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RNAC

Cartesian Therapeutics, Inc.

RNAC

Cartesian Therapeutics, Inc. • NASDAQ
$7.49 ▼ -1.45% (-0.11)
Market Cap $194.77 M
52w High $26.50
52w Low $5.98
Dividend Yield 0%
P/E -5.63
Volume 27.57K
Outstanding Shares 26.00M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $452K ▲ $8.721M ▼ $-35.902M ▼ -7.943K% ▼ $-1.38 ▼ $-35.296M ▼
Q2-2025 $298K ▼ $22.109M ▼ $15.886M ▲ 5.331K% ▲ $0.61 ▲ $16.475M ▲
Q1-2025 $1.1M ▲ $22.989M ▼ $-17.71M ▼ -1.61K% ▼ $-0.68 ▼ $-20.733M ▼
Q4-2024 $-759K ▼ $25.972M ▲ $-10.253M ▲ 1.351K% ▲ $-0.069 ▲ $-9.48M ▲
Q3-2024 $387K $17.962M $-24.183M -6.249K% $-1.13 $-23.897M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $143.384M ▼ $372.675M ▼ $408.519M ▲ $-35.844M ▼
Q2-2025 $160.324M ▼ $388.893M ▼ $391.42M ▼ $-2.527M ▲
Q1-2025 $180.434M ▼ $409.13M ▼ $430.919M ▼ $-21.789M ▼
Q4-2024 $212.61M ▼ $435.023M ▼ $441.825M ▼ $-6.802M ▼
Q3-2024 $219.198M $455.316M $454.564M $752K

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-35.902M ▼ $-15.6M ▲ $-1.292M ▲ $-38K ▼ $-16.94M ▲ $-16.892M ▲
Q2-2025 $15.886M ▲ $-17.521M ▲ $-2.595M ▼ $60K ▲ $-20.044M ▲ $-20.116M ▲
Q1-2025 $-17.71M ▼ $-23.108M ▼ $-1.075M ▼ $-8.025M ▼ $-32.176M ▼ $-24.183M ▼
Q4-2024 $-10.253M ▲ $-7.002M ▼ $-354K ▲ $783K ▼ $-6.588M ▼ $-7.707M ▼
Q3-2024 $-24.183M $13.691M $-6.199M $124.494M $131.971M $7.492M

Revenue by Products

Product Q1-2025Q2-2025
Operating Segment
Operating Segment
 $0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement RNAC looks like a classic clinical‑stage biotech: almost no product revenue yet and consistent operating losses as it invests in research and development. The business model is still in the “spend to build value” phase rather than the “earn from products” phase. Earnings have swung sharply from year to year, partly because of financing and share‑structure changes, so any single year’s profit or loss figure is not a stable indicator. Overall, the income statement shows a company still heavily dependent on external capital and future trial success, not on current sales.

Balance Sheet

Balance Sheet The balance sheet is relatively simple and lean. Assets and cash have stepped up recently from a low base, which suggests fresh funding or a recapitalization, but the company’s accumulated losses still weigh on shareholder equity, which hovers around breakeven or slightly negative. Debt is very low, which limits financial strain from interest payments but also signals that the company mainly relies on equity financing. The key watchpoint is how long the current cash resources can support ongoing trials and operations before more capital is needed.

Cash Flow

Cash Flow RNAC’s cash flows reflect its stage of life: money consistently flows out from operations to fund clinical work and corporate overhead, with only modest spending on equipment. There is no meaningful cash coming in from customers yet, so the company’s survival and progress depend on its ability to keep raising capital. The pattern suggests controlled, but persistent, cash burn. The central question is whether the existing cash runway comfortably covers major upcoming trial milestones.

Competitive Edge

Competitive Edge RNAC has carved out a distinct niche by focusing on RNA‑engineered cell therapies for autoimmune diseases rather than the more crowded cancer field. Its platform is designed to offer a more controllable and potentially safer alternative to traditional DNA‑based cell therapies, with the possibility of outpatient treatment and no need for harsh chemotherapy preconditioning. In‑house manufacturing and a growing patent portfolio further support its position. However, it still faces substantial competition from larger pharma and biotech companies exploring autoimmune and cell therapies, and it remains unproven at commercial scale. Its competitive strength will ultimately depend on clinical results, regulatory outcomes, and its ability to convert early scientific leadership into real‑world adoption.

Innovation and R&D

Innovation and R&D Innovation is the core of RNAC’s story. The RNA Armory platform aims to deliver temporary, adjustable cell‑based treatments that may be safer and easier to manage than permanent gene edits. Lead candidates like Descartes‑08 and the follow‑on Descartes‑15 highlight a pipeline that is both differentiated and iterative, with active efforts to improve potency and broaden disease coverage. Management appears willing to pivot within autoimmune indications to focus on areas with clearer unmet need and less direct competition, which suggests thoughtful capital allocation in R&D. Still, everything hinges on execution: moving from promising early‑stage data to successful late‑stage trials is a high‑risk, high‑reward journey.

Summary

RNAC is an early‑stage, high‑risk biotechnology company whose value is tied far more to its science and clinical pipeline than to current financial performance. The financials show minimal revenue, steady investment‑driven losses, and ongoing cash burn funded mainly by equity, but also a very light debt load. Strategically, the company stands out through its RNA‑based cell therapy platform, focus on autoimmune diseases, favorable early safety profile, and internal manufacturing capabilities. Looking ahead, the main opportunities lie in pivotal trial readouts, advancing the next‑generation pipeline, and potential partnerships. The main risks are typical for this space: clinical and regulatory uncertainty, ongoing financing needs, and intense competition. This is a story where scientific and clinical milestones will likely matter more than short‑term financial metrics.

NEWS

October 30, 2025 · 7:05 AM UTC

Cartesian Therapeutics Announces New Employment Inducement Grants

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October 3, 2025 · 7:05 AM UTC

Cartesian Therapeutics Announces New Employment Inducement Grant

Read more