Logo

TCRX

TScan Therapeutics, Inc.

TCRX

TScan Therapeutics, Inc. • NASDAQ
$1.11 ▲ 0.00% (+0.00)
Market Cap $63.00 M
52w High $4.89
52w Low $0.91
Dividend Yield 0%
P/E -0.99
Volume 579.44K
Outstanding Shares 56.75M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $2.511M ▼ $38.796M ▼ $-35.71M ▲ -1.422K% ▼ $-0.28 $-34.244M ▲
Q2-2025 $3.076M ▲ $41.729M ▲ $-36.952M ▼ -1.201K% ▲ $-0.28 ▼ $-35.565M ▼
Q1-2025 $2.171M ▲ $38.421M ▲ $-34.127M ▲ -1.572K% ▲ $-0.26 ▲ $-32.77M ▲
Q4-2024 $665K ▼ $37.377M ▲ $-35.809M ▼ -5.385K% ▼ $-0.3 ▼ $-34.314M ▼
Q3-2024 $1.049M $33.671M $-29.887M -2.849K% $-0.25 $-27.902M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $184.453M ▼ $262.225M ▼ $118.204M ▼ $144.021M ▼
Q2-2025 $218.045M ▼ $298.561M ▼ $121.847M ▼ $176.714M ▼
Q1-2025 $251.689M ▼ $332.709M ▼ $122.507M ▼ $210.202M ▼
Q4-2024 $290.11M ▲ $371.118M ▲ $130.148M ▲ $240.97M ▲
Q3-2024 $271.12M $348.027M $118.94M $229.087M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-35.71M ▲ $-32.464M ▲ $32.576M ▼ $0 ▼ $112K ▼ $-33.889M ▲
Q2-2025 $-36.952M ▼ $-33.267M ▲ $48.437M ▲ $116K ▲ $15.286M ▲ $-34.546M ▲
Q1-2025 $-34.127M ▲ $-37.586M ▼ $13.53M ▼ $-525K ▼ $-24.581M ▼ $-39.118M ▼
Q4-2024 $-35.809M ▼ $-27.412M ▲ $27.293M ▲ $45.69M ▲ $45.571M ▲ $-28.3M ▲
Q3-2024 $-29.887M $-27.918M $-82.353M $1.23M $-109.041M $-29.288M

Revenue by Products

Product Q1-2025Q2-2025Q3-2025
Reportable Segment
Reportable Segment
 $0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement TScan is still very much a development-stage biotech, so its income statement is driven almost entirely by research spending rather than product sales. Revenue has been negligible and irregular, likely tied to collaborations rather than recurring business. The company has reported steady operating and net losses each year, reflecting ongoing investment in clinical trials and platform development. The scale of losses has grown compared with its pre-IPO period but appears relatively controlled and has not exploded as the pipeline expanded. Overall, this is a typical early biotech profile: little to no commercial income yet, a cost base dominated by R&D, and a path to profitability that depends on future clinical and regulatory success rather than short‑term financial levers.

Balance Sheet

Balance Sheet The balance sheet shows a company that has used its IPO and partnerships to build a solid financial base relative to its stage. Total assets and cash have increased meaningfully since before the IPO, and shareholder equity has moved from negative to clearly positive territory, which is a healthy sign. Debt exists but looks modest compared with the overall asset base, suggesting financial leverage is not a central risk right now. Management’s own guidance that the cash runway extends into the second half of 2027 indicates they feel current resources are sufficient for key upcoming milestones. The main structural risk is not current solvency, but the likelihood that future equity or partnership funding will eventually be needed if commercial revenue does not arrive in time.

Cash Flow

Cash Flow Cash flow is negative, as expected for a clinical‑stage biotech without product sales. Operating cash outflows reflect spending on trials, platform work, and overhead, and these outflows have grown as the company advanced more programs into the clinic. Free cash flow is also negative, but capital spending on equipment and facilities has been modest, so most of the cash burn is truly R&D-driven rather than tied to heavy infrastructure. The recent strategic refocus onto the highest‑priority hematology program and earlier‑stage work in solid tumors and autoimmunity, along with partnership funding, helps stretch the existing cash, but the business model still depends on sustained external financing until or unless a product reaches the market.

Competitive Edge

Competitive Edge TScan operates in a very competitive part of biotech—engineered T‑cell therapies—where many larger and better‑funded players are active. Its differentiators are its discovery platforms (TargetScan, ReceptorScan, SafetyScan), a strong emphasis on safety screening, and a focused initial indication: preventing relapse after allogeneic transplant in blood cancers. This niche is clinically important, relatively well defined, and could allow more efficient trials than broad solid‑tumor targets, which can be an advantage for a smaller company. The ImmunoBank concept and the solid‑tumor work show ambition, but pausing the PLEXI‑T trial underlines execution and prioritization challenges in a crowded field. Overall, TScan appears to have a compelling technology story and a rational clinical focus, but it remains a smaller specialist player facing intense scientific, regulatory, and competitive pressure from much larger cell‑therapy companies.

Innovation and R&D

Innovation and R&D Innovation is the core of TScan’s value proposition. Its platforms aim to do three hard things better than peers: find new, disease‑relevant targets (TargetScan), discover potent natural T‑cell receptors (ReceptorScan), and aggressively de‑risk safety by screening for off‑target effects (SafetyScan). The non‑viral T‑Integrate engineering system supports more flexible and potentially cheaper manufacturing, which could matter if therapies move toward broader use. Clinically, the lead hematology assets (like TSC‑101) are moving toward pivotal testing, which is a critical inflection point. In solid tumors, the strategy is evolving toward in vivo‑engineered TCR‑T approaches, which, if successful, could reduce complexity and cost. The Amgen collaboration in autoimmune disease broadens the platform’s relevance beyond cancer and offers external validation plus non‑dilutive funding. The flip side is that these programs are technically complex, early in their lifecycle, and carry the usual high failure risk of cutting‑edge cell therapies.

Summary

TScan is an early‑stage, platform‑driven cell therapy company whose story is far more about science and clinical execution than about current financial performance. The financials show a classic pre‑revenue biotech pattern: negligible sales, persistent but manageable losses, and a reliance on cash raised from investors and partners, with a current runway management believes lasts into the latter half of this decade. Its strengths lie in a sophisticated discovery and safety engine, a clearly defined first indication in blood cancers, and a growing web of applications in solid tumors and autoimmunity, supported by a notable partnership with a large pharma company. Key risks center on clinical trial outcomes, regulatory approval, manufacturing scale‑up, and the need for ongoing external financing if timelines slip. The company’s future value will be driven largely by whether its lead hematology program can deliver pivotal data and whether its broader platform can attract additional validating partnerships or move new candidates efficiently into the clinic.

NEWS

November 12, 2025 · 7:00 AM UTC

TScan Therapeutics Reports Third Quarter 2025 Financial Results and Provides Corporate Update

Read more

November 5, 2025 · 7:00 AM UTC

TScan Therapeutics to Participate in the Guggenheim 2nd Annual Healthcare Innovation Conference

Read more

November 3, 2025 · 6:30 AM UTC

TScan Therapeutics Reaches Agreement with FDA on Pivotal Study Design for TSC-101 and Announces Strategic Prioritization to Advance TSC-101 and Extend Cash Runway into H2 2027

Read more

September 17, 2025 · 7:00 AM UTC

TScan Therapeutics Announces Upcoming Oral and Poster Presentations at the American College of Rheumatology Convergence 2025

Read more

September 3, 2025 · 7:00 AM UTC

TScan Therapeutics to Participate in Upcoming Investor Conferences

Read more