vs
Side-by-side financial comparison of Virgin Galactic Holdings, Inc (SPCE) and TScan Therapeutics, Inc. (TCRX). Click either name above to swap in a different company.
Virgin Galactic Holdings, Inc is the larger business by last-quarter revenue ($4.2M vs $2.6M, roughly 1.6× TScan Therapeutics, Inc.). TScan Therapeutics, Inc. runs the higher net margin — -895.1% vs -2222.2%, a 1327.1% gap on every dollar of revenue. On growth, TScan Therapeutics, Inc. posted the faster year-over-year revenue change (286.0% vs 125.5%). TScan Therapeutics, Inc. produced more free cash flow last quarter ($-32.2M vs $-113.5M).
Virgin Galactic Holdings, Inc. is a British-American spaceflight company founded by Richard Branson and the Virgin Group conglomerate, which retains an 11.9% stake through Virgin Investments Limited.
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.
SPCE vs TCRX — Head-to-Head
Income Statement — Q2 FY2024 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $4.2M | $2.6M |
| Net Profit | $-93.8M | $-23.0M |
| Gross Margin | -546.6% | — |
| Operating Margin | -2412.1% | -929.4% |
| Net Margin | -2222.2% | -895.1% |
| Revenue YoY | 125.5% | 286.0% |
| Net Profit YoY | 30.2% | 35.8% |
| EPS (diluted) | $-4.36 | $-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 | — | $2.6M | ||
| Q3 25 | — | $2.5M | ||
| Q2 25 | — | $3.1M | ||
| Q1 25 | — | $2.2M | ||
| Q3 24 | — | $1.0M | ||
| Q2 24 | $4.2M | — | ||
| Q1 24 | $2.0M | — | ||
| Q4 23 | $2.8M | $7.2M |
| Q4 25 | — | $-23.0M | ||
| Q3 25 | — | $-35.7M | ||
| Q2 25 | — | $-37.0M | ||
| Q1 25 | — | $-34.1M | ||
| Q3 24 | — | $-29.9M | ||
| Q2 24 | $-93.8M | — | ||
| Q1 24 | $-102.0M | — | ||
| Q4 23 | $-104.0M | $-19.6M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | -546.6% | — | ||
| Q1 24 | -1038.1% | — | ||
| Q4 23 | -766.4% | — |
| Q4 25 | — | -929.4% | ||
| Q3 25 | — | -1475.6% | ||
| Q2 25 | — | -1256.6% | ||
| Q1 25 | — | -1669.7% | ||
| Q3 24 | — | -3109.8% | ||
| Q2 24 | -2412.1% | — | ||
| Q1 24 | -5599.9% | — | ||
| Q4 23 | -4067.8% | -296.2% |
| Q4 25 | — | -895.1% | ||
| Q3 25 | — | -1422.1% | ||
| Q2 25 | — | -1201.3% | ||
| Q1 25 | — | -1571.9% | ||
| Q3 24 | — | -2849.1% | ||
| Q2 24 | -2222.2% | — | ||
| Q1 24 | -5139.1% | — | ||
| Q4 23 | -3701.8% | -272.0% |
| Q4 25 | — | $-0.18 | ||
| Q3 25 | — | $-0.28 | ||
| Q2 25 | — | $-0.28 | ||
| Q1 25 | — | $-0.26 | ||
| Q3 24 | — | $-0.25 | ||
| Q2 24 | $-4.36 | — | ||
| Q1 24 | $-5.10 | — | ||
| Q4 23 | $-14.49 | $0.32 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $775.7M | $152.4M |
| Total DebtLower is stronger | — | $32.5M |
| Stockholders' EquityBook value | $394.8M | $123.1M |
| Total Assets | $1.1B | $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 | ||
| Q3 24 | — | $271.1M | ||
| Q2 24 | $775.7M | — | ||
| Q1 24 | $765.2M | — | ||
| Q4 23 | $874.0M | $192.0M |
| Q4 25 | — | $32.5M | ||
| Q3 25 | — | $32.4M | ||
| Q2 25 | — | $32.3M | ||
| Q1 25 | — | $32.2M | ||
| Q3 24 | — | $30.6M | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — | ||
| Q4 23 | — | $30.0M |
| Q4 25 | — | $123.1M | ||
| Q3 25 | — | $144.0M | ||
| Q2 25 | — | $176.7M | ||
| Q1 25 | — | $210.2M | ||
| Q3 24 | — | $229.1M | ||
| Q2 24 | $394.8M | — | ||
| Q1 24 | $417.6M | — | ||
| Q4 23 | $505.5M | $150.9M |
| Q4 25 | — | $228.8M | ||
| Q3 25 | — | $262.2M | ||
| Q2 25 | — | $298.6M | ||
| Q1 25 | — | $332.7M | ||
| Q3 24 | — | $348.0M | ||
| Q2 24 | $1.1B | — | ||
| Q1 24 | $1.1B | — | ||
| Q4 23 | $1.2B | $272.1M |
| Q4 25 | — | 0.26× | ||
| Q3 25 | — | 0.23× | ||
| Q2 25 | — | 0.18× | ||
| Q1 25 | — | 0.15× | ||
| Q3 24 | — | 0.13× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — | ||
| Q4 23 | — | 0.20× |
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 | $-79.1M | $-32.0M |
| Free Cash FlowOCF − Capex | $-113.5M | $-32.2M |
| FCF MarginFCF / Revenue | -2690.7% | -1253.3% |
| Capex IntensityCapex / Revenue | 815.5% | 6.7% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-458.3M | $-139.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $-32.0M | ||
| Q3 25 | — | $-32.5M | ||
| Q2 25 | — | $-33.3M | ||
| Q1 25 | — | $-37.6M | ||
| Q3 24 | — | $-27.9M | ||
| Q2 24 | $-79.1M | — | ||
| Q1 24 | $-113.2M | — | ||
| Q4 23 | $-95.3M | $-23.8M |
| Q4 25 | — | $-32.2M | ||
| Q3 25 | — | $-33.9M | ||
| Q2 25 | — | $-34.5M | ||
| Q1 25 | — | $-39.1M | ||
| Q3 24 | — | $-29.3M | ||
| Q2 24 | $-113.5M | — | ||
| Q1 24 | $-126.3M | — | ||
| Q4 23 | $-113.7M | $-24.2M |
| Q4 25 | — | -1253.3% | ||
| Q3 25 | — | -1349.6% | ||
| Q2 25 | — | -1123.1% | ||
| Q1 25 | — | -1801.8% | ||
| Q3 24 | — | -2792.0% | ||
| Q2 24 | -2690.7% | — | ||
| Q1 24 | -6362.8% | — | ||
| Q4 23 | -4046.9% | -336.1% |
| Q4 25 | — | 6.7% | ||
| Q3 25 | — | 56.8% | ||
| Q2 25 | — | 41.6% | ||
| Q1 25 | — | 70.6% | ||
| Q3 24 | — | 130.6% | ||
| Q2 24 | 815.5% | — | ||
| Q1 24 | 658.5% | — | ||
| Q4 23 | 653.9% | 6.5% |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
