.38%-1408.73%
Operating Income Growth %
--84.61%-85.42%-37%-40.25%-44.26%-0.74%-
EBITDA
-13.69M-25M-45.31M-61.5M-88.1M-130.71M-132.95M-125.82M
EBITDA Margin %
--2304.42%-446.83%-454.37%-418.53%-4641.8%-1287.62%-1377.2%
EBITDA Growth %
--82.62%-81.23%-35.72%-43.25%-48.37%-1.71%7.6%
D&A (Non-Cash Add-back)
519K1.23M3.33M5.14M5.36M4.11M2.87M2.88M
EBIT
-14.21M-26.23M-48.63M-65.05M-85.46M-123.85M-135.81M-122.69M
Net Interest Income
552K106K16K415K4.24M8.41M6.05M4.61M
Interest Income
552K106K16K1.59M8M12.06M8.82M7.18M
Interest Expense
0001.18M3.76M3.65M2.77M1.4M
Other Income/Expense
552K106K16K415K4.24M7.32M6.05M4.4M
Pretax Income
-13.66M▲ 0%
-26.13M▼ 91.3%
-48.63M▼ 86.1%
-66.22M▼ 36.2%
-89.22M▼ 34.7%
-127.5M▼ 42.9%
-129.77M▼ 1.8%
-124.31M▲ 0%
Pretax Margin %
--2408.02%-479.49%-489.26%-423.86%-4527.66%-1256.81%-1360.61%
Income Tax
00000000
Effective Tax Rate %
0%0%0%0%0%0%0%0%
Net Income
-13.66M▲ 0%
-26.13M▼ 91.3%
-48.63M▼ 86.1%
-66.22M▼ 36.2%
-89.22M▼ 34.7%
-127.5M▼ 42.9%
-129.77M▼ 1.8%
-124.31M▲ 0%
Net Margin %
--2408.02%-479.49%-489.26%-423.86%-4527.66%-1256.81%-1360.61%
Net Income Growth %
--91.29%-86.11%-36.19%-34.73%-42.91%-1.78%5.46%
Net Income (Continuing)
-13.66M-26.13M-48.63M-66.22M-89.22M-127.5M-129.77M-124.31M
Discontinued Operations
00000000
Minority Interest
00000000
EPS (Diluted)
-0.53▲ 0%
-1.04▼ 96.2%
-2.03▼ 95.2%
-2.74▼ 35.0%
-1.36▲ 50.4%
-1.14▲ 16.2%
-1.00▲ 12.3%
-0.96▲ 0%
EPS Growth %
--96.23%-95.19%-34.98%50.37%16.18%12.28%11.93%
EPS (Basic)
-0.53-1.04-2.03-2.74-1.36-1.14-1.00-
Diluted Shares Outstanding
24.94M24.94M23.91M24.05M65.6M111.99M129.86M129.91M
Basic Shares Outstanding
24.94M24.94M23.91M24.05M65.6M111.99M129.86M129.91M
Dividend Payout Ratio
--------

TCRX Balance Sheet

TScan Therapeutics, Inc. (TCRX) balance sheet — assets, liabilities & shareholders' equity

MetricDec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Total Current Assets
42.38M36.45M165.65M124.13M194.24M292.72M152.41M132.77M
Cash & Short-Term Investments
41.76M34.79M161.41M120.03M192.04M290.11M152.41M128.06M
Cash Only
41.76M34.79M161.41M120.03M133.36M178.69M152.41M128.06M
Short-Term Investments
000058.69M111.42M00
Accounts Receivable
00000000
Days Sales Outstanding
--------
Inventory
00000000
Days Inventory Outstanding
--------
Other Current Assets
004.25M4.1M2.19M2.61M04.71M
Total Non-Current Assets
7M13.29M22.45M74.96M77.91M78.4M76.38M69.22M
Property, Plant & Equipment
6.41M12.53M17.26M69.2M71.23M71.6M064.13M
Fixed Asset Turnover
-0.09x0.59x0.20x0.30x0.04x-0.18x
Goodwill
00000000
Intangible Assets
00000000
Long-Term Investments
005.2M5.04M005.03M10.06M
Other Non-Current Assets
595K761K0725K6.68M6.8M71.35M5.1M
Total Assets
49.38M▲ 0%
49.74M▲ 0.7%
188.11M▲ 278.2%
199.09M▲ 5.8%
272.15M▲ 36.7%
371.12M▲ 36.4%
228.79M▼ 38.4%
201.99M▲ 0%
Asset Turnover
-0.02x0.05x0.07x0.08x0.01x0.05x0.04x
Asset Growth %
-0.72%278.2%5.84%36.7%36.37%-38.35%-122.65%
Total Current Liabilities
2.4M17.45M21.34M17.3M29.82M35.96M18.7M19.97M
Accounts Payable
1.01M2.91M1.76M2.91M2.37M4.28M1.24M2.3M
Days Payables Outstanding
39.0451.62----158.051.9K
Short-Term Debt
001.65M3.68M3.35M07.17M7.44M
Deferred Revenue (Current)
010.63M11.41M3.87M10.14M11.7M014.52M
Other Current Liabilities
31K1.67M3.92M2.48M5.9M6.92M10.29M8.59M
Current Ratio
17.69x2.09x7.76x7.17x6.51x8.14x8.15x6.65x
Quick Ratio
17.69x2.09x7.76x7.17x6.51x8.14x8.15x6.65x
Cash Conversion Cycle
--------
Total Non-Current Liabilities
4.44M74.75M5.99M82.35M91.46M94.19M86.97M85.1M
Long-Term Debt
00029.29M26.7M32.07M32.53M52.45M
Capital Lease Obligations
4.44M6.02M4.39M53.01M59.14M60.74M54.44M168.86M
Deferred Tax Liabilities
00000000
Other Non-Current Liabilities
059.92M97K49K0135K032.65M
Total Liabilities
6.84M92.2M27.33M99.66M121.28M130.15M105.67M105.07M
Total Debt
4.89M7.43M6.04M85.98M92.43M97.38M94.14M59.88M
Net Debt
-36.88M-27.36M-155.36M-34.04M-40.93M-81.31M-58.27M-68.17M
Debt / Equity
0.11x-0.04x0.86x0.61x0.40x0.76x0.62x
Debt / EBITDA
--------0.48x
Net Debt / EBITDA
-------0.54x
Interest Coverage
----55.31x-22.73x-33.90x-49.05x-87.57x
Total Equity
42.54M▲ 0%
-42.46M▼ 199.8%
160.78M▲ 478.6%
99.43M▼ 38.2%
150.87M▲ 51.7%
240.97M▲ 59.7%
123.12M▼ 48.9%
96.92M▲ 0%
Equity Growth %
--199.81%478.64%-38.15%51.73%59.72%-48.91%-170.69%
Book Value per Share
1.71-1.706.724.132.302.150.950.75
Total Shareholders' Equity
42.54M-42.46M160.78M99.43M150.87M240.97M123.12M96.92M
Common Stock
01K3K3K5K6K5K6K
Retained Earnings
-17.41M-43.53M-92.16M-158.38M-247.6M-375.1M-504.86M-533.53M
Treasury Stock
00000000
Accumulated OCI
0000051K00
Minority Interest
00000000

TCRX Cash Flow Statement

TScan Therapeutics, Inc. (TCRX) cash flow — operating, investing & free cash flow history

MetricDec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Cash from Operations
-12.52M-3.02M-48.68M-66.5M-61.36M-110.82M-135.32M-122.01M
Operating CF Margin %
--278.62%-480%-491.34%-291.5%-3935.44%-1310.6%-
Operating CF Growth %
-75.86%-1510.22%-36.62%7.74%-80.62%-22.1%-24.48%
Net Income
-13.66M-26.13M-48.63M-66.22M-89.22M-127.5M-129.77M-124.31M
Depreciation & Amortization
519K1.23M3.33M5.14M5.36M4.11M2.87M2.88M
Stock-Based Compensation
240K515K2.52M4.55M5.21M9.55M11.71M8.29M
Deferred Taxes
00-9.16M00000
Other Non-Cash Items
78K2K9.16M260K-315K-2.03M-1.95M1.8M
Working Capital Changes
299K21.36M-5.9M-10.23M17.61M5.05M-18.18M-10.69M
Change in Receivables
00000000
Change in Inventory
00000000
Change in Payables
161K1.13M10K528K-52K1.99M-3.01M-2.52M
Cash from Investing
-1.25M-4.24M-9.94M-4.22M-60.76M-52.61M109.37M95.77M
Capital Expenditures
-1.25M-4.24M-9.94M-4.22M-3.15M-3.83M-4.41M-2.94M
CapEx % of Revenue
-390.6%98.03%31.22%14.95%135.83%42.68%32.24%
Acquisitions
00000000
Investments
--------
Other Investing
00000000
Cash from Financing
34.81M288K189.67M29.36M135.44M208.76M-336K189K
Debt Issued (Net)
00029.35M015.31M00
Equity Issued (Net)
34.81M288K189.38M193K42.41M33.13M264K264K
Dividends Paid
00000000
Share Repurchases
0000000191K
Other Financing
5K0291K-191K93.03M160.32M-600K-75K
Net Change in Cash
21.04M▲ 0%
-6.97M▼ 133.1%
131.05M▲ 1979.4%
-41.37M▼ 131.6%
13.33M▲ 132.2%
45.33M▲ 240.2%
-26.28M▼ 158.0%
-26.05M▲ 0%
Free Cash Flow
-13.77M▲ 0%
-7.26M▲ 47.3%
-58.62M▼ 707.3%
-70.73M▼ 20.7%
-64.5M▲ 8.8%
-114.65M▼ 77.7%
-139.73M▼ 21.9%
-124.96M▲ 0%
FCF Margin %
--669.22%-578.03%-522.56%-306.45%-4071.27%-1353.28%-1367.74%
FCF Growth %
-47.27%-707.3%-20.66%8.8%-77.74%-21.88%-0.94%
FCF per Share
-0.55-0.29-2.45-2.94-0.98-1.02-1.08-0.96
FCF Conversion (FCF/Net Income)
0.92x0.12x1.00x1.00x0.69x0.87x1.04x1.01x
Interest Paid
00000000
Taxes Paid
00000000

TCRX Key Ratios

TScan Therapeutics, Inc. (TCRX) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric202020212022202320242025TTM
Return on Equity (ROE)
-64511.11%-82.2%-50.9%-71.29%-65.08%-71.28%-91.94%
Return on Invested Capital (ROIC)
---141.16%-79.96%-75.01%-90.74%-144.2%
Gross Margin
-1796.5%100%100%100%100%72.24%92.41%
Net Margin
-2408.02%-479.49%-489.26%-423.86%-4527.66%-1256.81%-1360.61%
Debt / Equity
-0.04x0.86x0.61x0.40x0.76x0.62x
Interest Coverage
---55.31x-22.73x-33.90x-49.05x-87.57x
FCF Conversion
0.12x1.00x1.00x0.69x0.87x1.04x1.01x
Revenue Growth
-834.65%33.47%55.52%-86.62%266.65%106.65%
Related:TCRX Dividend History·TCRX Revenue History·TCRX Price History·TCRX P/E History·TCRX Financial Ratios·TCRX Institutional Holders

TCRX SEC Filings & Documents

TScan Therapeutics, Inc. (TCRX) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

May 6, 2026·SEC

Material company update

Apr 2, 2026·SEC

Material company update

Mar 4, 2026·SEC

10-K Annual Reports

3
FY 2026

Mar 4, 2026·SEC

FY 2025

Mar 5, 2025·SEC

FY 2024

Mar 6, 2024·SEC

10-Q Quarterly Reports

6
FY 2026

May 6, 2026·SEC

FY 2025

Nov 12, 2025·SEC

FY 2025

Aug 12, 2025·SEC

TCRX Frequently Asked Questions

TScan Therapeutics, Inc. (TCRX) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

TScan Therapeutics, Inc. (TCRX) reported $9.1M in revenue for fiscal year 2025.

TScan Therapeutics, Inc. (TCRX) grew revenue by 266.7% over the past year. This is strong growth.

TScan Therapeutics, Inc. (TCRX) reported a net loss of $124.3M for fiscal year 2025.

Dividend & Returns

TScan Therapeutics, Inc. (TCRX) has a return on equity (ROE) of -71.3%. Negative ROE indicates the company is unprofitable.

TScan Therapeutics, Inc. (TCRX) had negative free cash flow of $125.0M in fiscal year 2025, likely due to heavy capital investments.

What if you invested $1,000 in TCRX back in 2019?

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