TCRX

TScan is a pre-product, clinical-stage cell-therapy company whose entire $10.3M in FY2025 revenue is lumpy collaboration income from the Novartis and Amgen deals — not commercial sales — and management states plainly it does 'not expect to generate revenues' from product sales 'in the near future, if at all.' That makes the headline 12.3x P/S meaningless: this is not a revenue story, it's a pipeline binary on TSC-101 (TCR-T for AML/MDS in transplant). The value lives entirely in a Phase 1 asset, so the income statement only matters for one question — how long can they fund the science.

The answer is uncomfortably short. FY2025 operating cash burn was -$135.3M against $152M of cash and equivalents — roughly one year of runway. Crucially, financing inflows collapsed from $208.8M in 2024 (a follow-on, a direct offering and the $32.5M SVB loan) to essentially zero (-$0.3M) in 2025, and the 2025 investing inflow of $109M came from liquidating marketable securities, a one-time lever. With shares already up 15.9% YoY and the stock at $0.98, the next raise will be heavily dilutive and likely off a sub-$1 base that also carries exchange-delisting risk. Stockholders' equity has nearly halved (to $123M) and accumulated deficit has reached -$505M.