TScan Therapeutics (NasdaqGM:TCRX) - Share price, News & Analysis

TCRX fundamental analysis
Snowflake Score
Valuation	2/6
Future Growth	0/6
Past Performance	0/6
Financial Health	6/6
Dividends	0/6

TCRX Stock Overview

TScan Therapeutics, Inc., a preclinical-stage biopharmaceutical company, develops T cell receptor-engineered T cell therapies for the treatment of patients with cancer.

Rewards

Revenue grew by 257.8% over the past year

Risk Analysis

Earnings are forecast to decline by an average of 13.4% per year for the next 3 years

Currently unprofitable and not forecast to become profitable over the next 3 years

Volatile share price over the past 3 months

Does not have a meaningful market cap ($74M)

TScan Therapeutics Competitors

vTv Therapeutics

NasdaqCM:VTVT

US$76.0m

Palatin Technologies

NYSEAM:PTN

US$62.8m

Bolt Biotherapeutics

NasdaqGS:BOLT

US$74.9m

LAVA Therapeutics

NasdaqGS:LVTX

US$77.6m

Price History & Performance

Summary of all time highs, changes and price drops for TScan Therapeutics
Historical stock prices
Current Share Price	US$3.10
52 Week High	US$14.71
52 Week Low	US$1.60
Beta	0
1 Month Change	-1.90%
3 Month Change	10.71%
1 Year Change	n/a
3 Year Change	n/a
5 Year Change	n/a
Change since IPO	-70.48%

Recent News & Updates

May 22

Here's Why We're Watching TScan Therapeutics' (NASDAQ:TCRX) Cash Burn Situation

We can readily understand why investors are attracted to unprofitable companies. For example, biotech and mining...

Shareholder Returns

	TCRX	US Biotechs	US Market
7D	3.7%	3.8%	1.6%
1Y	n/a	-25.8%	-20.8%

Return vs Industry: Insufficient data to determine how TCRX performed against the US Biotechs industry.

Return vs Market: Insufficient data to determine how TCRX performed against the US Market.

Price Volatility

Is TCRX's price volatile compared to industry and market?
TCRX volatility
TCRX Average Weekly Movement	15.8%
Biotechs Industry Average Movement	13.1%
Market Average Movement	8.1%
10% most volatile stocks in US Market	16.8%
10% least volatile stocks in US Market	3.2%

Stable Share Price: TCRX is more volatile than 75% of US stocks over the past 3 months, typically moving +/- 16% a week.

Volatility Over Time: TCRX's weekly volatility (16%) has been stable over the past year, but is still higher than 75% of US stocks.

About the Company

Founded	Employees	CEO	Website
2018	105	David Southwell	https://www.tscan.com

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.

TScan Therapeutics Fundamentals Summary

How do TScan Therapeutics's earnings and revenue compare to its market cap?
TCRX fundamental statistics
Market Cap	US$74.23m
Earnings (TTM)	-US$56.87m
Revenue (TTM)	US$11.14m

6.7x

P/S Ratio

-1.3x

P/E Ratio

Is TCRX overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report
TCRX income statement (TTM)
Revenue	US$11.14m
Cost of Revenue	US$52.31m
Gross Profit	-US$41.17m
Other Expenses	US$15.70m
Earnings	-US$56.87m

Last Reported Earnings

Mar 31, 2022

Next Earnings Date

n/a

Earnings per share (EPS)	-2.38
Gross Margin	-369.74%
Net Profit Margin	-510.72%
Debt/Equity Ratio	0%

How did TCRX perform over the long term?

See historical performance and comparison

We’ve recently updated our valuation analysis.

Valuation

Is TCRX undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

2/6

Valuation Score 2/6

Price-To-Sales vs Peers
Price-To-Sales vs Industry
Price-To-Sales vs Fair Ratio
Below Fair Value
Significantly Below Fair Value
PEG Ratio

Key Valuation Metric

Which metric is best to use when looking at relative valuation for TCRX?

Other financial metrics that can be useful for relative valuation.

The above table shows the n/a ratio for TCRX. This is calculated by dividing TCRX's market cap by their current preferred multiple.
What is TCRX's n/a Ratio?
n/a Ratio	0x
n/a	n/a
Market Cap	US$74.23m

TCRX key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	n/a
Enterprise Value/EBITDA	n/a
PEG Ratio	n/a

Price to Sales Ratio vs Peers

How does TCRX's PS Ratio compare to its peers?

TCRX PS Ratio vs Peers

The above table shows the PS ratio for TCRX vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	PS	Estimated Growth	Market Cap
Peer Average	33.8x
VTVT vTv Therapeutics	11.6x	-112.5%	US$76.0m
PTN Palatin Technologies	72.1x	50.8%	US$62.8m
BOLT Bolt Biotherapeutics	36.2x	63.7%	US$74.9m
LVTX LAVA Therapeutics	15.5x	-34.7%	US$77.6m
TCRX TScan Therapeutics	6.7x	-0.3%	US$74.2m

Forward PS

Price-To-Sales vs Peers: TCRX is good value based on its Price-To-Sales Ratio (6.7x) compared to the peer average (33.8x).

Price to Earnings Ratio vs Industry

How does TCRX's PE Ratio compare vs other companies in the US Biotechs Industry?

Price-To-Sales vs Industry: TCRX is good value based on its Price-To-Sales Ratio (6.7x) compared to the US Biotechs industry average (13.4x)

Price to Sales Ratio vs Fair Ratio

What is TCRX's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

TCRX PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio	6.7x
Fair PS Ratio	0.03x

Price-To-Sales vs Fair Ratio: TCRX is expensive based on its Price-To-Sales Ratio (6.7x) compared to the estimated Fair Price-To-Sales Ratio (0x).

Share Price vs Fair Value

What is the Fair Price of TCRX when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: Insufficient data to calculate TCRX's fair value for valuation analysis.

Significantly Below Fair Value: Insufficient data to calculate TCRX's fair value for valuation analysis.

Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate TCRX's PEG Ratio to determine if it is good value.

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Future Growth

How is TScan Therapeutics forecast to perform in the next 1 to 3 years based on estimates from 4 analysts?

Future Growth Score

0/6

Future Growth Score 0/6

Earnings vs Savings Rate
Earnings vs Market
High Growth Earnings
Revenue vs Market
High Growth Revenue
Future ROE

-13.4%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: TCRX is forecast to remain unprofitable over the next 3 years.

Earnings vs Market: TCRX is forecast to remain unprofitable over the next 3 years.

High Growth Earnings: TCRX is forecast to remain unprofitable over the next 3 years.

Revenue vs Market: TCRX's revenue is expected to decline over the next 3 years (-0.3% per year).

High Growth Revenue: TCRX's revenue is forecast to decline over the next 3 years (-0.3% per year).

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: TCRX is forecast to be unprofitable in 3 years.

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Past Performance

How has TScan Therapeutics performed over the past 5 years?

Past Performance Score

0/6

Past Performance Score 0/6

Quality Earnings
Growing Profit Margin
Earnings Trend
Accelerating Growth
Earnings vs Industry
High ROE

-99.5%

Last years earnings growth

Earnings and Revenue History

Quality Earnings: TCRX is currently unprofitable.

Growing Profit Margin: TCRX is currently unprofitable.

Past Earnings Growth Analysis

Earnings Trend: Insufficient data to determine if TCRX's year-on-year earnings growth rate was positive over the past 5 years.

Accelerating Growth: Unable to compare TCRX's earnings growth over the past year to its 5-year average as it is currently unprofitable

Earnings vs Industry: TCRX is unprofitable, making it difficult to compare its past year earnings growth to the Biotechs industry (96.9%).

Return on Equity

High ROE: TCRX has a negative Return on Equity (-39.03%), as it is currently unprofitable.

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Financial Health

How is TScan Therapeutics's financial position?

Financial Health Score

6/6

Financial Health Score 6/6

Short Term Liabilities
Long Term Liabilities
Debt Level
Reducing Debt
Stable Cash Runway
Forecast Cash Runway

Financial Position Analysis

Short Term Liabilities: TCRX's short term assets ($145.7M) exceed its short term liabilities ($18.5M).

Long Term Liabilities: TCRX's short term assets ($145.7M) exceed its long term liabilities ($4.0M).

Debt to Equity History and Analysis

Debt Level: TCRX is debt free.

Reducing Debt: TCRX has not had any debt for past 5 years.

Balance Sheet

Cash Runway Analysis

For companies that have on average been loss making in the past we assess whether they have at least 1 year of cash runway.

Stable Cash Runway: TCRX has sufficient cash runway for more than a year based on its current free cash flow.

Forecast Cash Runway: TCRX has sufficient cash runway for 1.8 years if free cash flow continues to reduce at historical rates of 74.9% each year.

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Dividend

What is TScan Therapeutics's current dividend yield, its reliability and sustainability?

Dividend Score

0/6

Dividend Score 0/6

Notable Dividend
High Dividend
Stable Dividend
Growing Dividend
Earnings Coverage
Future Dividend Coverage

Dividend Yield vs Market

Notable Dividend: Unable to evaluate TCRX's dividend yield against the bottom 25% of dividend payers, as the company has not reported any recent payouts.

High Dividend: Unable to evaluate TCRX's dividend yield against the top 25% of dividend payers, as the company has not reported any recent payouts.

Stability and Growth of Payments

Stable Dividend: Insufficient data to determine if TCRX's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if TCRX's dividend payments have been increasing.

Earnings Payout to Shareholders

Earnings Coverage: Insufficient data to calculate payout ratio to determine if its dividend payments are covered by earnings.

Cash Payout to Shareholders

Cash Flow Coverage: Unable to calculate sustainability of dividends as TCRX has not reported any payouts.

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Management

How experienced are the management team and are they aligned to shareholders interests?

1.3yrs

Average management tenure

CEO

David Southwell (60 yo)

3.67yrs

Tenure

US$2,785,085

Compensation

Mr. David P. Southwell has been a Director of PTC Therapeutics, Inc. since December 19, 2005. He serves as Chief Executive Officer, President and Director of TScan Therapeutics, Inc. since October 2018. Mr...

CEO Compensation Analysis

Compensation vs Market: David's total compensation ($USD2.79M) is above average for companies of similar size in the US market ($USD759.63K).

Compensation vs Earnings: David's compensation has increased whilst the company is unprofitable.

Leadership Team

Experienced Management: TCRX's management team is not considered experienced ( 1.3 years average tenure), which suggests a new team.

Board Members

Experienced Board: TCRX's board of directors are not considered experienced ( 2.8 years average tenure), which suggests a new board.

Ownership

Who are the major shareholders and have insiders been buying or selling?

Insider Trading Volume

Insider Buying: TCRX insiders have bought more shares than they have sold in the past 3 months.

Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: TCRX only recently listed within the past 12 months.

Data	Last Updated (UTC time)
Company Analysis	2022/06/29 00:00
End of Day Share Price	2022/06/29 00:00
Earnings	2022/03/31
Annual Earnings	2021/12/31