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

RNAC$8.27−34.31% · past yearDBEQ Basic

Daily closing prices

Business

Cartesian Therapeutics is a late-stage clinical biotechnology company developing mRNA-modified autologous CAR-T cell therapies for autoimmune diseases. The company's lead product candidate, Descartes-08, targets B-cell maturation antigen and is in Phase 3 development for generalized myasthenia gravis, with Phase 2 trials underway in dermatomyositis, antisynthetase syndrome, and juvenile dermatomyositis. Cartesian manufactures its cell therapy candidates in-house in Frederick, Maryland, under cGMP standards, administering personalized, outpatient treatments without preconditioning chemotherapy.

Summary from 10-K filed 2026-03-09

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

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Frequently asked questions

What is Cartesian Therapeutics, Inc.'s CIK number?

Cartesian Therapeutics, Inc.'s SEC CIK number is 0001453687 (1453687). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.

Where can I find Cartesian Therapeutics, Inc.'s SEC filings?

All of Cartesian Therapeutics, Inc.'s EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.

When did Cartesian Therapeutics, Inc. last report earnings?

Cartesian Therapeutics, Inc. (RNAC) most recently filed an earnings 8-K with the SEC on Apr 30, 2026, furnishing its results under Item 2.02 (Results of Operations and Financial Condition). The earnings press release is attached to that filing (accession 0001453687-26-000081). This is Cartesian Therapeutics, Inc.'s most recent earnings filing of record — not a forecast of its next earnings date.

What is Cartesian Therapeutics, Inc.'s most recent earnings 8-K?

Cartesian Therapeutics, Inc.'s latest earnings 8-K (Item 2.02) was filed Apr 30, 2026 under accession 0001453687-26-000081. It carries the quarterly or annual earnings press release — the earliest official, SEC-filed version of the results.

View Cartesian Therapeutics, Inc.'s latest earnings 8-K →
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