Diligence memo · auto-generated · as of July 3, 2026
TScan Therapeutics, Inc.
TScan Therapeutics, Inc. looks over-valued against its niche peers and is dormant on financing cadence.
Businessfiled
TScan Therapeutics, Inc. operates in Biotechnology, based in Waltham.
Sub-sector tags: pharma.
No verified homepage on file yet — operating evidence is limited to the public record.
Capital & rounds (filed)filed
TScan Therapeutics, Inc. has raised $123M in disclosed capital across 2 recorded rounds, aggregated from public filings. Its latest round is modeled as Series C (a $40M–$100M round).
Largest single filing: $100M on 2021-01-15.
Most recent recorded round closed around 2021-01-15.
Valuation (modeled)modeled
Provath models TScan Therapeutics, Inc. at approximately $3.3B (range $309M–$8.2B). This is an algorithmic estimate from round sizes and same-niche peers — not a quoted or reported figure.
Read: Over-valued. Modeled value is 1.72× the median modeled value of Series C Biotechnology companies in 2019–2021 (120 peers) — value vs value, same stage and era.
Financing rhythm & timingmixed
Historic cadence: a new round about every 18 months.
Last raise 5.5 yr ago; this sector typically re-raises about every 14 months.
Silent for over 3× the sector's normal cadence.
The last round stepped up 4.3× from the prior — scaling.
Comparablesmixed
Capital scale ranks ahead of 93% of Biotechnology peers (4293 compared).
Modeled value ranks above 97% of those peers.
Closest niche peers: Stem Biotech LLC, Kinnate Biopharma Inc., Arcutis Biotherapeutics, Inc., DNA Research INST LLC, M3 Biotechnology, Inc..
Peoplefiled
13 named people on file across officers, directors and signatories.
Risks & flagsmixed
Financing has been silent well beyond sector cadence — possibly defunct, acquired, or paused.
Modeled above niche peers — valuation risk on entry.
No clearly named CEO/founder/principal in the surfaced records — key-person evidence is thin.