TScan Therapeutics, Inc. TCRX
We are a fully integrated clinical-stage biotechnology company focused on developing a robust pipeline of T cell receptor (TCR)-engineered T cell, or TCR-T, therapies for the treatment of patients with cancer. Our lead product candidate, TSC-101, is in development for the treatment of patients with acute myeloid leukemia (AML) and myelodysplastic syndrome (MDS) who are undergoing allogeneic hematopoietic cell transplantation (HCT). The product is designed to eliminate residual disease and promote complete donor chimerism, thereby preventing relapse. TSC-101 targets HA-2, an antigen that is present on all blood cells, malignant or benign, in patients with the HLA type A*02:01. We are currently conducting a Phase 1 clinical study of TSC-101 (the ALLOHA trial, NCT05473910) and during the fourth quarter of 2025, following a productive End-of-Phase meeting with the U.S. Food and Drug Administration (FDA), we reached agreement on a registrational path forward for the TSC-101 program as a potential treatment for patients with AML and MDS. The pivotal study will mirror our ongoing Phase 1 ALLOHA study, using a biologically-assigned (genetically randomized) control arm to support relapse-free survival as the primary endpoint.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Revenue | $10.3M | $2.8M | $21.0M | $13.5M | $10.1M | $1.1M | — |
| R&D | $114.2M | $107.3M | $88.2M | $59.8M | $45.0M | $20.6M | — |
| SG&A | $32.0M | $30.3M | $26.4M | $20.4M | $13.8M | $6.7M | — |
| Total operating expenses | $146.1M | $137.6M | $114.5M | $80.2M | $58.8M | $27.3M | — |
| Operating income | -$135.8M | -$134.8M | -$93.5M | -$66.6M | -$48.6M | -$26.2M | — |
| Interest expense | $2.8M | $3.7M | $3.8M | $1.2M | — | — | — |
| Pre-tax income | -$129.8M | — | — | — | — | — | — |
| Income tax | $0 | — | — | — | — | — | — |
| Net income | -$129.8M | -$127.5M | -$89.2M | -$66.2M | -$48.6M | -$26.1M | — |
| EPS, basic | -1.00 | -1.14 | -1.36 | -2.75 | -4.17 | — | — |
| EPS, diluted | -1.00 | -1.14 | -1.36 | -2.75 | -4.17 | -28.52 | — |
| Shares, diluted (wtd. avg.) | 129.8M | 112.0M | 65.6M | 24.0M | 11.7M | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Cash and equivalents | $152.4M | $178.7M | $138.4M | $125.1M | $166.4M | $35.4M | $42.4M |
| Short-term investments | — | $111.4M | $58.7M | — | — | — | — |
| Total current assets | $157.2M | $292.7M | $194.2M | $124.1M | $165.7M | $36.4M | — |
| Property, plant and equipment | $8.7M | $7.2M | $7.7M | $10.1M | $11.8M | $5.7M | — |
| Total assets | $228.8M | $371.1M | $272.1M | $199.1M | $188.1M | $49.7M | — |
| Accounts payable | $1.2M | $4.3M | $2.4M | $2.9M | $1.8M | $2.9M | — |
| Short-term debt | — | — | $3.3M | — | — | — | — |
| Total current liabilities | $18.7M | $36.0M | $29.8M | $17.3M | $21.3M | $17.4M | — |
| Long-term debt | $32.5M | $32.1M | $26.7M | $29.3M | — | — | — |
| Total liabilities | $105.7M | $130.1M | $121.3M | $99.7M | $27.3M | $32.5M | — |
| Retained earnings | -$504.9M | -$375.1M | -$247.6M | -$158.4M | -$92.2M | -$43.5M | — |
| Total equity | $123.1M | $241.0M | $150.9M | $99.4M | $160.8M | -$42.5M | -$17.1M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -$135.3M | -$110.8M | -$61.4M | -$66.5M | -$48.7M | -$3.0M | — |
| Depreciation and amortisation | $2.9M | $4.1M | $5.4M | $5.1M | $3.3M | $1.2M | — |
| Stock-based compensation | $11.7M | $9.5M | $5.2M | $4.6M | $2.5M | $515.0K | — |
| Capital expenditure | $4.4M | $3.8M | $3.1M | $4.2M | $9.9M | $4.2M | — |
| Investing cash flow | $109.4M | -$52.6M | -$60.8M | -$4.2M | -$9.9M | -$4.2M | — |
| Financing cash flow | -$336.0K | $208.8M | $135.4M | $29.4M | $189.7M | $288.0K | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-089884.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|
| Revenue | — | $1.1M | $10.1M | $13.5M | $21.0M | $2.8M | $10.3M |
| Gross profit | — | — | — | — | — | — | — |
| Net income | — | -$26.1M | -$48.6M | -$66.2M | -$89.2M | -$127.5M | -$129.8M |
Recent filings and events
- Restructuring or exit costs A restructuring: layoffs, a plant closure, a business being wound down. Item 2.05
- Delisting notice The exchange has told the company it no longer meets the rules for staying listed - usually price, market cap, or filings that are late. Item 3.01
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Material agreement terminated An agreement that mattered has ended. Often the other half of a deal that fell through. Item 1.02
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Regulation FD disclosure Item 7.01
- Other event Item 8.01
- Charter or fiscal year changed A change to the company's governing documents, or to when its year ends. Item 5.03
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Results announced Item 2.02
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
Others in SIC 2836
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| AMGN | AMGEN INC | $237.48B | 30.9x | 10.0% |
| GILD | GILEAD SCIENCES, INC. | $193.48B | 23.0x | 2.4% |
| MRNA | Moderna, Inc. | $79.89B | — | -39.9% |
| RVMD | Revolution Medicines, Inc. | $40.08B | — | — |
| BIIB | BIOGEN INC. | $37.01B | 28.5x | 2.2% |
| EXEL | EXELIXIS, INC. | $15.99B | 23.2x | 7.0% |
| NBIX | NEUROCRINE BIOSCIENCES INC | $14.51B | 30.6x | 21.4% |
| HALO | HALOZYME THERAPEUTICS, INC. | $14.26B | 49.1x | 37.6% |