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Financials · RNAC

Cartesian Therapeutics Inc. (RNAC) financials

For the twelve months ended Sep 30, 2026, Cartesian Therapeutics Inc. reported $1.02M of revenue and -$127.46M of net income.

Revenue, TTM
$1.02M
Net income, TTM
-$127.46M
Net margin
-12435.2%
Free cash flow, TTM
-$89.89M
EPS, diluted, TTM
-$4.84
Cash
$122.97M
Total debt
$50.22M
P/S
208.91
Market cap
$214.1M
Annual revenue$2.80M
FY2016FY2025
Annual net income-$130.30M
FY2016FY2025
Annual free cash flow-$79.39M
FY2016FY2025

RNAC revenue and earnings growth

RNAC revenueQ3 2026$0

Quarter YoY
-100.0%
FY YoY
-92.8%
5Y CAGR
-30.0%
10Y CAGR
-7.4%

RNAC revenue was $0 in fiscal Q3 2026 (ended Sep 30, 2026), down 100.0% from a year earlier. For the full fiscal 2025 it was $2.80M, down 92.8% from fiscal 2024. Compound annual growth was -30.0% over 5 years and -7.4% over 10 years. It rose in 7 of the last 10 fiscal years.

RNAC net incomeQ3 2026-$11.47M

RNAC net income was -$11.47M in fiscal Q3 2026 (ended Sep 30, 2026), compared with -$35.90M a year earlier. For the full fiscal 2025 it was -$130.30M, compared with -$77.42M in fiscal 2024.

RNAC EPSQ3 2026-$0.38

RNAC diluted EPS was -$0.38 in fiscal Q3 2026 (ended Sep 30, 2026), compared with -$1.38 a year earlier. For the full fiscal 2025 it was -$5.02.

RNAC free cash flowQ3 2026-$28.17M

RNAC free cash flow was -$28.17M in fiscal Q3 2026 (ended Sep 30, 2026), compared with -$16.89M a year earlier. For the full fiscal 2025 it was -$79.39M, compared with -$32.77M in fiscal 2024.

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Income statement

Income statement
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Revenue$2.80M$38.91M$26.00M$110.78M$85.08M$16.60M$6.68M$903.0K$207.0K$8.08M
Research and development$58.03M$45.10M$71.26M$72.38M$68.74M$54.51M$42.74M$47.69M$45.16M$29.70M
Selling, general and admin$31.47M$30.13M$40.45M$23.86M$20.94M$18.91M$16.39M$18.24M$18.83M$13.05M
Operating income-$143.41M-$43.90M-$86.42M$14.54M-$4.60M-$56.82M-$52.45M-$65.02M-$63.78M-$34.67M
Interest expense-$0$2.83M$3.03M$2.84M$1.56M$1.52M$1.49M$1.21M$1.25M
Pre-tax income-$139.50M-$77.14M-$238.71M$34.77M-$9.72M-$68.88M-$55.35M---
Income tax-$9.19M$287.0K-$19.00M-$609.0K$15.97M$0$0---
Net income-$130.30M-$77.42M-$219.71M$35.38M-$25.69M-$68.88M-$55.35M-$65.34M-$65.32M-$36.21M
EPS, basic-$5.02-$4.48-$49.76$7.20-$6.60-$20.40-$36.60-$87.60-$96.00-$116.70
EPS, diluted-$5.02-$4.49-$49.76$3.00-$6.60-$20.40-$36.60-$87.60-$96.00-$116.70
Diluted shares26.0M17.4M5.2M4.9M3.8M3.4M1.5M746,309.533680,835349,797.967

Balance sheet

Balance sheet
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Cash and equivalents$125.14M$214.28M$78.29M$108.04M$114.06M$140.06M$91.55M$37.68M$71.03M$59.05M
Short-term investments-------$0$25.94M$25.48M
Receivables$1.11M$872.0K$5.87M$6.60M$9.91M$7.22M$5.00M$0$63.0K$215.0K
Current assets$129.28M$216.63M$90.73M$148.14M$144.44M$151.34M$96.67M$42.08M$98.68M$86.82M
Goodwill$48.16M$48.16M$48.16M$0------
Total assets$296.41M$435.02M$305.05M$165.89M$159.88M$165.44M$99.57M$44.48M$101.10M$89.30M
Current liabilities$14.94M$22.98M$68.21M$25.08M$72.25M$81.55M$34.94M$35.14M$10.97M$13.71M
Long-term debt$0---------
Total debt$0---------
Total liabilities$422.65M$441.82M$444.68M$72.06M$137.36M$183.44M$91.17M$49.90M$49.29M$34.34M
Shareholders' equity-$126.24M-$6.80M-$440.18M$93.83M$22.52M-$18.01M$8.40M-$5.42M$51.81M$54.96M

Cash flow

Cash flow
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Operating cash flow-$73.94M-$23.67M-$51.16M-$31.63M-$60.38M$34.88M-$51.44M-$59.16M-$52.03M-$19.76M
Capital expenditures$5.45M$9.09M$206.0K$1.20M$1.08M$815.0K$47.0K$884.0K$733.0K$586.0K
Free cash flow-$79.39M-$32.77M-$51.37M-$32.83M-$61.47M$34.07M-$51.48M-$60.05M-$52.76M-$20.34M
Investing cash flow-$5.45M-$8.74M$34.61M-$15.00M-$17.14M-$741.0K$229.0K$25.27M-$2.10M-$22.10M
Financing cash flow-$8.05M$168.43M-$13.14M$39.22M$52.90M$14.43M$105.04M$697.0K$66.02M$67.66M
Stock-based compensation$10.52M$6.58M$22.52M$11.19M$7.72M$5.42M$5.16M$5.71M$4.08M-

Key ratios

Key ratios
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Revenue growth, YoY-92.8%49.6%-76.5%30.2%412.6%148.6%639.4%336.2%-97.4%34.5%
Operating margin-5127.1%-112.8%-332.3%13.1%-5.4%-342.4%-785.6%-7200.7%-30813.5%-428.9%
Net margin-4658.6%-199.0%-844.9%31.9%-30.2%-415.0%-829.0%-7235.4%-31556.0%-448.0%
Free cash flow margin-2838.6%-84.2%-197.5%-29.6%-72.2%205.3%-771.0%-6649.5%-25487.4%-251.7%
Return on equity---37.7%-114.1%--659.2%--126.1%-65.9%
Return on assets-44.0%-17.8%-72.0%21.3%-16.1%-41.6%-55.6%-146.9%-64.6%-40.5%
Current ratio8.659.431.335.912.001.862.771.208.996.33

Source: XBRL data Cartesian Therapeutics Inc. files with the SEC, latest filing dated Nov 5, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.

* Worked out from the filings rather than stated in them: Q4 is the full year less the first nine months.

Per-share figures and share counts are restated for stock splits the filings show: 1-for-30, first reported May 8, 2024.

EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.

RNAC peers

CompanyRevenueGrowthNet incomeNet marginMarket cap
RNAC$1.02M--$127.46M-12435.2%$214.1M
LLY$86.46B+45.5%$27.58B31.9%$1.33T
JNJ$99.33B+7.8%$16.09B16.2%$679.13B
ABBV$66.01B+10.7%$10.34B15.7%$518.44B
MRK$67.38B+4.9%$2.45B3.6%$366.73B
NVS$54.53B+8.4%$13.98B25.6%$312.35B
AZN$58.74B+8.6%$10.22B17.4%$293.69B
ABT$48.23B+10.0%$4.70B9.7%$191.40B
NVODKK 309.06B+6.4%DKK 102.43B33.1%$183.23B

RNAC FAQ

8 questions
  • What is RNAC revenue?
    Cartesian Therapeutics Inc. (RNAC) reported $1.02M of revenue for the twelve months ended Sep 30, 2026. Revenue for fiscal 2025 was $2.80M.
  • Is RNAC profitable?
    No. Cartesian Therapeutics Inc. reported a net loss of $127.46M for the twelve months ended Sep 30, 2026.
  • How much cash and debt does RNAC have?
    Cartesian Therapeutics Inc. reported $122.97M in cash and cash equivalents and $50.22M of debt on its most recent balance sheet in SEC filings.
  • How fast is RNAC revenue growing?
    Cartesian Therapeutics Inc.'s revenue changed -92.8% in fiscal 2025, to $2.80M. Its compound annual growth rate was -30.0% over 5 years and -7.4% over 10 years.
  • What is RNAC free cash flow?
    Cartesian Therapeutics Inc. generated -$89.89M of free cash flow for the twelve months ended Sep 30, 2026, which is operating cash flow of -$88.66M less capital expenditures.
  • What is RNAC earnings per share?
    Diluted earnings per share were -$4.84 for the twelve months ended Sep 30, 2026, from SEC filings, restated for any stock split those filings show.
  • When did RNAC last report financial results?
    The latest statements here come from Cartesian Therapeutics Inc.'s 10-Q filed on Nov 5, 2026, covering the period ended Sep 30, 2026.
  • Where does this RNAC financial data come from?
    Quantisnow builds these statements from the structured XBRL data Cartesian Therapeutics Inc. files with the SEC. It is provided for information only and is not investment advice.