TScan Therapeutics Inc. Common Stock (TCRX)

FairStock Score: 65/100 — STEADY

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

I am a value investor who wants predictable earning power bought at a discount. TScan does not offer that today. It is a clinical-stage biotechnology company with 138 employees, no approved product, and its lead candidate TSC-101 is still in Phase I testing. In fiscal Q2 2026, the quarter ended 2026-06-30, revenue was $1.1 million while net loss was $30.4 million. For fiscal year 2025, the period ended 2025-12-31, revenue was $10.3 million and net loss was $129.8 million; in fiscal year 2024, the period ended 2024-12-31, net loss was $127.5 million. Trailing free cash flow was negative $118.4 million, a FairStock calculation, which is enormous against a $28.2 million market cap at the 2026-10-13 close. The Piotroski score is 2/9 and the Altman Z-score is -4.51, both FairStock calculations, signaling weak financial condition. Debt to equity is 1.32; ROE is -95.80% and ROCE is -31.53%, also FairStock calculations. At the 2026-10-13 close of $0.22, the FairStock P/B is 0.21, so the market values equity far below stated book value, but that book is being consumed by losses. FairStock's P/E is -0.24; a negative multiple tells me nothing about earnings power. The Lynch category is none because the company lost money in each of the last four years. Any moat would rest on unproven science and clinical data, not on financial strength. My Graham instincts demand a margin of safety in assets or earnings; here the margin depends on trial outcomes. I would watch cash runway, dilution, and trial data, not the low nominal share price. It may be a speculative biotech option, not a value investment by my standards.

In plain English: TScan is a small drug developer testing new cell therapies for cancer. It has no approved product and makes almost no money, while losing tens of millions each quarter. The stock is very cheap compared with its on-paper assets, but the business looks weak and may need more money to keep going.

The full AI analysis, bull and bear case and key monitorables are in FairStock Pro.

Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer