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Side-by-side financial comparison of MESABI TRUST (MSB) and TScan Therapeutics, Inc. (TCRX). Click either name above to swap in a different company.
MESABI TRUST is the larger business by last-quarter revenue ($3.6M vs $2.6M, roughly 1.4× TScan Therapeutics, Inc.). MESABI TRUST runs the higher net margin — 77.1% vs -895.1%, a 972.2% gap on every dollar of revenue. On growth, TScan Therapeutics, Inc. posted the faster year-over-year revenue change (286.0% vs -95.5%). Over the past eight quarters, TScan Therapeutics, Inc.'s revenue compounded faster (-9.7% CAGR vs -24.1%).
Mesabi Trust is a United States-based royalty trust that holds permanent royalty interests in iron ore mining properties located in Minnesota's Mesabi Range. It earns revenue primarily from royalty payments tied to the production and sale of iron ore products, with core earnings sourced from active mining partners operating on the land it holds interests in, catering to the global steel manufacturing market.
TScan Therapeutics, Inc. is a clinical-stage biopharmaceutical company focused on developing novel T cell receptor (TCR) immunotherapies for hard-to-treat cancers. Its proprietary platform identifies high-affinity naturally occurring TCRs targeting tumor antigens, with pipeline candidates spanning hematological malignancies and solid tumors, operating in the global oncology therapeutics market.
MSB vs TCRX — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $3.6M | $2.6M |
| Net Profit | $2.8M | $-23.0M |
| Gross Margin | 77.1% | — |
| Operating Margin | — | -929.4% |
| Net Margin | 77.1% | -895.1% |
| Revenue YoY | -95.5% | 286.0% |
| Net Profit YoY | -96.5% | 35.8% |
| EPS (diluted) | — | $-0.18 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $3.6M | $2.6M | ||
| Q3 25 | $5.6M | $2.5M | ||
| Q2 25 | $4.7M | $3.1M | ||
| Q1 25 | $6.9M | $2.2M | ||
| Q4 24 | $79.0M | — | ||
| Q3 24 | $6.5M | $1.0M | ||
| Q2 24 | $6.3M | — | ||
| Q1 24 | $6.2M | — |
| Q4 25 | $2.8M | $-23.0M | ||
| Q3 25 | $4.7M | $-35.7M | ||
| Q2 25 | $3.6M | $-37.0M | ||
| Q1 25 | $6.1M | $-34.1M | ||
| Q4 24 | $78.3M | — | ||
| Q3 24 | $5.4M | $-29.9M | ||
| Q2 24 | $3.5M | — | ||
| Q1 24 | $4.7M | — |
| Q4 25 | 77.1% | — | ||
| Q3 25 | 84.6% | — | ||
| Q2 25 | 76.7% | — | ||
| Q1 25 | 88.5% | — | ||
| Q4 24 | 99.1% | — | ||
| Q3 24 | 83.2% | — | ||
| Q2 24 | 55.7% | — | ||
| Q1 24 | 75.3% | — |
| Q4 25 | — | -929.4% | ||
| Q3 25 | — | -1475.6% | ||
| Q2 25 | — | -1256.6% | ||
| Q1 25 | — | -1669.7% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | -3109.8% | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | 77.1% | -895.1% | ||
| Q3 25 | 84.6% | -1422.1% | ||
| Q2 25 | 76.7% | -1201.3% | ||
| Q1 25 | 88.5% | -1571.9% | ||
| Q4 24 | 99.1% | — | ||
| Q3 24 | 83.2% | -2849.1% | ||
| Q2 24 | 55.7% | — | ||
| Q1 24 | 75.3% | — |
| Q4 25 | — | $-0.18 | ||
| Q3 25 | — | $-0.28 | ||
| Q2 25 | — | $-0.28 | ||
| Q1 25 | — | $-0.26 | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $-0.25 | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $152.4M |
| Total DebtLower is stronger | — | $32.5M |
| Stockholders' EquityBook value | $21.1M | $123.1M |
| Total Assets | $26.0M | $228.8M |
| Debt / EquityLower = less leverage | — | 0.26× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $152.4M | ||
| Q3 25 | — | $184.5M | ||
| Q2 25 | — | $218.0M | ||
| Q1 25 | — | $251.7M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $271.1M | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | $32.5M | ||
| Q3 25 | — | $32.4M | ||
| Q2 25 | — | $32.3M | ||
| Q1 25 | — | $32.2M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $30.6M | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $21.1M | $123.1M | ||
| Q3 25 | $22.8M | $144.0M | ||
| Q2 25 | $19.6M | $176.7M | ||
| Q1 25 | $23.3M | $210.2M | ||
| Q4 24 | $95.3M | — | ||
| Q3 24 | $22.1M | $229.1M | ||
| Q2 24 | $20.7M | — | ||
| Q1 24 | $21.0M | — |
| Q4 25 | $26.0M | $228.8M | ||
| Q3 25 | $24.8M | $262.2M | ||
| Q2 25 | $27.4M | $298.6M | ||
| Q1 25 | $101.7M | $332.7M | ||
| Q4 24 | $100.7M | — | ||
| Q3 24 | $26.2M | $348.0M | ||
| Q2 24 | $25.1M | — | ||
| Q1 24 | $26.7M | — |
| Q4 25 | — | 0.26× | ||
| Q3 25 | — | 0.23× | ||
| Q2 25 | — | 0.18× | ||
| Q1 25 | — | 0.15× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 0.13× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $3.5M | $-32.0M |
| Free Cash FlowOCF − Capex | — | $-32.2M |
| FCF MarginFCF / Revenue | — | -1253.3% |
| Capex IntensityCapex / Revenue | — | 6.7% |
| Cash ConversionOCF / Net Profit | 1.27× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-139.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $3.5M | $-32.0M | ||
| Q3 25 | $4.4M | $-32.5M | ||
| Q2 25 | $2.1M | $-33.3M | ||
| Q1 25 | $93.9M | $-37.6M | ||
| Q4 24 | $78.2M | — | ||
| Q3 24 | $3.8M | $-27.9M | ||
| Q2 24 | $2.5M | — | ||
| Q1 24 | $14.6M | — |
| Q4 25 | — | $-32.2M | ||
| Q3 25 | — | $-33.9M | ||
| Q2 25 | — | $-34.5M | ||
| Q1 25 | — | $-39.1M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $-29.3M | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | -1253.3% | ||
| Q3 25 | — | -1349.6% | ||
| Q2 25 | — | -1123.1% | ||
| Q1 25 | — | -1801.8% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | -2792.0% | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | 6.7% | ||
| Q3 25 | — | 56.8% | ||
| Q2 25 | — | 41.6% | ||
| Q1 25 | — | 70.6% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 130.6% | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | 1.27× | — | ||
| Q3 25 | 0.92× | — | ||
| Q2 25 | 0.57× | — | ||
| Q1 25 | 15.48× | — | ||
| Q4 24 | 1.00× | — | ||
| Q3 24 | 0.71× | — | ||
| Q2 24 | 0.72× | — | ||
| Q1 24 | 3.11× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
