Cartesian Therapeutics, Inc. (RNAC)
Cartesian Therapeutics, Inc., a clinical-stage biotechnology company, provides mRNA cell therapies for the treatment of autoimmune diseases. The company’s lead product candidate is Descartes-08, an autologous mRNA chimeric antigen receptor T-cell cell therapy (CAR-T) directed against the B cell maturation antigen (BCMA), which is in Phase 2b clinical trials for the treatment of autoimmune diseases, generalized myasthenia gravis, and systemic lupus erythematosus, as well as rare pediatric disease designation for the treatment of juvenile dermatomyositis. It is also developing Descartes-15, which is in phase 1 trials, an autologous autologous B cell maturation antigen (BCMA) directed mRNA CAR-T to treat patients with multiple myeloma. The company is headquartered in Frederick, Maryland.
Sector: Pharmaceutical Preparations
Industry: Biotechnology
Cartesian Therapeutics, Inc.
NASDAQ:RNACHealthcare · Biotechnology
-3.85%$6.49
AH$6.49+0.00%vs close
Mkt Cap$196.36M
Float–
O/S30.26M
Vol
$ Vol
RVOL
Inst Own28.7%
Earnings
Dilution
Financials Summary
Revenue$2.8M
Net Income-$130.3M
Total Assets$296.41M
Free Cash Flow-$79.39M
Debt & Equity
Total Debt$12.68M
Total Equity-$126.24M
Shares Outstanding
Short Interest
Split History2 splits · 1 reverse
- 1:30Reverse splitApr 5, 202430 shares → 1
- 2:1Forward splitDec 1, 20231 share → 2
Balance Sheet Details
Assets$296.41M
Liabilities$422.65M
Accounts Receivable$1.11M
Accounts Payable$1.29M
Inventory$0
PP&E (Net)$17.79M
Goodwill$48.16M
Intangible Assets$0
Income Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 | FY 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 | 2015-12-31 | 2014-12-31 |
| Revenue | $2.8M | $38.91M | $26M | $110.78M | $85.08M | $16.6M | $6.68M | $903K | $207K | $8.08M | $6.01M | $3.04M |
| YoY Growth | -92.8% | 49.6% | -76.5% | 30.2% | 412.6% | 148.6% | 639.4% | 336.2% | -97.4% | 34.5% | 97.7% | - |
| Cost of Revenue | $0 | $0 | $0 | $2.04M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Gross Profit | $2.8M | $38.91M | $26M | $108.74M | $85.08M | $16.6M | $6.68M | $903K | $207K | $8.08M | $6.01M | $3.04M |
| Gross Margin | 100.0% | 100.0% | 100.0% | 98.2% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| Research and Development | $58.03M | $45.1M | $71.26M | $72.38M | $68.74M | $54.51M | $42.74M | $47.69M | $45.16M | $29.7M | $22.98M | $10.49M |
| Selling, General, and Administrative | $31.47M | $30.13M | $40.45M | $23.86M | $20.94M | $18.91M | $16.39M | $17.26M | $18.08M | $12.25M | $7.29M | $7.95M |
| Other | $0 | $7.58M | $710K | -$2.04M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Operating Expenses | $89.5M | $82.81M | $112.42M | $94.2M | $89.67M | $73.42M | $59.13M | $64.95M | $63.24M | $41.95M | $30.27M | $18.44M |
| Operating Income (EBIT) | -$86.7M | -$43.9M | -$86.42M | $14.54M | -$4.6M | -$56.82M | -$52.45M | -$65.02M | -$63.78M | -$34.67M | -$25.3M | -$15.4M |
| Operating Margin | -3099.9% | -112.8% | -332.3% | 13.1% | -5.4% | -342.4% | -785.6% | -7200.7% | -30813.5% | -428.9% | -421.0% | -506.5% |
| Interest Expense | $0 | $0 | $2.83M | $3.03M | $2.84M | $1.56M | $1.52M | $1.49M | $1.21M | $1.25M | $948K | $552K |
| Interest Income | $6.58M | $7.39M | $4.96M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Income (Expense) | -$52.79M | -$33.24M | -$152.29M | $20.23M | -$5.12M | -$12.05M | -$2.9M | -$314K | -$1.54M | -$1.54M | $130K | $2.52M |
| Income Before Tax (EBT) | -$139.5M | -$77.14M | -$238.71M | $34.77M | -$9.72M | -$68.88M | -$55.35M | -$65.34M | -$65.32M | -$36.21M | -$25.17M | -$12.88M |
| Income Tax Expense | -$9.19M | $287K | -$19M | -$609K | $15.97M | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Net Income | -$130.3M | -$77.42M | -$219.71M | $35.38M | -$25.69M | -$68.88M | -$55.35M | -$65.34M | -$65.32M | -$36.21M | -$25.17M | -$12.88M |
| Net Income Margin | -4658.6% | -199.0% | -844.9% | 31.9% | -30.2% | -415.0% | -829.0% | -7235.4% | -31556.0% | -448.0% | -418.8% | -423.7% |
| Supplementary Data | ||||||||||||
| EPS | -5.02 | -3.29 | -49.76 | 7.33 | -6.74 | -20.42 | -36.46 | -87.55 | -95.94 | -103.52 | -75.79 | -38.17 |
| Diluted EPS | -5.02 | -3.29 | -49.76 | 3.00 | -6.60 | -20.42 | -36.46 | -87.55 | -95.94 | -103.52 | -75.79 | -38.17 |
| Weighted Average OS | 25.97M | 23.69M | 5.17M | 4.02M | 3.18M | 2.81M | 1.27M | 621,924 | 567,362 | 291,497 | 357,457 | 357,457 |
| EBITDA | -$136.54M | -$75.99M | -$235.03M | $39.09M | -$5.63M | -$66.59M | -$51.8M | -$62.87M | -$63.37M | -$34.16M | -$23.18M | -$11.46M |
| EBITDA Margin | -4881.5% | -195.3% | -903.8% | 35.3% | -6.6% | -401.2% | -775.9% | -6962.0% | -30611.1% | -422.6% | -385.7% | -377.1% |
Balance Sheet
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 | FY 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 | 2015-12-31 | 2014-12-31 |
| Assets | ||||||||||||
| Current Assets | ||||||||||||
| Cash and Cash Equivalents | $125.14M | $212.61M | $76.91M | $106.44M | $114.06M | $138.69M | $90.17M | $37.4M | $70.7M | $58.66M | $32.34M | $16.59M |
| Short-Term Investments | $0 | $0 | $0 | $28.16M | $14M | $0 | $0 | $0 | $25.94M | $25.48M | $4.13M | $0 |
| Cash and Short-Term Investments | $125.14M | $212.61M | $76.91M | $134.6M | $128.06M | $138.69M | $90.17M | $37.4M | $96.64M | $84.14M | $36.46M | $16.59M |
| Accounts Receivable | $1.11M | $872K | $8.85M | $9.86M | $9.91M | $7.22M | $5M | $0 | $63K | $215K | $824K | $674K |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | -$2.04M | $0 | $0 | $0 |
| Other Current Assets | $3.02M | $3.14M | $4.97M | $3.68M | $0 | $0 | $0 | $0 | $1.98M | $78K | $133K | $1.24M |
| Total Current Assets | $129.28M | $216.63M | $90.73M | $148.14M | $144.44M | $151.34M | $96.67M | $42.08M | $98.68M | $86.82M | $38.91M | $19.11M |
| Long-Term Assets | ||||||||||||
| Property, Plant & Equipment Net | $17.79M | $15.45M | $12.18M | $14.41M | $11.97M | $12.34M | $1.52M | $2.13M | $2.09M | $2.05M | $2.03M | $1.98M |
| Goodwill | $48.16M | $48.16M | $48.16M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Intangible Assets | $0 | $150.6M | $150.6M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-Term Investments | $1.74M | $2M | $2M | $2M | $2M | $0 | $1.38M | $279K | $0 | $0 | $0 | $0 |
| Deferred Tax Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Long-Term Assets | $99.45M | $2.19M | $1.38M | $1.34M | $1.47M | $1.75M | $0 | $0 | $329K | $438K | $1.88M | $1.13M |
| Total Long-Term Assets | $167.13M | $218.4M | $214.32M | $17.75M | $15.44M | $14.09M | $2.9M | $2.41M | $2.42M | $2.48M | $3.91M | $3.12M |
| Other Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Assets | $296.41M | $435.02M | $305.05M | $165.89M | $159.88M | $165.44M | $99.57M | $44.48M | $101.1M | $89.3M | $42.82M | $22.23M |
| Liabilities | ||||||||||||
| Current Liabilities | ||||||||||||
| Accounts Payable | $1.29M | $288K | $3.15M | $316K | $224K | $443K | $500K | $1.1M | $1.61M | $3.88M | $2.18M | $351K |
| Short-Term Debt | $4.15M | $0 | $0 | $8.48M | $5.96M | $0 | $18.91M | $21.39M | $0 | $4.07M | $0 | $2.58M |
| Current Income Tax Payable | $0 | $0 | $0 | $0 | $601K | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Current Unearned Revenue | $0 | $0 | $2.31M | $593K | $53.88M | $72.05M | $1.67M | $959K | $787K | $1.84M | $1.31M | $3.02M |
| Other Current Liabilities | $5.51M | $7.76M | $56.19M | $0 | $0 | $0 | $0 | $9.2M | $72K | $29K | $825K | $2.58M |
| Total Current Liabilities | $14.94M | $22.98M | $68.21M | $25.08M | $72.25M | $81.55M | $34.94M | $35.14M | $10.97M | $13.71M | $7.29M | $9.23M |
| Long-Term Liabilities | ||||||||||||
| Long-Term Debt | $0 | $0 | $0 | $17.79M | $19.67M | $24.79M | $0 | $0 | $21.04M | $7.98M | $11.86M | $4.82M |
| Long-Term Unearned Revenue | $0 | $0 | $3.54M | $0 | $11.42M | $38.75M | $14.68M | $13.82M | $15.92M | $12.44M | $2.29M | $1.36M |
| Long-Term Deferred Tax Liabilities | $6.95M | $16.14M | $322.08M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Long-Term Liabilities | $392.24M | $391.57M | $342.62M | $19.14M | $25.42M | $28.71M | $41.55M | $938K | $1.35M | $222K | $137.88M | $94.56M |
| Total Long-Term Liabilities | $407.71M | $418.85M | $677.02M | $46.98M | $65.11M | $101.89M | $56.23M | $14.76M | $38.31M | $20.64M | $152.03M | $100.75M |
| Other Liabilities | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $422.65M | $441.82M | $745.23M | $72.06M | $137.36M | $183.44M | $91.17M | $49.9M | $49.29M | $34.34M | $159.32M | $109.98M |
| Stockholders' Equity | ||||||||||||
| Preferred Stock | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Common Stock | $3K | $3K | $16K | $15K | $12K | $11K | $9K | $3K | $3K | $1K | $0 | $0 |
| Retained Earnings | -$822.37M | -$692.07M | -$614.65M | -$394.94M | -$430.32M | -$404.63M | -$335.75M | -$280.4M | -$216.9M | -$151.58M | -$111.51M | -$83.88M |
| Comprehensive Income & Other | -$4.58M | -$4.62M | -$4.6M | -$4.56M | -$4.57M | -$4.56M | -$4.52M | -$4.56M | -$4.42M | -$4.52M | -$4.99M | -$3.88M |
| Other Stockholders' Equity | $696.13M | $685.27M | $174.45M | $488.75M | $452.82M | $386.61M | $344.14M | $274.98M | $268.71M | $206.53M | -$4.99M | -$3.88M |
| Total Equity | -$126.24M | -$6.8M | -$440.18M | $93.83M | $22.52M | -$18.01M | $8.4M | -$5.42M | $51.81M | $54.96M | -$116.49M | -$87.75M |
| Minority Interest | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities and Equity | $296.41M | $435.02M | $305.05M | $165.89M | $159.88M | $165.44M | $99.57M | $44.48M | $101.1M | $89.3M | $42.82M | $22.23M |
| Supplementary Data | ||||||||||||
| Total Debt | $12.68M | $13.98M | $10.96M | $37.92M | $35.28M | $35.35M | $19.28M | $21.39M | $21.04M | $12.04M | $11.86M | $7.4M |
| Net Debt | -$112.46M | -$198.63M | -$65.96M | -$68.51M | -$78.78M | -$103.34M | -$70.89M | -$16.02M | -$49.66M | -$46.61M | -$20.48M | -$9.19M |
Cash Flow Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 | FY 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 | 2015-12-31 | 2014-12-31 |
| Operating Activities | ||||||||||||
| Net Income | -$130.3M | -$77.42M | -$219.71M | $35.38M | -$25.69M | -$68.88M | -$55.35M | -$65.34M | -$65.32M | -$36.21M | -$25.17M | -$12.88M |
| Depreciation & Amortization | $2.96M | $1.15M | $843K | $1.29M | $1.25M | $734K | $2.03M | $975K | $750K | $802K | $1.04M | $864K |
| Deferred Income Tax | -$9.19M | $287K | -$19M | -$21.4M | $2.4M | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Stock-Based Compensation | $10.52M | $6.58M | $22.52M | $11.19M | $7.72M | $5.42M | $0 | $0 | $0 | $0 | $0 | $1.22M |
| Changes in Working Capital: | ||||||||||||
| Accounts Receivable | -$243K | $7.98M | $907K | $3.32M | -$2.69M | -$2.22M | -$5M | $0 | $152K | $610K | -$153K | -$514K |
| Inventory | $0 | $0 | $0 | $920K | $211K | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Accounts Payable | $1.07M | -$2.93M | $2.83M | $92K | -$219K | -$57K | -$600K | -$516K | -$2.33M | $2.69M | $667K | -$90K |
| Other Working Capital | -$8.89M | -$10.84M | $1.23M | -$64.71M | -$45.5M | $87.28M | $1.12M | -$265K | $9.3M | $9.91M | -$87K | -$1.48M |
| Total Working Capital Change | -$8.06M | -$5.79M | $4.97M | -$60.38M | -$48.19M | $85M | -$4.48M | -$781K | $7.12M | $13.2M | $427K | -$2.09M |
| Other Non-Cash Items | $60.14M | $51.52M | $159.21M | $2.29M | $2.13M | $12.6M | $6.37M | $8.45M | $9.09M | $830K | $2.81M | $193K |
| Net Cash from Operating | -$73.94M | -$23.67M | -$51.16M | -$31.63M | -$60.38M | $34.88M | -$51.44M | -$59.16M | -$52.04M | -$19.68M | -$22.46M | -$12.69M |
| Investing Activities | ||||||||||||
| Capital Expenditures | -$5.45M | -$9.09M | -$206K | -$1.2M | -$1.08M | -$815K | -$47K | -$884K | -$733K | -$586K | -$1.16M | -$227K |
| Acquisitions | $0 | $351K | $6.56M | $0 | $0 | $0 | $122K | $99K | $4K | $2K | $0 | $0 |
| Purchases of Investments | $0 | $0 | $0 | -$33.5M | -$32.45M | $0 | -$18.19M | -$15.6M | -$61.53M | -$28.42M | $0 | $0 |
| Sales of Investments | $0 | $0 | $28.25M | $19.7M | $16.4M | $0 | $18.34M | $41.66M | $60.16M | $0 | $0 | $0 |
| Other Investing Activities | $0 | $0 | $0 | $0 | $0 | $74K | $0 | $0 | $0 | $6.9M | -$3.52M | $0 |
| Net Cash from Investing | -$5.45M | -$8.74M | $34.61M | -$15M | -$17.14M | -$741K | $229K | $25.27M | -$2.1M | -$22.1M | -$4.68M | -$227K |
| Financing Activities | ||||||||||||
| Debt Repaid | - | - | $27.46M | - | - | -$5.42M | $2.8M | - | -$8.02M | - | -$11.43M | -$4.49M |
| Common Stock Issuance | -$301K | $124.44M | $0 | $38.98M | $51.96M | $12.38M | $37.66M | $697K | $57.11M | $71.61M | $109K | $0 |
| Common Stock Repurchases | $0 | $0 | -$6.17M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Dividends Paid | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Financing Activities | -$7.75M | $3.99M | $231K | $235K | $939K | -$3.37M | $70.18M | $697K | $886K | -$3.95M | -$302K | $137K |
| Net Cash from Financing | -$8.05M | $168.43M | -$13.14M | $39.22M | $52.9M | $14.43M | $105.04M | $697K | $66.02M | $67.66M | $43.91M | $24.77M |
| Forex Effect | $45K | -$21K | -$53K | $20K | -$3K | -$58K | -$1.07M | $0 | $0 | $0 | $0 | -$3.32M |
| Net Change in Cash | -$87.41M | $135.99M | -$29.75M | -$7.4M | -$24.63M | $48.51M | $52.77M | -$33.3M | $11.96M | $25.88M | $16.76M | $8.54M |
| Supplementary Data | ||||||||||||
| Operating Cash Flow | -$73.94M | -$23.67M | -$51.16M | -$31.63M | -$60.38M | $34.88M | -$51.44M | -$59.16M | -$52.04M | -$19.68M | -$22.46M | -$12.69M |
| Capital Expenditure | -$5.45M | -$9.09M | -$206K | -$1.2M | -$1.08M | -$815K | -$47K | -$884K | -$733K | -$586K | -$1.16M | -$227K |
| Free Cash Flow | -$79.39M | -$32.77M | -$51.37M | -$32.83M | -$61.47M | $34.07M | -$51.48M | -$60.05M | -$52.77M | -$20.27M | -$23.63M | -$12.91M |
| Cash at Beginning | $214.28M | $78.29M | $108.04M | $115.44M | $140.06M | $91.55M | $37.4M | $70.7M | $58.73M | $32.86M | $15.71M | $8.06M |
| Cash at End | $126.87M | $214.28M | $78.29M | $108.04M | $115.44M | $140.06M | $90.17M | $37.4M | $70.7M | $58.73M | $32.47M | $16.59M |