TCRX

MKT CAP:$70M

TScan Therapeutics, Inc.

Market Cap

$70M

Healthcare·Biotechnology·🇺🇸 United States·NASDAQ

Healthcare·Biotechnology·🇺🇸·NASDAQ

Stock Price

$1.25+$0.23 (+22.55%)

Apr 22, 2026

Company Details

TScan Therapeutics, Inc., a preclinical-stage biopharmaceutical company, develops T cell receptor-engineered T cell therapies for the treatment of patients with cancer. It is developing TSC-100 and TSC-101 for the treatment of patients with...

CEO

Gavin MacBeath

IPO Date

Jul 16, 2021

Website

www.tscan.com

Key Metrics TTM

Revenue

$10M

+266.7% YoY

Net Income

-$130M

EPS (Diluted)

-$1.00

Free Cash Flow

-$140M

Revenue / Share

$0.08

Gross Margin

85.6%

Operating Margin

-1315.4%

Net Margin

-1256.8%

FCF Margin

-1353.3%

P/S

6.7x

P/E

—

Earnings Reports

Q1 2026

May 5, 2026

PENDING

FY 2025

Mar 4, 2026

$10M+266.7%EPS -$1.00

Q4 2025

Mar 4, 2026

$3M+286.0%EPS -$0.18

Q3 2025

Nov 12, 2025

$3M+139.4%EPS -$0.28

Q2 2025

Aug 12, 2025

$3M+473.9%EPS -$0.28

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$3M	-$12M	-$16M
Q2 22	$4M	-$10M	-$15M
Q3 22	$3M	$3M	-$17M
Q4 22	$3M	$2M	-$19M
Q1 23	$7M	$7M	-$23M
Q2 23	$3M	$3M	-$25M
Q3 23	$4M	$4M	-$25M
Q4 23	$7M	$6M	-$21M
Q1 24	$566.0K	$566.0K	-$31M
Q2 24	$536.0K	$536.0K	-$34M
Q3 24	$1M	$1M	-$33M
Q4 24	$665.0K	$665.0K	-$37M
Q1 25	$2M	$2M	-$36M
Q2 25	$3M	$3M	-$39M
Q3 25	$3M	$2M	-$37M
Q4 25	$3M	$2M	-$24M

Valuation

Quarter	P/S	P/E
Q1 22	6.2x	—
Q2 22	5.6x	—
Q3 22	5.2x	—
Q4 22	5.1x	—
Q1 23	4.0x	—
Q2 23	4.2x	—
Q3 23	4.1x	—
Q4 23	3.3x	—
Q1 24	4.7x	—
Q2 24	5.7x	—
Q3 24	7.4x	—
Q4 24	24.7x	—
Q1 25	15.7x	—
Q2 25	10.0x	—
Q3 25	8.3x	—
Q4 25	6.7x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$20M	-$21M
Q2 22	-$13M	-$15M
Q3 22	-$17M	-$17M
Q4 22	-$16M	-$17M
Q1 23	-$24M	-$24M
Q2 23	-$22M	-$22M
Q3 23	$8M	$7M
Q4 23	-$24M	-$24M
Q1 24	-$29M	-$30M
Q2 24	-$26M	-$27M
Q3 24	-$28M	-$29M
Q4 24	-$27M	-$28M
Q1 25	-$38M	-$39M
Q2 25	-$33M	-$35M
Q3 25	-$32M	-$34M
Q4 25	-$32M	-$32M

Capital Expenditures

Quarter	CapEx
Q1 22	$531.0K
Q2 22	$2M
Q3 22	$424.0K
Q4 22	$1M
Q1 23	$838.0K
Q2 23	$420.0K
Q3 23	$1M
Q4 23	$469.0K
Q1 24	$705.0K
Q2 24	$862.0K
Q3 24	$1M
Q4 24	$888.0K
Q1 25	$2M
Q2 25	$1M
Q3 25	$1M
Q4 25	$171.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+49.0%	+92.9%
Q2 22	+42.4%	+42.7%
Q3 22	+39.4%	+9.2%
Q4 22	+8.4%	+27.5%
Q1 23	+125.2%	+54.0%
Q2 23	-22.4%	+43.8%
Q3 23	+15.6%	+43.6%
Q4 23	+133.0%	+31.4%
Q1 24	-91.7%	+8.1%
Q2 24	-83.0%	+24.8%
Q3 24	-73.0%	+17.6%
Q4 24	-90.8%	+30.8%
Q1 25	+283.6%	+20.3%
Q2 25	+473.9%	+20.4%
Q3 25	+139.4%	+17.5%
Q4 25	+286.0%	-29.3%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$0	0.0%
Q2 22	$1M	25.2%
Q3 22	$1M	37.1%
Q4 22	$1M	41.9%
Q1 23	$1M	16.9%
Q2 23	$1M	38.8%
Q3 23	$1M	34.5%
Q4 23	$2M	20.8%
Q1 24	$2M	350.5%
Q2 24	$2M	434.3%
Q3 24	$3M	240.5%
Q4 24	$3M	408.1%
Q1 25	$3M	157.3%
Q2 25	$3M	106.4%
Q3 25	$3M	119.9%
Q4 25	$2M	78.2%

OpEx Breakdown

Quarter	R&D	G&A	SG&A
Q1 22	$15M	$4M	—
Q2 22	$14M	$5M	—
Q3 22	$15M	$5M	—
Q4 22	$16M	—	$5M
Q1 23	$22M	$8M	—
Q2 23	$21M	$7M	—
Q3 23	$23M	$6M	—
Q4 23	$22M	$6M	—
Q1 24	$25M	$7M	—
Q2 24	$27M	$8M	—
Q3 24	$26M	$7M	—
Q4 24	$29M	$7M	—
Q1 25	$30M	$8M	—
Q2 25	$33M	$9M	—
Q3 25	$31M	—	$8M
Q4 25	$20M	$6M	—

Revenue Segments

Quarter	Reportable Segment
Q1 25	$2M
Q2 25	$3M
Q3 25	$3M
Q4 25	$3M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$141M	$0	$141M
Q2 22	$126M	$0	$126M
Q3 22	$137M	$0	$137M
Q4 22	$120M	$0	$120M
Q1 23	$96M	$0	$96M
Q2 23	$209M	$0	$209M
Q3 23	$155M	$60M	$215M
Q4 23	$133M	$59M	$192M
Q1 24	$141M	$22M	$163M
Q2 24	$242M	$56M	$298M
Q3 24	$133M	$138M	$271M
Q4 24	$179M	$111M	$290M
Q1 25	$154M	$98M	$252M
Q2 25	$169M	$49M	$218M
Q3 25	$170M	$15M	$184M
Q4 25	$152M	$0	$152M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	24M	+0.3%	-3.9%
Q2 22	24M	+0.4%	+0.4%
Q3 22	24M	+0.0%	+1.3%
Q4 22	24M	+0.0%	+0.7%
Q1 23	24M	+0.6%	+1.0%
Q2 23	47M	+94.9%	+96.2%
Q3 23	95M	+100.9%	+293.9%
Q4 23	95M	+0.0%	+293.9%
Q1 24	95M	+0.0%	+291.6%
Q2 24	113M	+19.6%	+140.3%
Q3 24	119M	+4.7%	+25.2%
Q4 24	121M	+1.8%	+27.4%
Q1 25	130M	+7.4%	+36.7%
Q2 25	130M	+0.0%	+14.4%
Q3 25	130M	+0.1%	+9.4%
Q4 25	130M	+0.0%	+7.5%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$29.0K	104
Q2 22	$39.0K	104
Q3 22	$32.3K	104
Q4 22	$22.6K	137
Q1 23	$49.7K	137
Q2 23	$23.0K	137
Q3 23	$28.4K	137
Q4 23	$46.8K	154
Q1 24	$3.7K	154
Q2 24	$3.5K	154
Q3 24	$6.8K	154
Q4 24	$3.4K	194
Q1 25	$11.2K	194
Q2 25	$15.9K	194
Q3 25	$12.9K	194
Q4 25	$13	200K

Revenue / Employee