Start here if you're new
what it is
TScan builds engineered immune-cell treatments that try to hunt specific cancer targets in blood cancers and solid tumors.
how it gets paid
Last year Tscan Therapeutics made $10M in revenue.
why it's growing
Revenue grew 266.7% last year. Revenue rose 209% vs. prior year to $8M.
what just happened
Revenue hit $8M, but the real story is that collaboration payments made the income statement look less awful.
At a glance
C+ balance sheet — struggling to keep the lights on
-$1.14 fy2024 eps est
$3M fy2024 rev est
n/a operating margin
1.2 beta
xvary composite: 23/100 — weak
What they do
TScan builds engineered immune-cell treatments that try to hunt specific cancer targets in blood cancers and solid tumors.
You are not buying sales today. You are buying a target-finding engine with 8 named therapy programs and 194 employees focused on T-cell receptor therapies. TCR-T (engineered T-cell receptor therapy → reprogrammed immune cells to find cancer → so what: if the targets are right, one platform can feed several drugs) is the whole point here.
How they make money
$10M
annual revenue · their business grew +266.7% last year
total revenue
$10M
+266.7%
The products that matter
lead tcr-t therapy
TSC-101
80-patient pivotal trial planned for Q2 2026
it is the lead asset, and the planned 80-patient pivotal trial in Q2 2026 is the clearest catalyst on the page. for a $60M company, one study can be the whole valuation debate.
lead catalyst
partner-funded research economics
Amgen partnership
$2.6M Q4 2025 revenue
this partnership produced $2.6M of Q4 2025 revenue, beating the $2.42M forecast. that matters because it is one of the few real cash inflows visible before any product approval.
revenue bridge
broader clinical platform
ALLOHA cohort program
data expected in Q2 2026
safety and early chimerism data are expected in Q2 2026. that is early-stage evidence, not commercial proof, but in a stock this small it can still move the tape.
watch the readout
Key numbers
n/a
operating margin
Prior margin KPI failed sanity check — verify in filings. Operating margin → profit after running the business → so what: TScan loses about $13.15 for every $1 of revenue.
$89M
long-term debt
Long-term debt → money owed over years → so what: the debt load is bigger than the company's roughly $60M market value.
$10M
ttm revenue
TTM revenue → money brought in over the last 12 months → so what: this is still a science company pretending to look like a business.
5/100
price stability
Price stability → how calm the stock tends to be → so what: this name has been about as calm as a shopping cart on a hill.
Financial health
C+
strength
- balance sheet grade C+ — weak — may struggle to fund operations
- risk rank 5 — safer than 5% of stocks
- price stability 5 / 100
- long-term debt $89M (60% of capital)
C+ — balance sheet grade and long-term debt are flagged. this stock carries more risk than average.
Total return vs. market
Return history isn't available for TCRX right now.
source: institutional data · return history unavailable
What just happened
beat estimates
Revenue hit $8M, but the real story is that collaboration payments made the income statement look less awful.
Latest-quarter revenue rose 209% vs. prior year to $8M, while EPS was -$0.82. Full-year revenue reached $10M, up 266.7%, helped by partner activity.
$8M
revenue
-$0.82
eps
n/a
n/a
the number that mattered
$8M of quarterly revenue matters because this company usually lives on pipeline hope, and partner cash buys time.
source: company earnings report, 2026
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What could go wrong
the #1 risk here is failure or delay in the Q2 2026 80-patient TSC-101 pivotal trial. TScan does not have an approved product to cushion bad data.
med
TSC-101 misses or slips
The planned 80-patient pivotal trial is the main value driver on this page. If enrollment, safety, or efficacy disappoint, the lead program loses credibility fast.
impact: for a $60M market cap biotech, the lead asset failing can erase most of the equity story in one move.
med
cash burn meets dilution
TScan ended the quarter with $152.4M in cash but lost $23M in the same quarter. That math implies roughly 6.6 quarters of runway if burn stays flat.
impact: one or two weak updates can push the company back to the market for capital, and small-cap biotech financing rarely arrives on generous terms.
med
revenue is too small to matter
The page shows $3M in annual revenue estimates, plus $2.6M of Q4 partnership revenue and a $10M collaboration-revenue view. However you slice it, this is still tiny relative to losses.
impact: the operating model has no cushion. A n/a net margin means the science needs to work before the income statement can.
A $23M quarterly net loss against $152.4M in cash buys time, not safety. If the Q2 2026 catalyst weakens, dilution risk stops being a background issue and becomes the whole story.
source: institutional data · regulatory filings · risk analysis
Pay attention to
calendar
Q2 2026 TSC-101 pivotal trial start
This is the headline date. The trial is planned for 80 patients, and the stock is priced like the market is not giving it much benefit of the doubt.
pipeline
Q2 2026 ALLOHA cohort data
Safety and early chimerism data are expected in the same quarter. You want signs the broader platform is doing more than supporting one lead asset.
balance sheet
cash burn versus the $152.4M cash balance
At a $23M quarterly net loss, runway looks like about 6.6 quarters. If that burn rate rises, the dilution clock speeds up.
ownership
whether institutions stay patient
82.8% institutional ownership sounds comforting until a trial slips. In small biotechs, concentrated holders can support the stock right up to the moment they do not.
Analyst rankings
risk rank
5
Safer than 5% of stocks. In human-speak, this sits in the market's high-risk bucket even before you add biotech trial risk on top.
balance sheet grade
C+
Not broken, not comfortable. There is enough cash to keep running, but not enough balance sheet grade to ignore dilution risk.
beta
1.2
Beta measures how much a stock tends to move with the market. Here it says TCRX usually moves a bit more than the index — then clinical headlines pile on their own volatility.
xvary composite
23 / 100
Low score, and it earns it. Weak fundamentals, thin revenue, and event-driven upside make this more science bet than stock screen favorite.
source: institutional data
Institutional activity
institutional ownership data for TCRX is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$1
current price
n/a
target midpoint · n/a from current
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