TCRX
TScan Therapeutics, Inc.Healthcare·Biotechnology
$1.08
$66M market cap
Revenue
$3.5M
Free Cash Flow
$-56.5M
Rev Growth
+0.0%
FCF Margin
-1592.6%
P/FCF
--
EV/FCF
--
Fwd EV/EBITDA
--
Fair Value
--
Upside
--
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 infec
2-Year Price History
$1.06-87.4%
Quarterly Financials & Projections
Quarterly Waterfall ($ M)
| Period | Rev | EBITDA | OpIn | NI | OCF | FCF | CapEx | Cash | Debt | Shares | ROIC | IntCov | EV/EBITDA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Act | 2026-Q1 | 1.0 | -28.5 | -29.1 | -28.7 | -24.3 | -24.4 | -0.1 | 128.1 | 59.9 | 129.9 | -159.5% | -41.3x | -- |
| Act | 2025-Q4 | 2.6 | -21.6 | -23.9 | -23.0 | -32.0 | -32.2 | -0.2 | 152.4 | 94.1 | 129.9 | -71.1% | -30.7x | -- |
Valuation & Metrics
Market Stats
Price$1.08
Market Cap$66M
Enterprise Value$-2M
P/S Ratio18.6x
P/FCF--
EV/FCF--
FCF Margin (TTM)-1592.6%
FCF Yield-85.7%
Dividend Yield (TTM)--
Annual Dilution0.0%
CurrencyUSD
TTM Financial Snapshot
Revenue$3.5M
Net Income$-51.6M
Free Cash Flow$-56.5M
Revenue Growth (YoY)+0.0%
EBITDA Margin-1408.8%
Net Margin-1455.1%
FCF Margin-1592.6%
CapEx % of Revenue6.8%
SBC % of Revenue56.6%
ROIC-115.3%
WC Change % Rev29.9%
Interest Coverage-35.9x
Forward Outlook & Risk
Short Interest
Short % of Float--
Short Shares0.9M
Days to Cover1.0
Change (vs Prior)-7.7%
Need at least 2 settlement dates for chart
Employees
Headcount200
Revenue / Employee$17,745
Gross Profit / Employee$14,280
Cash Runway
27.2months
WATCH
Institutional Ownership
Headline & net flow
NEUTRAL
Net flow · —still filing
No float data — flow unavailable.
Ownership composition
Active
43.3%(-23.7% YoY)
46 filers
hedge / family / endowment
Retail funds
—
Fidelity, Schwab, 401(k)
Passive
8.6%(-12.7% YoY)
9 filers
Vanguard, iShares, SPDR
Market makers
0.5%(+0.3% YoY)
4 filers
Citadel, Susquehanna
Insiders
—
Form 4 — latest per insider
ActiveRetail fundsPassiveMarket makersRetail direct
Top holders
| Fund | $ value | Cost basis | Δ QoQ | Δ YoY | α life | Fund AUM |
|---|---|---|---|---|---|---|
| Lynx1 Capital Management LP | $8.1M | $2.15 | +$0 | +$2.7M | +3.2% | $633M |
| BVF INC/IL | $5.6M | $1.96 | +$342K | +$682K | -0.3% | $3.14B |
| BAKER BROS. ADVISORS LP | $2.8M | $3.15 | +$0 | +$0 | -0.4% | $16.13B |
| VANGUARD CAPITAL MANAGEMENT LLCPassive | $2.2M | $1.01 | +$2.2M | +$2.2M | — | $4.04T |
| BlackRock, Inc.Passive | $1.9M | $4.85 | −$8K | −$3.1M | -0.2% | $5.69T |
| MILLENNIUM MANAGEMENT LLC | $1.5M | $2.36 | +$1.1M | +$1.2M | -0.5% | $127.40B |
| RENAISSANCE TECHNOLOGIES LLC | $1.4M | $1.60 | +$226K | +$1.2M | +1.2% | $63.91B |
| Deer Management Co. LLC | $1.3M | $3.15 | +$0 | +$0 | -4.8% | $622M |
| TWO SIGMA INVESTMENTS, LP | $1.2M | $1.25 | +$563K | +$1.1M | -0.9% | $117.03B |
| Aberdeen Group plc | $927K | $2.77 | −$876K | +$27K | -0.6% | $61.88B |
| JACOBS LEVY EQUITY MANAGEMENT, INC | $816K | $1.47 | +$626K | +$816K | +0.4% | $23.79B |
| DC Funds, LP | $630K | $3.15 | +$0 | +$0 | -13.6% | $1.5M |
| GEODE CAPITAL MANAGEMENT, LLCPassive | $623K | $4.52 | +$55K | −$402K | +2.3% | $1.61T |
| GSA CAPITAL PARTNERS LLP | $383K | $1.05 | +$154K | +$341K | -5.9% | $1.61B |
| D. E. Shaw & Co., Inc. | $323K | $1.01 | +$253K | +$323K | -0.3% | $118.02B |
| CITADEL ADVISORS LLC | $322K | $2.45 | +$157K | +$267K | -0.4% | $138.22B |
| VANGUARD FIDUCIARY TRUST COPassive | $309K | $1.01 | +$309K | +$309K | — | $395.83B |
| MARSHALL WACE, LLP | $240K | $3.73 | −$103K | +$240K | +0.6% | $92.71B |
| STATE STREET CORPPassive | $209K | $5.45 | +$0 | −$616K | -0.2% | $2.89T |
| ACADIAN ASSET MANAGEMENT LLC | $201K | $1.04 | +$174K | +$183K | -0.5% | $70.48B |
Cost basis is a volume-weighted estimate from accumulation periods within our 13F history; holders who built their position before our window started will show a stale basis. % above the cost basis is the unrealized gain at the current price.
Trading behavior
Smart-money alpha (lifetime, %/qtr)NEUTRAL
Holders
+0.15%
avg per quarter
Holders (ex-self)
+0.18%
excl. this stock
Buyers (this Q)
-0.41%
24 buyers · $0.01B in
Sellers (this Q)
-0.61%
21 sellers · $0.00B out
alpha coverage: 92% of $ has a lifetime-alpha record
Holder behavior on this stocksource: stock
On big dips (−10%+)
-4.9%
how holders react when this stock falls
On quiet Qs
+16.4%
−10% to +10% baseline
On rallies (+10%+)
-1.5%
how they react when this stock rises
Holders' portfolio flow this Q
+7.9%
inflows — adds are organic
Sellers' portfolio flow this Q
+7.1%
Sellers grew AUM elsewhere — opinionated cut of this stock.
▸ Compare to holder-profile behavior (across all their stocks)
Holder dip (any stock)
-2.1%
Holder mid (any stock)
-7.0%
Holder rally (any stock)
-0.7%
Biggest decreases this quarter
Aberdeen Group plc−$876Kα-0.6JANE STREET GROUP, LLC−$246Kα-0.1MARSHALL WACE, LLP−$103Kα+0.6SUSQUEHANNA INTERNATIONAL GROUP, LLP−$59Kα-0.6MORGAN STANLEY−$53Kα-0.3TANG CAPITAL MANAGEMENT LLCexited−$46KHRT FINANCIAL LPexited−$26KNeuberger Berman Group LLCexited−$18KR Squared Ltdexited−$16KTWO SIGMA SECURITIES, LLCexited−$16K
New buyers this quarter
Top-5 holders · 62.7%
Lynx1 Capital Management LP--
BVF INC/IL--
BAKER BROS. ADVISORS LP--
VANGUARD CAPITAL MANAGEMENT LLC--
BlackRock, Inc.--
Top Holders Over Time
5-year share-count history (top 10 holders by peak, incl. exited) + price
hover the chart for per-quarter detailprice (right axis)
Lynx1 Capital Management LP8.0MEcoR1 Capital, LLC—ADAGE CAPITAL PARTNERS GP, L.L.C.—BVF INC/IL5.6MBAKER BROS. ADVISORS LP2.8MPropel Bio Management, LLC—HHLR ADVISORS, LTD.—RA CAPITAL MANAGEMENT, L.P.—Deer Management Co. LLC1.2MDeer IX & Co. Ltd.—
Analyst Coverage
Analyst Coverage
Analyst Ratings
7
1
Buy: 7Hold: 1Consensus: Buy
Corporate
Insider Trading (last 12mo)
Open-market only (Form 4 P-Purchase + S-Sale). Excludes grants, option exercises, tax withholding, gifts.
Major holders (≥10% beneficial owners)
Buys ($, 12mo)
$146K
3 txns · 1 insider · 161,801 sh
Sells ($, 12mo)
$0
0 txns · 0 insiders · 0 sh
Recent transactions
| Date | Side | Insider | Title | Shares | Price | Dollars | Owned $ |
|---|---|---|---|---|---|---|---|
| 2025-12-23 | BUY | Lynx1 Capital Management LP | 10 percent owner | 6,232 | $0.90 | $6K | $7.21M |
| 2025-12-22 | BUY | Lynx1 Capital Management LP | 10 percent owner | 75,500 | $0.90 | $68K | $7.21M |
| 2025-12-19 | BUY | Lynx1 Capital Management LP | 10 percent owner | 80,069 | $0.90 | $72K | $7.13M |
Order Flow (FINRA, ~3w lag)
59.5%retail+3.5pp
10.8%dark+3.3pp
week of 2026-04-13
Off-exchange volume from FINRA. Retail = non-ATS (wholesaler PFOF + broker internalization). Dark = ATS (dark-pool crossing networks, institutional). Lit-exchange = remainder.
Filing Risk Analysis
Filing Risk Scores
TScan Therapeutics: A Dilution Machine Pivoting Through the Burn
Overall Risk
8/10
Fraud
3/10
Dilution
10/10
Insolvency
7/10
Earnings Overstated
4/10
Hidden Liabilities
3/10
Legal
2/10
Audit Warnings
4/10
Hidden Upside
2/10
Contextually Acceptable
5/10