Revenue remains highly volatile and episodic, evidenced by a 54.8% year-over-year decline in 2026Q1, while R&D intensity continues to drive substantial operating deficits with a -29.7% operating margin.
| Sales/Revenue | 9.14M | 10.32M | 2.82M | 21.05M | 13.54M | 10.14M | 1.08M | 0 |
| Revenue Growth % | 106.65% | 266.65% | -86.62% | 55.52% | 33.47% | 834.65% | - | - |
| Cost of Goods Sold | 693K | 2.87M | 0 | 0 | 0 | 0 | 20.58M | 9.44M |
| COGS % of Revenue | - | 27.76% | - | - | - | - | 1896.5% | - |
| Gross Profit | 8.44M | 7.46M | 2.82M | 21.05M | 13.54M | 10.14M | -19.49M | -9.44M |
| Gross Margin % | 92.41% | 72.24% | 100% | 100% | 100% | 100% | -1796.5% | - |
| Gross Profit Growth % | - | 164.88% | -86.62% | 55.52% | 33.47% | 152.03% | -106.44% | - |
| Operating Expenses | 137.15M | 143.27M | 137.64M | 114.51M | 80.17M | 58.78M | 6.74M | 4.77M |
| OpEx % of Revenue | - | 1387.62% | 4887.68% | 544% | 592.32% | 579.65% | 621.29% | - |
| Selling, General & Admin | 30.56M | 31.99M | 29.56M | 25.49M | 20.35M | 13.83M | 6.74M | 4.77M |
| SG&A % of Revenue | - | 309.81% | 1049.68% | 121.11% | 150.37% | 136.36% | 621.29% | - |
| Research & Development | 106.27M | 114.15M | 107.35M | 88.15M | 59.82M | 44.95M | 20.58M | 9.44M |
| R&D % of Revenue | - | 1105.57% | 3812.14% | 418.8% | 441.96% | 443.29% | 1896.5% | - |
| Other Operating Expenses | 315K | -2.87M | 728K | 862K | 0 | 0 | -20.58M | -9.44M |
| Operating Income | -128.7M | -135.81M | -134.82M | -93.46M | -66.64M | -48.64M | -26.23M | -14.21M |
| Operating Margin % | -1408.73% | -1315.38% | -4787.68% | -444% | -492.32% | -479.65% | -2417.79% | - |
| Operating Income Growth % | - | -0.74% | -44.26% | -40.25% | -37% | -85.42% | -84.61% | - |
| EBITDA | -125.82M | -132.95M | -130.71M | -88.1M | -61.5M | -45.31M | -25M | -13.69M |
| EBITDA Margin % | -1377.2% | -1287.62% | -4641.8% | -418.53% | -454.37% | -446.83% | -2304.42% | - |
| EBITDA Growth % | 7.6% | -1.71% | -48.37% | -43.25% | -35.72% | -81.23% | -82.62% | - |
| D&A (Non-Cash Add-back) | 2.88M | 2.87M | 4.11M | 5.36M | 5.14M | 3.33M | 1.23M | 519K |
| EBIT | -122.69M | -135.81M | -123.85M | -85.46M | -65.05M | -48.63M | -26.23M | -14.21M |
| Net Interest Income | 4.61M | 6.05M | 8.41M | 4.24M | 415K | 16K | 106K | 552K |
| Interest Income | 7.18M | 8.82M | 12.06M | 8M | 1.59M | 16K | 106K | 552K |
| Interest Expense | 1.4M | 2.77M | 3.65M | 3.76M | 1.18M | 0 | 0 | 0 |
| Other Income/Expense | 4.4M | 6.05M | 7.32M | 4.24M | 415K | 16K | 106K | 552K |
| Pretax Income | -124.31M | -129.77M | -127.5M | -89.22M | -66.22M | -48.63M | -26.13M | -13.66M |
| Pretax Margin % | -1360.61% | -1256.81% | -4527.66% | -423.86% | -489.26% | -479.49% | -2408.02% | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -124.31M | -129.77M | -127.5M | -89.22M | -66.22M | -48.63M | -26.13M | -13.66M |
| Net Margin % | -1360.61% | -1256.81% | -4527.66% | -423.86% | -489.26% | -479.49% | -2408.02% | - |
| Net Income Growth % | 5.46% | -1.78% | -42.91% | -34.73% | -36.19% | -86.11% | -91.29% | - |
| Net Income (Continuing) | -124.31M | -129.77M | -127.5M | -89.22M | -66.22M | -48.63M | -26.13M | -13.66M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.96 | -1.00 | -1.14 | -1.36 | -2.74 | -2.03 | -1.04 | -0.53 |
| EPS Growth % | 11.93% | 12.28% | 16.18% | 50.37% | -34.98% | -95.19% | -96.23% | - |
| EPS (Basic) | - | -1.00 | -1.14 | -1.36 | -2.74 | -2.03 | -1.04 | -0.53 |
| Diluted Shares Outstanding | 129.91M | 129.86M | 111.99M | 65.6M | 24.05M | 23.91M | 24.94M | 24.94M |
| Basic Shares Outstanding | 129.91M | 129.86M | 111.99M | 65.6M | 24.05M | 23.91M | 24.94M | 24.94M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Clinical milestone dependency
As reported in financial statements, TCRX's revenue trajectory remains highly volatile, characterized by a 266% year-over-year growth rate that reflects the episodic nature of milestone-based collaboration payments rather than a consistent, scalable commercial revenue stream derived from product sales or recurring service contracts within the biotechnology sector.
The revenue profile is entirely dependent on the timing of research deliverables and partnership milestones, primarily with Novartis. This suggests that investors should view top-line figures as indicators of operational progress in specific collaborations rather than evidence of a sustainable or predictable growth trend.
Based on reported figures, TCRX maintains a cost structure dominated by R&D expenditures, which consistently dwarf revenue and contribute to an operating margin of -1315.38%, highlighting the company's current status as a pre-commercial entity prioritizing pipeline development over near-term expense discipline or operational efficiency in its clinical programs.
The concentration of costs in R&D is typical for a clinical-stage biotech, yet the magnitude of these expenses relative to revenue suggests that the company is aggressively funding its TSC-100/101 and solid tumor programs. This cost structure appears to be a deliberate strategic choice to accelerate platform validation, though it necessitates constant monitoring of the remaining cash runway.
According to recent SEC filings, the company's reported net income is heavily influenced by the recognition of deferred revenue from collaboration agreements, which may mask the underlying cash burn and the lack of recurring, high-quality earnings typical of a mature, commercially viable biotechnology enterprise in this competitive landscape.
The reliance on non-cash adjustments and milestone-based revenue recognition makes traditional EPS metrics less meaningful for assessing long-term value. Analysts should focus on the net change in cash and equivalents to better understand the true economic impact of the company's current research and development activities.
As noted in historical income statement data, the company's decision to pursue a broad pipeline across both hematologic and solid tumors may be viewed as a significant risk, as it spreads limited capital across multiple high-risk bets rather than concentrating resources on a single, proven lead asset.
While the platform-based approach offers potential for long-term value, the current burn rate suggests that the company may face the need for dilutive financing before reaching critical efficacy data. Investors should monitor whether the breadth of the pipeline provides a genuine competitive advantage or merely increases the probability of capital exhaustion.
Quick answers to the most common questions about buying TCRX stock.
For fiscal year 2025, TScan Therapeutics, Inc. (TCRX) reported total revenue of $10.3M.
TScan Therapeutics, Inc. (TCRX) reported a net loss of $129.8M for the fiscal year ending 2025.
TScan Therapeutics, Inc. (TCRX) reported an operating income of $-135.8M, resulting in an operating profit margin of -1315.4%. This margin reflects the operational efficiency of the business before interest and taxes.
TScan Therapeutics, Inc. (TCRX) generated $7.5M in gross profit for the year, representing a gross profit margin of 72.2%. This demonstrates the company's core pricing power and production efficiency.