TScan Therapeutics, Inc. (TCRX) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-3249.3%

-$5.64

vs $0.18 price

Levered DCF

-$8.62

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

-6.19

Distress zone

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	-1×	-2.67×	-4.29×	-0.57×	-2.22×	-10.1×	-19.81×
P/B	1.05×	1.41×	2.53×	0.37×	0.67×	-6.17×	6.16×
P/S	12.58×	120.9×	18.17×	2.75×	10.61×	241.34×	0×
EV / EBITDA	-0.58×	-2.16×	-4.26×	-0.05×	1.05×	-9.38×	-16.43×
Gross margin	72.2%	100.0%	100.0%	100.0%	100.0%	-1796.5%	0.0%
Operating margin	-1315.4%	-4787.7%	-444.0%	-492.3%	-479.6%	-2417.8%	0.0%
Net margin	-1256.8%	-4527.7%	-423.9%	-489.3%	-479.5%	-2408.0%	0.0%
Current ratio	8.41×	8.14×	6.51×	7.17×	7.76×	2.09×	17.69×
Debt / equity	0.76×	0.4×	0.61×	0.86×	0.04×	-0.18×	0.11×
Interest coverage	-49.05×	-36.91×	-24.86×	-56.66×	0×	0×	0×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	-105.4%	-52.9%	-59.1%	-66.6%	-30.2%	61.5%	-32.1%
Return on invested capital	-62.5%	-39.7%	-37.5%	-35.9%	-28.9%	-77.8%	-30.0%
Return on assets	-56.7%	-34.4%	-32.8%	-33.3%	-25.8%	-52.5%	-27.7%
Free cash flow yield	-107.6%	-33.7%	-16.9%	-189.7%	-54.5%	-2.8%	-5.3%
Earnings yield	-99.9%	-37.5%	-23.3%	-177.7%	-45.2%	-10.0%	-5.2%
Enterprise value	$71.6M	$259.1M	$341.5M	$3.2M	-$47.8M	$234.5M	$225M
Net debt / EBITDA	0.47×	0.68×	0.51×	0.57×	3.43×	1.09×	2.69×
Cash conversion cycle (days)	-158	0	0	0	0	-52	-39