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TScan Therapeutics, Inc.

TScan Therapeutics, Inc.

NASDAQ•TCRX
CEO: Dr. Gavin MacBeath Ph.D.
Sector: Healthcare
Industry: Biotechnology
Listing Date: 2021-07-16
TScan Therapeutics, Inc., a clinical-stage biopharmaceutical company, develops T cell receptor-engineered T cell (TCR-T) therapies for the treatment of patients with cancer in the United States. The company's lead product candidates include TSC-100 and TSC-101 that is in Phase I clinical trial for the treatment of patients with hematologic malignancies to eliminate residual disease and prevent relapse after allogeneic hematopoietic cell transplantation. It also develops TSC-200, TSC-201, TSC-203, and TSC-204, which are in Phase 1 clinical trial, for the treatment of solid tumors; and TSC-202 to treat solid tumors. In addition, the company develops vaccines for infectious diseases, such as SARS-CoV-2. It has collaborations with Novartis Institutes for BioMedical Research, Inc. To discover and develop novel TCR-T therapies; and Amgen Inc. to identify antigens recognized by T cells in patients with Crohn's disease using TargetScan, a proprietary target discovery platform. TScan Therapeutics, Inc. was incorporated in 2018 and is headquartered in Waltham, Massachusetts.
Contact Information
830 Winter Street, Waltham, MA, 02451, United States
857-399-9500
www.tscan.com
Market Cap
$64.69M
P/E (TTM)
-1.0
37
Dividend Yield
--
52W High
$2.67
52W Low
$0.88
52W Range
15%
Rank54Top 78.1%
2.7
F-Score
Modified Piotroski Analysis
Based on 6-year fundamentals
Weak • 2.7 / 9 points
Scoring Range (0-9)
8-9: Excellent Value
6-7: Strong Fundamentals
4-5: Average Quality
0-3: Weak Performance
Data Period: 2020-2025

Financial Dashboard

Q3 2025 Data

Revenue

$2.51M+139.37%
4-Quarter Trend

EPS

-$0.28+12.00%
4-Quarter Trend

FCF

-$33.89M+15.71%
4-Quarter Trend

2025 Q3 Earnings Highlights

Key Highlights

Collaboration Revenue Soars Collaboration revenue reached $7.76 M for nine months, up 260.7% from $2.15 M in 2024, driven by Amgen activities.
Cash Position Strong Total cash, equivalents, and restricted cash ended at $174.54 M as of September 30, 2025, supporting near-term operations.
TSC-101 Registrational Path Agreed Reached agreement with FDA on registrational path for TSC-101 heme program, mirroring ongoing Phase 1 study design.

Risk Factors

Significant Operating Losses Continue Nine-month net loss widened to $(106.79) M in 2025 from $(91.69) M in 2024, requiring substantial future capital.
Workforce Reduction Implemented Announced 30% workforce reduction (66 roles) due to strategic prioritization, risking loss of institutional knowledge and expertise.
Platform Success Dependency High Business heavily relies on proprietary platform success across discovery, development, regulatory approval, and manufacturing scalability.

Outlook

Prioritize Heme Program Development Strategic decision made to prioritize TSC-101 heme program development; pausing further enrollment in solid tumor Phase 1 trial.
Cash Funds Operations Extended Current cash resources expected to fund operating plan into the second half of 2027 following recent strategic actions.
Focus Preclinical Efforts Preclinical efforts will now focus on in vivo engineering for solid tumors and target discovery in autoimmunity areas.

Peer Comparison

Revenue (TTM)

Agenus Inc.AGEN
$106.83M
-33.4%
Seer, Inc.SEER
$16.33M
+14.5%
Nautilus Biotechnology, Inc.NAUT
$9.60M
+16.9%

Gross Margin (Latest Quarter)

Surrozen, Inc.SRZN
100.0%
+0.0pp
Vistagen Therapeutics, Inc.VTGN
100.0%
+0.0pp
TScan Therapeutics, Inc.TCRX
69.5%
-30.5pp

Key Metrics

Symbol
Market Cap
P/E (TTM)
ROE (TTM)
Debt to Assets
NAUT$261.45M-4.2-33.4%13.4%
SRZN$167.96M-1.9-4404.2%7.5%
CNTX$166.30M-6.5-30.9%0.2%

Long-Term Trends

Last 4 Quarters
Revenue
Net Income
Operating Cash Flow
4Q Revenue CAGR
55.7%
Strong Growth
4Q Net Income CAGR
N/M
Profitability Shift
Cash Flow Stability
0%
Cash Flow Needs Attention

Research & Insights

Next earnings:Mar 4, 2026
|
EPS:-$0.27
|
Revenue:-
Reports
All Years

  • Form 10-Q - Q3 2025

    Period End: Sep 30, 2025|Filed: Nov 12, 2025|
    Revenue: $2.51M+139.4%
    |
    EPS: $-0.28+12.0%
    Beat

  • Form 10-Q - Q2 2025

    Period End: Jun 30, 2025|Filed: Aug 12, 2025|
    Revenue: $3.08M+473.9%
    |
    EPS: $-0.28+0.0%
    Beat

  • Form 10-Q - Q1 2025

    Period End: Mar 31, 2025|Filed: May 6, 2025|
    Revenue: $2.17M+283.6%
    |
    EPS: $-0.26-18.8%
    Beat

  • Form 10-K - FY 2024

    Period End: Dec 31, 2024|Filed: Mar 5, 2025|
    Revenue: $2.82M-86.6%
    |
    EPS: $-1.14+16.2%
    Miss

  • Form 10-Q - Q3 2024

    Period End: Sep 30, 2024|Filed: Nov 12, 2024|
    Revenue: $1.05M-73.0%
    |
    EPS: $-0.25+4.2%
    Meet

  • Form 10-Q - Q2 2024

    Period End: Jun 30, 2024|Filed: Aug 12, 2024|
    Revenue: $536.00K-83.0%
    |
    EPS: $-0.28-45.1%
    Meet

  • Form 10-Q - Q1 2024

    Period End: Mar 31, 2024|Filed: May 13, 2024|
    Revenue: $566.00K-91.7%
    |
    EPS: $-0.32-65.6%
    Miss

  • Form 10-K/A - FY 2023

    Period End: Dec 31, 2023|Filed: Apr 10, 2024|
    Revenue: $21.05M+55.5%
    |
    EPS: $-1.36+50.4%
    Miss