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Delisting risk

TCRX · NASDAQ · Biotechnology

TScan Therapeutics

Develops TCR-engineered T-cell therapies for cancer through a T-cell receptor discovery platform.

$0.7535

After-hours close+0.00 (+0.15%)

At close$0.7524(+0.29%)

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Profile

TScan Therapeutics, Inc.TCRXHealth Care

A clinical-stage biopharmaceutical company developing TCR-engineered T-cell therapies for cancer. It applies a T-cell receptor discovery platform to build a TCR-T pipeline rather than relying on an already marketed drug.

Develops T-cell receptor-engineered T-cell therapies for cancer as a clinical-stage biopharmaceutical company. Its TargetScan discovery technology is intended to reveal how T cells naturally recognize cancer and inform a pipeline of TCR-T candidates.

Founded in 2018 and headquartered in Waltham, Massachusetts, the company takes a platform-built approach rather than operating around an already marketed drug. Its progress depends on advancing TCR-T candidates and its discovery platform into therapies for cancer.

The company has also worked with Novartis to discover and develop TCR-engineered therapies for solid tumors, while retaining the ability to develop targets that Novartis does not license.

Company facts

CEOGavin MacBeath, Ph.D.

ListedJul 16, 2021

ExchangeNASDAQ

HeadquartersWaltham, MA

CountryUnited States

Employees142

CIK0001783328

ISINUS89854M1018

Key statistics

Market cap$46.0M

EPS (ttm)−$0.9100

P/E (ttm)−0.8280

ROE-108.7%

P/B1.42

P/S6.47

Dividend yield—

Beta1.64vs XLV 0.71

Year to date −26.2% · Average volume (30d) 408.8K

Analysts

Price target, next 12 months$7.50+900.0%Median of 8 analysts · vs the Aug 28 close

ConsensusBuy7 of 8 analysts rate it buy or better

Ratings

Strong buyBuyHoldSellStrong sell

Target range

Last close $0.7500

High$12.00+1,500.0%

Median$7.50+900.0%

Low$3.00+300.0%

12 months agoNowIn 12 months

Latest analyst notes

Date	Firm	Action	Prior rating	Rating
Nov 4, 2025	BTIG	Downgrade	Buy	Neutral

Earnings

EPS

Estimate−$0.30

ReportedDue Nov 11, 2026

Revenue

Estimate$1.5M

ReportedDue Nov 11, 2026

History

Report date	EPS est	EPS	Surprise	Revenue est	Revenue	Surprise	Next session
Aug 12, 2026Q2 FY26	−$0.25	−$0.23	+9.2%	$1.9M	$1.1M	−43.9%	−0.49%
Aug 11, 2026Q2 FY26	−$0.29	−$0.23	+20.7%	$1.9M	$1.1M	−43.9%	+1.28%
May 6, 2026Q1 FY26	−$0.22	−$0.22	0.0%	$2.5M	$982.0K	−60.7%	−3.20%
Mar 4, 2026Q4 FY25	−$0.27	−$0.18	+33.3%	$2.4M	$2.6M	+5.4%	+4.63%

View details

Financial highlights

	Q1 FY25	Q2 FY25	Q3 FY25	Q4 FY25	Q1 FY26	Q2 FY26
Revenue	$2.2M	$3.1M	$2.5M	$2.6M	$982.0K	$1.1M
Gross profit	$2.2M	$3.1M	$2.5M	$2.6M	$289.0K	$1.1M
Operating income	−$36.3M	−$38.7M	−$37.1M	−$23.9M	−$29.1M	−$30.5M
Net income	−$34.1M	−$37.0M	−$35.7M	−$23.0M	−$28.7M	−$30.4M
Diluted EPS	−$0.26	−$0.28	−$0.28	−$0.18	−$0.22	−$0.23
Gross margin	100.0%	100.0%	100.0%	100.0%	29.4%	100.0%
Operating margin	-1,669.7%	-1,256.6%	-1,475.6%	-929.4%	-2,967.3%	-2,901.3%

Fiscal years (4-quarter sums)FY21 $10.1M · FY22 $13.5M · FY23 $21.0M · FY24 $2.8M · FY25 $10.3M

Revenue by product · Q2 FY26

Reportable Segment$1.1M · 100%

Balance sheet, Jun 30, 2026Cash & short-term investments $100.2M · Total debt $90.9M · Total assets $171.5M · Shareholders' equity $69.0M

Dividends

No dividends on record.

Ownership

Institutions 53.16%Insiders —

Shares outstanding 61.07M · Float 55.39M · 90.7% free float

Insiders — no current Form 4 position.

A Form 4 total here can count shares the filer formally disclaims — an award voted by proxy, for instance — which the holder's own Schedule 13D/G excludes, so where the two disagree the schedule's smaller figure is used.

Top shareholders13F · 13D/G · Form 4

Holder	Shares	% outstanding	Form	Filed
LYNX1 Capital Management LP	8.02M	13.13%	13F	May 4, 2026
BVF Inc/IL	5.56M	9.11%	13F	May 15, 2026
K2 HealthVentures Equity Trust LLC	3.60M	6.90%	13G	Feb 14, 2025
Biotechnology Value Fund L P	3.01M	5.40%	13G	May 15, 2026
Baker Bros. Advisors LP	2.78M	4.56%	13F	May 15, 2026

Insider tradesForm 4

Date	Insider	Role	Shares	Avg price
Dec 19, 2025	Lynx1 Capital Management LP	10 percent owner	+80,069	$0.8989
Dec 22, 2025	Lynx1 Capital Management LP	10 percent owner	+75,500	$0.9000
Dec 23, 2025	Lynx1 Capital Management LP	10 percent owner	+6,232	$0.8989