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TScan Therapeutics
(NASDAQ:TCRX)
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Rating:40Underperform
Price Target:
$0.18
▼(-77.22% Downside)
Action:Downgraded
Date:10/14/26
The score is held down primarily by weak financial performance (declining revenue, large ongoing losses, persistent cash burn, and rising leverage) and a strongly bearish technical setup (price far below key moving averages with negative momentum). Valuation offers limited support due to negative earnings, and corporate events add risk given restructuring, delisting concerns, and the loss of the Amgen partnership.
Positive Factors
Clinical Asset Potential
The Cohort C result provides encouraging clinical validation for TSC-101, with complete donor chimerism across all tracked patients and a generally favorable safety profile. Although development is paused, this evidence may preserve the program’s partnering or future development value.
Negative Factors
Persistent Cash Burn
Declining revenue combined with substantial recurring losses and negative operating and free cash flow indicates that the business is not yet self-funding. Continued cash burn increases reliance on financing or partnerships and can constrain the pace and breadth of pipeline development.
Read all positive and negative factors
Positive Factors
Negative Factors
Clinical Asset Potential
The Cohort C result provides encouraging clinical validation for TSC-101, with complete donor chimerism across all tracked patients and a generally favorable safety profile. Although development is paused, this evidence may preserve the program’s partnering or future development value.
Read all positive factors
TScan Therapeutics (TCRX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$13.48M
Dividend YieldN/A
Average Volume (3M)673.91K
Price to Earnings (P/E)―
Beta (1Y)2.27
Revenue Growth2.15%
EPS Growth17.34%
CountryUS
Employees138
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-0.91
Shares Outstanding63,502,660
10 Day Avg. Volume543,164
30 Day Avg. Volume673,908
Financial Highlights & Ratios
PEG Ratio0.08
Price to Book (P/B)1.05
Price to Sales (P/S)12.58
P/FCF Ratio-0.93
Enterprise Value/Market Cap8.76
Enterprise Value/Revenue16.61
Enterprise Value/Gross Profit18.40
Enterprise Value/Ebitda-1.05
Forecast
1Y Price Target
$1.00Price Target Upside26.58% Upside
Rating ConsensusHold
Number of Analyst Covering6
EPS Forecast (FY)-0.8
Revenue Forecast (FY)$2.91M
TScan Therapeutics Business Overview & Revenue Model
Company Description
TScan Therapeutics, Inc., a clinical-stage biotechnology 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 is TSC-101, for the treatment...
How the Company Makes Money
TScan Therapeutics generates revenue primarily from research and development collaboration and license agreements rather than from product sales, as it is a clinical-stage company and does not have broadly commercialized, marketed therapies. Under...
TScan Therapeutics Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
34
Negative
Cash Flow
16
Very Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 7.11M | 10.32M | 2.82M | 21.05M | 13.54M | 10.14M |
| Gross Profit | 6.42M | 7.46M | 2.82M | 21.05M | 13.54M | 10.14M |
| EBITDA | -112.04M | -124.13M | -119.74M | -80.10M | -59.91M | -45.30M |
| Net Income | -117.71M | -129.77M | -127.50M | -89.22M | -66.22M | -48.63M |
Balance Sheet | ||||||
| Total Assets | 171.45M | 228.79M | 371.12M | 272.15M | 199.09M | 188.11M |
| Cash, Cash Equivalents and Short-Term Investments | 100.16M | 152.41M | 290.11M | 192.04M | 120.03M | 161.41M |
| Total Debt | 90.89M | 94.14M | 97.38M | 92.43M | 85.98M | 6.04M |
| Total Liabilities | 102.43M | 105.67M | 130.15M | 121.28M | 99.66M | 27.33M |
| Stockholders Equity | 69.02M | 123.12M | 240.97M | 150.87M | 99.43M | 160.78M |
Cash Flow | ||||||
| Free Cash Flow | -118.44M | -139.73M | -114.65M | -64.50M | -70.73M | -58.62M |
| Operating Cash Flow | -116.28M | -135.32M | -110.82M | -61.36M | -66.50M | -48.68M |
| Investing Cash Flow | 46.87M | 109.37M | -52.61M | -60.76M | -4.22M | -9.94M |
| Financing Cash Flow | 172.00K | -336.00K | 208.76M | 135.44M | 29.36M | 189.67M |
TScan Therapeutics Technical Analysis
Negative
0.79
Price Trends
0.38
Negative
0.64
Negative
0.86
Negative
Market Momentum
-0.05
Negative
29.15
Positive
20.51
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TCRX, the sentiment is Negative. The current price of 0.79 is above the 20-day moving average (MA) of 0.24, above the 50-day MA of 0.38, and below the 200-day MA of 0.86, indicating a bearish trend. The MACD of -0.05 indicates Negative momentum. The RSI at 29.15 is Positive, neither overbought nor oversold. The STOCH value of 20.51 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TCRX.
TScan Therapeutics Risk Analysis
TScan Therapeutics disclosed 108 risk factors in its most recent earnings report. TScan Therapeutics reported the most risks in the "Tech & Innovation" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
TScan Therapeutics Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
46 Neutral | $195.02M | -0.84 | -87.95% | ― | -100.00% | 14.08% | |
46 Neutral | $226.05M | -3.41 | -42.80% | ― | ― | 59.89% | |
46 Neutral | $356.72M | -0.74 | 187.62% | ― | -8.79% | -195.46% | |
46 Neutral | $46.05M | -1.52 | -26.78% | ― | ― | 65.39% | |
43 Neutral | $163.17M | -1.04 | -90.30% | ― | ― | 48.20% | |
40 Underperform | $13.48M | -0.22 | -108.72% | ― | 2.15% | 17.34% |
* Healthcare Sector Average
TCRX
TScan Therapeutics
0.20
-1.66
-89.35%
ZNTL
Zentalis Pharmaceuticals
2.06
0.58
39.19%
ALXO
ALX Oncology Holdings
1.18
-0.37
-23.87%
IKT
Inhibikase Therapeutics
1.62
0.16
10.96%
SRZN
Surrozen
30.35
16.70
122.34%
TIL
Instil Bio
6.79
-10.37
-60.43%
TScan Therapeutics Corporate Events
Business Operations and StrategyExecutive/Board Changes
TScan Therapeutics Announces Board and Governance Changes
Neutral
Oct 16, 2026
On October 13, 2026, TScan Therapeutics, Inc. announced that board members Garry Nicholson and Gabriela Gruia, M.D., resigned from the Board of Directors and all associated committees, with the company noting their departures did not stem from any...
Business Operations and StrategyExecutive/Board Changes
TScan Therapeutics Announces Executive Departures Amid Reorganization
Negative
Sep 30, 2026
TScan Therapeutics has disclosed that, as part of a strategic reorganization announced on September 2, 2026, Chief Financial Officer Jason A. Amello and Chief Medical Officer Chrystal Louis will depart the company under confidential separation agr...
Business Operations and StrategyExecutive/Board Changes
TScan Therapeutics Launches Executive Retention Incentive Program
Positive
Sep 11, 2026
On September 8, 2026, TScan Therapeutics’ Compensation Committee approved a retention program aimed at securing key personnel needed to support the company’s operations, including its in vivo solid tumor program. The initiative centers...
Business Operations and StrategyExecutive/Board ChangesDelistings and Listing ChangesRegulatory Filings and Compliance
TScan Therapeutics Restructures to Focus on Solid Tumors
Negative
Sep 2, 2026
On September 2, 2026, TScan Therapeutics announced a strategic reorganization that sharply pivots the company toward its in vivo solid tumor program, advancing PRAME- and MAGE-A4-targeted TCR-T candidates into IND-enabling work while pausing furth...
Business Operations and Strategy
TScan Therapeutics Faces Loss of Key Amgen Partnership
Negative
Aug 18, 2026
On August 12, 2026, TScan Therapeutics said that Amgen had exercised its right to terminate their May 8, 2023 research collaboration and license agreement focused on using TScan’s target discovery platform to identify T-cell antigens in Croh...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.