TScan Therapeutics, Inc.
TCRXHealthcare|Biotechnology|US
$0.19
+0.01 (+3.41%)
Tangible Book / Share
$0.53
Cash / Share
$0.77
Financials
Financial Snapshot
Market Cap
$11.9M
Enterprise Value
$2.7M
Revenue (TTM)
$7.1M
Net Income (TTM)
-$117.7M
Cash & Investments
$100.2M
Net Cash
$9.3M
Free Cash Flow (TTM)
-$118.4M
Operating CF (TTM)
-$116.3M
Debt/Equity
1.32
Cash Runway & Burn Rate
Cash on Hand
$100.2M
Quarterly Burn
$29.1M
Monthly Burn
$9.7M
Est. Runway
~3.4 quarters
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $41.8M | $34.8M | $161.4M | $120.0M | $192.0M | $290.1M | $152.4M | $100.2M | |
| Operating Cash Flow | -$12.5M | -$3.0M | -$48.7M | -$66.5M | -$61.4M | -$110.8M | -$135.3M | -$116.3M | |
| Free Cash Flow | -$13.8M | -$7.3M | -$58.6M | -$70.7M | -$64.5M | -$114.6M | -$139.7M | -$118.4M | |
| Capital Expenditure | -$1.2M | -$4.2M | -$9.9M | -$4.2M | -$3.1M | -$3.8M | -$4.4M | -$2.2M | |
| Financing Cash Flow | $34.8M | $288.0K | $189.7M | $29.4M | $135.4M | $208.8M | -$336.0K | $172.0K |
R&D Spending
R&D (TTM)
$97.0M
R&D Intensity
1364.6%
R&D Growth vs Prior
-15.0%
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $1.1M | $10.1M | $13.5M | $21.0M | $2.8M | $10.3M | $7.1M | |
| R&D Expense | $9.4M | $20.6M | $45.0M | $59.8M | $88.2M | $107.3M | $114.2M | $97.0M | |
| R&D % of Revenue | — | 1896.5% | 443.3% | 442.0% | 418.8% | 3812.1% | 1105.6% | 1364.6% | |
| SG&A | $4.8M | $6.7M | $13.8M | $20.4M | $25.5M | $29.6M | $32.0M | $29.8M |
Income Statement
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $1.1M | $10.1M | $13.5M | $21.0M | $2.8M | $10.3M | $7.1M | |
| Cost of Revenue | $9.4M | $20.6M | $0.00 | $0.00 | $0.00 | $0.00 | $2.9M | $693.0K | |
| Gross Profit | -$9.4M | -$19.5M | $10.1M | $13.5M | $21.0M | $2.8M | $7.5M | $6.4M | |
| R&D | $9.4M | $20.6M | $45.0M | $59.8M | $88.2M | $107.3M | $114.2M | $97.0M | |
| SG&A | $4.8M | $6.7M | $13.8M | $20.4M | $25.5M | $29.6M | $32.0M | $29.8M | |
| Operating Income | -$14.2M | -$26.2M | -$48.6M | -$66.6M | -$93.5M | -$134.8M | -$135.8M | -$120.5M | |
| Interest Expense | $0.00 | $0.00 | $0.00 | $1.2M | $3.8M | $3.7M | $2.8M | $2.8M | |
| Pretax Income | -$13.7M | -$26.1M | -$48.6M | -$66.2M | -$89.2M | -$127.5M | -$129.8M | -$117.7M | |
| Net Income | -$13.7M | -$26.1M | -$48.6M | -$66.2M | -$89.2M | -$127.5M | -$129.8M | -$117.7M | |
| EPS (Diluted) | -0.53 | -1.04 | -2.03 | -2.74 | -1.36 | -1.14 | -1.00 | -0.91 | |
| EBITDA | -$13.7M | -$25.0M | -$45.3M | -$59.9M | -$80.1M | -$119.7M | -$124.1M | -$112.0M | |
| Shares Out. (M) | 24.94 | 24.94 | 23.91 | 24.05 | 65.60 | 111.99 | 129.86 | 129.95 |
Balance Sheet
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $41.8M | $34.8M | $161.4M | $120.0M | $133.4M | $178.7M | $152.4M | $100.2M | |
| Short-Term Investments | $0.00 | $0.00 | $0.00 | $0.00 | $58.7M | $111.4M | $0.00 | $0.00 | |
| Total Current Assets | $42.4M | $36.4M | $165.7M | $124.1M | $194.2M | $292.7M | $157.2M | $104.4M | |
| Total Assets | $49.4M | $49.7M | $188.1M | $199.1M | $272.1M | $371.1M | $228.8M | $171.5M | |
| Total Current Liabilities | $2.4M | $17.4M | $21.3M | $17.3M | $29.8M | $36.0M | $18.7M | $31.0M | |
| Long-Term Debt | $0.00 | $0.00 | $0.00 | $29.3M | $26.7M | $32.1M | $32.5M | $21.1M | |
| Total Liabilities | $6.8M | $92.2M | $27.3M | $99.7M | $121.3M | $130.1M | $105.7M | $102.4M | |
| Stockholders' Equity | $42.5M | -$42.5M | $160.8M | $99.4M | $150.9M | $241.0M | $123.1M | $69.0M | |
| Retained Earnings | -$17.4M | -$43.5M | -$92.2M | -$158.4M | -$247.6M | -$375.1M | -$504.9M | -$563.9M |
Cash Flow Statement
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$12.5M | -$3.0M | -$48.7M | -$66.5M | -$61.4M | -$110.8M | -$135.3M | -$116.3M | |
| Capital Expenditure | -$1.2M | -$4.2M | -$9.9M | -$4.2M | -$3.1M | -$3.8M | -$4.4M | -$2.2M | |
| Free Cash Flow | -$13.8M | -$7.3M | -$58.6M | -$70.7M | -$64.5M | -$114.6M | -$139.7M | -$118.4M | |
| Investing Cash Flow | -$1.2M | -$4.2M | -$9.9M | -$4.2M | -$60.8M | -$52.6M | $109.4M | $46.9M | |
| Financing Cash Flow | $34.8M | $288.0K | $189.7M | $29.4M | $135.4M | $208.8M | -$336.0K | $172.0K | |
| Issuance of Stock | $0.00 | $288.0K | $89.6M | $193.0K | $42.4M | $33.1M | $264.0K | $172.0K | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Net Debt Issuance | $0.00 | $0.00 | $0.00 | $29.4M | $0.00 | $15.3M | $0.00 | $0.00 | |
| Stock Based Comp. | $240.0K | $515.0K | $2.5M | $4.6M | $5.2M | $9.5M | $11.7M | $9.8M | |
| Net Change in Cash | $21.0M | -$7.0M | $131.1M | -$41.4M | $13.3M | $45.3M | -$26.3M | -$69.2M |
Dilution Tracker
Shares outstanding grew 420.7% over 5 years — significant dilution
Shares Outstanding
64M
5-Year Share Growth
+420.7%
Stock Issuance (TTM)
$172.0K
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 24.94 | 24.94 | 23.91 | 24.05 | 65.60 | 111.99 | 129.86 | 129.95 | |
| Change vs Prior % | — | 0.0% | -4.1% | 0.6% | 172.8% | 70.7% | 16.0% | 0.1% | |
| Stock Issuance | $0.00 | $288.0K | $89.6M | $193.0K | $42.4M | $33.1M | $264.0K | $172.0K | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $240.0K | $515.0K | $2.5M | $4.6M | $5.2M | $9.5M | $11.7M | $9.8M |
Margins & Profitability
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | — | -1796.5% | 100.0% | 100.0% | 100.0% | 100.0% | 72.2% | 90.3% | |
| Operating Margin % | — | -2417.8% | -479.6% | -492.3% | -444.0% | -4787.7% | -1315.4% | -1695.1% | |
| Net Margin % | — | -2408.0% | -479.5% | -489.3% | -423.9% | -4527.7% | -1256.8% | -1655.4% | |
| EBITDA Margin % | — | -2304.4% | -446.7% | -442.6% | -380.5% | -4252.1% | -1202.2% | -1575.6% | |
| FCF Margin % | — | -669.2% | -578.0% | -522.6% | -306.4% | -4071.3% | -1353.3% | -1665.6% | |
| ROE % | -32.1% | 61.5% | -30.2% | -66.6% | -59.1% | -52.9% | -105.4% | -108.7% | |
| ROA % | -27.7% | -52.5% | -25.8% | -33.3% | -32.8% | -34.4% | -56.7% | -68.7% | |
| ROIC % | -30.0% | -77.8% | -28.9% | -35.9% | -37.5% | -39.7% | -62.5% | -75.4% | |
| R&D / Revenue % | — | 1896.5% | 443.3% | 442.0% | 418.8% | 3812.1% | 1105.6% | 1364.6% |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 0.0% | 0.0% | 834.7% | 33.5% | 55.5% | -86.6% | 266.7% | |
| Gross Profit | 0.0% | -106.4% | 152.0% | 33.5% | 55.5% | -86.6% | 164.9% | |
| Operating Income | 0.0% | -84.6% | -85.4% | -37.0% | -40.3% | -44.3% | -0.7% | |
| Net Income | 0.0% | -91.3% | -86.1% | -36.2% | -34.7% | -42.9% | -1.8% | |
| EPS (Diluted) | 0.0% | -96.2% | -95.2% | -35.0% | 50.4% | 16.2% | 12.3% | |
| Operating Cash Flow | 0.0% | 75.9% | -1510.2% | -36.6% | 7.7% | -80.6% | -22.1% | |
| Free Cash Flow | 0.0% | 47.3% | -707.3% | -20.7% | 8.8% | -77.7% | -21.9% | |
| R&D Expense | 0.0% | 117.9% | 118.5% | 33.1% | 47.4% | 21.8% | 6.3% | |
| SG&A Expense | 0.0% | 41.4% | 105.1% | 47.2% | 25.3% | 16.0% | 8.2% | |
| Total Assets | 0.0% | 0.7% | 278.2% | 5.8% | 36.7% | 36.4% | -38.4% | |
| Book Value / Share | 0.0% | -199.8% | 495.0% | -38.5% | -44.4% | -6.4% | -55.9% | |
| Debt | 0.0% | 52.1% | -18.7% | 1322.9% | 7.5% | 5.4% | -3.3% | |
| Diluted Shares | 0.0% | 0.0% | -4.1% | 0.6% | 172.8% | 70.7% | 16.0% |
Valuation
P/E (TTM)At Loss
P/S1.68
10Y Low / Med / High2.75 / 18.17 / 241.34
P/B0.35
10Y Low / Med / High0.37 / 1.41 / 6.16
EV/EBITDAAt Loss
EV/Revenue0.38
10Y Low / Med / High0.24 / 16.23 / 216.13
P/FCFAt Loss
Intrinsic Value Models (per share)
Tangible Book / Share
$0.53
Net Current Assets / Share
$0.03
Cash / Share
$0.77
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -19.81 | -10.10 | -2.22 | -0.57 | -4.29 | -2.67 | -1.00 | -0.21 | |
| P/S Ratio | 0.00 | 241.34 | 10.61 | 2.75 | 18.17 | 120.90 | 12.58 | 1.68 | |
| P/B Ratio | 6.16 | -6.17 | 0.67 | 0.37 | 2.53 | 1.41 | 1.05 | 0.35 | |
| EV/EBITDA | -16.43 | -9.38 | 1.05 | -0.05 | -4.26 | -2.16 | -0.58 | -0.02 | |
| EV/Revenue | 0.00 | 216.13 | -4.71 | 0.24 | 16.23 | 92.03 | 6.93 | 0.38 |
Analyst Estimates & Quality
Altman Z-Score
-6.19
Distress
Piotroski F-Score
3
Weak
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $2.9M | $1.3M | $11.8M |
| Net Income | -$102.8M | -$77.3M | -$86.7M |
| EPS | $-0.80 | $-0.60 | $-0.58 |
| # Analysts (EPS) | 3 | 3 | 3 |
Revenue Segments
By Product
| Segment | 2024 | 2025 |
|---|---|---|
| Reportable Segment | $2.8M | $10.3M |