TScan Therapeutics, Inc. (TCRX) | Investment Case

1. Company Snapshot

1.a. Company Description

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 hematologic malignancies to eliminate residual leukemia and prevent relapse after hematopoietic stem cell transplantation; and TSC-200, TSC-201, TSC-202, TSC-203, and TSC-204 for the treatment of solid tumors.The company is also developing vaccines for infectious diseases, such as SARS-CoV-2.

It has a collaboration and license agreement with Novartis Institutes for BioMedical Research, Inc., to identify novel cancer antigens from the T cells of patients with a certain specific type of cancer.TScan Therapeutics, Inc.was incorporated in 2018 and is headquartered in Waltham, Massachusetts.

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1.b. Last Insights on TCRX

Negative drivers behind TScan Therapeutics' recent performance include a Q4 loss of $0.29 per share, exceeding the Zacks Consensus Estimate of a loss of $0.27. The company's high clinical development costs, despite strong financials with $133.1 million in cash and equivalents, funding operations into Q4 2026, weighed on its performance. Additionally, the potential GvHD risks associated with TSC-101, a promising phase 1 therapy, may hinder its progress.

1.c. Company Highlights

Last Price	1.08
Change Percentage	-0.92%
Open	1.11
Previous Close	1.09
Market Cap ( Millions)	61
Volume	938638
Year High	4.85
Year Low	0.91
M A 50	1.64
M A 200	1.64

FCF Yield	-214.13%
Dividend Yield	0.00%
ROE	-63.84%
Debt / Equity	36.45%
Net Debt / EBIDTA	80.42%
Price To Book	0.79
Price Earnings Ratio	-1.02
Price To FCF	-0.47
Price To sales	8.81
EV / EBITDA	0.33

2. Transcript Summary

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3. NewsRoom

Blood Cancer Therapeutics Reach Critical Commercial and Clinical Inflection Points

Dec -04

Source: prnewswire.com

TScan Therapeutics to Host Virtual KOL Event to Discuss Clinical Updates from the ALLOHA™ Phase 1 Trial and Future Market Opportunities

Dec -03

Source: globenewswire.com

TScan Therapeutics, Inc. (TCRX) Reports Q3 Loss, Lags Revenue Estimates

Nov -12

Source: zacks.com

TScan Therapeutics Reports Third Quarter 2025 Financial Results and Provides Corporate Update

Nov -12

Source: globenewswire.com

TScan Therapeutics to Participate in the Guggenheim 2nd Annual Healthcare Innovation Conference

Nov -05

Source: globenewswire.com

TScan Therapeutics Reaches Agreement with FDA on Pivotal Study Design for TSC-101 and Announces Strategic Prioritization to Advance TSC-101 and Extend Cash Runway into H2 2027

Nov -03

Source: globenewswire.com

TScan Therapeutics Announces Upcoming Oral and Poster Presentations at the American College of Rheumatology Convergence 2025

Sep -17

Source: globenewswire.com

TScan Therapeutics to Participate in Upcoming Investor Conferences

Sep -03

Source: globenewswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (11.70%)

6. Segments

T Cell Receptor-engineered T Cell

Expected Growth: 11.7%

TScan Therapeutics' T Cell Receptor-engineered T Cell growth is driven by increasing adoption in cancer treatment, advancements in gene editing technologies, and a growing demand for personalized therapies. Additionally, strategic partnerships, expanding clinical trials, and a strong pipeline of candidates contribute to the 11.7% growth.

7. Detailed Products

TCR Therapies

TScan Therapeutics develops T cell receptor (TCR) therapies that harness the power of the immune system to target and eliminate cancer cells.

Neoantigen-based Therapies

TScan Therapeutics identifies and targets tumor-specific neoantigens to develop personalized cancer therapies.

TCR-based Companion Diagnostics

TScan Therapeutics develops companion diagnostics to identify patients most likely to respond to TCR therapies.

8. TScan Therapeutics, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

TScan Therapeutics, Inc. has a moderate threat of substitutes due to the presence of alternative cancer treatment options, but the company's focus on T-cell receptor therapy provides a unique value proposition.

Bargaining Power Of Customers

TScan Therapeutics, Inc. has a low bargaining power of customers due to the lack of negotiating power of individual patients and the high demand for effective cancer treatments.

Bargaining Power Of Suppliers

TScan Therapeutics, Inc. has a moderate bargaining power of suppliers due to the presence of multiple suppliers for raw materials and equipment, but the company's dependence on a few key suppliers for critical components.

Threat Of New Entrants

TScan Therapeutics, Inc. has a high threat of new entrants due to the growing interest in T-cell receptor therapy and the potential for new companies to enter the market with innovative technologies.

Intensity Of Rivalry

TScan Therapeutics, Inc. operates in a highly competitive industry with several established players, leading to a high intensity of rivalry among companies developing T-cell receptor therapies.

9. SWOT Analysis

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

	Value
Debt Weight	18.08%
Debt Cost	4.07%
Equity Weight	81.92%
Equity Cost	8.44%
WACC	7.65%
Leverage	22.07%

11. Quality Control: TScan Therapeutics, Inc. passed 4 out of 9 key points

Strong Liquidity

Low Debt

Strong Interest Coverage

Healthy Cash Flow

Operating Efficiency

Strong Return On Equity

Consistent Revenue Growth

Consistent Operating Cash Flow Growth

Margin Improvement

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Dianthus Therapeutics

A-Score: 4.6/10

Value: 6.4

Growth: 6.0

Quality: 5.0

Yield: 0.0

Momentum: 8.5

Volatility: 1.7

1-Year Total Return ->

Tarsus Pharmaceuticals

A-Score: 4.5/10

Value: 6.4

Growth: 3.2

Quality: 5.2

Yield: 0.0

Momentum: 9.0

Volatility: 3.3

1-Year Total Return ->

Champions Oncology

A-Score: 4.5/10

Value: 2.7

Growth: 7.0

Quality: 6.2

Yield: 0.0

Momentum: 9.5

Volatility: 1.7

1-Year Total Return ->

Kymera Therapeutics

A-Score: 3.8/10

Value: 6.4

Growth: 3.1

Quality: 4.9

Yield: 0.0

Momentum: 6.5

Volatility: 2.0

1-Year Total Return ->

Oncternal Therapeutics

A-Score: 3.1/10

Value: 9.2

Growth: 4.3

Quality: 3.3

Yield: 0.0

Momentum: 0.5

Volatility: 1.3

1-Year Total Return ->

TScan Therapeutics

A-Score: 2.7/10

Value: 7.2

Growth: 4.2

Quality: 4.4

Yield: 0.0

Momentum: 0.0

Volatility: 0.7

1-Year Total Return ->

Peers Metrics

12.e Scoring ^Insights

12.f DCF ^BETA

Parameters

Short Term Growth

13.08%

Short term Time

10.0

Long-Term Growth

2.00%

WACC

7.65%

TScan Therapeutics, Inc. - US89854M1018

1. Company Snapshot

1.a. Company Description

1.b. Last Insights on TCRX

1.c. Company Highlights

Strong Momentum

Average Growth

Medium Volatility

Earnings Miss

Earnings Beats

Lower Growth

Revenues Miss

Stable Momentum

Weak Momentum

Average Quality

Revenues Beats

2. Transcript Summary

3. NewsRoom

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (11.70%)

6. Segments

T Cell Receptor-engineered T Cell

Expected Growth: 11.7%

7. Detailed Products

TCR Therapies

Neoantigen-based Therapies

TCR-based Companion Diagnostics

8. TScan Therapeutics, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Bargaining Power Of Customers

Bargaining Power Of Suppliers

Threat Of New Entrants

Intensity Of Rivalry

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

11. Quality Control: TScan Therapeutics, Inc. passed 4 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

1.08$

Current Price

1.08$

Potential

-0.00%

Expected Cash-Flows

12.e Scoring ^Insights

12.f DCF ^BETA