Why did TCRX's Q4 earnings fall short of forecasts?

TScan Therapeutics (TCRX) experienced a shortfall in its Q4 earnings relative to forecasts due to several key factors:

1. **Revenue Shortfall**: TCRX's total revenue for Q4 2024 was $665,000, accompanied by a revenue surprise of -$845,000. This significant shortfall underscores the company's challenges in generating anticipated revenues.

|code|Ticker|Name|Date|Revenue Surprise|Total Revenue|market_code|
|---|---|---|---|---|---|---|
|TCRX|TCRX.O|TScan Therapeutics|2024 Q1|-3404000|566000|185|
|TCRX|TCRX.O|TScan Therapeutics|2024 Q2|-1884000|536000|185|
|TCRX|TCRX.O|TScan Therapeutics|2024 Q3|-11000|1049000|185|
|TCRX|TCRX.O|TScan Therapeutics|2024 Q4|-845000|665000|185|

2. **Analyst Estimates and Earnings**: The consensus for earnings per share (EPS) was -$0.28 for Q1 2024, -$0.28 for Q2 2024, -$0.10 for Q3 2024, and $0 for Q4 2024. However, the actual EPS for Q4 2024 was -$0.29, indicating that TCRX's performance fell slightly below analysts' expectations.
3. **Year-over-Year Comparison**: TCRX's revenue for Q4 2024 was significantly lower than the year-ago revenues of $7.21 million. This decline suggests a weakening trend in the company's performance, which may have contributed to the earnings shortfall.
4. **Industry Performance**: The biotechnology sector, of which TCRX is a part, is known for its volatility and sensitivity to market conditions. The company's share price, which has experienced a significant decline, reflects broader industry challenges.

In summary, TCRX's Q4 earnings fell short due to a combination of lower-than-expected revenues and slightly lower-than-estimated earnings, amid a challenging biotech sector environment.