Cartesian Therapeutics, Inc. RNAC R2K

Healthcare · Biotechnology · United States

https://www.cartesiantherapeutics.com

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.

Market & Price

Market Cap

$221.54M

Current Price

$7.54

High / Low (52W)

$13.77 / $5.85

Beta

0.56

Valuation

Stock P/E

Industry PE

23.65

Forward P/E

PEG Ratio

Book Value

$-5.19

Price to Book

-1.45

P/S

124.81

EV/EBITDA

-1.29

Dividend Yield

Profitability & Returns

ROCE

-30.80%

ROE

ROA

-16.36%

Profit Margin

0.00%

Op Margin

EPS (Latest Qtr)

$-1.46

EPS (TTM)

$-5.80

Balance Sheet & Liquidity

Debt/Equity

Quick Ratio

7.46

Current Ratio

7.65

Debt

$11.86M

Total Assets

$296.41M

Current Assets

$129.28M

Working Capital

$114.34M

Ownership

Promoter Holding

53.68%

Chg in Prom Hold

FII / Inst Holding

24.56%

Chg in FII Hold

Financial Snapshot

Enterprise Value

$114.75M

Total Revenue (TTM)

$1.77M

EBITDA

$-88.90M

Free Cash Flow

$-46.87M

Operating Cash Flow

$-72.97M

Shares Outstanding

29.38M

Gross Margin

0.00%

Payout Ratio

0.00%

Growth (CAGR)

Revenue 5Y

-70.66%

Profit 5Y

-156.10%

Revenue (YoY)

-92.90%

Earnings (YoY)

PROS

No notable strengths flagged.

CONS

Revenue declined at -70.7% CAGR over 5 years.
Earnings shrank at -156.1% CAGR over 5 years.
Trading 45.2% below its 52-week high.
In a downtrend (50-DMA below 200-DMA).

* The pros and cons are auto-generated from financial metrics.

Price Chart

Robinhood TradingView StockAnalysis

Fundamental Growth

Period: Metric:

Figures from the latest reported periods. CAGR is computed across the displayed window (quarterly CAGR is annualised assuming 4 quarters per year).

Peer comparison

Peer companies in the same sector (Healthcare).

#	Name	CMP $	P/E	Mkt Cap	Div Yld %	ROCE %	ROE %	Rev CAGR 5Y %	Profit CAGR 5Y %
1	RNAC Cartesian Therapeutics, Inc. R2K	7.54	-	$221.54M	-	-30.80%	-	-70.66%	-156.10%
2	LLY Eli Lilly and Company SPX	1,105.00	39.21	$985.37B	0.63%	38.44%	107.46%	31.69%	48.96%
3	JNJ Johnson & Johnson SPX	225.33	26.11	$542.42B	2.38%	23.13%	26.42%	5.60%	14.32%
4	UNH UnitedHealth Group Incorporated SPX	380.31	28.66	$345.38B	2.32%	9.60%	12.18%	11.35%	-15.69%
5	MRK Merck & Co., Inc. SPX	118.72	33.44	$293.22B	2.86%	20.66%	18.94%	3.12%	7.93%
6	TMO Thermo Fisher Scientific Inc. SPX	492.51	27.11	$183.03B	0.38%	9.17%	13.52%	-0.27%	-1.19%
7	AMGN Amgen Inc. NDXSPX	336.79	23.42	$181.77B	2.99%	18.02%	101.32%	11.77%	5.58%
8	GILD Gilead Sciences, Inc. NDXSPX	134.43	18.29	$166.90B	2.44%	22.92%	43.36%	2.57%	22.83%
9	ISRG Intuitive Surgical, Inc. NDXSPXAI	424.64	51.53	$150.39B	-	15.96%	17.23%	17.39%	29.26%

Quarterly Results

Figures in USD.

Metric	Jun 2015	Sep 2015	Dec 2015	Mar 2016	Jun 2016	Sep 2016	Dec 2016	Mar 2017	Jun 2017	Sep 2017	Dec 2017	Mar 2018	Jun 2018	Sep 2018	Dec 2018	Mar 2019	Jun 2019	Sep 2019	Dec 2019	Mar 2020	Jun 2020	Sep 2020	Mar 2021	Jun 2021	Sep 2021	Mar 2022	Jun 2022	Sep 2022	Mar 2023	Jun 2023	Sep 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Revenue	-	-	-	-	-	-	-	137.00K	26.00K	27.00K	17.00K	0	0	0	903.00K	10.00K	13.00K	0	6.65M	0	0	4.65M	11.05M	19.66M	24.43M	34.00M	39.27M	20.71M	5.94M	5.25M	6.55M	5.84M	33.27M	-	-	1.10M	298.00K	452.00K	947.00K	78.00K
Cost of Revenue	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Gross Profit	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Operating Expenses	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	22.99M	22.11M	21.52M	22.89M	26.58M
Operating Income	-6.32M	-6.07M	-	-6.94M	-6.40M	-7.47M	-	-14.78M	-15.87M	-13.85M	-	-15.81M	-18.77M	-15.94M	-	-11.86M	-16.23M	-11.79M	-	-18.82M	-16.37M	-13.73M	-7.16M	452.00K	-1.97M	10.77M	13.86M	-1.60M	-18.38M	-18.64M	-13.06M	-13.35M	13.76M	-	-	-21.89M	-21.81M	-21.07M	-21.94M	-26.50M
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-20.73M	-21.22M	-20.46M	-21.33M	-25.88M
Interest Expense	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	-	-	-	-	-
Pretax Income	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-17.71M	15.89M	-35.90M	-101.77M	-39.18M
Tax Provision	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net Income	-6.87M	-5.72M	-6.85M	-7.48M	-6.92M	-7.73M	-14.08M	-15.13M	-15.97M	-14.68M	-19.54M	-15.89M	-18.80M	-16.00M	-14.65M	-12.07M	-16.39M	-11.99M	-14.89M	-19.62M	-24.08M	-9.73M	-24.60M	4.57M	-17.89M	28.78M	8.60M	-7.89M	-21.66M	-11.39M	-9.00M	-56.82M	13.84M	-	-	-17.71M	15.89M	-35.90M	-92.58M	-39.18M
Diluted EPS	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-0.25	-0.09	-0.22	0.00	-0.16	0.08	0.06	-0.05	-4.24	-2.23	-1.74	-10.50	0.54	-1.13	-	-0.68	0.50	-1.38	-	-1.46
R&D Expense	5.31M	5.48M	-	6.65M	6.00M	6.02M	-	11.04M	10.99M	9.50M	-	11.14M	14.41M	11.88M	-	7.35M	12.13M	8.10M	-	14.72M	10.73M	13.96M	13.00M	14.46M	20.95M	17.69M	19.18M	16.54M	18.62M	17.78M	13.00M	9.74M	12.66M	11.40M	-	14.67M	14.87M	13.80M	-	19.46M

Profit & Loss (Annual)

Figures in USD.

Metric	Dec 2014	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Revenue	-	-	8.08M	207.00K	903.00K	6.68M	16.60M	-	110.78M	26.00M	38.91M	2.80M
Cost of Revenue	-	-	-	-	-	-	-	-	-	-	-	-
Gross Profit	-	-	-	-	-	-	-	-	-	-	-	-
Operating Expenses	-	-	-	-	-	-	-	-	96.24M	111.71M	75.23M	89.50M
Operating Income	-15.40M	-25.30M	-34.67M	-63.78M	-65.02M	-52.45M	-56.82M	-	14.54M	-85.71M	-36.32M	-86.70M
EBITDA	-	-	-	-	-	-	-	-	39.09M	-235.03M	-75.99M	-83.75M
Interest Expense	-	-	-	-	-	-	-	2.84M	3.03M	2.83M	0	-
Pretax Income	-	-	-	-	-	-	-	-	34.77M	-238.71M	-77.14M	-139.50M
Tax Provision	-	-	-	-	-	-	-	-	-609.00K	-19.00M	287.00K	-9.19M
Net Income	-12.88M	-25.17M	-36.21M	-65.32M	-65.34M	-55.35M	-68.88M	-	35.38M	-219.71M	-77.42M	-130.30M
Diluted EPS	-	-	-	-	-	-1.22	-0.68	-	3.00	-49.76	-4.49	-5.02
R&D Expense	10.49M	22.98M	29.70M	45.16M	47.69M	42.74M	54.51M	68.74M	72.38M	71.26M	45.10M	58.03M

Compounded Sales Growth

5 Years:	-70.66%
1 Year:	-92.90%

Compounded Profit Growth

5 Years:	-156.10%
1 Year:	-

Stock Price Performance

1 Year:	-21.13%
6 Months:	+3.01%
3 Months:	-0.66%
1 Month:	+16.54%

Balance Sheet (Annual)

Figures in USD.

Metric	Dec 2013	Dec 2014	Dec 2015	Dec 2016	Dec 2017	Jan 2018	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Assets	-	-	42.82M	89.30M	101.10M	101.10M	44.48M	99.57M	165.44M	-	165.89M	305.05M	435.02M	296.41M
Current Assets	-	-	-	-	-	-	-	-	-	-	148.14M	90.73M	216.63M	129.28M
Cash & Equivalents	8.06M	16.59M	32.34M	58.66M	70.62M	-	37.40M	89.89M	138.69M	-	106.44M	76.91M	212.61M	125.14M
Inventory	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Receivables	-	-	-	-	-	-	-	-	-	-	6.60M	5.87M	872.00K	1.11M
Total Liabilities	-	-	21.84M	34.34M	49.29M	47.46M	49.90M	91.17M	183.44M	-	72.06M	745.23M	441.82M	422.65M
Current Liabilities	-	-	7.29M	13.71M	10.97M	10.97M	35.14M	34.94M	81.55M	-	25.08M	68.21M	22.98M	14.94M
Long Term Debt	-	-	-	-	-	-	-	-	-	19.67M	17.79M	-	-	-
Total Debt	-	-	-	-	-	-	-	-	-	-	37.92M	10.96M	13.98M	12.68M
Total Equity	-69.46M	-87.75M	-116.49M	54.96M	51.81M	53.64M	-5.42M	8.40M	-18.01M	-	93.83M	-440.18M	-6.80M	-126.24M
Shares Outstanding	-	-	-	-	-	-	-	-	-	-	5.10M	5.40M	25.77M	26.01M

Cash Flows (Annual)

Figures in USD.

Metric	Dec 2014	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Operating Cash Flow	-	-22.46M	-19.76M	-52.03M	-59.16M	-51.44M	34.88M	-	-31.63M	-51.16M	-23.67M	-73.94M
Investing Cash Flow	-	-4.68M	-22.10M	-2.10M	25.27M	229.00K	-741.00K	-	-15.00M	34.61M	-8.74M	-5.45M
Financing Cash Flow	-	43.91M	67.66M	66.02M	697.00K	105.04M	14.43M	-	39.22M	-13.14M	168.43M	-8.05M
Capital Expenditure	-227.00K	-1.16M	-586.00K	-733.00K	-884.00K	-47.00K	-815.00K	-	-1.20M	-206.00K	-9.09M	-5.45M
Free Cash Flow	-	-23.63M	-20.34M	-52.76M	-60.05M	-51.48M	34.07M	-	-32.83M	-51.37M	-32.77M	-79.39M
Net Change in Cash	-	-	-	-	-	-	-	-	-7.42M	-29.70M	136.01M	-87.45M

Ratios (Annual)

Figures in %.

Metric	Dec 2014	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Gross Margin %	-	-	-	-	-	-	-	-	-	-	-	-
Operating Margin %	-	-	-428.9%	-30,813.5%	-7,200.7%	-785.6%	-342.4%	-	13.1%	-329.6%	-93.3%	-3,099.9%
Net Margin %	-	-	-448.0%	-31,556.0%	-7,235.4%	-829.0%	-415.0%	-	31.9%	-844.9%	-199.0%	-4,658.6%
ROE %	14.7%	21.6%	-65.9%	-126.1%	1,205.9%	-659.2%	382.5%	-	37.7%	49.9%	1,138.3%	103.2%
ROCE %	-	-71.2%	-45.9%	-70.8%	-696.3%	-81.2%	-67.7%	-	10.3%	-36.2%	-8.8%	-30.8%

Shareholding Pattern

Insiders

53.68%

Institutions

24.56%

Public Float

53.03%

Top Institutional Holders

#	Holder	% Held	Shares	Value
1	Squarepoint Ops LLC	7.62%	2.24M	$16.88M
2	FMR, LLC	2.72%	799.74K	$6.03M
3	Blackrock Inc.	2.04%	599.11K	$4.52M
4	Vanguard Capital Management LLC	1.39%	407.60K	$3.07M
5	683 Capital Management LLC	1.12%	330.00K	$2.49M
6	Millennium Management Llc	0.97%	284.32K	$2.14M
7	Geode Capital Management, LLC	0.90%	263.69K	$1.99M
8	Marshall Wace LLP	0.85%	251.12K	$1.89M
9	Erste Asset Management GmbH	0.75%	221.71K	$1.67M
10	State Street Corporation	0.68%	200.34K	$1.51M

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