TScan Therapeutics, Inc. TCRX

Healthcare SIC 2836 - Biological Products, (No Diagnostic Substances) Nasdaq

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.

Last close 0.39 2026-09-04
Market cap $50.9M estimated share count
52-week range 0.35 - 2.57

Valuation FY2025 figures against the last close

P/S4.9x
P/E
P/FCF
EV/EBITDA
Dividend yield
Diluted EPS-1.00

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019
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 FY2025FY2024FY2023FY2022FY2021FY2020FY2019
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 FY2025FY2024FY2023FY2022FY2021FY2020FY2019
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.

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