Cartesian Therapeutics, Inc.

Listed Company

RNACCIK 0001453687NasdaqNon-AcceleratedSmaller ReportingPharmaceutical PreparationsDelawareFY ends Dec 31

Period

FY 2025

Revenue

$2.80M

Net Income

$-130.30M

Total Assets

$296.41M

Equity

$-126.24M

Shares Out

29.38M

Op. Cash Flow

$-73.94M

Business

Cartesian Therapeutics, Inc. is a clinical-stage biotechnology company developing mRNA cell therapies to treat autoimmune diseases. It offers autologous mRNA CAR-T product candidates, including lead candidate Descartes-08 and next-generation Descartes-15, along with associated clinical development and manufacturing capabilities. The company operates through clinical development, in-house cGMP manufacturing and research and development, and licensing and collaboration activities. Cartesian conducts clinical trials and seeks regulatory approvals and commercialization across the United States, Europe and other international markets through partnerships and trial networks.

Summary from filing dated 2025-03-13

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Collaboration and license	400,000	38	26	111	85
Grant	2	638,000	0	—	—
Total revenues	3	39	26	—	—
Research and development	58	45	71	72	69
General and administrative	31	30	40	24	21
Impairment of indefinite-lived intangible and long-lived assets	57	8	—	—	—
Total operating expenses	146	83	112	96	90
Operating loss	−143	−44	−86	15	−5
Interest income	7	7	5	—	—
Gain on change in fair value of warrant liabilities	4	3	13	21	−2
Loss on change in fair value of contingent value right liability	−4	−37	−18	0	0
Loss on change in fair value of forward contract liabilities	0	−7	−150	0	0
Other (expense) income, net	−2	606,000	691,000	330,000	15,000
Total other income (expense), net	4	−33	—	—	—
Loss before income taxes	−139	−77	−239	35	−10
Income tax benefit (expense)	9	−300,000	19	609,000	−16
Net loss	−130	−77	−220	35	−26
Foreign currency translation adjustment	45,000	−21,000	−53,000	18,000	−2,000
Total comprehensive loss	−130	−77	−220	35	−26
Basic (in dollars per share)	−5.02	−4.48	−49.76	0.24	−0.22
Diluted (in dollars per share)	−5.02	−4.49	−49.76	0.1	−0.22
Basic (in shares)	26	17	5	145	114
Diluted (in shares)	26	17	5	146	114

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	125	213	77	106	114
Accounts receivable	1	872,000	6	7	10
Prepaid expenses and other current assets	3	3	5	4	6
Total current assets	129	217	91	148	144
Property and equipment, net	12	10	2	3	2
Right-of-use assets, net	6	6	10	12	10
In-process research and development assets	94	151	151	0	—
Goodwill	48	48	48	0	—
Long-term restricted cash	2	2	1	1	1
Investment	0	2	2	2	2
Long-term prepaid expenses and other assets	6	518,000	—	—	—
Total assets	296	435	305	166	160
Accounts payable	1	288,000	3	316,000	224,000
Accrued expenses and other current liabilities	9	12	16	14	—
Lease liabilities	4	3	2	2	1
Contingent value right liability	0	8	16	0	—
Total current liabilities	15	23	68	25	72
Lease liabilities, net of current portion	9	11	9	10	9
Warrant liability	141,000	4	6	19	—
Contingent value right liability, net of current portion	392	388	343	0	—
Deferred tax liabilities, net	7	16	16	0	—
Total liabilities	423	442	445	72	137
Commitments and contingencies (Note 18)	—	—	—	—	—
Preferred stock, value, issued	0	0	0	0	0
Common stock, $0.0001 par value; 350,000,000 shares authorized as of December 31, 2025 and 2024; 26,011,106 and 25,767,369 shares issued and outstanding as of December 31, 2025 and 2024, respectively	3,000	3,000	1,000	15,000	12,000
Additional paid-in capital	701	690	179	493	457
Accumulated deficit	−822	−692	−615	−395	−430
Accumulated other comprehensive loss	−5	−5	−5	−5	−5
Total stockholders deficit	−126	−7	−440	94	23
Total liabilities and stockholders deficit	296	435	305	166	160

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	3	1	843,000	1	1
Non-cash lease expense	778,000	2	2	1	1
Loss on disposal of property and equipment	0	273,000	477,000	−147,000	0
Stock-based compensation expense	11	7	23	11	8
Loss on change in fair value of forward contract liabilities	0	7	—	—	—
Loss on impairment of investment	2	0	—	—	—
(Benefit) provision for deferred taxes	−9	287,000	−19	0	0
Accounts receivable	−243,000	5	726,000	3	−3
Unbilled receivable	0	3	181,000	−3	0
Prepaid expenses and other assets	−5	2	−1	2	−1
Accounts payable	1	−3	3	92,000	−219,000
Deferred revenue	0	−6	5	−65	−45
Accrued expenses and other liabilities	−4	−7	−3	2	1
Net cash used in operating activities	−74	−24	−51	−32	−60
Purchases of property and equipment	−5	−9	−206,000	−1	−1
Proceeds from the sale of property and equipment	0	351,000	0	0	0
Net cash used in investing activities	−5	−9	35	−15	−17
Proceeds from issuance of Series A Preferred Stock, gross in private placement	0	40	20	0	0
Net proceeds from issuance of common stock and Series B Preferred Stock in private placement	0	124	—	0	0
Equity offering costs	−624,000	−66,000	0	—	—
Proceeds from exercise of common warrants	0	3	0	0	0
Proceeds from exercise of stock options	323,000	1	0	156,000	778,000
Distribution of Contingent Value Rights	−8	0	—	—	—
Net cash (used in) provided by financing activities	−8	168	−13	39	53
Effect of exchange rate changes on cash	45,000	−21,000	−53,000	20,000	−3,000
Net change in cash, cash equivalents, and restricted cash	−87	136	−30	−7	−25
Purchase of property and equipment not yet paid	18,000	847,000	128,000	17,000	224,000
Equity offering costs in accrued liabilities	30,000	451,000	0	—	24,000
Operating lease right-of-use assets obtained in exchange for operating lease liabilities	844,000	5	—	—	—

Filings

Filing historySign up free to browse every 10-K, 10-Q, 8-K, and proxy this filer has submitted to the SEC.Sign up free · Upgrade to Pro

Material Events

Material EventsTrack every 8-K filing and material event — AI-summarized, timelined, and alertable.Sign up free · Upgrade to Pro

Insiders

Insider ActivitySee executive buy/sell windows and insider trade activity over rolling 30/90/365-day windows.Sign up free · Upgrade to Pro

Institutional Holders

Institutional HoldersSee which funds hold this stock and track position changes quarter over quarter.Sign up free · Upgrade to Pro