Saturday 17 October 2026 Export RNAC’s income statement to Excel — free account

Cartesian Therapeutics, Inc.

Cartesian Therapeutics, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $2.8 million, down 92.8% from fiscal 2024. In the quarter to June 2026, revenue fell 92.9%, EPS fell 7.84% and free cash flow fell 6.15%, each against the same quarter a year earlier. Insiders bought in the last twelve months.

6.27 0.31 −4.71%

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Market cap: $199.1M
P/E: 0.0×
Fwd P/E: −1.4×
Dividend yield: —
F-score: 2/9
Altman Z: −4.74
Beneish M: 8.92
Dividend safety: n/a

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total buys 0.21

Total sells 0.26

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	1	—	—	—	—	—	—	—	—	—	—
Sell	—	—	3	—	—	—	—	—	—	—	—	—

Insider Ownership 53.51%

Capital & Financial Ratios $m

Market Cap 199.08

Revenue 1.78

Net Income (151.89)

Free Cash Flow (78.61)

Net Debt (94.75)

Current Ratio 7.48

Debt/Equity (0.42)

P/E ratio 0.00

Fwd P/E (1.41)

P/S ratio 104.09

P/B ratio 0.00

Past 5Y EPS Growth —

This Y EPS Growth 40.17%

Next Y EPS Growth (38.46%)

Next Y revenue growth (85.02%)

Next 5Y EPS Growth 5.77%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/S against its own 10 years 70.41%

10-year low 10-year high

EV/Sales against its own 10 years 69.12%

10-year low 10-year high

Dividends

Payout Ratio —

Annual Dividend Rate —

Annual Dividend Yield —

	total	individual payouts
2023	Powerpack
2022	Powerpack
2021	Powerpack
2020	Powerpack
2019	Powerpack
2017	Powerpack

special payouts not included in total or ratios

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%

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.

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)	6.38	(4.49)
’23	(4.20)	(2.10)	(1.74)	(41.74)	(49.85)
’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.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	307.80	261.00	78.30	38.40	42.60	80.10	19.41	19.80	11.67	5.98	Analyst estimates 2026–2028 Powerpack
	High	840.00	720.60	496.35	100.20	144.90	171.00	100.50	59.70	41.87	20.12
People
People	Employees	66	64	39	39	44	58	64	38	66	75
	Revenue/emp, $m	0.12	0.00	0.02	0.17	0.38	1.47	1.73	0.68	0.59	0.04
Income, $m
Income, $m	Revenue	8	0	1	7	17	85	111	26	39	3
	Gross margin, %	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00
	EBT	(36)	(65)	(65)	(55)	(69)	(10)	35	(239)	(77)	(139)
	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)
	Net income	(36)	(65)	(65)	(55)	(69)	(26)	35	(220)	(77)	(130)
	Depreciation	1	1	1	1	1	1	1	1	1	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
	Earnings	(116.82)	(96.10)	(87.69)	(36.64)	(20.42)	(6.61)	7.21	(49.85)	(4.48)	(5.02)
	Cash flow	(56.53)	(76.49)	(79.35)	(33.91)	10.35	(15.86)	(6.56)	(9.90)	(1.37)	(2.85)
	Capex	(1.67)	(1.07)	(1.05)	0.05	(0.22)	(0.28)	(0.25)	(0.04)	(0.51)	(0.21)
	Free cash flow	(58.20)	(77.56)	(80.40)	(33.86)	10.13	(16.15)	(6.81)	(9.93)	(1.88)	(3.06)
	Book value	157.24	76.17	(7.27)	5.54	(5.34)	5.92	19.46	(27.01)	(0.39)	(4.86)
	Shares, m	0	1	1	2	3	4	5	5	17	26
Valuation, ×
Valuation, ×	P/E	0.00	0.00	0.00	0.00	0.00	0.00	4.10	0.00	0.00	0.00
	P/S	22.42	1,009.46	287.43	16.18	13.17	4.38	1.50	3.91	7.95	66.95
	P/B	3.30	4.03	0.00	12.90	0.00	16.53	1.77	0.00	0.00	0.00
	EV/Sales	13.49	666.54	312.53	8.70	8.31	3.17	0.52	1.87	3.11	30.80
	EV/FCF	(5.36)	(2.62)	(1.08)	(1.13)	5.66	(4.39)	(1.77)	(0.95)	(3.73)	(1.09)
Cash, $m
Cash, $m	Operating cash flow	(20)	(52)	(59)	(51)	35	(60)	(32)	(51)	(24)	(74)
	Capex	(1)	(1)	(1)	0	(1)	(1)	(1)	0	(9)	(5)
	Free cash flow	(20)	(53)	(60)	(51)	34	(61)	(33)	(51)	(32)	(79)
Balance, $m
Balance, $m	Working capital	73	88	7	62	70	72	123	23	194	114
	Total debt	12	21	21	19	26	26	26	—	—	—
	Net debt	(72)	(76)	(16)	(71)	(113)	(102)	(108)	(77)	(213)	(125)
	Shareholders’ equity	55	52	(5)	8	(18)	23	94	(140)	(7)	(126)
Returns, %
Returns, %	ROA	(54.81)	(68.61)	(89.76)	(76.85)	(51.98)	(15.79)	21.72	(93.31)	(20.92)	(35.63)
	ROIC	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	ROE	117.69	(122.36)	(281.64)	(3,716.01)	1,433.57	(1,137.85)	60.82	126.87	34.64	195.88

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Mar 2026

Charts ten years each

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
LRMR Larimar Therapeutics, Inc.	$206.7M	— (loss-making)	—	—	n/m	−127.63% (below 0%: shrinking)	0.00%	0.00%	Compare
PRQR ProQR Therapeutics N.V.	$204.6M	— (loss-making)	— (loss-making)	+135.03% (above 0%: growing)	n/m	−1.06% (below 0%: shrinking)	100.00%	(100.72%)	Compare
NAGE Niagen Bioscience, Inc.	$204.2M	12.5×	15.0×	−4.28% (below 0%: shrinking)	−80.00% (below 0%: shrinking)	+140.63% (above 0%: growing)	64.84%	2.35%	Compare
LYEL Lyell Immunopharma, Inc.	$200.7M	— (loss-making)	— (loss-making)	−50.00% (below 0%: shrinking)	n/m	+1.31% (above 0%: growing)	100.00%	(1,183,425.00%)	Compare
RNAC Cartesian Therapeutics, Inc.	$199.1M	— (loss-making)	— (loss-making)	−92.91% (below 0%: shrinking)	−7.84% (below 0%: shrinking)	−6.15% (below 0%: shrinking)	100.00%	0.00%
IVVD Invivyd, Inc.	$197.1M	— (loss-making)	— (loss-making)	+21.20% (above 0%: growing)	n/m	−226.89% (below 0%: shrinking)	91.09%	(320.76%)	Compare
CGEN Compugen Ltd.	$197.0M	5.2×	— (loss-making)	+107.00% (above 0%: growing)	n/m	−155.42% (below 0%: shrinking)	(3.54%)	(339.62%)	Compare
ADCT ADC Therapeutics SA	$190.2M	— (loss-making)	— (loss-making)	+2.17% (above 0%: growing)	n/m	+50.98% (above 0%: growing)	87.80%	(132.03%)	Compare
STRO Sutro Biopharma, Inc.	$190.0M	— (loss-making)	— (loss-making)	−84.57% (below 0%: shrinking)	n/m	+14.55% (above 0%: growing)	100.00%	(303.77%)	Compare
Median of peers	$198.9M	—	—	+2.17%	—	+0.13%	89.45%	(217.90%)

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Cartesian Therapeutics, Inc. (RNAC) key facts

Concern: Cartesian Therapeutics, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $2.8 million, down 92.8% from fiscal 2024.
Cartesian Therapeutics, Inc. (RNAC) is a Biotechnology company in the Healthcare sector, listed on Nasdaq.
As of October 16, 2026, RNAC traded at $6.27, a market capitalization of $199.1 million.
Return on equity was 195.9% and debt-to-equity -0.42.
Its Piotroski F-score is 2 out of 9 and its Altman Z-score is −4.74 (distress zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.