TScan Therapeutics

tscan.com →

-36%

est. 2Y upside i

HealthcareSeries C

Rank

#3053

Sector

Biotechnology

Est. Liquidity

~1Y

Data Quality

Data: Medium

With low growth, high cash burn, and a massive preference overhang, expected equity upside is negative (-36%).

Last updated: July 21, 2026

Bull (5%)+100%

Positive clinical data could drive partnership or acquisition, pushing valuation to 15x revenue ($150M). However, stage cap and 20% dilution limit upside to 100%.

Base (40%)+35%

Revenue grows modestly to $10M, multiple converges to 10x, but 20% dilution reduces upside to 35.2%.

Bear (55%)-100%

Pipeline failure or funding shortfall leads to exit below $180M preferred stack, rendering common stock worthless.

Est. time to liquidity~0.5 years

Preference Stack Risk

severe

Funding Intensity

30370%

Total funding of $180M exceeds current market cap of $59M, meaning common stock is deeply underwater.

Dilution Risk

high

With limited revenue and high burn, additional fundraising is likely, estimated at 20% dilution over 2 years.

Secondary Liquidity

active

As a public company, shares are traded on Nasdaq, offering full liquidity.

Questions to Ask at the Interview

Strategic questions based on TScan Therapeutics's data — designed to show you've done your homework.

  • 1

    “How does TScan plan to differentiate its TCR-T platform from competitors like Iovance and CRISPR Therapeutics?”

  • 2

    “What is the company's cash runway and plans for future fundraising?”

  • 3

    “Given the recent layoffs, how is the company prioritizing its pipeline to maximize value?”

Community

Valuation Sentiment

Our model estimates -36% upside. What do you think?

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Disclaimer: This analysis is AI-generated and does not constitute financial or career advice. Always conduct your own due diligence.