TCRT

TCRT is not an operating business in any investable sense; it is the husk of a failed TCR-T oncology company that wound down its Phase 1/2 trial in August 2023, cut ~95% of staff, and has since failed to sell or out-license its legacy IP (Cantor Fitzgerald engagement terminated January 2026). The entire equity story now rests on ALN1003, an internally-developed, non-hormonal, oral small-molecule for obesity that is still preclinical — proof-of-concept exists only in two non-GLP diet-induced-obesity mouse studies, with management itself flagging that the p-values are 'unadjusted for multiple comparisons.' That is years and many capital raises away from an IND, let alone revenue.

The numbers confirm the fragility. FY2025 revenue was a nominal $5K (down 50% YoY, and the 'revenue' line is immaterial), against a $4.18M net loss and a -$2.87M operating cash burn. Against that burn the company held just $1.39M of cash at year-end — well under a year of runway — so a dilutive raise or a wind-down is close to certain. The balance sheet is technically clean (no debt, 0.38x liabilities/equity, $2.15M equity), but equity is trivially small and the ~$925M accumulated deficit shows how much shareholder capital has already been vaporized. ROE of -194% and margins in the negative-tens-of-thousands of percent are arithmetic artifacts of a company with costs and essentially no sales.