TScan Therapeutics (TCRX)
Market Price (10/15/2026): $0.2117 | Market Cap: $27.5 MilSector: Health Care | Industry: Biotechnology
TScan Therapeutics (TCRX)
Market Price (10/15/2026): $0.2117Market Cap: $27.5 MilSector: Health CareIndustry: Biotechnology
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -34% Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -73% Megatrend and thematic driversMegatrends include Biotechnology & Genomics, Precision Medicine, and Aging Population & Chronic Disease. Themes include Gene Editing & Therapy, Show more. | Weak multi-year price returns2Y Excs Rtn is -131%, 3Y Excs Rtn is -173% | Penny stockMkt Price is 0.2 Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -121 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -1695% Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -22%, Rev Chg QQuarterly Revenue Change % is -66% Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 138% Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -1635%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -1666% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -435% Key risksTCRX key risks include [1] significant clinical trial delays and regulatory hurdles for its lead programs and [2] specific efficacy and safety concerns for its lead candidate, Show more. |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -34% |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -73% |
| Megatrend and thematic driversMegatrends include Biotechnology & Genomics, Precision Medicine, and Aging Population & Chronic Disease. Themes include Gene Editing & Therapy, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -131%, 3Y Excs Rtn is -173% |
| Penny stockMkt Price is 0.2 |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -121 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -1695% |
| Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -22%, Rev Chg QQuarterly Revenue Change % is -66% |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 138% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -1635%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -1666% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -435% |
| Key risksTCRX key risks include [1] significant clinical trial delays and regulatory hurdles for its lead programs and [2] specific efficacy and safety concerns for its lead candidate, Show more. |
Qualitative Assessment
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Updated on 10/8/2026
TScan Therapeutics (TCRX) stock has lost about 80% since 6/30/2026 because of the following key factors:
1. Strategic Reorganization and Halted Heme Program Development.
On September 2, 2026, TScan Therapeutics announced a significant strategic reorganization, shifting its core focus to in vivo cell therapy for solid tumors and pausing further development of its heme malignancies program, including the pivotal Phase 3 ALLOHA-2™ trial for TSC-101. This reorganization also involved a workforce reduction of approximately 75% and the elimination of its internal manufacturing organization, projected to yield cumulative cost savings of $55.0 million through the end of 2027. This news triggered a substantial single-day stock decline of -41.92% on September 2, 2026.
2. Deteriorating Financial Position and Accelerated Debt Amortization.
TScan Therapeutics reported a decline in collaboration and license revenue to $1.1 million in fiscal Q2 2026 (ended June 30, 2026), down from $3.1 million in fiscal Q2 2025. The company also continued to experience substantial net losses, reporting a net loss of $30.4 million in fiscal Q2 2026. Furthermore, its cash and cash equivalents, which stood at $100.2 million as of June 30, 2026, were projected to fund operations only into fiscal Q2 2027. This outlook incorporated the commencement of a two-year term-loan amortization beginning in fiscal Q4 2026, a consequence of not achieving certain non-covenant milestones by June 30, 2026, which further pressured its financial runway.
Show more
TScan Therapeutics (TCRX) stock has lost about 80% since 6/30/2026 because of the following key factors:
1. Strategic Reorganization and Halted Heme Program Development.
On September 2, 2026, TScan Therapeutics announced a significant strategic reorganization, shifting its core focus to in vivo cell therapy for solid tumors and pausing further development of its heme malignancies program, including the pivotal Phase 3 ALLOHA-2™ trial for TSC-101. This reorganization also involved a workforce reduction of approximately 75% and the elimination of its internal manufacturing organization, projected to yield cumulative cost savings of $55.0 million through the end of 2027. This news triggered a substantial single-day stock decline of -41.92% on September 2, 2026.
2. Deteriorating Financial Position and Accelerated Debt Amortization.
TScan Therapeutics reported a decline in collaboration and license revenue to $1.1 million in fiscal Q2 2026 (ended June 30, 2026), down from $3.1 million in fiscal Q2 2025. The company also continued to experience substantial net losses, reporting a net loss of $30.4 million in fiscal Q2 2026. Furthermore, its cash and cash equivalents, which stood at $100.2 million as of June 30, 2026, were projected to fund operations only into fiscal Q2 2027. This outlook incorporated the commencement of a two-year term-loan amortization beginning in fiscal Q4 2026, a consequence of not achieving certain non-covenant milestones by June 30, 2026, which further pressured its financial runway.
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Updated on 10/8/2026
TScan Therapeutics (TCRX) stock has lost about 80% since 6/30/2026 because of the following key factors:
1. Strategic Reorganization and Halted Heme Program Development.
On September 2, 2026, TScan Therapeutics announced a significant strategic reorganization, shifting its core focus to in vivo cell therapy for solid tumors and pausing further development of its heme malignancies program, including the pivotal Phase 3 ALLOHA-2™ trial for TSC-101. This reorganization also involved a workforce reduction of approximately 75% and the elimination of its internal manufacturing organization, projected to yield cumulative cost savings of $55.0 million through the end of 2027. This news triggered a substantial single-day stock decline of -41.92% on September 2, 2026.
2. Deteriorating Financial Position and Accelerated Debt Amortization.
TScan Therapeutics reported a decline in collaboration and license revenue to $1.1 million in fiscal Q2 2026 (ended June 30, 2026), down from $3.1 million in fiscal Q2 2025. The company also continued to experience substantial net losses, reporting a net loss of $30.4 million in fiscal Q2 2026. Furthermore, its cash and cash equivalents, which stood at $100.2 million as of June 30, 2026, were projected to fund operations only into fiscal Q2 2027. This outlook incorporated the commencement of a two-year term-loan amortization beginning in fiscal Q4 2026, a consequence of not achieving certain non-covenant milestones by June 30, 2026, which further pressured its financial runway.
3. Analyst Downgrade.
The company experienced an analyst downgrade on September 16, 2026, when Wedbush changed its rating for TScan Therapeutics (TCRX) from "outperform" to "neutral." This negative revision in analyst sentiment likely contributed to the downward pressure on the stock price.
Show less
TScan Therapeutics (TCRX) stock has lost about 80% since 6/30/2026 because of the following key factors:
1. Strategic Reorganization and Halted Heme Program Development.
On September 2, 2026, TScan Therapeutics announced a significant strategic reorganization, shifting its core focus to in vivo cell therapy for solid tumors and pausing further development of its heme malignancies program, including the pivotal Phase 3 ALLOHA-2™ trial for TSC-101. This reorganization also involved a workforce reduction of approximately 75% and the elimination of its internal manufacturing organization, projected to yield cumulative cost savings of $55.0 million through the end of 2027. This news triggered a substantial single-day stock decline of -41.92% on September 2, 2026.
2. Deteriorating Financial Position and Accelerated Debt Amortization.
TScan Therapeutics reported a decline in collaboration and license revenue to $1.1 million in fiscal Q2 2026 (ended June 30, 2026), down from $3.1 million in fiscal Q2 2025. The company also continued to experience substantial net losses, reporting a net loss of $30.4 million in fiscal Q2 2026. Furthermore, its cash and cash equivalents, which stood at $100.2 million as of June 30, 2026, were projected to fund operations only into fiscal Q2 2027. This outlook incorporated the commencement of a two-year term-loan amortization beginning in fiscal Q4 2026, a consequence of not achieving certain non-covenant milestones by June 30, 2026, which further pressured its financial runway.
3. Analyst Downgrade.
The company experienced an analyst downgrade on September 16, 2026, when Wedbush changed its rating for TScan Therapeutics (TCRX) from "outperform" to "neutral." This negative revision in analyst sentiment likely contributed to the downward pressure on the stock price.
Show less
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Stock Movement Drivers
Fundamental Drivers
The -78.5% change in TCRX stock from 6/30/2026 to 10/14/2026 was primarily driven by a -72.4% change in the company's P/S Multiple.| (LTM values as of) | 6302026 | 10142026 | Change |
|---|---|---|---|
| Stock Price ($) | 0.98 | 0.21 | -78.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 9 | 7 | -22.2% |
| P/S Multiple | 13.9 | 3.8 | -72.4% |
| Shares Outstanding (Mil) | 130 | 130 | 0.0% |
| Cumulative Contribution | -78.5% |
Market Drivers
6/30/2026 to 10/14/2026| Return | Correlation | |
|---|---|---|
| TCRX | -78.5% | |
| Market (SPY) | 3.1% | -0.6% |
| Sector (XLV) | 9.6% | -2.8% |
Fundamental Drivers
The -79.1% change in TCRX stock from 3/31/2026 to 10/14/2026 was primarily driven by a -69.7% change in the company's P/S Multiple.| (LTM values as of) | 3312026 | 10142026 | Change |
|---|---|---|---|
| Stock Price ($) | 1.01 | 0.21 | -79.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 10 | 7 | -31.1% |
| P/S Multiple | 12.7 | 3.8 | -69.7% |
| Shares Outstanding (Mil) | 130 | 130 | -0.1% |
| Cumulative Contribution | -79.1% |
Market Drivers
3/31/2026 to 10/14/2026| Return | Correlation | |
|---|---|---|
| TCRX | -79.1% | |
| Market (SPY) | 18.6% | 10.5% |
| Sector (XLV) | 19.2% | 4.8% |
Fundamental Drivers
The -88.4% change in TCRX stock from 9/30/2025 to 10/14/2026 was primarily driven by a -88.7% change in the company's P/S Multiple.| (LTM values as of) | 9302025 | 10142026 | Change |
|---|---|---|---|
| Stock Price ($) | 1.82 | 0.21 | -88.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 7 | 7 | 2.2% |
| P/S Multiple | 33.9 | 3.8 | -88.7% |
| Shares Outstanding (Mil) | 130 | 130 | -0.2% |
| Cumulative Contribution | -88.4% |
Market Drivers
9/30/2025 to 10/14/2026| Return | Correlation | |
|---|---|---|
| TCRX | -88.4% | |
| Market (SPY) | 16.5% | 19.1% |
| Sector (XLV) | 26.6% | 13.7% |
Fundamental Drivers
The -91.8% change in TCRX stock from 9/30/2023 to 10/14/2026 was primarily driven by a -63.7% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 9302023 | 10142026 | Change |
|---|---|---|---|
| Stock Price ($) | 2.56 | 0.21 | -91.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 16 | 7 | -56.7% |
| P/S Multiple | 7.4 | 3.8 | -47.7% |
| Shares Outstanding (Mil) | 47 | 130 | -63.7% |
| Cumulative Contribution | -91.8% |
Market Drivers
9/30/2023 to 10/14/2026| Return | Correlation | |
|---|---|---|
| TCRX | -91.8% | |
| Market (SPY) | 86.2% | 20.9% |
| Sector (XLV) | 41.5% | 20.6% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| TCRX Return | -57% | -66% | 276% | -48% | -67% | -78% | -98% |
| Peers Return | 14% | -35% | -20% | -6% | -3% | 89% | 4% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 14% | 108% |
Monthly Win Rates [3] | |||||||
| TCRX Win Rate | 17% | 33% | 75% | 42% | 50% | 30% | |
| Peers Win Rate | 42% | 37% | 38% | 52% | 50% | 58% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| TCRX Max Drawdown | - | -72% | -58% | -70% | -71% | -85% | |
| Peers Max Drawdown | -38% | -52% | -51% | -51% | -53% | -39% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: GILD, BMY, IOVA, NTLA, ATRA.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 10/14/2026 (YTD)
How Low Can It Go
| Event | TCRX | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -47.1% | -18.8% |
| % Gain to Breakeven | 89.1% | 23.1% |
| Time to Breakeven | 180 days | 79 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -36.4% | -6.7% |
| % Gain to Breakeven | 57.3% | 7.1% |
| Time to Breakeven | 8 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -65.1% | -24.5% |
| % Gain to Breakeven | 186.7% | 32.4% |
| Time to Breakeven | 366 days | 427 days |
In The Past
TScan Therapeutics's stock fell -47.1% during the 2025 US Tariff Shock. Such a loss loss requires a 89.1% gain to breakeven.
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Asset Allocation
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| Event | TCRX | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -47.1% | -18.8% |
| % Gain to Breakeven | 89.1% | 23.1% |
| Time to Breakeven | 180 days | 79 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -36.4% | -6.7% |
| % Gain to Breakeven | 57.3% | 7.1% |
| Time to Breakeven | 8 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -65.1% | -24.5% |
| % Gain to Breakeven | 186.7% | 32.4% |
| Time to Breakeven | 366 days | 427 days |
In The Past
TScan Therapeutics's stock fell -47.1% during the 2025 US Tariff Shock. Such a loss loss requires a 89.1% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About TScan Therapeutics (TCRX)
TScan Therapeutics (TCRX) is a preclinical-stage biopharmaceutical company dedicated to developing cutting-edge T cell receptor-engineered T cell (TCR-T) therapies. The company's primary focus is on leveraging the body's own immune system to fight cancer by engineering T cells to specifically recognize and destroy malignant cells. This innovative approach positions TScan at the forefront of immunotherapy research.
The company's pipeline includes several key therapeutic candidates. For patients with hematologic malignancies (blood cancers), TScan is developing TSC-100 and TSC-101, designed to eliminate residual leukemia and prevent relapse after hematopoietic stem cell transplantation. Additionally, TScan has a portfolio of programs, including TSC-200 through TSC-204, aimed at treating various solid tumors. Beyond oncology, TScan is also exploring the development of vaccines for infectious diseases, such as SARS-CoV-2.
TScan's main customers are patients with difficult-to-treat cancers, seeking advanced immunotherapeutic solutions for both blood cancers and solid tumors. The company also collaborates strategically, including an agreement with Novartis Institutes for BioMedical Research, Inc., to identify novel cancer antigens. TScan's efforts are concentrated on addressing significant unmet medical needs in oncology and potentially in the prevention of infectious diseases.
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Analogy 1: "An early-stage Moderna or BioNTech, but focused on engineering T-cells to fight cancer rather than primarily developing mRNA vaccines."
Analogy 2: "Like a next-generation Gilead Sciences (Kite Pharma) or Novartis for advanced engineered T-cell cancer treatments."
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- TCR-engineered T-cell therapies for hematologic malignancies: These therapies, including TSC-100 and TSC-101, are designed to eliminate residual leukemia and prevent relapse after hematopoietic stem cell transplantation.
- TCR-engineered T-cell therapies for solid tumors: This pipeline includes candidates like TSC-200, TSC-201, TSC-202, TSC-203, and TSC-204 for the treatment of various solid tumor cancers.
- Vaccines for infectious diseases: The company is also developing vaccines targeting infectious diseases, such as SARS-CoV-2.
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TScan Therapeutics (TCRX) is a preclinical-stage biopharmaceutical company, meaning it is focused on research and development and has not yet brought products to market for sale to individuals or healthcare providers. Therefore, its primary "customers" or revenue-generating relationships are typically with other companies through collaborations and licensing agreements.
Based on the provided information, TScan Therapeutics has a significant collaboration and license agreement with:
- Novartis Institutes for BioMedical Research, Inc. (a subsidiary of Novartis AG, symbol: NVS)
This agreement makes Novartis a major "customer" in the context of TScan Therapeutics' research, technology, and potential future product rights.
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Thermo Fisher Scientific (TMO)
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Gavin MacBeath, Ph.D. Chief Executive Officer
Dr. MacBeath was appointed CEO in May 2023, having served as acting CEO since March 2023. He has over two decades of experience in academia and industry, including founding companies and advancing research from early-stage discovery to drug approval. Prior to TScan, he co-founded Merrimack Pharmaceuticals, serving as Senior Vice President of Discovery where he progressed several biologics through IND, Phase 1, and Phase 2 clinical development. He also served as Chief Scientific Officer at Abpro. Dr. MacBeath has co-founded three oncology companies.
Jason Amello Chief Financial Officer and Treasurer
Mr. Amello joined TScan as Chief Financial Officer and Treasurer in January 2024. He previously served as CFO, Treasurer, and Secretary at Candel Therapeutics, Inc. His extensive experience includes CFO and Treasurer roles at Saniona AB and Akebia Therapeutics, Inc., as well as Executive Vice President, CFO, and Treasurer of Alaunos Therapeutics, Inc. (formerly ZIOPHARM Oncology, Inc.). From 2000 to 2011, Mr. Amello held various finance leadership positions at Genzyme Corporation (acquired by Sanofi), including Senior Vice President and Chief Accounting Officer, where he advised on mergers and acquisitions, including the company's sale to Sanofi for approximately $20 billion. He also served on the Board of Directors of Acer Therapeutics, Inc.
Chrystal Louis, M.D., M.P.H. Chief Medical Officer
Dr. Louis joined TScan as Chief Medical Officer in April 2024. Before TScan, she was the Senior Vice President of hematology clinical development at Zentalis Pharmaceuticals, Inc. She also served as Vice President, Head of Medical Affairs at CRISPR Therapeutics, Inc.
Zoran Zdraveski, J.D., Ph.D. Chief Legal and Strategy Officer and Secretary
Dr. Zdraveski has served as TScan's Chief Legal and Strategy Officer and Secretary since September 2021. He brings over 20 years of legal, intellectual property, and business operations experience within the biopharmaceutical industry, with previous tenure at Alnylam Pharmaceuticals, Inc.
Justin McCue, Ph.D. Chief Technology Officer
Dr. McCue was appointed Chief Technology Officer in December 2023. He has over 20 years of experience in biologics and cell therapy manufacturing, encompassing process/analytical development, technical operations, clinical development, and commercialization of T cell therapy products. Prior to joining TScan, he served as Chief Technology Officer at Avectas, and previously as Vice President of Technical Operations at Repertoire Immune Medicines.
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TScan Therapeutics (NASDAQ: TCRX) faces several key business risks inherent to its nature as a clinical-stage biopharmaceutical company.
The most significant risk is the **uncertainty of clinical trial outcomes and regulatory approval** for its T cell receptor-engineered T cell (TCR-T) therapies. As a company whose business depends heavily on the success of its proprietary platform, the failure of any of its drug candidates, such as TSC-100, TSC-101, or those targeting solid tumors, in clinical trials or to gain regulatory approval would materially impact its share value and overall viability. The company's pipeline largely remains in early clinical stages, and the inherently speculative nature of biotechnology means most of its intellectual property is largely unproven. Its future largely hinges on the success of its lead hematologic malignancy candidate, TSC-101.
Secondly, **financial health and the ongoing need for substantial additional funding** pose a critical risk. TScan Therapeutics has incurred significant losses since its inception and anticipates continuing to incur losses for several more years, with no guarantee of achieving or sustaining profitability. The company's financial challenges are highlighted by a negative earnings per share and net margin, and an Altman Z-Score in the "distress zone," indicating a potential risk of bankruptcy within two years, as of March 2026. Although TScan projects its current capital will sustain operations until the latter half of 2027, it will require substantial additional funding to complete the development and potential commercialization of its product candidates. Failure to raise sufficient capital could force the company to delay, reduce, or eliminate crucial product development programs or commercialization efforts.
Finally, **intense competition and the protection of intellectual property** represent a substantial risk. TScan Therapeutics operates in a highly competitive and rapidly evolving biopharmaceutical environment. The company's business relies on its proprietary platform for identifying and developing novel TCR-T therapies, making the establishment and maintenance of intellectual property protection crucial. Competition from other companies developing similar therapies, or the inability to effectively protect its intellectual property, could limit TScan's market share and profitability.
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TScan Therapeutics (TCRX) is anticipated to drive future revenue growth over the next 2-3 years through the following key initiatives:
- Advancement and Potential Commercialization of TSC-101 for Hematologic Malignancies: The primary driver of future revenue growth is the progression and potential market entry of TSC-101, a T cell receptor-engineered T cell (TCR-T) therapy for hematologic malignancies. TScan Therapeutics plans to initiate a pivotal trial for TSC-101 for acute myeloid leukemia (AML) and myelodysplastic syndromes (MDS) in the second quarter of 2026. Positive clinical trial results and subsequent regulatory approval would be a significant catalyst for commercial revenue generation. Further, preliminary data has shown 100% relapse-free survival in AML patients treated with TSC-101 at two-year follow-up.
- Expansion of the Hematologic Malignancies Pipeline: TScan is actively expanding its heme malignancies program beyond TSC-101. The company received FDA clearance for Investigational New Drug (IND) applications for TSC-102-A01 and TSC-102-A03, designed to target CD45 in patients with specific HLA types. A Phase 1 study for these additional candidates is slated to begin in the second half of 2026, broadening the potential patient population and future revenue streams within this prioritized therapeutic area.
- Strategic Collaboration and Licensing Agreements: Collaboration and licensing agreements are expected to be a continued source of revenue. In 2025, TScan Therapeutics reported $10.3 million in collaboration and license revenue, primarily driven by timing of activities under its collaboration with Amgen. While a prior collaboration agreement with Novartis concluded in March 2023, ongoing and new partnerships leveraging TScan's proprietary T-cell receptor discovery platform could provide upfront payments, research funding, milestone payments, and royalties, contributing to revenue growth.
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Share Repurchases
TScan Therapeutics (TCRX) has made no share repurchases over the last 3-5 years.
Share Issuance
- As of December 31, 2025, TScan Therapeutics had 52,625,035 shares of voting common stock and 4,276,588 shares of non-voting common stock outstanding.
- Including common stock and pre-funded warrants, the pro forma outstanding shares were 129,913,390 as of December 31, 2025.
- In January 2026, officers Dworak Leiden and Zoran Zdraveski received stock option grants for 100,000 and 350,000 shares, respectively, with an exercise price of $1.12 per share.
Inbound Investments
- Revenue, primarily from its collaboration agreement with Amgen, increased to $10.3 million for the full-year 2025, up from $2.8 million in 2024.
- The company held $152.4 million in cash and cash equivalents as of December 31, 2025, which is projected to fund operations into the second half of 2027.
Capital Expenditures
- Capital expenditures for 2025 amounted to $4.4 million.
- Research and development (R&D) expenses were $114.2 million for the full-year 2025, an increase from $107.4 million in 2024, reflecting a significant allocation towards its clinical programs.
- TScan anticipates the need for substantial additional funding to complete the development and potential commercialization of its product candidates.
Peer Outperformance in Biotechnology
TCRX has trailed 75% of its 360 Biotechnology peers over 5Y. Biotechnology ranks 9th of 10 industries in Health Care by median 5Y return. The sector’s gains have largely come from elsewhere.
Share of Biotechnology constituents that TCRX has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
6%
of 450 industry peers · -90.1% return
3Y
16%
of 396 industry peers · -93.6% return
5Y
25%
of 360 industry peers · -96.8% return
No Biotechnology peer with a comparable growth profile has beaten TCRX by more than 20pp over 5Y.
Median price return by industry across the Health Care sector, ranked by 5Y. Biotechnology is TCRX's own industry. Use this to see which corners of the sector have carried the returns.
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Health Care Distributors | 6 | 15.2% | 47.5% | 101.1% | CAH 456% · MCK 395% · COR 193% |
| Health Care Services | 20 | 21.8% | 36.8% | 9.2% | HIMS 256% · RDNT 152% · DGX 80% |
| Managed Health Care | 8 | 40.1% | -2.3% | 8.0% | OSCR 133% · HQY 42% · ELV 22% |
| Health Care Facilities | 24 | 3.2% | 18.1% | 6.2% | THC 337% · NHC 272% · EHC 144% |
| Health Care Equipment | 50 | -2.1% | 3.7% | -13.7% | UFPT 365% · GKOS 252% · TMDX 183% |
| Pharmaceuticals | 61 | -8.9% | -4.7% | -32.7% | LQDA 720% · KNSA 573% · CORT 459% |
| Health Care Supplies | 12 | 29.1% | -4.7% | -35.3% | LNTH 328% · HAE 74% · MMSI 22% |
| Life Sciences Tools & Services | 109 | -13.5% | -6.4% | -67.0% | NTRA 257% · MEDP 232% · GH 59% |
| Biotechnology ← | 361 | -24.8% | -28.4% | -81.2% | DNTH 1023% · ELVN 926% · ADMA 804% |
| Health Care Technology | 22 | -27.8% | -63.0% | -83.6% | VEEV 1% · DOCS -61% |
Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| TScan Therapeutics Earnings Notes | 12/16/2025 | |
| TScan Therapeutics Stock Drop Looks Sharp, But How Deep Can It Go? | 10/17/2025 |
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 12.68 |
| Mkt Cap | 3.9 |
| Rev LTM | 192 |
| Op Inc LTM | -67 |
| FCF LTM | -70 |
| FCF 3Y Avg | -92 |
| CFO LTM | -69 |
| CFO 3Y Avg | -90 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 4.3% |
| Rev Chg 3Y Avg | 4.2% |
| Rev Chg Q | -20.2% |
| QoQ Delta Rev Chg LTM | -4.3% |
| Op Inc Chg LTM | 16.9% |
| Op Inc Chg 3Y Avg | 0.5% |
| Op Mgn LTM | -160.4% |
| Op Mgn 3Y Avg | -362.5% |
| QoQ Delta Op Mgn LTM | -38.3% |
| CFO/Rev LTM | -217.4% |
| CFO/Rev 3Y Avg | -334.7% |
| FCF/Rev LTM | -222.3% |
| FCF/Rev 3Y Avg | -343.8% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Development of T cell receptor (TCR)-engineered T cell (TCR-T) therapies for the treatment of | 10 | 3 | 21 | 14 | 10 |
| Total | 10 | 3 | 21 | 14 | 10 |
| $ Mil | 2025 | 2024 |
|---|---|---|
| Development of T cell receptor (TCR)-engineered T cell (TCR-T) therapies for the treatment of | -130 | -127 |
| Total | -130 | -127 |
Price Behavior
Price Behavior
| Market Price | $0.21 | |
| Market Cap ($ Bil) | 0.0 | |
| First Trading Date | 07/16/2021 | |
| Distance from 52W High | -91.6% | |
| 50 Days | 200 Days | |
| DMA Price | $0.50 | $0.91 |
| DMA Trend | down | down |
| Distance from DMA | -57.5% | -76.7% |
| 3M | 1YR | |
| Volatility | 111.0% | 98.6% |
| Downside Capture | 306.93 | 293.08 |
| Upside Capture | -465.91 | -23.11 |
| Correlation (S&P 500) | 4.6% | 21.3% |
TCRX Betas & Captures as of 9/30/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.07 | -0.32 | -0.31 | 0.80 | 1.46 | 1.22 |
| Up Beta | 30.35 | 6.16 | 4.51 | 2.51 | 2.54 | 1.23 |
| Down Beta | 2.60 | -0.47 | 3.00 | 1.26 | 0.76 | 1.09 |
| Up Capture | -731% | -384% | -313% | -79% | 5% | 37% |
| Bmk +ve Days | 6 | 16 | 27 | 66 | 132 | 424 |
| Stock +ve Days | 8 | 19 | 28 | 58 | 108 | 337 |
| Down Capture | 458% | 189% | 85% | 157% | 163% | 111% |
| Bmk -ve Days | 16 | 26 | 37 | 60 | 120 | 328 |
| Stock -ve Days | 13 | 22 | 35 | 62 | 126 | 377 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with TCRX | |
|---|---|---|---|---|
| TCRX | -90.5% | 98.6% | -1.87 | - |
| Sector ETF (XLV) | 24.2% | 16.0% | 1.16 | 12.0% |
| Equity (SPY) | 17.1% | 12.7% | 0.96 | 20.5% |
| Gold (GLD) | -0.6% | 29.4% | -0.02 | 11.7% |
| Commodities (DBC) | 49.3% | 20.7% | 1.82 | -8.8% |
| Real Estate (VNQ) | 5.7% | 13.7% | 0.15 | 15.7% |
| Bitcoin (BTCUSD) | -27.9% | 43.7% | -0.63 | 17.2% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with TCRX | |
|---|---|---|---|---|
| TCRX | -50.9% | 99.5% | -0.26 | - |
| Sector ETF (XLV) | 8.4% | 15.2% | 0.35 | 11.6% |
| Equity (SPY) | 13.6% | 17.1% | 0.60 | 14.3% |
| Gold (GLD) | 17.9% | 18.9% | 0.76 | 5.0% |
| Commodities (DBC) | 10.0% | 19.5% | 0.39 | -1.7% |
| Real Estate (VNQ) | 1.2% | 18.8% | -0.05 | 11.5% |
| Bitcoin (BTCUSD) | 8.5% | 51.8% | 0.34 | 9.2% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with TCRX | |
|---|---|---|---|---|
| TCRX | -31.8% | 99.4% | -0.28 | - |
| Sector ETF (XLV) | 11.1% | 16.7% | 0.54 | 11.7% |
| Equity (SPY) | 15.4% | 17.9% | 0.73 | 14.1% |
| Gold (GLD) | 12.0% | 16.4% | 0.60 | 4.8% |
| Commodities (DBC) | 8.2% | 18.1% | 0.37 | -1.6% |
| Real Estate (VNQ) | 4.8% | 20.7% | 0.19 | 11.0% |
| Bitcoin (BTCUSD) | 63.5% | 66.2% | 1.03 | 7.3% |
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Returns Analyses
Earnings Returns History
Updated 9/30/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/12/2026 | -0.5% | 6.2% | -59.1% |
| 5/6/2026 | 3.3% | -5.0% | -15.7% |
| 3/4/2026 | 4.3% | 14.0% | -0.5% |
| 11/12/2025 | -2.5% | -18.8% | -17.2% |
| 8/12/2025 | 3.7% | 11.2% | 14.3% |
| 5/6/2025 | -9.3% | -8.7% | 18.7% |
| 3/5/2025 | -5.0% | -9.9% | -37.1% |
| 11/12/2024 | -4.9% | -26.3% | -46.0% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 10 | 9 | 8 |
| # Negative | 11 | 12 | 13 |
| Median Positive | 3.5% | 11.2% | 13.2% |
| Median Negative | -4.9% | -9.3% | -25.7% |
| Max Positive | 42.6% | 38.3% | 93.9% |
| Max Negative | -21.2% | -30.9% | -59.1% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/12/2026 | -0.5% | 6.2% | -59.1% |
| 5/6/2026 | 3.3% | -5.0% | -15.7% |
| 3/4/2026 | 4.3% | 14.0% | -0.5% |
| 11/12/2025 | -2.5% | -18.8% | -17.2% |
| 8/12/2025 | 3.7% | 11.2% | 14.3% |
| 5/6/2025 | -9.3% | -8.7% | 18.7% |
| 3/5/2025 | -5.0% | -9.9% | -37.1% |
| 11/12/2024 | -4.9% | -26.3% | -46.0% |
| 8/12/2024 | 1.4% | -3.0% | 0.0% |
| 5/13/2024 | 3.6% | 16.2% | 10.1% |
| 3/6/2024 | 1.7% | -3.8% | 0.9% |
| 11/9/2023 | -0.9% | 9.4% | 50.8% |
| 8/10/2023 | -2.3% | -2.3% | 12.1% |
| 5/10/2023 | 42.6% | 17.4% | -8.5% |
| 3/8/2023 | 0.6% | -20.0% | -35.5% |
| 11/9/2022 | -1.6% | 4.3% | -18.3% |
| 8/10/2022 | -9.9% | -24.1% | -15.7% |
| 5/9/2022 | -8.3% | 38.3% | 93.9% |
| 3/9/2022 | 5.4% | -2.4% | -25.7% |
| 11/10/2021 | 0.8% | 0.1% | -26.4% |
| 8/19/2021 | -21.2% | -30.9% | -53.7% |
| SUMMARY STATS | |||
| # Positive | 10 | 9 | 8 |
| # Negative | 11 | 12 | 13 |
| Median Positive | 3.5% | 11.2% | 13.2% |
| Median Negative | -4.9% | -9.3% | -25.7% |
| Max Positive | 42.6% | 38.3% | 93.9% |
| Max Negative | -21.2% | -30.9% | -59.1% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/12/2026 | 10-Q |
| 03/31/2026 | 05/06/2026 | 10-Q |
| 12/31/2025 | 03/04/2026 | 10-K |
| 09/30/2025 | 11/12/2025 | 10-Q |
| 06/30/2025 | 08/12/2025 | 10-Q |
| 03/31/2025 | 05/06/2025 | 10-Q |
| 12/31/2024 | 03/05/2025 | 10-K |
| 09/30/2024 | 11/12/2024 | 10-Q |
| 06/30/2024 | 08/12/2024 | 10-Q |
| 03/31/2024 | 05/13/2024 | 10-Q |
| 12/31/2023 | 03/06/2024 | 10-K |
| 09/30/2023 | 11/09/2023 | 10-Q |
| 06/30/2023 | 08/10/2023 | 10-Q |
| 03/31/2023 | 05/10/2023 | 10-Q |
| 12/31/2022 | 03/08/2023 | 10-K |
| 09/30/2022 | 11/09/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/12/2026 | 10-Q |
| 03/31/2026 | 05/06/2026 | 10-Q |
| 12/31/2025 | 03/04/2026 | 10-K |
| 09/30/2025 | 11/12/2025 | 10-Q |
| 06/30/2025 | 08/12/2025 | 10-Q |
| 03/31/2025 | 05/06/2025 | 10-Q |
| 12/31/2024 | 03/05/2025 | 10-K |
| 09/30/2024 | 11/12/2024 | 10-Q |
| 06/30/2024 | 08/12/2024 | 10-Q |
| 03/31/2024 | 05/13/2024 | 10-Q |
| 12/31/2023 | 03/06/2024 | 10-K |
| 09/30/2023 | 11/09/2023 | 10-Q |
| 06/30/2023 | 08/10/2023 | 10-Q |
| 03/31/2023 | 05/10/2023 | 10-Q |
| 12/31/2022 | 03/08/2023 | 10-K |
| 09/30/2022 | 11/09/2022 | 10-Q |
| 06/30/2022 | 08/10/2022 | 10-Q |
| 03/31/2022 | 05/12/2022 | 10-Q |
| 12/31/2021 | 03/09/2022 | 10-K |
| 09/30/2021 | 11/10/2021 | 10-Q |
| 06/30/2021 | 08/19/2021 | 10-Q |
| 03/31/2021 | 07/12/2021 | S-1/A |
Recent Forward Guidance
Updated 10/8/2026Latest: Q2 2026 Earnings Reported 8/12/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2027 Cash Runway | Reported | |||||||
Prior: Q1 2026 Earnings Reported 5/6/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2027 Cash Runway | Reported | |||||||
Q4 2025 Earnings Reported 3/4/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2027 Cash Runway | Reported | Affirmed | Guidance: 0 for 2027 | |||||
Q3 2025 Earnings Reported 11/12/2025
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2027 Cash Runway | Reported | Raised | ||||||
Insider Activity
Updated 10/2/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Lynx1, Capital Management LP | See footnote | Buy | 12232025 | 0.90 | 6,232 | 5,602 | 7,208,412 | Form | |
| 2 | Lynx1, Capital Management LP | See footnote | Buy | 12232025 | 0.90 | 75,500 | 67,950 | 7,211,624 | Form | |
| 3 | Lynx1, Capital Management LP | See footnote | Buy | 12232025 | 0.90 | 80,069 | 71,974 | 7,134,943 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Lynx1, Capital Management LP | See footnote | Buy | 12232025 | 0.90 | 6,232 | 5,602 | 7,208,412 | Form | |
| 2 | Lynx1, Capital Management LP | See footnote | Buy | 12232025 | 0.90 | 75,500 | 67,950 | 7,211,624 | Form | |
| 3 | Lynx1, Capital Management LP | See footnote | Buy | 12232025 | 0.90 | 80,069 | 71,974 | 7,134,943 | Form |
Investor Activity (13F)
Updated Oct 15, 202613F holdings as of Mar 31, 2026 (Q1 2026)
Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager |
|---|
Industry Resources
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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Core Cache Last Updated: 10/14/2026