TScan Therapeutics, Inc.
TScan Therapeutics, Inc. is a clinical-stage biopharmaceutical company developing targeted protein degradation therapies, generating revenue primarily through collaboration and license agreements with partners such as Amgen Inc..
Business. TScan Therapeutics, Inc. (TCRX) is a biotechnology and medical research company operating within the healthcare sector. The firm is headquartered in the United States and is primarily listed on the Nasdaq stock exchange. As specific segment and geographic data are not provided, the company is described at the industry level as an entity engaged in pharmaceuticals and medical research activities.
Analyst recommendations
7 analysts · consensus BuyAt a glance
What drives this business
The watch-list the newsroom runs for this company — derived from its sector path, sharpened layer by layer. Not investment advice.
News & coverage
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Developing storylines
Analysis
AI analysisOpportunity
Upcoming catalysts
Scheduled public events. Informational only — not investment advice.
- Company
- EarningsQ3 2026 earnings (expected)2026-10-28 · estimated
- Macro
- Rate decisionBank of England rate decision (press conf.)2026-08-06 · GB
- Rate decisionReserve Bank of Australia rate decision (press conf.)2026-08-12 · AU
- Rate decisionNorges Bank rate decision (press conf.)2026-08-20 · NO
- Rate decisionSveriges Riksbank rate decision (press conf.)2026-09-03 · SE
- Rate decisionBank of Canada rate decision (press conf.)2026-09-09 · CA
- Rate decisionEuropean Central Bank rate decision (press conf.)2026-09-10 · EU
- Macro & political
- ElectionSE Swedish Election2026-09-14 · SE
- ElectionUS U.S. Midterms2026-11-03 · US
- ElectionFR French Legislative2027-06-01 · FR
Pre-earnings brief
Signals & dispatch
Composite-score breakdown
Synthesis
TScan Therapeutics, Inc. (TCRX) is a biotechnology and medical research company operating within the healthcare sector. The firm is headquartered in the United States and is primarily listed on the Nasdaq stock exchange. As specific segment and geographic data are not provided, the company is described at the industry level as an entity engaged in pharmaceuticals and medical research activities.
TScan Therapeutics maintains a strong liquidity position with $128.1 million in cash and equivalents against total liabilities of $105.1 million, resulting in a current ratio of 6.65. The balance sheet includes $32.7 million in long-term debt and $3.3 million in short-term debt, yielding a conservative debt-to-equity ratio of 0.37. Despite ample cash reserves, the company faces a listing risk as the share price dropped to $0.93, falling below the $1.00 minimum bid threshold for continued Nasdaq listing. The market capitalization stands at $142.3 million, with a price-to-book ratio of 1.47.
The company reports significant operating losses, with Q1 2026 net income at -$28.7 million and operating income at -$29.1 million. Revenue for the quarter was minimal at $0.98 million, leading to negative return on equity of -1.34 and return on assets of -0.64. Operating cash flow was -$24.3 million, reflecting heavy investment in research and development typical of pre-commercial biopharma firms. The EV/EBITDA ratio is negative, indicating the company is not yet generating positive earnings before interest, taxes, depreciation, and amortization.
Revenue generation is heavily dependent on collaboration and license agreements, specifically with Amgen Inc., as indicated by filing observations referencing the "Amgen Agreement". The company does not report diversified geographic or segment revenue streams in the provided data, suggesting a concentrated business model focused on its proprietary platform technology and product candidates. The lack of product sales revenue highlights the early-stage nature of its commercial pipeline.
Growth trajectory is characterized by high burn rate rather than top-line expansion. With only $0.98 million in revenue for Q1 2026, the company relies on capital markets and partnerships to fund operations. Historical data is not provided in the input, but the current cash position of $128.1 million suggests a runway dependent on controlling operating expenses and securing future collaboration milestones.
Key risks include medium dilution risk, as filings mention the potential for raising additional capital which may cause dilution to existing stockholders. The company also faces risks related to intellectual property protection, regulatory approval, and the sufficiency of capital resources to fund future operating expenses. The recent drop in share price below $1.00 poses an immediate threat to its Nasdaq listing status, requiring corrective action within a specified timeframe.
Recent events include the filing of 10-Q and 10-K reports detailing collaboration revenues and segment expenses. Analyst sentiment remains cautiously optimistic, with a mean price target of $6.00 and a mean recommendation of 2.14 (buy). However, the immediate concern is the price listing deficiency, with the stock trading at $0.93 as of July 14, 2026.
- Strong liquidity with $128.1M cash and 6.65 current ratio offsets high burn rate.
- Share price below $1.00 triggers Nasdaq continued-listing deficiency risk.
- Revenue is minimal ($0.98M Q1 2026), reliant on Amgen collaboration agreements.
- Significant operating losses (-$28.7M net income) reflect pre-commercial R&D focus.
- Medium dilution risk exists due to potential future capital raises.
- Analysts maintain a buy rating with a $6.00 mean price target.
Bull / Bear case
Generated · model-assistedAnalysts project 557.5% upside to a mean price target of $7.20, signaling strong institutional confidence in future value.
The company maintains a low leverage band with a debt-to-equity ratio of 0.26, reducing financial distress risk.
TScan exhibits best-in-class capital efficiency with a Capex-to-Revenue ratio of 0.43, outperforming the cohort median.
Liquidity risk is assessed as low, supported by a robust current ratio of 8.41, ensuring short-term solvency.
Cash conversion metrics are above the cohort median at 1.04, indicating relatively efficient cash flow management.
The company posted a net loss of $129.8 million in FY2025, reflecting persistent and deepening unprofitability across recent periods.
Free cash flow deteriorated significantly to -$139.7 million in FY2025, highlighting substantial cash burn and negative operating performance.
Operating margins of -13.2% lag significantly behind the cohort median of -2.6%, indicating poor cost control relative to peers.
In focus — financials by report
Revenue $982.0k; Operating income -$29.1M.
- ▍Revenue $982.0k
- ▍Operating income -$29.1M
- ▍Net margin -2919.1%
Revenue $7.8M; Operating income -$112.0M.
- ▍Revenue $7.8M
- ▍Operating income -$112.0M
- ▍Net margin -1376.5%
Revenue $5.2M; Operating income -$74.9M.
- ▍Revenue $5.2M
- ▍Operating income -$74.9M
- ▍Net margin -1354.7%
Revenue $10.3M; Operating income -$135.8M.
- ▍Revenue $10.3M
- ▍Operating income -$135.8M
- ▍Net margin -1256.8%
Revenue $2.8M; Operating income -$134.8M.
- ▍Revenue $2.8M
- ▍Operating income -$134.8M
- ▍Net margin -4527.7%
Revenue $2.8M; Operating income -$134.8M.
- ▍Revenue $2.8M
- ▍Operating income -$134.8M
- ▍Net margin -4527.7%
Revenue $21.0M; Operating income -$93.5M.
- ▍Revenue $21.0M
- ▍Operating income -$93.5M
- ▍Net margin -423.9%
Revenue $21.0M; Operating income -$93.5M.
- ▍Revenue $21.0M
- ▍Operating income -$93.5M
- ▍Net margin -423.9%
Valuation FY
Revenue by segment
Business relationships
Supply chain
Peer comparison
Market position
Stress test
Predictor forecast
| Metric | Our forecast | Guidance | Consensus |
|---|---|---|---|
| EPS | —no estimate | —no estimate | -0,87 |
| Revenue | —no estimate | —no estimate | 7,3M USD |
| Operating income | —no estimate | —no estimate | -122,6M USD |
Options
Short squeeze
Earnings-call key lines
Consensus distribution
sell-side coverageEstimate revisions
consensus EPS · 26-week trendSell-side observations
Themes
ESG
Risk factors
- Source documents mention dilution or offering risk.
Benchmarks vs cohort
Corporate actions / M&A
FX exposure
Comparable transactions
Derivatives & instruments
Derivative transactions
- Director · Stock Option (Right to Buy) → Voting Common StockAcquired 67 000 @ $0,99grant · 2026-05-20
- Director · Non- Qualified Stock Option (right to buy) → Common StockAcquired 67 000 @ $0,99grant · 2026-05-20
- Director · Stock Option (Right to Buy) → Voting Common StockAcquired 67 000 @ $0,99grant · 2026-05-20
- Director · Stock Option (Right to Buy) → Voting Common StockAcquired 67 000 @ $0,99grant · 2026-05-20
- Director · Stock Option (Right to Buy) → Voting Common StockAcquired 67 000 @ $0,99grant · 2026-05-20
- Director · Stock Option (Right to Buy) → Voting Common StockAcquired 67 000 @ $0,99grant · 2026-05-20
- Chief Financial Officer · Stock Option (Right to Buy) → Voting Common StockAcquired 350 000 @ $1,12grant · 2026-01-20
- Chief Medical Officer · Stock Option (Right to Buy) → Voting Common StockAcquired 420 000 @ $1,12grant · 2026-01-20
- See Remarks · Stock Option (Right to Buy) → Voting Common StockAcquired 350 000 @ $1,12grant · 2026-01-20
- See Remarks · Stock Option (Right to Buy) → Voting Common StockAcquired 100 000 @ $1,12grant · 2026-01-20
- Director, Chief Executive Officer · Stock Option (Right to Buy) → Voting Common StockAcquired 1 165 000 @ $1,12grant · 2026-01-20
Actions
Ask Handelsavisen
- Market data
- Regulatory filings
- Issuer disclosures
- Public news
- Earnings transcripts
- Consensus estimates
- ESG data
- Reference data
- Price To Tangible Bookmarket_price / (tangible_book_value / shares_outstanding_diluted)
- Price To Bookmarket_price / (adjusted_book_value / shares_outstanding_diluted)
- Return On Equitynet_income / total_equity
- Enterprise Valuemarket_cap - net_cash
- Ev To Revenueenterprise_value / revenue
- Net Cashcash_and_equivalents + short_term_investments - short_term_debt - long_term_debt
- TScan Therapeutics, Inc. company facts · 2026-07-17
- TScan Therapeutics, Inc. 10-Q 2026-05-06 · 2026-07-17
- TScan Therapeutics, Inc. 10-K 2026-03-04 · 2026-07-17
- TScan Therapeutics, Inc. 10-Q 2025-11-12 · 2026-07-17
- TScan Therapeutics, Inc. 10-Q 2025-08-12 · 2026-07-17
- ha_price_listing fired on TCRX · 2026-07-17
- TScan Therapeutics Inc Market data — analyst estimates · 2026-07-17
- TScan Therapeutics Inc Market data — ESG · 2026-07-17
- TScan Therapeutics, Inc. HA canonical relationships · 2026-07-17
Ownership & reference
Top holders
- Investment Managers · as of 2024-06-300,00 %$26M
- Investment Managers · as of 2024-12-310,00 %$0M
- Investment Managers · as of 2026-03-310,00 %$1M
- Investment Managers · as of 2025-12-310,00 %$2M
- Investment Managers · as of 2026-03-310,00 %$0M
- Investment Managers · as of 2026-03-310,00 %$0M
- Institutional Investor · as of 2026-03-310,00 %$0M
- Investment Managers · as of 2026-03-310,00 %$0M
- Investment Managers · as of 2026-03-310,00 %$0M
- Investment Managers · as of 2026-03-310,00 %$0M
- Investment Managers · as of 2026-03-310,00 %$0M
- Investment Managers · as of 2026-03-310,00 %$0M
- Institutional Investor · as of 2026-03-310,00 %$0M
Insider activity
- 10% owner · Common StockBought 6 232 @ $0,90$6K · 2025-12-23
- 10% owner · Common StockBought 75 500 @ $0,90$68K · 2025-12-22
- 10% owner · Common stock, $0.0001 par value per share ("Common Stock")Bought 80 069 @ $0,90$72K · 2025-12-19
Short positioning
Geographic breakdown
Intel & risk
Evidence & claims
From filings & derived data- Return on assets (FY 2025-12-31): -56.7%Derived (calculated)
- Cash & equivalents (YoY) (2025-12-31 vs 2024-12-31): -14.7%Derived (calculated)
- Operating cash flow (YoY) (2025-12-31 vs 2024-12-31): -22.1%Derived (calculated)
- Net income (YoY) (2025-12-31 vs 2024-12-31): -1.8%Derived (calculated)
- EPS (basic) (YoY) (2025-12-31 vs 2024-12-31): 12.3%Derived (calculated)
- Total liabilities (YoY) (2025-12-31 vs 2024-12-31): -18.8%Derived (calculated)
- Total assets (YoY) (2025-12-31 vs 2024-12-31): -38.4%Derived (calculated)
- Shareholders' equity (YoY) (2025-12-31 vs 2024-12-31): -48.9%Derived (calculated)
- Revenue (YoY) (2025-12-31 vs 2024-12-31): 266.7%Derived (calculated)
- EPS (diluted) (YoY) (2025-12-31 vs 2024-12-31): 12.3%Derived (calculated)
- Long-term debt (YoY) (2025-12-31 vs 2024-12-31): 1.4%Derived (calculated)
- Net margin (FY 2025-12-31): -1,256.8%Derived (calculated)
- Return on equity (FY 2025-12-31): -105.4%Derived (calculated)
- Operating income (YoY) (2025-12-31 vs 2024-12-31): -0.7%Derived (calculated)
- Current ratio (FY 2025-12-31): 8.41xDerived (calculated)
- Debt-to-equity (FY 2025-12-31): 0.86xDerived (calculated)
- R&D expense (YoY) (2025-12-31 vs 2024-12-31): 6.3%Derived (calculated)
- Capex (YoY) (2025-12-31 vs 2024-12-31): 15.2%Derived (calculated)
- EPS (basic) (annual): USD-PER-SHARES -1SEC XBRL filing
- Total operating expenses (annual): USD 146.14MSEC XBRL filing
- EPS (diluted) (annual): USD-PER-SHARES -1SEC XBRL filing
- Revenue (annual): USD 10.32MSEC XBRL filing
- Total liabilities (annual): USD 105.67MSEC XBRL filing
- Current assets (annual): USD 157.21MSEC XBRL filing