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TScan Therapeutics, Inc.

TCRX Healthcare Biotechnology

TScan Therapeutics, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $10.3 million, up 266.7% from fiscal 2024.

Revenue
−65.8%
EPS
+17.9%
Free cash flow
+19.0%
Total debt
+1.50%

Quarter to June 2026, against a year earlier

0.18 0.00 0.00%
Market cap
$12.3M
P/E
0.0×
Fwd P/E
−0.2×
Dividend yield
—
F-score
2/9
Altman Z
−3.54
Beneish M
n/a
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Bought, $m 0.15
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy 1 — — — — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 58.97%

Capital & Financial Ratios $m

Size
Market Cap 12.32
Revenue ttm 7.11
Net income ttm (117.71)
Free cash flow ttm (118.41)
Net debt Q (67.38)
Valuation
P/E 0.00
Forward P/E (0.22) (negative: loss-making)
Price / sales 3.29
Forward P/S Powerpack
Price / FCF 0.00
Price / book 0.34
Financial health
Current ratio Q 3.37 (at or above 1.5: strong)
Debt / equity Q 0.47 (at or below 0.5: strong)
Interest coverage Q (43.62)
Growth
Revenue growth Q −65.83% (below 0%: shrinking)
Operating income growth Q +21.11% (above 0%: growing)
EPS, this year +20.44% (at or above 15%: strong)
EPS, next year A +24.57% (at or above 15%: strong)
Revenue, next year A −71.71% (below 0%: weak)
EPS, past 5 yrs —
EPS, next 5 yrs A +16.60% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is −6.2×, against a ten-year median of −0.2×; over the ten years it ranged from −14.6× in 2021 to 45.8× in 2024.
P/S against its own 10 years 7.94%
10-year low 10-year high
P/B against its own 10 years 3.90%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 192 290 152 100
Receivables — — — —
Inventory — — — —
Other — — — —
194 293 157 104
2023 2024 2025 Q'26
Payables 2 4 1 3
ST’ Debt 3 — — 12
Other — — — —
30 36 19 31

Compound Annual Growth %

10y 5y 3y
Sales — 56.92% (8.63%)
Cash Flow — 0.00% 0.00%
Earnings — 0.00% 0.00%
Book Value — 0.00% 7.38%

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate −0.29 Actual −0.23

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY25 −0.35 −0.28 Beat by 0.07
Q4 FY25 −0.27 −0.18 Beat by 0.09
Q1 FY26 −0.22 −0.22 Met by 0.00
Q2 FY26 −0.29 −0.23 Beat by 0.06
Q3 FY26 −0.18 — Reports 11 November 2026

EPS $

Mar Jun Sep Dec Year
’26 (0.22) (0.23) — — —
’25 (0.26) (0.28) (0.28) (0.18) (1.00)
’24 (0.32) (0.28) (0.25) (0.30) (1.14)
’23 (0.93) (0.51) (0.24) (0.20) (1.36)
’22 (0.67) (0.63) (0.67) (0.78) (2.75)
’21 (6.49) (7.69) (0.80) 10.81 (4.17)
’20 (7.13) (6.17) (7.16) (8.07) (28.52)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 1 1 — — —
’25 2 3 3 3 10
’24 1 1 1 1 3
’23 7 3 4 7 21
’22 3 4 3 3 14
’21 2 3 2 3 10
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 (24) (28) — — —
’25 (38) (33) (32) (32) (135)
’24 (29) (26) (28) (27) (111)
’23 (24) (22) 8 (24) (61)
’22 (20) (13) (17) (16) (67)
’21 (10) (11) (14) (14) (49)
’20 (5) 15 (6) (7) (3)
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (24) (28) — — —
’25 (39) (35) (34) (32) (140)
’24 (30) (27) (29) (28) (115)
’23 (24) (22) 7 (24) (65)
’22 (21) (15) (17) (17) (71)
’21 (13) (15) (14) (17) (59)
’20 (6) 15 (7) (9) (7)
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

2.6
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue — — — — 1 10 14 21 3 10 7 +56.9% 3 1 9 (3.1%)
Gross margin, % — — — 0.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 +100.0 pt
EBT — — — (14) (26) (49) (66) (89) (127) (130) (118) +45.5%
EBT margin, % — — — 0.00 (2,408.02) (479.49) (489.26) (423.86) (4,527.66) (1,256.81) (1,655.35) (1,256.8) pt
Net income — 0 — (14) (26) (49) (66) (89) (127) (130) (118) n/m
Per share, $
Per share, $ Revenue — — — 0.00 1.18 0.87 0.56 0.32 0.03 0.08 0.05 n/m
Earnings — — — (35.48) (28.52) (4.17) (2.75) (1.36) (1.14) (1.00) (0.91) (44.8%)
Cash flow — — — (32.52) (3.30) (4.17) (2.77) (0.94) (0.99) (1.04) (0.89) (43.6%)
Capex — — — (3.24) (4.63) (0.85) (0.18) (0.05) (0.03) (0.03) (0.02) (53.2%)
Free cash flow — — — (35.76) (7.93) (5.03) (2.94) (0.98) (1.02) (1.08) (0.91) (44.2%)
Book value — — — (44.51) (46.36) 13.79 4.13 2.30 2.15 0.95 0.53 n/m
Shares, m — — — 0 1 12 24 66 112 130 130 +163.8%
Valuation, ×
Valuation, × P/E — — — — 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.0
P/S — — — — 2.45 5.18 3.04 26.08 120.90 12.57 3.29 28.4
P/B — — — — 0.00 0.33 0.41 3.64 1.41 1.05 0.34 1.1
EV/Sales — — — — (14.23) (10.14) (3.39) 18.38 32.94 1.96 (6.19) 4.3
EV/FCF — — — — 1.95 1.76 0.65 (6.00) (0.81) (0.14) 0.37 (0.4)
Cash, $m
Cash, $m Operating cash flow — — — (13) (3) (49) (67) (61) (111) (135) (116) +48.7%
Capex — — — (1) (4) (10) (4) (3) (4) (4) (2) +23.4%
Free cash flow — — — (14) (7) (59) (71) (65) (115) (140) (118) +47.1%
Balance, $m
Balance, $m Working capital — — — 40 19 144 107 164 257 139 73 +23.0%
Net debt — — — (37) (27) (155) (87) (162) (258) (120) (67) +21.7%
Shareholders’ equity — — — (17) (42) 161 99 151 241 123 69 n/m
Returns, %
Returns, % ROA — — — (55.31) (52.72) (40.89) (34.21) (37.87) (39.64) (43.26) (50.09) +12.1 pt
ROIC — — — 0.00 0.00 (561.31) (336.46) 0.00 0.00 (2,610.99) (4,588.23) (2,611.0) pt
ROE — — — 45.83 87.67 (82.20) (50.90) (71.29) (65.08) (71.28) (95.80) (117.1) pt
People
People Employees — — — — 64 105 138 154 194 142 — +17.3%
Revenue/emp, $m — — — — 0.02 0.10 0.10 0.14 0.01 0.07 — +33.8%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026 · fundamentals updated 26 Oct 2026

TScan Therapeutics, Inc. vs peers in Biotechnology (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
BCDA BioCardia, Inc. $13.5M — (loss-making) — (loss-making) −93.02% (below 0%: shrinking) n/m −5.15% (below 0%: shrinking) 100.00% 0.00% Compare
LPCN Lipocine Inc. $12.6M — (loss-making) — (loss-making) +1,898.32% (above 0%: growing) n/m +39.46% (above 0%: growing) 100.00% (37.93%) Compare
CASIF CASI Pharmaceuticals Inc. $12.4M — (loss-making) — (loss-making) −45.93% (below 0%: shrinking) n/m −23,251.69% (below 0%: shrinking) 51.14% (147.67%) Compare
TCRX TScan Therapeutics, Inc. $12.3M — (loss-making) — (loss-making) −65.83% (below 0%: shrinking) n/m +18.95% (above 0%: growing) 100.00% (2,901.33%)
BOLT Bolt Biotherapeutics, Inc. $12.3M — (loss-making) — (loss-making) −99.72% (below 0%: shrinking) n/m +38.87% (above 0%: growing) 100.00% (167,480.00%) Compare
DARE Dare Bioscience, Inc. $12.3M — (loss-making) — (loss-making) +984.43% (above 0%: growing) n/m −30.23% (below 0%: shrinking) (70.56%) (1,582.93%) Compare
GUTS Fractyl Health, Inc. $11.9M — (loss-making) — (loss-making) −57.14% (below 0%: shrinking) n/m +25.34% (above 0%: growing) 100.00% 0.00% Compare
TVRD Tvardi Therapeutics, Inc. $11.5M — (loss-making) — (loss-making) +20.33% (above 0%: growing) n/m −57.26% (below 0%: shrinking) 100.00% 0.00% Compare
HIND Vyome Holdings, Inc. $11.4M — (loss-making) — (loss-making) −46.00% (below 0%: shrinking) n/m −195.04% (below 0%: shrinking) 43.33% (3,194.81%) Compare
Median of peers $12.3M — — −45.96% — −17.69% 100.00% (92.80%)

All 621 Biotechnology stocks →

Pay and ownership Proxy statement filed 26 October 2026

Ownership

Directors and executive officers, together 13.84%
Entities affiliated with Lynx1 Capital Management LP 12.63%
Entities affiliated with Biotechnology Value Fund, L.P. 10.68%
Entities affiliated with K2 HealthVentures Equity Trust LLC 5.67%
Entities affiliated with Readout Capital, LP 5.44%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

TScan Therapeutics, Inc. (TCRX) Latest News

2 Sep

Impact 4 · · InvestorsHub
Impact 4 ·

12 Aug

Impact 3 ·
Impact 3 ·
Impact 3 · · Zacks
Impact 3 ·

29 Jul

Impact 4 ·

22 Jun

Impact 4 · · GlobeNewswire

3 Jun

Impact 3 · · Business Wire

6 May

Impact 4 · · GlobeNewswire
Impact 3 · · Zacks
Impact 3 · · GlobeNewswire
Impact 3 · · Zacks

4 Mar

Impact 3 · · GlobeNewswire

26 Feb

Impact 4 · · GlobeNewswire

6 Dec

Impact 4 · · GlobeNewswireGuruFocus.comGuruFocus.comInsider MonkeyGuruFocus.comMotley Fool

3 Dec

Impact 4 · · GlobeNewswire

12 Nov

Impact 3 · · Zacks
Impact 3 · · GlobeNewswire

5 Nov

Impact 3 · · GlobeNewswire

3 Nov

Impact 4 · · GlobeNewswire

16 Oct

Impact 4 · · Barchart

17 Sep

Impact 3 · · GlobeNewswireBankrateBankrateBankrate

15 Aug

Impact 3 ·

24 Jun

Impact 4 · · Barchart

28 May

Impact 3 ·

28 Apr

Impact 3 · · GlobeNewswire

27 Mar

Impact 3 ·

6 Mar

Impact 3 · · Simply Wall St.

5 Mar

Impact 3 ·
stockrow.com/TCRX · Data as of Oct 26, 2026 · For information only; not investment advice. · © 2026 stockrow.com