# Cartesian Therapeutics Inc. (RNAC)

**Exchange:** NASDAQ  
**Sector:** Healthcare  
**Market cap:** $209M  
**Price:** $8.06 (+8.48%)

> Cartesian Therapeutics Inc. is a clinical-stage biotechnology company focused on developing mRNA cell therapies for autoimmune diseases. It utilizes its proprietary ImmTOR immune tolerance platform to induce antigen-specific immunity and mitigate unwanted immune responses, leveraging mRNA technology to enhance cell functions through its manufacturing platform. The lead product candidate, Descartes-08, is an autologous mRNA CAR-T therapy targeting B cell maturation antigen (BCMA) and is in Phase 2b clinical trials for conditions including generalized myasthenia gravis, systemic lupus erythematosus, and juvenile dermatomyositis, which has received rare pediatric disease designation. Additional candidates include Descartes-15, an autologous anti-BCMA mRNA CAR-T for autoimmune diseases and relapsed or refractory multiple myeloma, and Descartes-33 in preclinical development for autoimmune indications. Operating in the healthcare biotechnology sector, Cartesian Therapeutics Inc. advances innovative cell therapy solutions to address unmet needs in autoimmune disorders. Headquartered in Gaithersburg, Maryland, the company concentrates on research and development of these specialized product candidates.

## Income Statement (Annual, USD)

| Fiscal Year | Revenue | Gross Profit | Operating Income | Net Income | EPS (dil.) |
| --- | --- | --- | --- | --- | --- |
| 2025 | $400,000 | — | -$143M | -$130M | — |
| 2024 | $38M | — | -$44M | -$77M | — |
| 2023 | $26M | — | -$86M | -$220M | — |
| 2022 | $111M | — | $15M | $35M | — |
| 2021 | $85M | — | -$5M | -$26M | — |
| 2020 | $17M | — | -$57M | -$69M | — |
| 2019 | $7M | — | -$52M | -$55M | — |
| 2018 | $903,000 | — | -$65M | -$65M | — |
| 2017 | $207,000 | — | -$64M | -$65M | — |
| 2016 | $8M | — | -$35M | -$36M | — |
| 2015 | $6M | — | -$25M | -$25M | — |
| 2014 | $3M | — | -$15M | -$13M | — |

## Balance Sheet (Annual, USD)

| Fiscal Year | Total Assets | Total Liabilities | Equity | Cash | Long-term Debt |
| --- | --- | --- | --- | --- | --- |
| 2025 | $296M | $423M | -$126M | $125M | — |
| 2024 | $435M | $442M | -$7M | $213M | — |
| 2023 | $305M | $445M | -$440M | $77M | — |
| 2022 | $166M | $72M | $94M | $106M | — |
| 2021 | $160M | $137M | $23M | $114M | — |
| 2020 | $165M | $183M | -$18M | $139M | — |
| 2019 | $100M | $91M | $8M | $90M | — |
| 2018 | $44M | $50M | -$5M | $37M | — |
| 2017 | $101M | $49M | $52M | $71M | — |
| 2016 | $89M | $34M | $55M | $59M | — |
| 2015 | $43M | $22M | -$116M | $32M | — |

## Cash Flow (Annual, USD)

| Fiscal Year | Operating Cash Flow | CapEx | Free Cash Flow |
| --- | --- | --- | --- |
| 2025 | -$74M | $5M | -$79M |
| 2024 | -$24M | $9M | -$33M |
| 2023 | -$51M | $206,000 | -$51M |
| 2022 | -$32M | $1M | -$33M |
| 2021 | -$60M | $1M | -$61M |
| 2020 | $35M | $815,000 | $34M |
| 2019 | -$51M | $47,000 | -$51M |
| 2018 | -$59M | $884,000 | -$60M |
| 2017 | -$52M | $733,000 | -$53M |
| 2016 | -$20M | $586,000 | -$20M |
| 2015 | -$22M | $1M | -$24M |

Source: [CompaniesByCap](https://companiesbycap.com/company/RNAC)