RNAC

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Cartesian Therapeutics, Inc.

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Key Metrics

Previous Close: $10.49
52-Week Range: $5.60 – $11.80
Market Cap: $309.51M
P/E (TTM): —
EPS (TTM): -5.78
Dividend Yield: —

Advanced Metrics

Price/Book: —
PEG Ratio: —
Return on Equity: —
Return on Assets: -17.43%
Gross Margin: 0.00%
Operating Margin: -6679.69%
Profit Margin: 0.00%
Current Ratio: 7.47
Debt/Equity: —
Total Debt: $63.85M
Free Cash Flow: $-47.48M
Revenue Growth: —
Earnings Growth: -8.00%
Enterprise Value: $225.76M

RNAC Income statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Revenue	$110.78M	$26.00M	$38.91M	$2.80M
Research & Development	$72.38M	$71.26M	$45.10M	$58.03M
Selling, General & Admin	$23.86M	$40.45M	$30.13M	$31.47M
Operating Expenses	$96.24M	$111.71M	$75.23M	$89.50M
Operating Income	$14.54M	-$85.71M	-$36.32M	-$86.70M
EBITDA	$39.09M	-$235.03M	-$75.99M	-$83.75M
Pretax Income	$34.77M	-$238.71M	-$77.14M	-$139.50M
Income Tax	-$609.00K	-$19.00M	$287.00K	-$9.19M
Net Income	$35.38M	-$219.71M	-$77.42M	-$130.30M
Diluted EPS	3.00	-49.76	-4.49	-5.02
Diluted Shares	4.86M	5.17M	17.36M	25.97M

RNAC Balance Sheet statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Cash & Equivalents	$106.44M	$76.91M	$212.61M	$125.14M
Receivables	$9.76M	$8.85M	$872.00K	$1.11M
Current Assets	$148.14M	$90.73M	$216.63M	$129.28M
Total Assets	$165.89M	$305.05M	$435.02M	$296.41M
Current Liabilities	$25.08M	$68.21M	$22.98M	$14.94M
Long-Term Debt	$17.79M	—	—	—
Total Debt	$37.92M	$10.96M	$13.98M	$12.68M
Total Liabilities	$72.06M	$745.23M	$441.82M	$422.65M
Retained Earnings	-$394.94M	-$614.65M	-$692.07M	-$822.37M
Shareholders' Equity	$93.83M	-$440.18M	-$6.80M	-$126.24M
Working Capital	$123.06M	$22.52M	$193.65M	$114.34M

RNAC Cash Flow statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Operating Cash Flow	-$31.63M	-$51.16M	-$23.67M	-$73.94M
Capital Expenditure	-$1.20M	-$206.00K	-$9.09M	-$5.45M
Free Cash Flow	-$32.83M	-$51.37M	-$32.77M	-$79.39M
Depreciation & Amortisation	$1.29M	$843.00K	$1.15M	$2.96M
Stock-Based Compensation	$11.19M	$22.52M	$6.58M	$10.52M
Investing Cash Flow	-$15.00M	$34.61M	-$8.74M	-$5.45M
Financing Cash Flow	$39.22M	-$13.14M	$168.43M	-$8.05M
Share Repurchases	$0.00	-$6.17M	$0.00	—
Net Change in Cash	-$7.42M	-$29.70M	$136.01M	-$87.45M

RNAC Income statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Revenue	$1.10M	$298.00K	$452.00K	$947.00K	$78.00K
Research & Development	$14.67M	$14.87M	$13.80M	$14.69M	$19.46M
Selling, General & Admin	$8.31M	$7.24M	$7.72M	$8.20M	$7.11M
Operating Expenses	$22.99M	$22.11M	$21.52M	$22.89M	$26.58M
Operating Income	-$21.89M	-$21.81M	-$21.07M	-$21.94M	-$26.50M
EBITDA	-$20.73M	-$21.22M	-$20.46M	-$21.33M	-$25.88M
Pretax Income	-$17.71M	$15.89M	-$35.90M	-$101.77M	-$39.18M
Net Income	-$17.71M	$15.89M	-$35.90M	-$92.58M	-$39.18M
Diluted EPS	-0.68	0.50	-1.38	—	-1.46
Diluted Shares	25.90M	26.45M	26.00M	—	26.86M

RNAC Balance Sheet statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Cash & Equivalents	$180.43M	$160.32M	$143.38M	$125.14M	$118.64M
Receivables	$1.76M	$354.00K	$722.00K	$1.11M	$261.00K
Current Assets	$185.12M	$163.40M	$147.26M	$129.28M	$122.04M
Total Assets	$409.13M	$388.89M	$372.68M	$296.41M	$288.39M
Current Liabilities	$15.00M	$12.26M	$13.80M	$14.94M	$15.95M
Total Debt	$14.07M	$13.35M	$12.60M	$12.68M	$11.86M
Total Liabilities	$430.92M	$391.42M	$408.52M	$422.65M	$436.51M
Retained Earnings	-$709.78M	-$693.89M	-$729.80M	-$822.37M	-$861.55M
Shareholders' Equity	-$21.79M	-$2.53M	-$35.84M	-$126.24M	-$148.12M
Working Capital	$170.12M	$151.14M	$133.46M	$114.34M	$106.09M

RNAC Cash Flow statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Operating Cash Flow	-$23.11M	-$17.52M	-$15.60M	-$17.71M	-$22.14M
Capital Expenditure	-$1.07M	-$2.60M	-$1.29M	-$492.00K	-$27.00K
Free Cash Flow	-$24.18M	-$20.12M	-$16.89M	-$18.20M	-$22.16M
Depreciation & Amortisation	$1.16M	$589.00K	$606.00K	$608.00K	$615.00K
Stock-Based Compensation	$2.51M	$3.28M	$2.59M	$2.14M	$2.42M
Investing Cash Flow	-$1.07M	-$2.60M	-$1.29M	-$492.00K	-$27.00K
Financing Cash Flow	-$8.03M	$60.00K	-$38.00K	-$52.00K	$15.67M
Net Change in Cash	-$32.21M	-$20.06M	-$16.93M	-$18.26M	-$6.49M

Market Snapshot

About

Cartesian Therapeutics, Inc. is a clinical-stage biopharmaceutical company developing novel cell therapies for autoimmune diseases. The company utilizes its proprietary RNA chimeric antigen receptor (RNA CAR) technology to create off-the-shelf cellular immunotherapies. Cartesian is focused on B cell-mediated autoimmune conditions with significant unmet medical needs.