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TCRX logoTScan Therapeutics, Inc.(TCRX)Earnings, Financials & Key Ratios

TCRX•NASDAQ
$1.25
$162M mkt cap·Price updated May 6, 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%
  • ROIC-90.74%-21.0%
  • Debt/Equity0.76+89.2%
  • Interest Coverage-49.05-44.7%
Technical→

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 1.3x 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.

TCRX Price & Volume

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

Loading chart...

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%
TTM84.44%

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
EPS
$0.22
Est $0.20
-8.6%
Revenue
$982,000
Est $3M
-60.7%
Q2 2026
Mar 4, 2026
EPS
$0.18
Est $0.27
+33.3%
Revenue
$3M
Est $2M
+5.4%
Q4 2025
Nov 12, 2025
EPS
$0.28
Est $0.35
+20.0%
Revenue
$3M
Est $2M
+29.4%
Q3 2025
Aug 12, 2025
EPS
$0.28
Est $0.28
+0.0%
Revenue
$3M
Est $2M
+65.4%
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q2 2026LatestMay 6, 2026
$0.22vs $0.20-8.6%
$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
CompanyMarket CapStock PriceP/E Ratio (TTM)Revenue Growth 1YNet MarginReturn on Equity (ROE)FCF YieldDebt / Equity
IMVT logoIMVTImmunovant, Inc.Direct Competitor5.83B28.67-10.50-47.07%0.00
TCRT logoTCRTAlaunos Therapeutics, Inc.Direct Competitor5.74M2.63-0.90100%-670.83%-167.97%
AGEN logoAGENAgenus Inc.Direct Competitor137.4M3.89-1144.1210.37%0.1%
CABA logoCABACabaletta Bio, Inc.Direct Competitor381.44M3.73-2.27-121.73%0.24
KYMR logoKYMRKymera Therapeutics, Inc.Product Competitor7.04B86.26-23.38-16.72%-6.12%-25.02%0.05
FATE logoFATEFate Therapeutics, Inc.Product Competitor264.17M2.29-1.99-51.24%-20.51%-65.79%0.38
CRSP logoCRSPCRISPR Therapeutics AGProduct Competitor5.31B55.08-8.51-89.97%-138.57%-30.88%0.21
BEAM logoBEAMBeam Therapeutics Inc.Product Competitor3.32B32.33-39.92120.01%-57.24%-7.31%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
Line itemDec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Sales/Revenue01.08M10.14M13.54M21.05M2.82M10.32M8.15M
Revenue Growth %--834.65%33.47%55.52%-86.62%266.65%84.44%
Cost of Goods Sold9.44M20.58M00002.87M1.49M
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%
6.66M▲ 0%
Gross Margin %--1796.5%100%100%100%100%72.24%81.73%
Gross Profit Growth %--106.44%152.03%33.47%55.52%-86.62%164.88%-
Operating Expenses4.77M6.74M58.78M80.17M114.51M137.64M143.27M136.35M
OpEx % of Revenue-621.29%579.65%592.32%544%4887.68%1387.62%-
Selling, General & Admin4.77M6.74M13.83M20.35M25.49M29.56M31.99M31.22M
SG&A % of Revenue-621.29%136.36%150.37%121.11%1049.68%309.81%-
Research & Development9.44M20.58M44.95M59.82M88.15M107.35M114.15M105.67M
R&D % of Revenue-1896.5%443.29%441.96%418.8%3812.14%1105.57%-
Other Operating Expenses-9.44M-20.58M00862K728K-2.87M-547K
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%-1578.39%
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-126.51M
EBITDA Margin %--2304.42%-446.83%-454.37%-418.53%-4641.8%-1287.62%-1551.56%
EBITDA Growth %--82.62%-81.23%-35.72%-43.25%-48.37%-1.71%7.09%
D&A (Non-Cash Add-back)519K1.23M3.33M5.14M5.36M4.11M2.87M2.19M
EBIT-14.21M-26.23M-48.63M-65.05M-85.46M-123.85M-135.81M-102.36M
Net Interest Income552K106K16K415K4.24M8.41M6.05M1.88M
Interest Income552K106K16K1.59M8M12.06M8.82M3.97M
Interest Expense0001.18M3.76M3.65M2.77M1.4M
Other Income/Expense552K106K16K415K4.24M7.32M6.05M4.4M
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%-1524.47%
Income Tax00000000
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%-1524.47%
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 Operations00000000
Minority Interest00000000
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 Outstanding24.94M24.94M23.91M24.05M65.6M111.99M129.86M129.91M
Basic Shares Outstanding24.94M24.94M23.91M24.05M65.6M111.99M129.86M129.91M
Dividend Payout Ratio--------

TCRX Balance Sheet

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

Line itemDec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Total Current Assets42.38M36.45M165.65M124.13M194.24M292.72M152.41M132.77M
Cash & Short-Term Investments41.76M34.79M161.41M120.03M192.04M290.11M152.41M128.06M
Cash Only41.76M34.79M161.41M120.03M133.36M178.69M152.41M128.06M
Short-Term Investments000058.69M111.42M00
Accounts Receivable00000000
Days Sales Outstanding--------
Inventory00000000
Days Inventory Outstanding--------
Other Current Assets004.25M4.1M2.19M2.61M04.71M
Total Non-Current Assets7M13.29M22.45M74.96M77.91M78.4M76.38M69.22M
Property, Plant & Equipment6.41M12.53M17.26M69.2M71.23M71.6M064.13M
Fixed Asset Turnover-0.09x0.59x0.20x0.30x0.04x-0.16x
Goodwill00000000
Intangible Assets00000000
Long-Term Investments005.2M5.04M005.03M10.06M
Other Non-Current Assets595K761K0725K6.68M6.8M71.35M83.55M
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-0.02x0.05x0.07x0.08x0.01x0.05x0.03x
Asset Growth %-0.72%278.2%5.84%36.7%36.37%-38.35%-122.65%
Total Current Liabilities2.4M17.45M21.34M17.3M29.82M35.96M18.7M19.97M
Accounts Payable1.01M2.91M1.76M2.91M2.37M4.28M1.24M2.3M
Days Payables Outstanding39.0451.62----158.05884.08
Short-Term Debt001.65M3.68M3.35M07.17M7.44M
Deferred Revenue (Current)010.63M11.41M3.87M10.14M11.7M014.52M
Other Current Liabilities31K1.67M3.92M2.48M5.9M6.92M10.29M10.89M
Current Ratio17.69x2.09x7.76x7.17x6.51x8.14x8.15x8.15x
Quick Ratio17.69x2.09x7.76x7.17x6.51x8.14x8.15x8.15x
Cash Conversion Cycle--------
Total Non-Current Liabilities4.44M74.75M5.99M82.35M91.46M94.19M86.97M85.1M
Long-Term Debt00029.29M26.7M32.07M32.53M52.45M
Capital Lease Obligations4.44M6.02M4.39M53.01M59.14M60.74M54.44M168.86M
Deferred Tax Liabilities00000000
Other Non-Current Liabilities059.92M97K49K0135K033.05M
Total Liabilities6.84M92.2M27.33M99.66M121.28M130.15M105.67M105.07M
Total Debt4.89M7.43M6.04M85.98M92.43M97.38M94.14M59.88M
Net Debt-36.88M-27.36M-155.36M-34.04M-40.93M-81.31M-58.27M-68.17M
Debt / Equity0.11x-0.04x0.86x0.61x0.40x0.76x0.76x
Debt / EBITDA--------0.47x
Net Debt / EBITDA-------0.54x
Interest Coverage----55.31x-22.73x-33.90x-49.05x-73.07x
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 Share1.71-1.706.724.132.302.150.950.75
Total Shareholders' Equity42.54M-42.46M160.78M99.43M150.87M240.97M123.12M96.92M
Common Stock01K3K3K5K6K5K6K
Retained Earnings-17.41M-43.53M-92.16M-158.38M-247.6M-375.1M-504.86M-533.53M
Treasury Stock00000000
Accumulated OCI0000051K00
Minority Interest00000000

TCRX Cash Flow Statement

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

Line itemDec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Cash from Operations-12.52M-3.02M-48.68M-66.5M-61.36M-110.82M-135.32M-135.32M
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 & Amortization519K1.23M3.33M5.14M5.36M4.11M2.87M2.88M
Stock-Based Compensation240K515K2.52M4.55M5.21M9.55M11.71M10.76M
Deferred Taxes00-9.16M00000
Other Non-Cash Items78K2K9.16M260K-315K-2.03M-1.95M449K
Working Capital Changes299K21.36M-5.9M-10.23M17.61M5.05M-18.18M-11.79M
Change in Receivables00000000
Change in Inventory00000000
Change in Payables161K1.13M10K528K-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%-
Acquisitions00000000
Investments--------
Other Investing00000000
Cash from Financing34.81M288K189.67M29.36M135.44M208.76M-336K189K
Debt Issued (Net)00029.35M015.31M00
Equity Issued (Net)34.81M288K189.38M193K42.41M33.13M264K264K
Dividends Paid00000000
Share Repurchases0000000191K
Other Financing5K0291K-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%-1532.46%
FCF Growth %-47.27%-707.3%-20.66%8.8%-77.74%-21.88%-0.94%
FCF per Share-0.55-0.29-2.45-2.94-0.98-1.02-1.08-1.08
FCF Conversion (FCF/Net Income)0.92x0.12x1.00x1.00x0.69x0.87x1.04x1.01x
Interest Paid00000000
Taxes Paid00000000

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%-90.74%
Gross Margin-1796.5%100%100%100%100%72.24%81.73%
Net Margin-2408.02%-479.49%-489.26%-423.86%-4527.66%-1256.81%-1524.47%
Debt / Equity-0.04x0.86x0.61x0.40x0.76x0.76x
Interest Coverage---55.31x-22.73x-33.90x-49.05x-73.07x
FCF Conversion0.12x1.00x1.00x0.69x0.87x1.04x1.01x
Revenue Growth-834.65%33.47%55.52%-86.62%266.65%84.44%

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 $8.2M 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.

Explore More TCRX

TScan Therapeutics, Inc. (TCRX) financial analysis — history, returns, DCA and operating performance tools

Total Return Calculator

Historical returns with dividends reinvested

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DCA Calculator

Dollar cost averaging vs lump sum

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Dividend History

Yield, growth, payout safety & DRIP

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Earnings History

EPS trends, net income & profitability

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Price History

Long-term charts & historical price data

→

Revenue History

Sales growth patterns & revenue breakdown

→

Financial Ratios

30 years of market, efficiency and balance-sheet ratios

→

Valuation

DCF intrinsic value, peer multiples & estimates

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