TCRX TScan Therapeutics, Inc. - Common Stock
NASDAQ · Biotechnology · View on SEC EDGAR ↗ close Oct 2, 2026 10-K/10-Q Aug 12, 2026
$0.32
· of 52w range
· above low
· to high
$0.2952w low
$2.5752w high
Market Cap (MRQ)
$20M
P/E (TTM)
-0.4
EPS (TTM)
$-0.91
Revenue (TTM)
$7M
your badges
52W Range
$0–$3
Analyst Rating
BUY
Price Target
$1
P/E
-0.4
ROE
-95.8%
Net Profit Margin
-1655.4%
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TCRX Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$0.32
Market Cap (MRQ)
$20M
P/E (TTM)
-0.4
EPS (TTM)
$-0.91
Revenue (TTM)
$7M
ROE (TTM)
-95.8%
Debt/Equity (MRQ)
0.5
52W Range
$0–$3
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10-Year Performance Revenue, net income, margins and EPS trends
Revenue$10M2020-12-31 → 2025-12-31
EPS$-1.002021-12-31 → 2025-12-31
Free Cash Flow$-140M2021-12-31 → 2025-12-31
Net margin-1655.4%2021-12-31 → 2025-12-31
Valuation & Ratios
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
| Metric | 5Y trend | TCRX | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| P/E (TTM) | -0.45Y avg ≈-1.9 | ≈-1.9 | · | · | |
| P/S (TTM) | 2.9 | · | 26.7 | Undervalued | |
| P/B (MRQ) | 0.3 | · | 1.5 | Undervalued | |
| Price / FCF (TTM) | -0.2 | · | · | · | |
| Price / Cash Flow (TTM) | -0.2 | · | · | · |
Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.
Profitability Gross, operating and net margins; ROE, ROA, ROIC
| Metric | 5Y trend | TCRX | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Operating Margin (TTM) | -1695.1%5Y avg ≈-1768.8% | ≈-1768.8% | · | · | |
| EBITDA Margin | -1315.4%5Y avg ≈-1768.8% | ≈-1768.8% | · | · | |
| Net Profit Margin (TTM) | -1655.4%5Y avg ≈-1688.3% | ≈-1688.3% | · | · | |
| ROA (TTM) | -50.1%5Y avg ≈-39.5% | ≈-39.5% | -56.1% | Top tier | |
| ROE (TTM) | -95.8%5Y avg ≈-57.8% | ≈-57.8% | -86.6% | In line |
Financial Health Debt, liquidity, solvency — balance sheet strength
| Metric | 5Y trend | TCRX | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Debt / Equity (MRQ) | 0.55Y avg ≈0.2 | ≈0.2 | · | · | |
| Current Ratio (MRQ) | 3.45Y avg ≈7.9 | ≈7.9 | 2.3 | Strong liquidity | |
| Quick Ratio | 8.25Y avg ≈7.7 | ≈7.7 | 2.0 | Strong liquidity | |
| Long-Term Debt / Equity (MRQ) | 0.35Y avg ≈0.2 | ≈0.2 | · | · | |
| Interest Coverage | -49.05Y avg ≈-47.5 | ≈-47.5 | · | · |
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
| Metric | 5Y trend | TCRX | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Revenue YoY | 266.7%5Y avg ≈220.7% | ≈220.7% | · | · | |
| Revenue CAGR 3Y | -8.6%5Y avg ≈41.8% | ≈41.8% | · | · | |
| Revenue CAGR 5Y | 56.9% | · | · | · |
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
| Metric | 5Y trend | TCRX | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Asset Turnover | 0.05Y avg ≈0.0 | ≈0.0 | · | · | |
| Revenue / Employee | ≈$74.8K | · | · | · |
value · ≈ 5Y avg · industry median · verdict relative to median
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
2.7%
Next Report
Nov 10, 2026
| Period | Report | EPS Actual | EPS Est | Surprise |
|---|---|---|---|---|
| June 30, 2026 | Aug 19, 2026 | $-0.23 | $-0.22 | -5.0% |
| March 31, 2026 | May 12, 2026 | $-0.22 | $-0.18 | -25.4% |
| Dec. 31, 2025 | $-0.18 | $-0.25 | 26.8% | |
| Sept. 30, 2025 | $-0.28 | $-0.30 | 7.0% | |
| June 30, 2025 | $-0.28 | $-0.29 | 2.2% | |
| March 31, 2025 | $-0.26 | $-0.29 | 10.9% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Revenue | $10M | $3M | $21M | $14M | $10M | $1M | |
| R&D Expense | $114M | $107M | $88M | $60M | $45M | $21M | |
| SG&A Expense | $32M | $30M | $26M | $20M | $14M | $7M | |
| Operating Expenses | $146M | $138M | $115M | $80M | $59M | $27M | |
| Operating Income | $-136M | $-135M | $-93M | $-67M | $-49M | $-26M | |
| Interest Expense | $3M | $4M | $4M | $1M | · | · | |
| Other Non-op | $6M | $7M | $4M | $415.0K | $16.0K | · | |
| Income Tax | $0 | · | · | · | · | · | |
| Net Income | $-130M | $-127M | $-89M | $-66M | $-49M | $-26M | |
| EPS (Basic) | $-1.00 | $-1.14 | $-1.36 | $-2.75 | $-4.17 | · | |
| EPS (Diluted) | $-1.00 | $-1.14 | $-1.36 | $-2.75 | $-4.17 | · | |
| Shares (Basic) | 129,777,415 | 111,990,417 | 65,599,858 | 24,048,267 | 11,662,672 | · | |
| Shares (Diluted) | 129,777,415 | 111,990,417 | 65,599,858 | 24,048,267 | 11,662,672 | · | |
| EBITDA | $-136M | $-135M | · | $-67M | $-49M | · |
Balance Sheet
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $152M | $179M | $133M | $120M | $161M | $35M | |
| Short-term Investments | · | $111M | $59M | · | · | · | |
| Prepaid Expense | $5M | $3M | $2M | $4M | $4M | $2M | |
| Current Assets | $157M | $293M | $194M | $124M | $166M | $36M | |
| PP&E (Net) | $9M | $7M | $8M | $10M | $12M | $6M | |
| PP&E (Gross) | $30M | $26M | $22M | $20M | $17M | $7M | |
| Accum. Depreciation | $22M | $19M | $15M | $10M | $5M | $2M | |
| Total Assets | $229M | $371M | $272M | $199M | $188M | $50M | |
| Accounts Payable | $1M | $4M | $2M | $3M | $2M | $3M | |
| Current Liabilities | $19M | $36M | $30M | $17M | $21M | $17M | |
| Capital Leases | $54M | $61M | $59M | $53M | $4M | $6M | |
| Other Non-current Liabilities | · | $135.0K | · | $49.0K | $97.0K | $238.0K | |
| Total Liabilities | $106M | $130M | $121M | $100M | $27M | $33M | |
| Long-term Debt | $33M | $32M | $30M | $29M | · | · | |
| Total Debt | $33M | $32M | · | $29M | · | · | |
| Common Stock | · | · | · | · | · | $1.0K | |
| Retained Earnings | $-505M | $-375M | $-248M | $-158M | $-92M | $-44M | |
| AOCI | · | $51.0K | · | · | · | · | |
| Stockholders' Equity | $123M | $241M | $151M | $99M | $161M | $-42M | |
| Liabilities + Equity | $229M | $371M | $272M | $199M | $188M | $50M | |
| Shares Outstanding | 52,625,035 | 52,314,039 | · | 19,082,820 | 18,764,463 | 1,135,858 |
Cash Flow
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| D&A | $3M | $4M | $5M | $5M | $3M | $1M | |
| Stock-based Comp | $12M | $10M | $5M | $5M | $3M | $515.0K | |
| Operating Cash Flow | $-135M | $-111M | $-61M | $-67M | $-49M | $-3M | |
| CapEx | $4M | $4M | $3M | $4M | $10M | $4M | |
| Investing Cash Flow | $109M | $-53M | $-61M | $-4M | $-10M | $-4M | |
| Debt Issued | · | · | · | $29M | · | · | |
| Net Debt Issued | · | · | · | $29M | · | · | |
| Stock Issued | · | $33M | $42M | $193.0K | · | · | |
| Net Stock Activity | · | $33M | · | $193.0K | · | · | |
| Financing Cash Flow | $-336.0K | $209M | $135M | $29M | $190M | $288.0K | |
| Net Change in Cash | $-26M | $45M | $13M | $-41M | $131M | $-7M | |
| Free Cash Flow | $-140M | $-115M | · | $-71M | $-59M | · |
Profitability
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Operating Margin | -1315.4% | -4787.7% | · | -492.3% | -479.6% | · | |
| Net Margin | -1256.8% | -4527.7% | · | -489.3% | -479.5% | · | |
| EBITDA Margin | -1315.4% | -4787.7% | · | -492.3% | -479.6% | · | |
| ROA | -43.3% | -39.6% | · | -34.2% | -40.9% | · | |
| ROE | -86.6% | -54.2% | · | -61.3% | -29.0% | · |
Liquidity & Solvency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Current Ratio | 8.4 | 8.1 | · | 7.2 | 7.8 | · | |
| Quick Ratio | 8.2 | 8.1 | · | 6.9 | 7.6 | · | |
| Debt / Equity | 0.3 | 0.1 | · | 0.3 | · | · | |
| LT Debt / Equity | 0.3 | 0.1 | · | 0.3 | · | · | |
| Interest Coverage | -49.0 | -36.9 | · | -56.7 | · | · |
Efficiency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.0 | 0.0 | · | 0.1 | 0.1 | · |
Per Share
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Revenue / Share | $0.08 | $0.03 | · | $0.56 | · | · | |
| Cash Flow / Share | $-1.04 | $-0.99 | · | $-2.77 | · | · | |
| EPS (TTM) | $-1.00 | $-1.14 | $-1.36 | $-2.75 | $-4.17 | · |
Growth Rates
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Revenue YoY | 266.7% | -86.6% | 55.5% | 33.5% | 834.7% | · | |
| Revenue CAGR 3Y | -8.6% | -34.8% | 168.7% | · | · | · | |
| Revenue CAGR 5Y | 56.9% | · | · | · | · | · |
Valuation (TTM)
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Revenue TTM | $10M | $3M | $21M | $14M | $10M | · | |
| Net Income TTM | $-130M | $-127M | $-89M | $-66M | $-49M | · | |
| P/E | -1.0 | -2.7 | -4.3 | -0.6 | -1.1 | · | |
| Earnings Yield | -100.0% | -37.5% | -23.3% | -177.4% | -92.7% | · |
Income Statement
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1M | $982.0K | $3M | $3M | $3M | $2M | $665.0K | $1M | $536.0K | $566.0K | $7M | $4M | $3M | $7M | $3M | $3M | |
| R&D Expense | $23M | $22M | $20M | $32M | $33M | $30M | $29M | $26M | $27M | $25M | $22M | $23M | $21M | $22M | $16M | $15M | |
| SG&A Expense | $8M | $8M | $6M | $8M | $9M | $9M | $8M | $7M | $8M | $7M | $6M | $6M | $7M | $8M | $6M | $5M | |
| Operating Expenses | $32M | $30M | $26M | $40M | $42M | $38M | $37M | $34M | $35M | $32M | $29M | $29M | $28M | $30M | $22M | $20M | |
| Operating Income | $-30M | $-29M | $-24M | $-37M | $-39M | $-36M | $-37M | $-33M | $-34M | $-31M | $-21M | $-25M | $-25M | $-23M | $-19M | $-17M | |
| Interest Expense | $699.0K | $689.0K | $702.0K | $699.0K | $689.0K | $679.0K | $784.0K | $958.0K | $952.0K | $959.0K | $852.0K | $982.0K | $969.0K | $956.0K | $975.0K | $201.0K | |
| Other Non-op | $134.0K | $473.0K | $881.0K | $1M | $2M | $2M | $903.0K | $3M | $2M | $1M | $2M | $2M | $565.0K | $180.0K | $-74.0K | $333.0K | |
| Net Income | $-30M | $-29M | $-23M | $-36M | $-37M | $-34M | $-36M | $-30M | $-32M | $-30M | $-20M | $-23M | $-24M | $-23M | $-19M | $-16M | |
| EPS (Basic) | $-0.23 | $-0.22 | $-0.18 | $-0.28 | $-0.28 | $-0.26 | $-0.29 | $-0.25 | $-0.28 | $-0.32 | $0.32 | $-0.24 | $-0.51 | $-0.93 | $-0.78 | $-0.67 | |
| EPS (Diluted) | $-0.23 | $-0.22 | $-0.18 | $-0.28 | $-0.28 | $-0.26 | $-0.29 | $-0.25 | $-0.28 | $-0.32 | $0.32 | $-0.24 | $-0.51 | $-0.93 | $-0.78 | $-0.67 | |
| Shares (Basic) | 129,948,878 | 129,913,376 | · | 129,835,938 | 129,730,451 | 129,678,572 | · | 118,700,362 | 113,425,357 | 94,875,893 | · | 94,829,844 | 47,208,664 | 24,225,954 | · | 24,073,935 | |
| Shares (Diluted) | 129,948,878 | 129,913,376 | · | 129,835,938 | 129,730,451 | 129,678,572 | · | 118,700,362 | 113,425,357 | 94,875,893 | · | 94,829,844 | 47,208,664 | 24,225,954 | · | 24,073,935 | |
| EBITDA | $-30M | $-29M | · | $-37M | $-39M | $-36M | · | $-33M | $-34M | $-31M | · | $-25M | $-25M | $-23M | · | $-17M |
Balance Sheet
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $100M | $128M | $152M | $170M | $169M | $154M | $179M | $133M | $242M | $141M | $133M | $155M | $209M | $96M | $120M | $137M | |
| Short-term Investments | · | · | · | $15M | $49M | $98M | $111M | $138M | $56M | $22M | $59M | $60M | · | · | · | · | |
| Receivables | · | · | · | · | · | · | · | · | · | · | · | · | $32M | · | · | · | |
| Prepaid Expense | $4M | $5M | $5M | $4M | $3M | $3M | $3M | $3M | $2M | $2M | $2M | $2M | $1M | $5M | $4M | $4M | |
| Current Assets | $104M | $133M | $157M | $188M | $221M | $255M | $293M | $274M | $300M | $165M | $194M | $218M | $242M | $101M | $124M | $141M | |
| PP&E (Net) | $8M | $8M | $9M | $9M | $10M | $8M | $7M | $7M | $8M | $7M | $8M | $9M | $8M | $9M | $10M | $10M | |
| PP&E (Gross) | · | · | $30M | · | · | · | $26M | · | · | · | $22M | · | · | · | $20M | · | |
| Accum. Depreciation | · | · | $22M | · | · | · | $19M | · | · | · | $15M | · | · | · | $10M | · | |
| Total Assets | $171M | $202M | $229M | $262M | $299M | $333M | $371M | $348M | $375M | $241M | $272M | $291M | $317M | $174M | $199M | $165M | |
| Accounts Payable | $3M | $2M | $1M | $6M | $5M | $5M | $4M | $4M | $3M | $2M | $2M | $3M | $3M | $3M | $3M | $3M | |
| Current Liabilities | $31M | $20M | $19M | $29M | $31M | $30M | $36M | $29M | $39M | $31M | $30M | $33M | $35M | $14M | $17M | $17M | |
| Capital Leases | $50M | $52M | $54M | $56M | $58M | $60M | $61M | $56M | $57M | $58M | $59M | $53M | $54M | $52M | $53M | $3M | |
| Other Non-current Liabilities | · | · | · | $278.0K | $113.0K | $124.0K | $135.0K | $146.0K | · | · | · | $12.0K | $24.0K | $36.0K | $49.0K | $97.0K | |
| Total Liabilities | $102M | $105M | $106M | $118M | $122M | $123M | $130M | $119M | $120M | $118M | $121M | $122M | $126M | $96M | $100M | $49M | |
| Long-term Debt | $33M | $33M | $33M | $32M | $32M | $32M | · | $31M | $30M | $30M | $30M | $30M | $30M | $30M | · | $29M | |
| Total Debt | $33M | $33M | · | $32M | $32M | $32M | · | $31M | $30M | $30M | · | $30M | $30M | $30M | · | $29M | |
| Retained Earnings | $-564M | $-534M | $-505M | $-482M | $-446M | $-409M | $-375M | $-339M | $-309M | $-278M | $-248M | $-228M | $-205M | $-181M | $-158M | $-140M | |
| AOCI | · | · | · | $2.0K | $-4.0K | $-4.0K | $51.0K | · | · | · | · | · | · | · | · | · | |
| Stockholders' Equity | $69M | $97M | $123M | $144M | $177M | $210M | $241M | $229M | $255M | $123M | $151M | $169M | $191M | $78M | $99M | $117M | |
| Liabilities + Equity | $171M | $202M | $229M | $262M | $299M | $333M | $371M | $348M | $375M | $241M | $272M | $291M | $317M | $174M | $199M | $165M | |
| Shares Outstanding | 63,502,667 | 55,824,722 | · | · | · | · | · | · | · | · | · | 43,546,528 | 43,542,178 | 19,480,729 | · | · |
Cash Flow
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Stock-based Comp | $2M | $2M | $2M | $3M | $3M | $3M | $3M | $3M | $2M | $2M | $2M | $1M | $1M | $1M | $1M | $1M | |
| Operating Cash Flow | $-28M | $-24M | $-32M | $-32M | $-33M | $-38M | $-27M | $-28M | $-26M | $-29M | $-24M | $8M | $-22M | $-24M | $-16M | $-17M | |
| CapEx | $493.0K | $70.0K | $171.0K | $1M | $1M | $2M | $888.0K | $1M | $862.0K | $705.0K | $469.0K | $1M | $420.0K | $838.0K | $1M | $424.0K | |
| Investing Cash Flow | $-465.0K | $-70.0K | $15M | $33M | $48M | $14M | $27M | $-82M | $-34M | $36M | $2M | $-61M | $-420.0K | $-838.0K | $-1M | $-424.0K | |
| Debt Issued | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $0 | · | |
| Stock Issued | · | · | · | · | · | · | $0 | $0 | · | · | $0 | $-186.0K | · | · | · | · | |
| Financing Cash Flow | · | · | $73.0K | $0 | $116.0K | $-525.0K | $46M | $1M | $162M | $258.0K | $19.0K | $-252.0K | · | · | $108.0K | $29M | |
| Net Change in Cash | $-28M | $-24M | $-17M | $112.0K | $15M | $-25M | $46M | $-109M | $102M | $7M | $-22M | $-54M | $113M | $-24M | $-17M | $12M | |
| Free Cash Flow | · | $-24M | · | · | · | $-39M | · | · | · | $-30M | · | · | · | $-24M | · | · |
Profitability
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | -2901.3% | -2967.3% | · | -1475.6% | -1256.6% | -1669.7% | · | -3109.8% | -6364.6% | -5542.9% | · | -636.7% | -781.8% | -334.3% | · | -492.9% | |
| Net Margin | -2888.6% | -2919.1% | · | -1422.1% | -1201.3% | -1572.0% | · | -2849.1% | -5906.9% | -5325.4% | · | -591.6% | -763.8% | -331.7% | · | -483.0% | |
| EBITDA Margin | -2901.3% | -2967.3% | · | -1475.6% | -1256.6% | -1669.7% | · | -3109.8% | -6364.6% | -5542.9% | · | -636.7% | -781.8% | -334.3% | · | -492.9% | |
| ROA | -12.9% | -10.7% | · | -11.7% | -11.0% | -11.9% | · | -9.3% | -9.2% | -14.5% | · | -10.1% | -10.2% | -13.2% | · | -8.8% | |
| ROE | -24.7% | -18.7% | · | -19.1% | -17.1% | -20.5% | · | -15.0% | -14.2% | -30.0% | · | -16.1% | -14.9% | -20.2% | · | -11.2% |
Liquidity & Solvency
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.4 | 6.6 | · | 6.4 | 7.1 | 8.5 | · | 9.6 | 7.8 | 5.2 | · | 6.6 | 6.9 | 7.2 | · | 8.5 | |
| Quick Ratio | 3.2 | 6.4 | · | 6.3 | 7.0 | 8.4 | · | 9.5 | 7.7 | 5.2 | · | 6.5 | 6.9 | 6.8 | · | 8.3 | |
| Debt / Equity | 0.5 | 0.3 | · | 0.2 | 0.2 | 0.2 | · | 0.1 | 0.1 | 0.2 | · | 0.2 | 0.2 | 0.4 | · | 0.2 | |
| LT Debt / Equity | 0.3 | 0.3 | · | 0.2 | 0.2 | 0.2 | · | 0.1 | 0.1 | 0.2 | · | 0.2 | 0.2 | 0.4 | · | 0.2 | |
| Interest Coverage | -43.6 | -42.3 | · | -53.0 | -56.1 | -53.4 | · | -34.1 | -35.8 | -32.7 | · | -25.2 | -25.4 | -23.8 | · | -82.5 |
Efficiency
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | |
| Receivables Turnover | · | · | · | · | · | · | · | · | · | · | · | · | 0.2 | · | · | · |
Per Share
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Book Value / Share | $1.09 | $1.74 | · | · | · | · | · | · | · | · | · | $3.88 | $4.38 | $4.00 | · | · | |
| Revenue / Share | $0.01 | $0.01 | · | $0.02 | $0.02 | $0.02 | · | $0.01 | $0.00 | $0.01 | · | $0.04 | $0.07 | $0.28 | · | $0.14 | |
| Cash Flow / Share | · | $-0.19 | · | · | · | $-0.29 | · | · | · | $-0.31 | · | · | · | $-0.97 | · | · | |
| Cash / Share | $1.58 | $2.29 | · | · | · | · | · | · | · | · | · | $3.56 | $4.80 | $4.91 | · | · | |
| EPS (TTM) | $-0.91 | $-0.96 | · | $-1.11 | $-1.08 | $-1.08 | · | $-0.53 | $-0.52 | $-0.75 | · | $-2.46 | $-2.89 | $-3.01 | · | $-1.59 |
Valuation (TTM)
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $7M | $9M | · | $8M | $7M | $4M | · | $9M | $12M | $15M | · | $17M | $16M | $17M | · | $13M | |
| Net Income TTM | $-118M | $-124M | · | $-143M | $-137M | $-131M | · | $-111M | $-104M | $-97M | · | $-88M | $-82M | $-73M | · | $-62M | |
| Market Cap | $62M | $56M | · | · | · | · | · | · | · | · | · | $111M | $109M | $41M | · | · | |
| Enterprise Value | $-5M | $-39M | · | · | · | · | · | · | · | · | · | $-74M | $-70M | $-25M | · | · | |
| P/E | -1.1 | -1.1 | · | -1.6 | -1.3 | -1.3 | · | -9.4 | -11.2 | -10.6 | · | -1.0 | -0.9 | -0.7 | · | -1.9 | |
| P/S | 8.8 | 6.2 | · | · | · | · | · | · | · | · | · | 6.6 | 6.6 | 2.4 | · | · | |
| P/B | 0.9 | 0.6 | · | · | · | · | · | · | · | · | · | 0.7 | 0.6 | 0.5 | · | · | |
| P / Tangible Book | 0.9 | 0.6 | · | · | · | · | · | · | · | · | · | 0.7 | 0.6 | 0.5 | · | · | |
| P / Cash Flow | · | -2.3 | · | · | · | · | · | · | · | · | · | · | · | -1.7 | · | · | |
| EV / Revenue | -0.7 | -4.3 | · | · | · | · | · | · | · | · | · | -4.4 | -4.3 | -1.5 | · | · | |
| Earnings Yield | -92.9% | -95.0% | · | -61.0% | -74.5% | -78.3% | · | -10.6% | -8.9% | -9.4% | · | -96.1% | -115.6% | -143.3% | · | -52.1% |
Most recent period on the left · null values shown as ·
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Revenue | $10M | $3M | $21M | $14M | $10M |
| Operating Margin % | -1315.4% | -4787.7% | · | -492.3% | -479.6% |
| Net Income | $-130M | $-127M | $-89M | $-66M | $-49M |
| Diluted EPS | $-1.00 | $-1.14 | $-1.36 | $-2.75 | $-4.17 |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Debt / Equity | 0.3 | 0.1 | · | 0.3 | · |
| Current Ratio | 8.4 | 8.1 | · | 7.2 | 7.8 |
| Quick Ratio | 8.2 | 8.1 | · | 6.9 | 7.6 |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Free Cash Flow | $-140M | $-115M | · | $-71M | $-59M |
Institutional owners (13F) 64 filers · $36.1M total · As of June 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
Holders
64
Value held
$36.1M
New positions
8
Exited positions
7
Institutional activity — Q2 2026 vs prior quarter
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 8 (-2 vs prior Q) | 7 (-3 vs prior Q) | 22 (+7 vs prior Q) | 12 (-8 vs prior Q) | +3.4M |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| Lynx1 Capital Management LP | $7,859,567 | 8,019,148 | 21.78% | Shares |
| BVF INC/IL | $5,453,561 | 5,564,290 | 15.12% | Shares |
| BAKER BROS. ADVISORS LP | $2,729,375 | 2,784,792 | 7.56% | Shares |
| VANGUARD GROUP INC | $2,475,733 | 2,475,733 | 6.86% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $2,115,654 | 2,158,831 | 5.86% | Shares |
| TWO SIGMA INVESTMENTS, LP | $1,910,807 | 1,949,604 | 5.30% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $1,300,396 | 1,326,799 | 3.60% | Shares |
| Deer Management Co. LLC | $1,220,594 | 1,245,504 | 3.38% | Shares |
| MILLENNIUM MANAGEMENT LLC | $1,140,455 | 1,163,611 | 3.16% | Shares |
| JACOBS LEVY EQUITY MANAGEMENT, INC | $1,028,915 | 1,049,806 | 2.85% | Shares |
| CITADEL ADVISORS LLC | $989,026 | 1,009,107 | 2.74% | Shares |
| BlackRock, Inc. | $974,860 | 994,654 | 2.70% | Shares |
| BOOTHBAY FUND MANAGEMENT, LLC | $756,873 | 772,241 | 2.10% | Shares |
| MARSHALL WACE, LLP | $673,616 | 687,364 | 1.87% | Shares |
| DC Funds, LP | $617,463 | 630,000 | 1.71% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $573,401 | 584,811 | 1.59% | Shares |
| D. E. Shaw & Co., Inc. | $537,489 | 548,402 | 1.49% | Shares |
| Kalehua Capital Management LLC | $445,824 | 454,876 | 1.24% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $356,675 | 363,954 | 0.99% | Shares |
| TWO SIGMA ADVISERS, LP | $353,900 | 353,900 | 0.98% | Shares |
| JANE STREET GROUP, LLC | $236,687 | 241,493 | 0.66% | Shares |
| Verdad Advisers, LP | $228,127 | 232,759 | 0.63% | Shares |
| STATE STREET CORP | $203,187 | 207,313 | 0.56% | Shares |
| MIZUHO SECURITIES USA LLC | $201,509 | 205,600 | 0.56% | Shares |
| MORGAN STANLEY | $193,952 | 197,891 | 0.54% | Shares |
| XTX Topco Ltd | $146,493 | 149,467 | 0.41% | Shares |
| BROWN BROTHERS HARRIMAN & CO | $140,204 | 143,051 | 0.39% | Shares |
| NORTHERN TRUST CORP | $136,016 | 138,778 | 0.38% | Shares |
| LETKO, BROSSEAU & ASSOCIATES INC | $93,967 | 95,875 | 0.26% | Shares |
| NewEdge Wealth, LLC | $89,643 | 91,463 | 0.25% | Shares |
| Cubist Systematic Strategies, LLC | $76,582 | 42,078 | 0.21% | Shares |
| BRIDGEWAY CAPITAL MANAGEMENT, LLC | $75,370 | 76,900 | 0.21% | Shares |
| GOLDMAN SACHS GROUP INC | $69,111 | 70,514 | 0.19% | Shares |
| AMERIPRISE FINANCIAL INC | $68,104 | 69,487 | 0.19% | Shares |
| UBS Group AG | $67,495 | 68,873 | 0.19% | Shares |
| STIFEL FINANCIAL CORP | $66,838 | 68,200 | 0.19% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $64,028 | 65,335 | 0.18% | Shares |
| Kestra Advisory Services, LLC | $61,281 | 62,525 | 0.17% | Shares |
| BANK OF AMERICA CORP /DE/ | $48,118 | 49,100 | 0.13% | Shares |
| PUBLIC EMPLOYEES RETIREMENT SYSTEM OF OHIO | $35,872 | 36,600 | 0.10% | Shares |
| DC Investments Management, LLC | $34,855 | 35,563 | 0.10% | Shares |
| Point72 Asia (Singapore) Pte. Ltd. | $26,454 | 14,535 | 0.07% | Shares |
| LANDSCAPE CAPITAL MANAGEMENT, L.L.C. | $25,349 | 25,864 | 0.07% | Shares |
| HSBC HOLDINGS PLC | $23,842 | 24,574 | 0.07% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $23,153 | 23,623 | 0.06% | Shares |
| BARCLAYS PLC | $18,788 | 19,170 | 0.05% | Shares |
| R Squared Ltd | $17,995 | 18,360 | 0.05% | Shares |
| Vanguard Personalized Indexing Management, LLC | $17,602 | 17,959 | 0.05% | Shares |
| JPMORGAN CHASE & CO | $16,089 | 16,458 | 0.04% | Shares |
| Vanguard Global Advisers, LLC | $15,391 | 15,705 | 0.04% | Shares |
Activists & 5%+ owners 1 position
Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.
| Filer | Filed | Stake | Status | Purpose | Filing |
|---|---|---|---|---|---|
| Baker Bros. Advisors LP, Baker Bros. Advisors (GP) LLC, Felix J. Baker, Julian C. Baker ×4 filings | April 23, 2024 | · | Initial filing | Capital structure | SEC |
Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.
Company insiders 17 insiders · 9 officers · 9 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Gavin Macbeath | Chief Executive Officer | Oct. 1, 2026 A | 1,049,767 | 0 | 0 | $0 |
| David P Southwell | Chief Executive Officer | Feb. 2, 2023 A | 171,569 | 0 | 0 | $0 |
| Jason Amello | Chief Financial Officer | Jan. 20, 2026 A | · | 0 | 0 | $0 |
| Brian M. Silver | Chief Financial Officer | June 13, 2023 A | 32,885 | 0 | 0 | $0 |
| Zoran Zdraveski | Chief Legal and Strategy Officer | Oct. 1, 2026 A | 304,716 | 0 | 0 | $0 |
| Chrystal Louis | Chief Medical Officer | Jan. 20, 2026 A | · | 0 | 0 | $0 |
| Leiden Dworak | Principal Accounting Officer and Vice President, Finance | Jan. 20, 2026 A | · | 0 | 0 | $0 |
| Debora Barton | Chief Medical Officer | June 13, 2023 A | · | 0 | 0 | $0 |
| William Desmarais | Chief Business Officer | July 25, 2022 A | 2,500 | 0 | 0 | $0 |
| Keith Woods | Director | May 20, 2026 A | · | 0 | 0 | $0 |
| Gabriela Gruia | Director | May 20, 2026 A | · | 0 | 0 | $0 |
| Barbara Klencke | Director | May 20, 2026 A | 45,000 | 0 | 0 | $0 |
| Garry A Nicholson | Director | May 20, 2026 A | · | 0 | 0 | $0 |
| Katina Dorton | Director | May 20, 2026 A | · | 0 | 0 | $0 |
| BARBERICH TIMOTHY J | Director | Dec. 19, 2023 P | 67,027 | 0 | 0 | $0 |
| Ittai Harel | Director | June 1, 2022 A | · | 0 | 0 | $0 |
| Christoph H Westphal | 10% owner | July 20, 2021 C | 1,278,838 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 3 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.
TCRX Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
rating · 13 analysts
BUY
Median target
$1.00
+212.0%
3 23.1%
Strong Buy
7 53.8%
Buy
3 23.1%
Hold
0 0.0%
Sell
0 0.0%
Strong Sell
12-Month Price Target
2 analysts · 2026-10-02Mean target $1.00 +212.0%
Low$1.00
Mean$1.00
High$1.00
Peer comparison (GICS sub-industry) Key metrics vs sector peers
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Source: SEC 10-Q filed Aug 12, 2026