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Side-by-side financial comparison of SES AI Corp (SES) and TScan Therapeutics, Inc. (TCRX). Click either name above to swap in a different company.
SES AI Corp is the larger business by last-quarter revenue ($4.6M vs $2.6M, roughly 1.8× TScan Therapeutics, Inc.). SES AI Corp runs the higher net margin — -373.5% vs -895.1%, a 521.6% gap on every dollar of revenue. SES AI Corp produced more free cash flow last quarter ($-11.1M vs $-32.2M).
SES S.A. is a Luxembourgish communications satellite operator supplying video and data connectivity worldwide to broadcasters, content and internet service providers, mobile and fixed network operators, governments and institutions.
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.
SES vs TCRX — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $4.6M | $2.6M |
| Net Profit | $-17.0M | $-23.0M |
| Gross Margin | 11.3% | — |
| Operating Margin | -387.7% | -929.4% |
| Net Margin | -373.5% | -895.1% |
| Revenue YoY | — | 286.0% |
| Net Profit YoY | 50.7% | 35.8% |
| EPS (diluted) | $-0.05 | $-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 | $4.6M | $2.6M | ||
| Q3 25 | $7.1M | $2.5M | ||
| Q2 25 | $3.5M | $3.1M | ||
| Q1 25 | $5.8M | $2.2M | ||
| Q3 24 | — | $1.0M | ||
| Q4 23 | — | $7.2M | ||
| Q3 23 | — | $3.9M | ||
| Q2 23 | — | $3.1M |
| Q4 25 | $-17.0M | $-23.0M | ||
| Q3 25 | $-20.9M | $-35.7M | ||
| Q2 25 | $-22.7M | $-37.0M | ||
| Q1 25 | $-12.4M | $-34.1M | ||
| Q3 24 | — | $-29.9M | ||
| Q4 23 | — | $-19.6M | ||
| Q3 23 | — | $-23.0M | ||
| Q2 23 | — | $-24.0M |
| Q4 25 | 11.3% | — | ||
| Q3 25 | 51.1% | — | ||
| Q2 25 | 73.7% | — | ||
| Q1 25 | 78.7% | — | ||
| Q3 24 | — | — | ||
| Q4 23 | — | — | ||
| Q3 23 | — | — | ||
| Q2 23 | — | — |
| Q4 25 | -387.7% | -929.4% | ||
| Q3 25 | -262.0% | -1475.6% | ||
| Q2 25 | -652.3% | -1256.6% | ||
| Q1 25 | -401.7% | -1669.7% | ||
| Q3 24 | — | -3109.8% | ||
| Q4 23 | — | -296.2% | ||
| Q3 23 | — | -636.7% | ||
| Q2 23 | — | -781.8% |
| Q4 25 | -373.5% | -895.1% | ||
| Q3 25 | -293.9% | -1422.1% | ||
| Q2 25 | -642.2% | -1201.3% | ||
| Q1 25 | -214.6% | -1571.9% | ||
| Q3 24 | — | -2849.1% | ||
| Q4 23 | — | -272.0% | ||
| Q3 23 | — | -591.6% | ||
| Q2 23 | — | -763.8% |
| Q4 25 | $-0.05 | $-0.18 | ||
| Q3 25 | $-0.06 | $-0.28 | ||
| Q2 25 | $-0.07 | $-0.28 | ||
| Q1 25 | $-0.04 | $-0.26 | ||
| Q3 24 | — | $-0.25 | ||
| Q4 23 | — | $0.32 | ||
| Q3 23 | — | $-0.24 | ||
| Q2 23 | — | $-0.51 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $29.5M | $152.4M |
| Total DebtLower is stronger | — | $32.5M |
| Stockholders' EquityBook value | $214.8M | $123.1M |
| Total Assets | $272.6M | $228.8M |
| Debt / EquityLower = less leverage | — | 0.26× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $29.5M | $152.4M | ||
| Q3 25 | $35.3M | $184.5M | ||
| Q2 25 | $11.8M | $218.0M | ||
| Q1 25 | $56.1M | $251.7M | ||
| Q3 24 | — | $271.1M | ||
| Q4 23 | — | $192.0M | ||
| Q3 23 | — | $215.4M | ||
| Q2 23 | — | $208.8M |
| Q4 25 | — | $32.5M | ||
| Q3 25 | — | $32.4M | ||
| Q2 25 | — | $32.3M | ||
| Q1 25 | — | $32.2M | ||
| Q3 24 | — | $30.6M | ||
| Q4 23 | — | $30.0M | ||
| Q3 23 | — | $29.9M | ||
| Q2 23 | — | $29.7M |
| Q4 25 | $214.8M | $123.1M | ||
| Q3 25 | $228.2M | $144.0M | ||
| Q2 25 | $249.2M | $176.7M | ||
| Q1 25 | $269.9M | $210.2M | ||
| Q3 24 | — | $229.1M | ||
| Q4 23 | — | $150.9M | ||
| Q3 23 | — | $169.0M | ||
| Q2 23 | — | $190.6M |
| Q4 25 | $272.6M | $228.8M | ||
| Q3 25 | $288.8M | $262.2M | ||
| Q2 25 | $290.5M | $298.6M | ||
| Q1 25 | $306.0M | $332.7M | ||
| Q3 24 | — | $348.0M | ||
| Q4 23 | — | $272.1M | ||
| Q3 23 | — | $291.4M | ||
| Q2 23 | — | $316.9M |
| Q4 25 | — | 0.26× | ||
| Q3 25 | — | 0.23× | ||
| Q2 25 | — | 0.18× | ||
| Q1 25 | — | 0.15× | ||
| Q3 24 | — | 0.13× | ||
| Q4 23 | — | 0.20× | ||
| Q3 23 | — | 0.18× | ||
| Q2 23 | — | 0.16× |
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 | $-10.4M | $-32.0M |
| Free Cash FlowOCF − Capex | $-11.1M | $-32.2M |
| FCF MarginFCF / Revenue | -243.7% | -1253.3% |
| Capex IntensityCapex / Revenue | 15.6% | 6.7% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-61.2M | $-139.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-10.4M | $-32.0M | ||
| Q3 25 | $-14.3M | $-32.5M | ||
| Q2 25 | $-10.8M | $-33.3M | ||
| Q1 25 | $-22.8M | $-37.6M | ||
| Q3 24 | — | $-27.9M | ||
| Q4 23 | — | $-23.8M | ||
| Q3 23 | — | $8.0M | ||
| Q2 23 | — | $-22.0M |
| Q4 25 | $-11.1M | $-32.2M | ||
| Q3 25 | $-14.7M | $-33.9M | ||
| Q2 25 | $-11.6M | $-34.5M | ||
| Q1 25 | $-23.7M | $-39.1M | ||
| Q3 24 | — | $-29.3M | ||
| Q4 23 | — | $-24.2M | ||
| Q3 23 | — | $6.6M | ||
| Q2 23 | — | $-22.4M |
| Q4 25 | -243.7% | -1253.3% | ||
| Q3 25 | -206.9% | -1349.6% | ||
| Q2 25 | -329.6% | -1123.1% | ||
| Q1 25 | -410.0% | -1801.8% | ||
| Q3 24 | — | -2792.0% | ||
| Q4 23 | — | -336.1% | ||
| Q3 23 | — | 169.7% | ||
| Q2 23 | — | -712.9% |
| Q4 25 | 15.6% | 6.7% | ||
| Q3 25 | 6.0% | 56.8% | ||
| Q2 25 | 22.8% | 41.6% | ||
| Q1 25 | 15.8% | 70.6% | ||
| Q3 24 | — | 130.6% | ||
| Q4 23 | — | 6.5% | ||
| Q3 23 | — | 36.5% | ||
| Q2 23 | — | 13.3% |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
