Cartesian Therapeutics, Inc.

NASDAQ•RNAC

CEO: Dr. Carsten Brunn Ph.D.

Sector: Healthcare

Industry: Biotechnology

Listing Date: 2016-06-22

Cartesian Therapeutics, Inc., a clinical-stage biotechnology company, engages in the provision of mRNA cell therapies for the treatment of autoimmune diseases. It develops Descartes-08, an autologous anti-BCMA RNA-engineered chimeric antigen receptor T-cell therapy, currently under Phase 2b clinical development for generalized myasthenia gravis, as well as for patients with systemic lupus erythematosus, and myeloma autoimmune basket trials for other autoimmune diseases. The company develops Descartes-15 to treat Autoimmune diseases, myeloma; and Descartes-33 which is in preclinical development for treatment of autoimmune diseases. Cartesian Therapeutics, Inc. is headquartered in Gaithersburg, Maryland.

Contact Information

704 Quince Orchard Road, Gaithersburg, MD, 20878, United States

617-923-1400

www.cartesiantherapeutics.com

Market Cap

$170.84M

P/E (TTM)

-1.3

17.6

Dividend Yield

52W High

$16.79

52W Low

$5.98

52W Range

Rank53Top 76.1%

2.8

F-Score

Modified Piotroski Analysis

Based on 10-year fundamentals

Weak • 2.8 / 9 points

Scoring Range (0-9)

8-9: Excellent Value

6-7: Strong Fundamentals

4-5: Average Quality

0-3: Weak Performance

Data Period: 2016-2025

Financial Dashboard

Q4 2025 Data

Revenue

$947.00K+0.00%

4-Quarter Trend

EPS

-$3.56+0.00%

4-Quarter Trend

FCF

-$18.20M+0.00%

4-Quarter Trend

2025 Annual Earnings Highlights

Key Highlights

Descartes-08 MG Phase 3 Launched Phase 3 AURORA trial for Descartes-08 in MG initiated January 2025; FDA SPA secured for trial design supporting future BLA.

Myositis Indication Expansion Development expanded into myositis (dermatomyositis/antisynthetase syndrome) in November 2025; Phase 2 trial expected commencement first half 2026.

Net Loss Widened Significantly Net loss reached $(130.302M) USD in 2025, a 68% increase in loss versus $(77.424M) USD loss reported in 2024.

Collaboration Revenue Dropped Total revenues fell 93% to $2.797M USD in 2025, driven by prior year Sobi milestone recognition ($38.3M in 2024).

Risk Factors

Substantial Additional Funding Needed Development stage company expects continued losses; requires substantial capital to fund operations and commercialization efforts if approved.

Unproven mRNA Cell Therapy Approach mRNA-based product candidates represent an unproven treatment approach; early clinical efforts may not successfully build a marketable drug pipeline.

Major IPR&D Asset Impairment Recorded $56.7M non-cash impairment charge for Descartes-08 SLE asset after pausing further development in that indication.

Drug Development Inherently Risky Clinical development is lengthy, expensive, and subject to factors outside control; failure to show positive results halts prospects.

Outlook

Prioritizing Descartes-08 MG Development Focus remains on advancing Descartes-08 for MG through Phase 3 AURORA trial and seeking future Biologics License Application support.

Growing Internal Manufacturing Capacity Must incur significant costs to grow in-house cGMP manufacturing capabilities to support late-stage clinical and potential commercial supply.

Cash Funds Next Twelve Months Existing cash, equivalents, and restricted cash of $126.9M USD expected to fund operating expenses for at least the next 12 months.

Pausing SLE Development Efforts Development of Descartes-08 in SLE paused to prioritize opportunities in MG and myositis indications moving forward.

Peer Comparison

Revenue (TTM)

GNFT

$126.71M

+9.8%

ENTA

$66.98M

+0.6%

FENC

$38.79M

-21.8%

Gross Margin (Latest Quarter)

ENTA

100.0%

+0.0pp

GNFT

100.0%

+0.0pp

RNAC

100.0%

-2831.2pp

Key Metrics

Symbol	Market Cap	P/E (TTM)	ROE (TTM)	Debt to Assets
VTYX	$1.00B	-9.4	-48.1%	4.7%
AVIR	$478.03M	-2.9	-46.3%	0.3%
TRDA	$458.65M	-3.4	-39.8%	13.5%

Long-Term Trends

Last 4 Quarters

Revenue

Net Income

Operating Cash Flow

4Q Revenue CAGR

-4.9%

Flat Growth

4Q Net Income CAGR

N/M

Profitability Shift

Cash Flow Stability

Cash Flow Needs Attention

Deep Research

Next earnings:May 6, 2026

EPS:-

Revenue:-

Financials

Earnings Calls

Reports

News

Income Statement

Balance Sheet

Cash Flow Statement

Ratios

% Chg.

Income Statement	LTM

No Data