Valuation method | Value, $ | Upside, % |
---|---|---|
Artificial intelligence (AI) | 47.18 | 2581 |
Intrinsic value (DCF) | 46.05 | 2516 |
Graham-Dodd Method | n/a | |
Graham Formula | 85.05 | 4732 |
TScan Therapeutics, Inc. (NASDAQ: TCRX) is a preclinical-stage biopharmaceutical company pioneering T cell receptor-engineered T cell (TCR-T) therapies for cancer treatment. Headquartered in Waltham, Massachusetts, the company focuses on developing TCR-T therapies targeting hematologic malignancies and solid tumors, with lead candidates TSC-100 and TSC-101 aimed at preventing relapse post-hematopoietic stem cell transplantation. Additionally, TScan is exploring TCR-T applications in infectious diseases, including SARS-CoV-2, leveraging its proprietary platform to identify novel cancer antigens. The company collaborates with Novartis Institutes for BioMedical Research to enhance its oncology pipeline. Operating in the high-growth biotechnology sector, TScan Therapeutics is positioned at the forefront of next-generation immuno-oncology innovations, addressing unmet needs in cancer therapy with its precision T cell-based approach.
TScan Therapeutics presents a high-risk, high-reward investment opportunity given its preclinical-stage pipeline and focus on TCR-T therapies, a promising but unproven modality. The company’s collaboration with Novartis provides validation, but its negative earnings (-$127.5M net income in FY 2023) and cash burn (-$110.8M operating cash flow) underscore significant financial risk. TCRX’s $78.1M market cap reflects investor skepticism, though its $178.7M cash position offers near-term runway. Success hinges on clinical milestones for TSC-100/TSC-101 and solid tumor candidates. Competitive pressures in TCR-T space (e.g., Adaptimmune, Immunocore) and reliance on capital markets for funding are key risks. Suitable for speculative investors with tolerance for biotech volatility.
TScan Therapeutics competes in the emerging TCR-T therapy space, differentiated by its proprietary antigen discovery platform and focus on both hematologic and solid tumors. Unlike CAR-T leaders (e.g., Gilead, Novartis), TCRX targets intracellular antigens via native T cell receptors, potentially addressing a broader range of cancers. However, it lags behind Immunocore (FDA-approved KIMMTRAK) in commercialization and Adaptimmune in clinical-stage assets. TCRX’s collaboration with Novartis enhances its credibility but lacks the scale of rivals’ partnerships (e.g., Bristol Myers Squibb’s deals with Immatics). The company’s narrow pipeline (5 preclinical solid tumor candidates) trails multi-indication platforms of competitors. Its cash reserves ($178.7M) are modest compared to peers, raising dilution risks. TCRX’s niche advantage lies in its HSCT relapse prevention approach (TSC-100/101), a less crowded segment, but it must demonstrate clinical proof-of-concept to attract deeper partnerships or M&A interest.