Team-based learning (TBL) is a highly intense active learning pedagogy that uses a cycle of preclass preparation, formative assessment for readiness, mini-lectures, and complex team exercises. Consistent with the literature on active learning, prior research on TBL consistently shows its benefits for student outcomes as compared with previous lecture. However, little work has examined student outcomes disaggregated by demographic variable. We analyzed assessment and student demographic data (i.e., binary gender, racial/ethnic group, generational status) in three semesters of TBL in an upper-division biochemistry course to understand the degree to which performance could be predicted by student demographics. We use theoretical and empirical research from social psychology to hypothesize that the intense interpersonal interactions of TBL could activate psychological threats, the effects of which would be measurable as differences in student performance that correlate with demographic variables. Our regression analysis did not support this hypothesis. This null result invites a deeper discussion on how we measure the potential effects of active learning on student outcomes, particularly given how important it is to account for intersectional and invisible identities.