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Side-by-side financial comparison of TScan Therapeutics, Inc. (TCRX) and Instil Bio, Inc. (TIL). Click either name above to swap in a different company.
TScan Therapeutics, Inc. is the larger business by last-quarter revenue ($2.6M vs $2.2M, roughly 1.1× Instil Bio, Inc.). Instil Bio, Inc. runs the higher net margin — -365.3% vs -895.1%, a 529.7% gap on every dollar of revenue. On growth, TScan Therapeutics, Inc. posted the faster year-over-year revenue change (286.0% vs -19.2%).
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.
Instil Bio Inc. is a clinical-stage biotechnology company focused on developing innovative tumor-infiltrating lymphocyte (TIL) therapies for patients with difficult-to-treat advanced solid tumors. It operates in the immuno-oncology segment, serving patient populations that show limited response to existing standard cancer treatment options.
TCRX vs TIL — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $2.6M | $2.2M |
| Net Profit | $-23.0M | $-8.2M |
| Gross Margin | — | — |
| Operating Margin | -929.4% | -426.3% |
| Net Margin | -895.1% | -365.3% |
| Revenue YoY | 286.0% | -19.2% |
| Net Profit YoY | 35.8% | 31.1% |
| EPS (diluted) | $-0.18 | $-1.13 |
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 | $2.2M | ||
| Q3 25 | $2.5M | $2.2M | ||
| Q2 25 | $3.1M | $2.2M | ||
| Q1 25 | $2.2M | $2.2M | ||
| Q4 24 | — | $2.8M | ||
| Q3 24 | $1.0M | $1.5M | ||
| Q2 24 | — | $0 | ||
| Q1 24 | — | $0 |
| Q4 25 | $-23.0M | $-8.2M | ||
| Q3 25 | $-35.7M | $-13.6M | ||
| Q2 25 | $-37.0M | $-21.4M | ||
| Q1 25 | $-34.1M | $-28.2M | ||
| Q4 24 | — | $-11.9M | ||
| Q3 24 | $-29.9M | $-23.0M | ||
| Q2 24 | — | $-14.9M | ||
| Q1 24 | — | $-24.3M |
| Q4 25 | -929.4% | -426.3% | ||
| Q3 25 | -1475.6% | -670.0% | ||
| Q2 25 | -1256.6% | -1045.5% | ||
| Q1 25 | -1669.7% | -1363.2% | ||
| Q4 24 | — | -426.1% | ||
| Q3 24 | -3109.8% | -1582.8% | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | -895.1% | -365.3% | ||
| Q3 25 | -1422.1% | -606.0% | ||
| Q2 25 | -1201.3% | -954.2% | ||
| Q1 25 | -1571.9% | -1257.8% | ||
| Q4 24 | — | -428.8% | ||
| Q3 24 | -2849.1% | -1541.9% | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $-0.18 | $-1.13 | ||
| Q3 25 | $-0.28 | $-2.01 | ||
| Q2 25 | $-0.28 | $-3.24 | ||
| Q1 25 | $-0.26 | $-4.32 | ||
| Q4 24 | — | $-1.82 | ||
| Q3 24 | $-0.25 | $-3.54 | ||
| Q2 24 | — | $-2.29 | ||
| Q1 24 | — | $-3.74 |
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 | $6.6M |
| Total DebtLower is stronger | $32.5M | — |
| Stockholders' EquityBook value | $123.1M | $113.9M |
| Total Assets | $228.8M | $203.5M |
| Debt / EquityLower = less leverage | 0.26× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $152.4M | $6.6M | ||
| Q3 25 | $184.5M | $5.8M | ||
| Q2 25 | $218.0M | $7.7M | ||
| Q1 25 | $251.7M | $15.4M | ||
| Q4 24 | — | $8.8M | ||
| Q3 24 | $271.1M | $6.7M | ||
| Q2 24 | — | $6.8M | ||
| Q1 24 | — | $5.5M |
| 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 | $123.1M | $113.9M | ||
| Q3 25 | $144.0M | $120.4M | ||
| Q2 25 | $176.7M | $131.7M | ||
| Q1 25 | $210.2M | $144.9M | ||
| Q4 24 | — | $169.4M | ||
| Q3 24 | $229.1M | $176.3M | ||
| Q2 24 | — | $195.0M | ||
| Q1 24 | — | $205.8M |
| Q4 25 | $228.8M | $203.5M | ||
| Q3 25 | $262.2M | $211.8M | ||
| Q2 25 | $298.6M | $231.0M | ||
| Q1 25 | $332.7M | $237.4M | ||
| Q4 24 | — | $263.6M | ||
| Q3 24 | $348.0M | $272.6M | ||
| Q2 24 | — | $294.3M | ||
| Q1 24 | — | $306.3M |
| 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 | $-32.0M | $-7.1M |
| Free Cash FlowOCF − Capex | $-32.2M | — |
| FCF MarginFCF / Revenue | -1253.3% | — |
| Capex IntensityCapex / Revenue | 6.7% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-139.7M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-32.0M | $-7.1M | ||
| Q3 25 | $-32.5M | $-10.6M | ||
| Q2 25 | $-33.3M | $-14.8M | ||
| Q1 25 | $-37.6M | $-4.2M | ||
| Q4 24 | — | $-10.6M | ||
| Q3 24 | $-27.9M | $-20.1M | ||
| Q2 24 | — | $-10.6M | ||
| Q1 24 | — | $-14.4M |
| 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 | — | 0.0% | ||
| Q3 24 | 130.6% | 0.0% | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
