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Tscan Therapeutics, Inc. (TCRX) stock

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NASDAQ: TCRX Nasdaq Biotechnology Next results ~November 11, 2026

D Fundamentals grade

Tscan Therapeutics, Inc. is a US-listed company in the biotechnology industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Model estimate per share

~$0.4

Growth cash-flow model

Base case. Range ~$0.4–$0.4. Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability.

Price vs value

No Buy/Hold/Sell rating is issued: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

Tscan Therapeutics, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders1 buying, 0 selling3 purchases and 0 sales by directors and officers, last 12 monthsInsider trades
  • Funds28 adding, 19 cuttingOf 13 active managers that changed their stake, 8 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Tscan Therapeutics files

Where Tscan Therapeutics stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $7m, up 2.2% on a year earlier, slower than the 106.7% growth a quarter earlier. Free-cash-flow margin rose to -1665.6% from -1885.5% a year earlier. Operating margin widened to -1695.1% from -2072.1%. The diluted share count is up 4.1% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades D. It passes 3 of our 6 financial-health checks. Our price-to-sales vs peers value is $0.14 a share, against a share price of $0.19.

Source: 10-Q filed August 12, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 11, 2026 (estimated)

Tscan Therapeutics, Inc.'s trailing-twelve-month revenue grew 2.2% year on year, with a free-cash-flow margin of -1665.6%. Where it lags: change in growth rate of -104.5pp ranks 154 of 172 biotechnology companies we cover.

Current signal Revenue growth decelerating: TTM revenue growth slowed to 2.2% (-104.5pp vs the prior quarter), the 2nd consecutive quarterly slowdown.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Margins widening. Operating margin is up 376.9 points on a year ago.
  • Net cash. Cash exceeds long-term debt by $0.1bn.

Things to watch

  • Results due soon. Results are expected around 11 November; the share price can move sharply on the day.
  • Growth slowing. The growth rate is 104.5 points lower than a quarter earlier.
  • Loss-making. Operating margin is -1695.1%: costs exceed revenue.
  • Burning cash. Free cash flow was -1665.6% of revenue over the last 12 months.
  • Heavy stock-based pay. Stock pay equals 138.4% of revenue, against a median of 19.2% for biotechnology companies we cover: a real cost that cash-flow figures leave out.
  • Share dilution. Diluted shares rose 4.1% in a year.

Latest results: FY2026 Q2

Filed August 12, 2026
Earnings per share
-$0.23 against an average estimate of -$0.20: missed by 12.2%
Revenue
$1m, down 65.8% on a year earlier
Share reaction
-0.6% in the first session after the results on August 12, 2026, against +0.9% for the S&P 500

Tscan Therapeutics' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+4.8%
  • 1 week-2.3%
  • 1 month-41.6%
  • This year-82.1%
  • 1 year-84.9%
  • 5 years-97.9%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$7.1M
Operating margin
-1695.1%
Net margin
-1655.4%
EPS (TTM, diluted)
$-0.91

Growth

Revenue growth
+2.2%
Change in growth rate
−104.5 pts
Share count change
+4.1%

Cash

Free cash flow (TTM)
-$118M
FCF margin
-1665.6%
Stock pay % of revenue
138.4%

Earnings

Last results
August 12, 2026
Next results (est.)
November 11, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Leadership
  2. Leadership
  3. Leadership
  4. Leadership
  5. Agreement ended
  6. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Tscan Therapeutics, Inc. valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

Valuation models

We value Tscan Therapeutics, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 10.2%: the 10-year Treasury yield (4.9%) plus a beta of 1.16 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$0.4 ~$0.4–$0.4 Primary model, counts double
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. — Does not apply: no positive earnings in the latest twelve months
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: the model gives no positive value
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
Forward price-to-sales vs peers Next year's consensus sales per share times peers' typical forward price-to-sales; only when earnings are negative. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$0.0 ~$0.0–$0.1 Left out: out of range vs price (0.17x)
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. — Does not apply: revenue and margins don't support a positive value
Combined value Weighted average of the models that apply: the primary model (growth cash-flow model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$0.4 ~$0.4–$0.4 1 model

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Tscan Therapeutics, Inc. with Biotechnology in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 20212022202320242025Now
Share price$4.50$1.55$5.83$3.04$1.00$0.18
Market value$105m$37m$382m$340m$130m$23m
+ Net debt (− = net cash)−$161m−$90m−$103m−$146m−$120m−$67m
Enterprise value−$56m−$53m$279m$194m$10m−$44m
Multiples
Price / sales 10.4x2.8x18.2x120.9x12.6x3.3x
Price / earnings ——————
Price / free cash flow ——————
EV / EBITDA ——————

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

12 /100

Weak moat

How hard Tscan Therapeutics's competitive advantage looks for rivals to wear away, judged from 6 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Net income has been a median -34.0% of total assets over 6 years.

  • Durability 10 / 20

    Operating margin has been a median -739.0%; its worst year was -2072.1%.

  • Cash conversion 0 / 20

    Free cash flow was positive in 0 of 6 years, at a median -670.2% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (17 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current −$0.78 +22% $3m −72%
Next −$0.57 +26% $1m −57%

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −7.7% on 90 days ago. In the last 30 days, 2 analysts raised Tscan Therapeutics, Inc.'s forecast and 1 cut it.

Consensus EPS forecast Tscan Therapeutics, Inc., last 90 days
−$1.00 −$0.50 $0.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: −$0.84 Current fiscal year, 60 days ago: −$0.84 Current fiscal year, 30 days ago: −$0.87 Current fiscal year, 7 days ago: −$0.78 Current fiscal year, Now: −$0.78 −$0.78 Next fiscal year, 90 days ago: −$0.89 Next fiscal year, 60 days ago: −$0.89 Next fiscal year, 30 days ago: −$0.94 Next fiscal year, 7 days ago: −$0.57 Next fiscal year, Now: −$0.57 −$0.57

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago −$0.84−$0.89
60 days ago −$0.84−$0.89
30 days ago −$0.87−$0.94
7 days ago −$0.78−$0.57
Now −$0.78−$0.57

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 −$0.20 −$0.23 −12.2%
Mar 2026 −$0.17 −$0.22 −33.3%
Dec 2025 −$0.28 −$0.18 +34.8%
Sept 2025 −$0.33 −$0.28 +15.6%

Adjusted EPS as companies report it, against the average analyst estimate.

Analyst recommendations

5 analysts, Oct 2026
Buy120%
Hold480%
Sell00%

Monthly trend

  1. Oct 2026145
  2. Sep 20261416
  3. Aug 20261416

Counts of recommendations published by analysts covering Tscan Therapeutics, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
4.8%
of tradable shares
Days to cover
3.14
at average volume
Short interest, 1 month
−0%
to October 15, 2026
Held by institutions
68%
of shares
Held by insiders
0.2%
of shares
Employees
138
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

What moved the share price

Last 12 months −90.8%

$1.94 on October 31, 2025 to $0.18

ThenNowEffect
Revenue (last 12 months) $7m $7m +2.2%
P/S multiple 34.8x 3.3x −90.6%
Share count 125m 130m −3.9%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

Last 3 years −95.6%

$4.08 on November 3, 2023 to $0.18

ThenNowEffect
Revenue (last 12 months) $16m $7m −56.7%
P/S multiple 23.9x 3.3x −86.3%
Share count 96m 130m −26.1%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 20222023202420252026 to date
Return
TCRX−66%+276%−48%−67%−82%
Industry peers (median)−56%−18%−28%−5%−26%
S&P 500−18%+26%+25%+18%+11%
Months that ended higher
TCRX33%75%42%50%36%
S&P 50042%67%75%75%46%
Largest fall from a high during the year
TCRX−72%−58%−70%−71%−88%
S&P 500−25%−10%−8%−19%−9%

Worst fall since July 16, 2021: 99% from August 18, 2021 to October 30, 2026. Getting back needed a 7603% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$0.17 – $1.43
From 52-week high
−87.5%
vs 50-day average
−48.4%
vs 200-day average
−78.8%
Volatility (1 year)
99%
Beta vs S&P 500
1.70

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
5 up, 7 down
typical move ±5.8%
After a week
5 up, 7 down
typical move ±9.6%
After a month
5 up, 7 down
typical move ±21.3%
Results releasedNext dayS&P 500 next day5 days21 days
August 12, 2026 −0.6% +0.9% −3.5% −58.8%
May 6, 2026 0.0% +1.1% −4.1% −18.8%
March 4, 2026 +9.2% +0.1% +11.1% −2.4%
November 12, 2025 −7.4% −1.6% −15.6% −17.2%
August 12, 2025 +9.9% +1.4% +4.3% +14.9%
May 6, 2025 −9.3% −0.4% −11.3% +12.0%
March 5, 2025 +3.0% −0.7% −10.9% −40.1%
November 12, 2024 −7.9% −0.3% −26.1% −47.0%
August 12, 2024 −1.0% +1.7% +1.4% −3.9%
May 13, 2024 +16.3% +0.5% +18.9% +14.9%
April 17, 2024 −2.9% −0.8% +3.5% +24.8%
March 6, 2024 +1.6% +1.5% −4.6% +0.9%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Tscan Therapeutics, Inc. in five measures

Fundamentals grade D
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Tscan Therapeutics, Inc.
$0 $10M $20M $30M FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $16.9M Revenue (TTM), FY23 Q4: $21M Revenue (TTM), FY24 Q1: $14.8M Revenue (TTM), FY24 Q2: $12.2M Revenue (TTM), FY24 Q3: $9.4M Revenue (TTM), FY24 Q4: $2.8M Revenue (TTM), FY25 Q1: $4.4M Revenue (TTM), FY25 Q2: $7M Revenue (TTM), FY25 Q3: $8.4M Revenue (TTM), FY25 Q4: $10.3M Revenue (TTM), FY26 Q1: $9.1M Revenue (TTM), FY26 Q2: $7.1M $7.1M

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $16.9M
FY23 Q4 $21M
FY24 Q1 $14.8M
FY24 Q2 $12.2M
FY24 Q3 $9.4M
FY24 Q4 $2.8M
FY25 Q1 $4.4M
FY25 Q2 $7M
FY25 Q3 $8.4M
FY25 Q4 $10.3M
FY26 Q1 $9.1M
FY26 Q2 $7.1M
Revenue growth, TTM YoY Tscan Therapeutics, Inc.
-100% 0% 100% 200% 300% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 27.4% Revenue growth, TTM YoY, FY23 Q4: 55.5% Revenue growth, TTM YoY, FY24 Q1: -14.5% Revenue growth, TTM YoY, FY24 Q2: -25.7% Revenue growth, TTM YoY, FY24 Q3: -44.7% Revenue growth, TTM YoY, FY24 Q4: -86.6% Revenue growth, TTM YoY, FY25 Q1: -70.2% Revenue growth, TTM YoY, FY25 Q2: -42.9% Revenue growth, TTM YoY, FY25 Q3: -10.0% Revenue growth, TTM YoY, FY25 Q4: 266.7% Revenue growth, TTM YoY, FY26 Q1: 106.7% Revenue growth, TTM YoY, FY26 Q2: 2.2% 2.2%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 27.4%
FY23 Q4 55.5%
FY24 Q1 -14.5%
FY24 Q2 -25.7%
FY24 Q3 -44.7%
FY24 Q4 -86.6%
FY25 Q1 -70.2%
FY25 Q2 -42.9%
FY25 Q3 -10.0%
FY25 Q4 266.7%
FY26 Q1 106.7%
FY26 Q2 2.2%
Operating margin (TTM) Tscan Therapeutics, Inc.
-6000% -4000% -2000% 0% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: -535.9% Operating margin (TTM), FY23 Q4: -444.0% Operating margin (TTM), FY24 Q1: -689.2% Operating margin (TTM), FY24 Q2: -914.7% Operating margin (TTM), FY24 Q3: -1276.1% Operating margin (TTM), FY24 Q4: -4787.7% Operating margin (TTM), FY25 Q1: -3159.9% Operating margin (TTM), FY25 Q2: -2072.1% Operating margin (TTM), FY25 Q3: -1765.0% Operating margin (TTM), FY25 Q4: -1315.4% Operating margin (TTM), FY26 Q1: -1408.7% Operating margin (TTM), FY26 Q2: -1695.1% -1695.1%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 -535.9%
FY23 Q4 -444.0%
FY24 Q1 -689.2%
FY24 Q2 -914.7%
FY24 Q3 -1276.1%
FY24 Q4 -4787.7%
FY25 Q1 -3159.9%
FY25 Q2 -2072.1%
FY25 Q3 -1765.0%
FY25 Q4 -1315.4%
FY26 Q1 -1408.7%
FY26 Q2 -1695.1%
FCF margin (TTM) Tscan Therapeutics, Inc.
-6000% -4000% -2000% 0% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: -340.5% FCF margin (TTM), FY23 Q4: -306.4% FCF margin (TTM), FY24 Q1: -472.9% FCF margin (TTM), FY24 Q2: -612.3% FCF margin (TTM), FY24 Q3: -1181.2% FCF margin (TTM), FY24 Q4: -4071.3% FCF margin (TTM), FY25 Q1: -2800.1% FCF margin (TTM), FY25 Q2: -1885.5% FCF margin (TTM), FY25 Q3: -1612.9% FCF margin (TTM), FY25 Q4: -1353.3% FCF margin (TTM), FY26 Q1: -1367.7% FCF margin (TTM), FY26 Q2: -1665.6% -1665.6%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 -340.5%
FY23 Q4 -306.4%
FY24 Q1 -472.9%
FY24 Q2 -612.3%
FY24 Q3 -1181.2%
FY24 Q4 -4071.3%
FY25 Q1 -2800.1%
FY25 Q2 -1885.5%
FY25 Q3 -1612.9%
FY25 Q4 -1353.3%
FY26 Q1 -1367.7%
FY26 Q2 -1665.6%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 1 10 14 21 3 10 7
EBITDA −25 −45 −62 −88 −131 −133 −118
Operating income −26 −49 −67 −93 −135 −136 −121
Net income −26 −49 −66 −89 −127 −130 −118
Diluted EPS −$14.26 −$2.08 −$2.75 −$1.36 −$1.14 −$1.00 −$0.91
Growth (year on year)
Revenue — +834.7% +33.5% +55.5% −86.6% +266.7% +2.2%
Margins
EBITDA margin <−999% −447.1% −454.6% −418.3% <−999% <−999% <−999%
Operating margin <−999% −479.6% −492.3% −444.0% <−999% <−999% <−999%
Net margin <−999% −479.5% −489.3% −423.9% <−999% <−999% <−999%
Free-cash-flow margin −669.2% −578.0% −522.6% −306.4% <−999% <−999% <−999%
Cash flow
Cash from operations −3 −49 −67 −61 −111 −135 −116
Capital spending 4 10 4 3 4 4 2
Free cash flow −7 −59 −71 −65 −115 −140 −118
Stock-based pay 1 3 5 5 10 12 10
Free cash flow after stock pay −8 −61 −75 −70 −124 −151 −128
Balance sheet
Cash 35 161 120 133 179 152 100
Total debt 0 0 30 30 33 33 33
Net debt (negative = net cash) −35 −161 −90 −103 −146 −120 −67
Diluted shares 2m 23m 24m 66m 112m 130m 130m

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

3 of 6 checks passed · June 30, 2026
What it owns · $171m
Short-term assets $104mLonger-term assets $67m
What it owes, and who funded it · $171m
Short-term liabilities $31mLonger-term liabilities $71mShareholders' equity $69m
  • Short-term assets cover short-term liabilities $104m of assets due within a year against $31m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $104m short-term assets against $71m of longer-dated liabilities.
  • More cash than debt $100m of cash against $33m of debt.
  • Debt below 40% of shareholders' equity Debt is 47% of equity.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt −$116m of operating cash flow against $33m of debt.
  • Operating profit covers interest at least five times over Operating income of −$121m against $3m of interest.

From Tscan Therapeutics, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Diluted share count
+4.1%
year over year
R&D spending
1364.6%
of revenue

Competitors: side by side with peers

Closest by revenue in biotechnology
Last 12 months unless stated TCRX EVAX ROIV HCWB ADAG FATE Median
Revenue, last 12 months $7m $8m $8m $7m $8m $6m $56m
Revenue growth, last 12 months 2.2% 125.1% −67.6% 700.2% >999% −23.4% 12.6%
Revenue growth, 3-year average −24.3% — −46.4% 20.4% — −62.1% 13.7%
Revenue growth, latest quarter −65.8% — −33.5% >999% — 9.2% 10.2%
Operating margin <−999% −122.7% <−999% −115.3% −279.5% <−999% −189.4%
Operating margin, 3-year average <−999% — −102.3% −856.2% — <−999% −363.5%
Net margin <−999% −102.4% <−999% −83.8% −229.6% <−999% −169.8%
Cash from operations / revenue <−999% −88.0% <−999% −182.1% −204.1% <−999% −168.0%
Free-cash-flow margin <−999% −88.2% <−999% −182.1% −204.3% <−999% −162.4%
Free-cash-flow margin, 3-year average <−999% — <−999% −759.7% — <−999% −310.0%
Stock pay / revenue 138.4% 4.1% >999% 3.4% 48.8% 274.8% 20.0%
Change in share count 4.1% 497.3% 0.6% −47.7% 4.8% 1.2% 8.2%

Median of all 184 companies we cover in biotechnology. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

184 biotechnology companies
Measure Company Peer median Rank
Revenue growth Growth 2.2% 12.6% 109 of 172
Change in growth rate Growth -104.5pp -0.1pp 154 of 172
Operating margin Profitability -1695.1% -189.4% 144 of 175
Net margin Profitability -1655.4% -157.3% 147 of 180
Free-cash-flow margin Cash generation -1665.6% -145.4% 149 of 176
Stock pay as % of revenue Cash generation 138.4% 19.2% 146 of 179
Long-term debt as % of assets Balance sheet 12.3% 20.6% 31 of 78
Change in share count Balance sheet 4.1% 7.9% 59 of 156

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Who owns it

Funds buying and selling
Reported value
$35.6M
Institutions reporting
59
Shares held vs prior quarter
▲ 11.7%
Positions opened / closed
6 / 7

Top buyers and sellers, Q2 2026: 28 institutions bought and 19 sold ; the biggest buyer was Acadian Asset Management LLC (+1.1M shares) and the biggest seller Aberdeen Group PLC (−918K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Lynx1 Capital Management LP $7.9M 8.0M 22.1% 0.0%
Bvf Inc $5.5M 5.6M 15.3% 0.0%
Baker Bros. Advisors LP $2.7M 2.8M 7.7% 0.0%
Vanguard Capital Management LLC $2.1M 2.2M 5.9% ▲ 0.2%
Two Sigma Investments, LP $1.9M 1.9M 5.4% ▲ 61.3%
Renaissance Technologies LLC $1.3M 1.3M 3.7% ▼ 2.8%
Acadian Asset Management LLC $1.3M 1.3M 3.6% ▲ 546.5%
Deer Management Co. LLC $1.2M 1.2M 3.4% 0.0%
Millennium Management LLC $1.1M 1.2M 3.2% ▼ 20.3%
Jacobs Levy Equity Management, Inc $1M 1.0M 2.9% ▲ 29.9%
Citadel Advisors LLC $989,026 1.0M 2.8% ▲ 216.9%
Blackrock, Inc. $974,860 995K 2.7% ▼ 46.0%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Tscan Therapeutics, Inc.'s complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $145,621 3 trades by 1 insider, last 12 months Insider sales History → $0 0 trades by 0 insiders
Net ▲ $145,621 net buying
Insider Date Trade Shares Price Value
Lynx1 Capital Management Lp 10% owner December 23, 2025 Buy 6,232 $0.90 $5,609
Lynx1 Capital Management Lp 10% owner December 22, 2025 Buy 75,500 $0.90 $67,950
Lynx1 Capital Management Lp 10% owner December 19, 2025 Buy 80,069 $0.90 $72,062

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around November 11, 2026 estimated from the company's past filing pattern, not announced

  • August 12, 2026
  • May 6, 2026
  • March 4, 2026
  • November 12, 2025
  • August 12, 2025
  • May 6, 2025

Recent SEC filings

Data status

When each part of this page on Tscan Therapeutics, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Tscan Therapeutics, Inc. in brief

What does Tscan Therapeutics, Inc. do?
Tscan Therapeutics, Inc. is a US-listed company in the biotechnology industry. Its financial year ends in December.
What is Tscan Therapeutics, Inc.'s stock ticker?
Tscan Therapeutics, Inc. trades under the ticker TCRX on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Tscan Therapeutics, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Tscan Therapeutics, Inc. reported revenue of $7.1M, 2.2% higher than a year earlier, according to its SEC filings.
What is Tscan Therapeutics, Inc.'s free cash flow?
Tscan Therapeutics, Inc.'s free-cash-flow margin is -1665.6% of revenue over the trailing twelve months, ranking 149 of the 176 biotechnology companies we cover.
Who are Tscan Therapeutics, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Lynx1 Capital Management LP, Bvf Inc and Baker Bros. Advisors LP. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Tscan Therapeutics, Inc.'s market cap?
On November 2, 2026, Tscan Therapeutics, Inc.'s market capitalisation was about $23.3M and net debt of -$67.4M. Market figures come from third-party market data and may be delayed.
How much debt does Tscan Therapeutics, Inc. have?
Tscan Therapeutics, Inc.'s debt-to-equity ratio is 47.5%, from its latest balance sheet. The financial health section below sets out its other solvency checks.
Who are Tscan Therapeutics, Inc.'s competitors?
In our Biotechnology peer group, the companies closest to Tscan Therapeutics, Inc. are Evaxion A/s, Roivant Sciences Ltd., HCW Biologics Inc., Adagene Inc. and Fate Therapeutics Inc. The side-by-side comparison below sets their revenue, margins and growth against Tscan Therapeutics, Inc.'s.
Are insiders buying or selling Tscan Therapeutics, Inc. stock?
Over the last 12 months, Tscan Therapeutics, Inc.'s directors and officers reported 3 open-market purchases and 0 sales on Form 4. The insider trading page charts every trade.
When is Tscan Therapeutics, Inc.'s next earnings date?
Around November 11, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Tscan Therapeutics, Inc. announces its own schedule.