If you like your stocks spicy and your gains explosive, the small-cap biotech space is where all the drama lives. Two under-the-radar biotech stocks—Jade Biosciences (JBIO) and TScan Therapeutics (TCRX)- are trading under $10 and making big moves behind the scenes.

Wall Street is watching closely, and if things play out right, these stocks could skyrocket.

Jade Holds $16 Target Price

Jade Biosciences is coming out strong. After merging with Aerovate Therapeutics, it hit the Nasdaq with the ticker JBIO in April 2025. Jade’s lead drug, JADE-101, targets IgAN, a kidney disease most people don’t even know they have.

Human trials are expected to begin later this year, with early results in 2026.

Jade has also raised $300 million through private placement and convertible notes and has enough cash to survive through 2027. Its first-quarter cash pile was $49.9M, and R&D spending hit $20M; this is a company betting big on science.

With a price target of $16.67 (and a high end of $19), analysts see up to 98% upside from current levels.

TScan: Down 50%, Still Holds “Strong Buy” Rating

TScan’s been having a rough year, stock down 50%, but that’s not stopping analysts from rating it a strong buy. Its cancer-fighting T-cell therapies (TCR-T) are in Phase I trials with more data expected in late 2025.

The company is also prepping to launch a registration trial for TSC-101.

TScan’s financials are surprisingly solid. It’s sitting on $251.7M in cash and expects to be funded through Q1 2027. Even without big revenue (just $2.2M in Q1 from Amgen), TScan is burning money like most clinical-stage biotechs, but its platform looks promising.

Wall Street’s target for TScan is $9 on average, with highs up to $12, meaning a wild 733% upside if things go right.

Both Jade and TScan are risky. They’re not for the faint of heart. But if you’re the kind of investor who roots for underdogs and loves a moonshot, these small-cap biotech plays are definitely worth a closer look.