TScan Therapeutics Inc (TCRX)

NASDAQHealth CareBiotechnologySnapshot 2026-10-23

$0.20-6.01%

Close 2026-10-23 · 1-day change

Investment OutlookAs of Oct 24, 2026

What could strengthen or challenge TScan Therapeutics Inc’s outlook?

The long-term thesis, the evidence coming in, and the environment around it. Thesis dated Jul 8, 2026.

Higher potential upsideImproving expectations

Next-FY EPS estimate change · 30 days

Comparable estimates unavailable

+10% or more+5%0%−5%−10% or less

A matching fiscal period and sufficient coverage are required.

Higher risk of downsideWeakening expectations

One observable signal. This measures changing earnings expectations, not the probability of a gain or loss.

How this is measured

The calculation requires same-period, same-provider snapshots, positive EPS, at least five analysts and a baseline within three days of the requested lookback.

Measure / period	Management expectations	Analyst expectations
Quarter ending 2026-12-30
Revenue	—	929,250
EPS	—	-0.155
Annual ending 2026-12-31
Revenue	—	2.91M
EPS	—	-0.796
Annual ending 2027-12-31
Revenue	—	1.25M
EPS	—	-0.6

Management figures unavailable.

What the Thesis Depends On

Three published thesis conditions, with dated milestones shown separately.

Key Factor	Why It Matters	Current Status	Break Condition	Latest Evidence
Initiate Phase 1 study of TSC-102-A01 and TSC-102-A03 in H2 2026	A primary condition in TScan Therapeutics Inc's published investment case. The stated target is Phase 1 study start in H2 2026.	Under Pressure	Phase 1 studies not initiated by end of 2026	Direct metric needs a verified mapping The published measure or accounting basis is not supported by an exact source binding. Source date unavailableLast status assessment Oct 24, 2026Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement. Management context Stated in 2 quarters: 2026-Q1 and 2026-Q2. Management planned to initiate Phase 1 studies for TSC-102-A01 and TSC-102-A03 in H2 2026, with initial data expected in 2027. There is no evidence of delay or cancellation, indicating the company is delivering on this near-term clinical development milestone. Delivery assessment Oct 24, 2026
Launch pivotal trial for TSC-101 in Q2 2026	TScan is advancing its TSC-101 pivotal trial as planned in Q2 2026.	Under Pressure	Trial launch delayed beyond Q2 2026	Direct metric needs a verified mapping The published measure or accounting basis is not supported by an exact source binding. Source date unavailableLast status assessment Oct 24, 2026Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement.
Revenue growth near or above -10% in FY26	A primary condition in TScan Therapeutics Inc's published investment case. The stated target is Revenue decline no worse than -10% in FY26.	Broken	Revenue decline worse than -10% in FY26	Revenue growth: -65.83% FY2026-Q2; GAAP. Published target: Revenue decline no worse than -10% in FY26. Target period is not explicitly aligned with this observation. Source published Aug 12, 2026-65.83225 percent · calculatedSource reportLast status assessment Oct 24, 2026 Measurement source consolidated · GAAP FY2026-Q2 · Period ending Jun 30, 2026 Source: company_financial_results. Reference: 73f060ec-b53e-470d-a937-58fbdec193f5. Source status: eligible. Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement.

Stored thesis · Jul 8, 2026. Latest Evidence uses source-matched measurements where available, alongside the last thesis-monitor assessment. Source periods and assessment dates are shown separately. A new measurement does not automatically change the published status or verify an older target.

Incoming Evidence

Compare these dated observations with the operating requirements above

Expectations trend

Same fiscal period

FY2027 · fiscal year ending 2027-12-31 · fmp

FY2027 EPS: comparable history unavailable.

FY2027 revenueUnavailable

Unavailable → Unavailable · observed estimates

Exact estimates & source dates

One fiscal period and provider throughout. At least five contributors are required for each plotted metric; missing coverage stays a gap. Axes show the observed range. Counts measure coverage, not revisions.

FY2027 estimate observations · fmp
Snapshot	EPS	Revenue	EPS / revenue analysts
2026-07-24	Unavailable	Unavailable	4 / 4
2026-07-25	Unavailable	Unavailable	4 / 4
2026-07-26	Unavailable	Unavailable	4 / 4
2026-07-27	Unavailable	Unavailable	4 / 4
2026-07-28	Unavailable	$7,807,060	4 / 5
2026-07-29	Unavailable	Unavailable	4 / 4
2026-07-30	Unavailable	$7,807,060	4 / 5
2026-07-31	Unavailable	$7,807,060	4 / 5
2026-08-01	Unavailable	Unavailable	4 / 4
2026-08-02	Unavailable	$7,807,060	4 / 5
2026-08-03	Unavailable	Unavailable	4 / 4
2026-08-04	Unavailable	$7,807,060	4 / 5
2026-08-05	Unavailable	Unavailable	4 / 4
2026-08-06	Unavailable	Unavailable	4 / 4
2026-08-08	Unavailable	Unavailable	4 / 4
2026-08-09	Unavailable	$7,807,060	4 / 5
2026-08-10	Unavailable	Unavailable	4 / 4
2026-08-12	Unavailable	$7,807,060	4 / 5
2026-08-13	Unavailable	$7,807,060	4 / 5
2026-08-14	Unavailable	Unavailable	4 / 4
2026-08-15	Unavailable	Unavailable	4 / 4
2026-08-16	Unavailable	Unavailable	4 / 4
2026-08-17	Unavailable	Unavailable	4 / 4
2026-08-18	Unavailable	Unavailable	4 / 4
2026-08-19	Unavailable	Unavailable	4 / 4
2026-08-20	Unavailable	Unavailable	4 / 4
2026-08-21	Unavailable	Unavailable	4 / 4
2026-08-22	Unavailable	Unavailable	4 / 4
2026-08-23	Unavailable	Unavailable	4 / 4
2026-08-24	Unavailable	Unavailable	4 / 4
2026-08-25	Unavailable	Unavailable	4 / 4
2026-08-26	Unavailable	Unavailable	4 / 4
2026-08-27	Unavailable	Unavailable	4 / 4
2026-08-28	Unavailable	Unavailable	4 / 4
2026-08-29	Unavailable	Unavailable	4 / 4
2026-08-30	Unavailable	Unavailable	4 / 4
2026-08-31	Unavailable	Unavailable	4 / 4
2026-09-01	Unavailable	Unavailable	4 / 4
2026-09-02	Unavailable	Unavailable	4 / 4
2026-09-03	Unavailable	Unavailable	4 / 4
2026-09-04	Unavailable	Unavailable	4 / 4
2026-09-05	Unavailable	Unavailable	4 / 4
2026-09-06	Unavailable	Unavailable	4 / 4
2026-09-07	Unavailable	Unavailable	4 / 4
2026-09-08	Unavailable	Unavailable	4 / 4
2026-09-09	Unavailable	Unavailable	4 / 4
2026-09-10	Unavailable	Unavailable	4 / 4
2026-09-11	Unavailable	Unavailable	4 / 4
2026-09-12	Unavailable	Unavailable	4 / 3
2026-09-13	Unavailable	Unavailable	4 / 3
2026-09-14	Unavailable	Unavailable	4 / 3
2026-09-15	Unavailable	Unavailable	4 / 3
2026-09-16	Unavailable	Unavailable	4 / 3
2026-09-17	Unavailable	Unavailable	4 / 3
2026-09-18	Unavailable	Unavailable	4 / 3
2026-09-19	Unavailable	Unavailable	4 / 3
2026-09-20	Unavailable	Unavailable	4 / 3
2026-09-21	Unavailable	Unavailable	4 / 3
2026-09-22	Unavailable	Unavailable	4 / 3
2026-09-23	Unavailable	Unavailable	4 / 3
2026-09-24	Unavailable	Unavailable	4 / 3
2026-09-25	Unavailable	Unavailable	4 / 3
2026-09-26	Unavailable	Unavailable	4 / 3
2026-09-27	Unavailable	Unavailable	4 / 3
2026-09-28	Unavailable	Unavailable	4 / 3
2026-09-29	Unavailable	Unavailable	4 / 3
2026-09-30	Unavailable	Unavailable	4 / 3
2026-10-01	Unavailable	Unavailable	3 / 3
2026-10-02	Unavailable	Unavailable	3 / 3
2026-10-03	Unavailable	Unavailable	3 / 3
2026-10-04	Unavailable	Unavailable	3 / 3
2026-10-05	Unavailable	Unavailable	3 / 3
2026-10-06	Unavailable	Unavailable	3 / 3
2026-10-07	Unavailable	Unavailable	3 / 3
2026-10-08	Unavailable	Unavailable	3 / 3
2026-10-09	Unavailable	Unavailable	3 / 3
2026-10-10	Unavailable	Unavailable	3 / 3
2026-10-11	Unavailable	Unavailable	3 / 3
2026-10-12	Unavailable	Unavailable	3 / 3
2026-10-13	Unavailable	Unavailable	3 / 3
2026-10-14	Unavailable	Unavailable	3 / 3
2026-10-15	Unavailable	Unavailable	3 / 3
2026-10-16	Unavailable	Unavailable	3 / 3
2026-10-17	Unavailable	Unavailable	3 / 3
2026-10-18	Unavailable	Unavailable	3 / 3
2026-10-19	Unavailable	Unavailable	3 / 3
2026-10-20	Unavailable	Unavailable	3 / 3
2026-10-21	Unavailable	Unavailable	3 / 3
2026-10-22	Unavailable	Unavailable	3 / 3
2026-10-23	Unavailable	Unavailable	3 / 3
2026-10-24	Unavailable	Unavailable	3 / 3

Revenue and EPS estimates track expectations. They are not delivered results or like-for-like proof of a required annual path.

Compare required revenue and earnings

Analyst view

Monthly observations

Buy / Strong BuyHoldSell / Strong Sell

Exact monthly counts

Monthly rating snapshots · fmp. Missing snapshots are not zero.
Date	Buy*	Hold
2026-05-01	5	1
2026-06-01	5	1
2026-07-01	5	1
2026-08-01	5	1
2026-09-01	5	5
2026-10-01	1	4

*Buy includes Strong Buy; Sell includes Strong Sell. Monthly counts describe the analyst mix, not the firms behind each recent action.

Latest: 1 Buy / Strong Buy · 4 Hold · 0 Sell / Strong Sell

0 upgrades0 downgrades0 maintains

Recent actions · Sep 25–Oct 24 · 0 recorded

Price-target changes

30 days

Individual price-target observations are unavailable.

0 raises · 0 cuts · 0 unchanged · 0 without a comparable prior

How this is measured

Sep 25, 2026–Oct 24, 2026. Each firm's latest positive target is paired only with its immediately prior positive target from the same provider, at most 180 days earlier. Unmatched observations have one dot; conflicting observations are not compared.

Outlook in Brief

The evidence, the remaining questions, and what comes next

What's improving

No recovery evidence is reported in the available driver assessments.

Still unresolved / key risks

Initiate Phase 1 study of TSC-102-A01 and TSC-102-A03 in H2 2026Published status: Under Pressure
Launch pivotal trial for TSC-101 in Q2 2026Published status: Under Pressure
Revenue growth near or above -10% in FY26Published status: Broken

Next proof point

Nov 11, 2026

Look for updated results and guidance against the published targets, plus direct evidence for unresolved drivers.

Review earnings

Bottom line

3 of 3 published conditions remain under pressure or need verification. The next results need to address those conditions.

The dated weekly assessment and its assumptions are available in Read detailed Outlook.

Historical risk context

Observed price history; separate from operating scenarios

Price sensitivity

3.4%Typical daily move · historical

Downside history

-91.2%Maximum drawdown · trailing year

Read detailed Outlook Company context, assumptions & risks

TScan Therapeutics Inc outlook in detail

The weekly editorial context below is a separate assessment from the dated monitor evidence above. Recovery observations do not automatically change the published thesis. Unverified outside influences are hypotheses, not measured driver evidence.

Updated Oct 24, 2026

What kind of bet this is

This is a speculative, loss-making clinical-stage biotechnology company, not a proven earnings compounder. Its multi-year view is in a watch state: management has set new development milestones, but recent restructuring and funding constraints make execution uncertain.

What's priced into TScan Therapeutics Inc

The valuation evidence is mixed and low confidence: one measure points to TCRX being cheap versus peers, while another indicates a 41% premium. The expectations gap is close to neutral, so the snapshot does not show a clear market expectation for a major change in performance.

What the fundamentals likely do

Near term, fundamentals face pressure from paused enrollment in the Phase 3 TSC-101 study due to capital constraints, a CEO transition, and an officer change. TSC-102-A01 and TSC-102-A03 remain planned for Phase 1 studies in the second half of 2026, while two in vivo-engineered TCR-T candidates are in IND-enabling studies, with Phase 1 planned for Q4 2027.

What TScan Therapeutics Inc hinges on

The multi-year thesis depends on whether TCRX can secure funding or partnerships, resume TSC-101 enrollment, and meet its clinical milestones after the strategic pivot. Near-term risks include a guidance cut and weaker jobs data; stronger results and guidance from large Healthcare companies could support sector momentum, but would not resolve TCRX’s company-specific funding and execution risks.