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Side-by-side financial comparison of PureCycle Technologies, Inc. (PCT) and TScan Therapeutics, Inc. (TCRX). Click either name above to swap in a different company.
PureCycle Technologies, Inc. is the larger business by last-quarter revenue ($2.7M vs $2.6M, roughly 1.0× TScan Therapeutics, Inc.). PureCycle Technologies, Inc. runs the higher net margin — -697.1% vs -895.1%, a 198.0% gap on every dollar of revenue. TScan Therapeutics, Inc. produced more free cash flow last quarter ($-32.2M vs $-42.0M).
PureCycle Technologies, Inc. is a sustainable materials firm with proprietary advanced polypropylene recycling technology. It converts contaminated polypropylene waste into high-purity virgin-equivalent resin for use in consumer goods, automotive parts, packaging and industrial products, serving global partners.
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.
PCT vs TCRX — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $2.7M | $2.6M |
| Net Profit | $-18.8M | $-23.0M |
| Gross Margin | — | — |
| Operating Margin | -2196.1% | -929.4% |
| Net Margin | -697.1% | -895.1% |
| Revenue YoY | — | 286.0% |
| Net Profit YoY | 71.0% | 35.8% |
| EPS (diluted) | $-0.14 | $-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 | $2.7M | $2.6M | ||
| Q3 25 | $2.4M | $2.5M | ||
| Q2 25 | $1.6M | $3.1M | ||
| Q1 25 | $1.6M | $2.2M | ||
| Q4 24 | $0 | — | ||
| Q3 24 | $0 | $1.0M | ||
| Q2 24 | $0 | — | ||
| Q1 24 | $0 | — |
| Q4 25 | $-18.8M | $-23.0M | ||
| Q3 25 | $-28.4M | $-35.7M | ||
| Q2 25 | $-144.2M | $-37.0M | ||
| Q1 25 | $8.8M | $-34.1M | ||
| Q4 24 | $-64.7M | — | ||
| Q3 24 | $-90.6M | $-29.9M | ||
| Q2 24 | $-48.2M | — | ||
| Q1 24 | $-85.6M | — |
| Q4 25 | -2196.1% | -929.4% | ||
| Q3 25 | -1602.2% | -1475.6% | ||
| Q2 25 | -2763.5% | -1256.6% | ||
| Q1 25 | -2387.4% | -1669.7% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | -3109.8% | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | -697.1% | -895.1% | ||
| Q3 25 | -1167.5% | -1422.1% | ||
| Q2 25 | -8741.8% | -1201.3% | ||
| Q1 25 | 559.0% | -1571.9% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | -2849.1% | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $-0.14 | $-0.18 | ||
| Q3 25 | $-0.31 | $-0.28 | ||
| Q2 25 | $-0.81 | $-0.28 | ||
| Q1 25 | $0.05 | $-0.26 | ||
| Q4 24 | $-0.40 | — | ||
| Q3 24 | $-0.54 | $-0.25 | ||
| Q2 24 | $-0.29 | — | ||
| Q1 24 | $-0.52 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $156.7M | $152.4M |
| Total DebtLower is stronger | — | $32.5M |
| Stockholders' EquityBook value | $45.9M | $123.1M |
| Total Assets | $922.7M | $228.8M |
| Debt / EquityLower = less leverage | — | 0.26× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $156.7M | $152.4M | ||
| Q3 25 | $234.4M | $184.5M | ||
| Q2 25 | $284.1M | $218.0M | ||
| Q1 25 | $22.5M | $251.7M | ||
| Q4 24 | $15.7M | — | ||
| Q3 24 | $83.7M | $271.1M | ||
| Q2 24 | $10.9M | — | ||
| Q1 24 | $25.0M | — |
| 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 | $45.9M | $123.1M | ||
| Q3 25 | $68.2M | $144.0M | ||
| Q2 25 | $98.9M | $176.7M | ||
| Q1 25 | $238.2M | $210.2M | ||
| Q4 24 | $180.4M | — | ||
| Q3 24 | $241.4M | $229.1M | ||
| Q2 24 | $291.6M | — | ||
| Q1 24 | $336.8M | — |
| Q4 25 | $922.7M | $228.8M | ||
| Q3 25 | $989.1M | $262.2M | ||
| Q2 25 | $1.0B | $298.6M | ||
| Q1 25 | $787.3M | $332.7M | ||
| Q4 24 | $798.4M | — | ||
| Q3 24 | $788.8M | $348.0M | ||
| Q2 24 | $719.8M | — | ||
| Q1 24 | $734.0M | — |
| 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 | $-28.7M | $-32.0M |
| Free Cash FlowOCF − Capex | $-42.0M | $-32.2M |
| FCF MarginFCF / Revenue | -1559.6% | -1253.3% |
| Capex IntensityCapex / Revenue | 495.1% | 6.7% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-183.6M | $-139.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-28.7M | $-32.0M | ||
| Q3 25 | $-38.5M | $-32.5M | ||
| Q2 25 | $-36.7M | $-33.3M | ||
| Q1 25 | $-38.9M | $-37.6M | ||
| Q4 24 | $-31.8M | — | ||
| Q3 24 | $-33.4M | $-27.9M | ||
| Q2 24 | $-40.4M | — | ||
| Q1 24 | $-39.2M | — |
| Q4 25 | $-42.0M | $-32.2M | ||
| Q3 25 | $-42.4M | $-33.9M | ||
| Q2 25 | $-45.3M | $-34.5M | ||
| Q1 25 | $-53.9M | $-39.1M | ||
| Q4 24 | $-53.4M | — | ||
| Q3 24 | $-42.6M | $-29.3M | ||
| Q2 24 | $-50.8M | — | ||
| Q1 24 | $-53.5M | — |
| Q4 25 | -1559.6% | -1253.3% | ||
| Q3 25 | -1743.1% | -1349.6% | ||
| Q2 25 | -2747.1% | -1123.1% | ||
| Q1 25 | -3409.6% | -1801.8% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | -2792.0% | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | 495.1% | 6.7% | ||
| Q3 25 | 160.3% | 56.8% | ||
| Q2 25 | 521.5% | 41.6% | ||
| Q1 25 | 949.6% | 70.6% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 130.6% | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | -4.40× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
