Monday 9 November 2026 Export RNAC’s income statement to Excel — free account

Cartesian Therapeutics, Inc.

RNAC

Cartesian Therapeutics, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $2.8 million, down 92.8% from fiscal 2024.

Revenue: −92.9%
EPS: −7.84%
Free cash flow: −6.15%

Quarter to June 2026, against a year earlier

Insider buying

7.53 0.75 +11.06%

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Market cap: $229.7M
P/E: n/m
Fwd P/E: n/m
Dividend yield: —
F-score: 2/9
ROIC: 0.00%
Net debt / EBITDA: 0.9×
Dividend safety: n/a

Overview

Insider Decisions last twelve months

Net sold: $52.9K
Trades: 3 sells · 1 buy
Ownership: 53.5%

Capital & Financial Ratios $m

Size

Market Cap 230

Revenue ttm 2

Net income ttm (152)

Free cash flow ttm (79)

Net debt Q (95)

Valuation

P/E n/m

Forward P/E n/m

Price / sales 125.8

Forward P/S Powerpack

Price / FCF n/m

Price / book n/m

Financial health

Current ratio Q 7.5

Debt / equity Q n/m

Interest coverage Q (34.2)

Growth

Revenue growth Q −92.9%

Operating income growth Q −33.7%

EPS, this year +56.7%

EPS, next year A −63.0%

Revenue, next year A −85.0%

EPS, past 5 yrs —

EPS, next 5 yrs A +9.7%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates; n/m is not meaningful, as a P/E on a loss. How we judge →

Valuation vs history

EV/Sales, ten years

P/S against its own 10 years 72.20%

10-year low 10-year high

EV/Sales against its own 10 years 72.39%

10-year low 10-year high

Dividends

Yield: —
Annual rate: —
Payout ratio: —

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	77	213	125	148
Receivables	9	1	1	0
Inventory	—	—	—	—
Other	—	—	—	—
	91	217	129	154

	2023	2024	2025	Q'26
Payables	3	0	1	1
ST’ Debt	—	—	—	—
Other	45	8	—	0
	68	23	15	21

Compound Annual Growth %

	10y	5y	3y
Sales	(7.37%)	(29.96%)	(70.66%)
Cash Flow	0.00%	0.00%	0.00%
Earnings	0.00%	0.00%	0.00%
Book Value	0.00%	0.00%	0.00%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate −1.02 Actual −0.38

−1.75 −1.12 −0.50 0.12 0.75

Q4 FY25 Miss −0.56

Q1 FY26 Miss −0.62

Q2 FY26 Beat +1.29

Q3 FY26 Beat +0.64

Q4 FY26 — Mar 8

Earnings per share against the consensus, by quarter
Quarter	Estimate	Reported	Result
Q4 FY25	−0.82	−1.38	Miss by 0.56
Q1 FY26	−0.84	−1.46	Miss by 0.62
Q2 FY26	−0.83	0.46	Beat by 1.29
Q3 FY26	−1.02	−0.38	Beat by 0.64
Q4 FY26	−1.14	—	Reports 8 March 2027

EPS $

	Mar	Jun	Sep	Dec	Year
’26	(1.46)	0.46	—	—	—
’25	(0.68)	0.50	(1.38)	(3.56)	(5.02)
’24	(10.50)	0.54	(1.13)	(0.40)	(4.49)
’23	(4.20)	(2.10)	(1.74)	(40.64)	(49.76)
’22	6.77	1.80	(1.50)	1.20	7.28
’21	(6.61)	1.13	(4.80)	3.46	(6.61)
’20	(6.31)	(7.51)	(2.70)	(4.20)	(20.42)

Fiscal quarters ending in the months shown.

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	0	—	—	—	—
’25	1	0	0	1	3
’24	6	33	0	(1)	39
’23	6	5	7	8	26
’22	34	39	21	17	111
’21	11	20	24	30	85
’20	—	—	5	12	17

Fiscal quarters ending in the months shown.

Operating Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	(22)	(21)	—	—	—
’25	(23)	(18)	(16)	(18)	(74)
’24	(16)	(14)	14	(7)	(24)
’23	(9)	(10)	(9)	(23)	(51)
’22	(12)	(12)	4	(12)	(32)
’21	(12)	(6)	(11)	(31)	(60)
’20	(12)	(12)	66	(7)	35

Fiscal quarters ending in the months shown.

Free Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	(22)	(21)	—	—	—
’25	(24)	(20)	(17)	(18)	(79)
’24	(17)	(16)	7	(7)	(32)
’23	(9)	(10)	(9)	(23)	(51)
’22	(12)	(12)	4	(12)	(33)
’21	(12)	(7)	(11)	(32)	(61)
’20	(12)	(12)	65	(7)	34

Fiscal quarters ending in the months shown.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM Jun ’26	Trend	10 yrs	2026e	2027e	2028e	Next 3/yr
													Ten-year view		Analyst estimates Powerpack
Income, $m
Income, $m	Revenue	8	0	1	7	17	85	111	26	39	3	2		(11.1%)	0	0	22	+99.0%
	Gross margin, %	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00		0.0 pt	Powerpack Cartesian Therapeutics, Inc.’s next three years, line by line Analysts expect revenue to grow 99.0% a year to 2028 — faster than the −11.1% of the last 9 years. See the consensus for every other line: earnings, margins, cash flow, valuation and returns. Unlock estimates Try Powerpack free for 7 days, then $99 / year ($8.25 a month). Cancel any time. Also in Powerpack: every quarter, Excel exports, API & MCP access. Compare plans
	EBT	(36)	(65)	(65)	(55)	(69)	(10)	35	(239)	(77)	(139)	(161)		+16.2%
	EBT margin, %	(447.98)	(31,556.04)	(7,235.44)	(828.97)	(414.99)	(11.43)	31.39	(917.97)	(198.23)	(4,987.31)	0.00		(4,539.3) pt
	Net income	(36)	(65)	(65)	(55)	(69)	(26)	35	(220)	(77)	(130)	(152)		+15.3%
Per share, $
Per share, $	Revenue	23.13	0.30	1.21	4.40	4.92	22.35	22.98	5.03	2.25	0.11	0.00		(44.9%)
	Earnings	(116.57)	(96.10)	(87.69)	(36.64)	(20.42)	(6.61)	7.21	(49.76)	(4.48)	(5.02)	(5.93)		(29.5%)
	Cash flow	(56.53)	(76.49)	(79.35)	(33.91)	10.35	(15.86)	(6.56)	(9.90)	(1.37)	(2.85)	(2.60)		(28.3%)
	Capex	(1.67)	(1.07)	(1.05)	0.05	(0.22)	(0.28)	(0.25)	(0.04)	(0.51)	(0.21)	(0.07)		(20.6%)
	Free cash flow	(58.20)	(77.56)	(80.40)	(33.86)	10.13	(16.15)	(6.81)	(9.93)	(1.88)	(3.06)	(2.67)		(27.9%)
	Book value	157.24	76.17	(7.27)	5.54	(5.34)	5.92	19.46	(27.01)	(0.39)	(4.86)	(4.25)		n/m
	Shares, m	0	1	1	2	3	4	5	5	17	26	27		+61.4%
Valuation, ×
Valuation, ×	P/E	0.00	0.00	0.00	0.00	0.00	0.00	3.56	0.00	0.00	0.00	0.00		0.4
	P/S	19.43	874.96	249.15	14.02	11.41	3.79	1.30	4.00	11.74	66.95	125.84		125.7
	P/B	2.86	3.50	0.00	11.18	0.00	14.33	1.54	0.00	0.00	0.00	0.00		3.3
	EV/Sales	10.50	532.04	274.24	6.55	6.56	2.59	0.32	1.97	6.89	30.80	78.22		87.2
	EV/FCF	(4.17)	(2.09)	(0.95)	(0.85)	4.47	(3.58)	(1.09)	(1.00)	(8.27)	(1.09)	(1.77)		(1.9)
Cash, $m
Cash, $m	Operating cash flow	(20)	(52)	(59)	(51)	35	(60)	(32)	(51)	(24)	(74)	(77)		+15.8%
	Capex	(1)	(1)	(1)	0	(1)	(1)	(1)	0	(9)	(5)	(2)		+28.2%
	Free cash flow	(20)	(53)	(60)	(51)	34	(61)	(33)	(51)	(32)	(79)	(79)		+16.3%
Balance, $m
Balance, $m	Working capital	73	88	7	62	70	72	123	23	194	114	133		+5.1%
	Net debt	(72)	(76)	(16)	(71)	(113)	(102)	(108)	(77)	(213)	(125)	(95)		+6.3%
	Shareholders’ equity	55	52	(5)	8	(18)	23	94	(140)	(7)	(126)	(125)		n/m
Returns, %
Returns, %	ROA	(61.72)	(68.61)	(89.76)	(76.85)	(51.98)	(15.79)	21.72	(109.25)	(20.92)	(35.63)	(42.77)		+26.1 pt
	ROIC	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00		0.0 pt
	ROE	132.53	(122.36)	(281.64)	(3,716.01)	1,433.57	(1,137.85)	60.82	148.55	34.64	195.88	236.88		+63.4 pt
People
People	Employees	66	64	39	39	44	58	64	38	66	75	—		+1.4%
	Revenue/emp, $m	0.12	0.00	0.02	0.17	0.38	1.47	1.73	0.68	0.59	0.04	—		(12.4%)

Negative figures in brackets.

estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Mar 2026 · fundamentals updated 26 Oct 2026

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
SLGL Sol-Gel Technologies Ltd.	$206.3M	— (loss-making)	— (loss-making)	−96.58% (below 0%: shrinking)	n/m	−8.76% (below 0%: shrinking)	100.00%	(704.23%)	Compare
RNAC Cartesian Therapeutics, Inc.	$205.1M	— (loss-making)	— (loss-making)	−92.91% (below 0%: shrinking)	−7.84% (below 0%: shrinking)	−6.15% (below 0%: shrinking)	100.00%	0.00%
DRUG Bright Minds Biosciences Inc.	$204.2M	— (loss-making)	—	—	n/m	−124.63% (below 0%: shrinking)	0.00%	0.00%	Compare
PLX Protalix BioTherapeutics, Inc.	$202.2M	10.5×	10.6×	+27.07% (above 0%: growing)	+2,280.95% (above 0%: growing)	−94.09% (below 0%: shrinking)	60.99%	23.48%	Compare
PALI Palisade Bio, Inc.	$202.2M	1.8×	— (loss-making)	+19,900.00% (above 0%: growing)	n/m	−318.44% (below 0%: shrinking)	100.00%	(2,339.60%)	Compare
ARTV Artiva Biotherapeutics, Inc.	$201.9M	— (loss-making)	— (loss-making)	—	n/m	+13.60% (above 0%: growing)	100.00%	0.00%	Compare
IKT Inhibikase Therapeutics, Inc.	$200.9M	— (loss-making)	— (loss-making)	−100.00% (below 0%: shrinking)	n/m	−123.23% (below 0%: shrinking)	0.00%	0.00%	Compare
ELDN Eledon Pharmaceuticals, Inc.	$199.9M	— (loss-making)	—	—	n/m	−28.02% (below 0%: shrinking)	0.00%	0.00%	Compare
IFRX InflaRx N.V.	$199.7M	— (loss-making)	— (loss-making)	−128.93% (below 0%: shrinking)	n/m	+59.76% (above 0%: growing)	14,029.95%	0.00%	Compare
Median of peers	$202.0M	—	—	−96.58%	—	−61.05%	80.50%	0.00%

All 621 Biotechnology stocks →

Pay and ownership Proxy statement filed 28 April 2026

Chief executive’s pay

Year	Total pay	Actually paid	$100 invested
2025	4.33m	(633.79k)	24.54
2024	7.31m	6.54m	60.95
2023	6.11m	6.38m	70.40

Ownership

Directors and executive officers, together 37.20%

Entities affiliated with Timothy A. Springer, Ph.D. 33.30%

Timothy A. Springer, Ph.D. 33.30%

Entities affiliated with Murat Kalayoglu, M.D., Ph.D. 19.90%

Entities affiliated with Squarepoint Capital 7.50%

JPMorgan Chase & Co. 5.70%

Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Cartesian Therapeutics, Inc. (RNAC) Latest News

5 Nov

Impact 3 · 7:00 AM · GlobeNewswire

Cartesian Therapeutics Reports Third Quarter 2026 Financial Results and Provides Business Update

29 Sep

Impact 4 · 7:30 AM · GlobeNewswire

Cartesian Therapeutics Announces Additional Retreatment Data for Descartes-08 Highlighting Deep and Durable Responses in Patients with Myasthenia Gravis

6 Aug

Impact 3 · 7:00 AM

Cartesian Therapeutics Reports Second Quarter 2026 Financial Results and Provides Business Update

10 Jun

Impact 4 · 5:12 AM · biopharmadive.com

AstraZeneca’s ‘extensive’ obesity drug push; $125M for ultrasound-aided genetic medicine

9 Jun

Impact 4 · 7:00 AM · GlobeNewswire

Cartesian Therapeutics Announces Strategic Licensing Agreement with WestGene Biopharma to Accelerate the Development of In Vivo CAR-T Platform in Autoimmune Diseases

26 May

Impact 4 · 7:00 AM · GlobeNewswire

Cartesian Therapeutics Secures up to $150 Million of Non-Dilutive Financing from K2 HealthVentures and Expects Topline Data from the Phase 3 AURORA Trial in First Quarter 2027

17 May

Impact 3 · 10:04 AM · Simply Wall St.

We're Keeping An Eye On Cartesian Therapeutics' (NASDAQ:RNAC) Cash Burn Rate

30 Apr

Impact 3 · 8:30 AM · Zacks

Cartesian Therapeutics, Inc. (RNAC) Reports Q1 Loss, Lags Revenue Estimates

Impact 3 · 7:00 AM · GlobeNewswire

Cartesian Therapeutics Reports First Quarter 2026 Financial Results and Provides Business Update

20 Apr

Impact 3 · 7:59 AM

Cartesian Therapeutics, Inc. (RNAC) Soars 10.3%: Is Further Upside Left in the Stock?

9 Mar

Impact 4 · 7:00 AM · GlobeNewswire

Cartesian Therapeutics Reports Full Year 2025 Financial Results and Provides Business Update

14 Jan

Impact 4 · 12:00 PM · Zacks

Cartesian Therapeutics, Inc. (RNAC) Upgraded to Buy: What Does It Mean for the Stock?

9 Jan

Impact 4 · 8:04 AM · GlobeNewswire

Cartesian Therapeutics Highlights Recent Progress and Outlines 2026 Outlook

18 Dec

Impact 3 · 4:05 PM · GlobeNewswireSimply Wall St.Insider Monkey

Cartesian Therapeutics Announces the Appointment of Adrian Bot to Board of Directors

5 Dec

Impact 3 · 7:34 AM · Simply Wall St.

Here's Why We're Watching Cartesian Therapeutics' (NASDAQ:RNAC) Cash Burn Situation

13 Nov

Impact 4 · 4:05 PM · GlobeNewswire

Cartesian Therapeutics Announces Strong Efficacy Signal in Phase 2 Trial of Descartes-08 in Patients with SLE and Expansion of Clinical Development into Myositis

8 Nov

Impact 4 · 7:31 AM · Simply Wall St.

Cartesian Therapeutics, Inc. (NASDAQ:RNAC) insiders have significant skin in the game with 58% ownership

6 Nov

Impact 4 · 7:00 AM · GlobeNewswireZacksZacksMT NewswiresGuruFocus.com

Cartesian Therapeutics Reports Third Quarter 2025 Financial Results and Provides Business Update

30 Oct

Impact 3 · 7:00 AM · GlobeNewswireZacks

Cartesian Therapeutics Announces Carsten Brunn, Ph.D., Named as Chairman of the Company’s Board of Directors

21 Oct

Impact 3 · 3:53 AM · Zacks

Strength Seen in Cartesian Therapeutics, Inc. (RNAC): Can Its 8.2% Jump Turn into More Strength?

18 Sep

Impact 3 · 6:43 AM

Cartesian Therapeutics Insider Ups Holding During Year

8 Aug

Impact 3 · 6:09 AM

Cartesian Therapeutics Second Quarter 2025 Earnings: EPS Beats Expectations, Revenues Lag

7 Aug

Impact 3 · 7:00 AM · GlobeNewswire

Cartesian Therapeutics Reports Second Quarter 2025 Financial Results and Provides Business Update

24 Jul

Impact 3 · 7:40 AM

Cartesian Therapeutics, Inc. (RNAC) Moves 9.9% Higher: Will This Strength Last?

21 Jun

Impact 3 · 10:21 AM

We're Not Very Worried About Cartesian Therapeutics' (NASDAQ:RNAC) Cash Burn Rate

30 May

Impact 4 · 7:00 AM

Cartesian Therapeutics Announces First Participant Enrolled in the Phase 3 AURORA Trial of Descartes-08 in Patients with Myasthenia Gravis

13 May

Impact 3 · 7:00 AM · GlobeNewswire

Cartesian Therapeutics to Participate in the H.C. Wainwright 3rd Annual BioConnect Investor Conference at NASDAQ

11 May

Impact 3 · 8:56 AM · Simply Wall St.

Cartesian Therapeutics, Inc. (NASDAQ:RNAC) Just Released Its First-Quarter Results And Analysts Are Updating Their Estimates

10 May

Impact 3 · 8:52 AM · Simply Wall St.

Cartesian Therapeutics First Quarter 2025 Earnings: Beats Expectations

8 May

Impact 3 · 7:00 AM

Cartesian Therapeutics Reports First Quarter 2025 Financial Results and Provides Business Update

Insider Decisions last twelve months

Capital & Financial Ratios $m

Valuation vs history

Dividends

Assets vs Liabilities $m

Compound Annual Growth %

Earnings Trends EPS, adjusted, against the consensus

EPS $

Revenue $m

Operating Cash Flow $m

Free Cash Flow $m

Target Price Range

Recommendation Rating

Ten years at a glance Fiscal years to December

Cartesian Therapeutics, Inc. vs peers in Biotechnology (Q) = latest quarter vs a year earlier

Pay and ownership Proxy statement filed 28 April 2026

Chief executive’s pay

Ownership

Cartesian Therapeutics, Inc. (RNAC) Latest News

5 Nov

29 Sep

6 Aug

10 Jun

9 Jun

26 May

17 May

30 Apr

20 Apr

9 Mar

14 Jan

9 Jan

18 Dec

5 Dec

13 Nov

8 Nov

6 Nov

30 Oct

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24 Jul

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8 May

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