NASDAQ : RNAC
Cartesian Therapeutics, Inc. — Financial statements
Healthcare · Biotechnology · United States
Last price 6.75 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 204.22M
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Cartesian Therapeutics, Inc. (RNAC) reported revenue of 1.48M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 1.48M | 2.80M | 38.91M | 26.00M | 110.78M | 85.08M |
| Cost of Revenue | 68.39M | 58.03M | 44.91M | 65.66M | 72.38M | 68.74M |
| Gross Profit | -66.91M | -55.24M | -5.99M | -39.66M | 38.40M | 16.34M |
| Selling, General & Admin | 31.75M | 31.47M | 29.53M | 34.75M | 23.86M | 20.94M |
| Operating Expenses | 31.75M | 31.47M | 29.53M | 34.75M | 23.86M | 20.94M |
| Operating Income | -98.66M | -86.70M | -35.52M | -74.41M | 14.54M | -4.60M |
| Interest Expense | -852.00K | -2.83M | -3.03M | -2.84M | ||
| Interest & Investment Income | 4.95M | 6.58M | 7.39M | 4.96M | 2.07M | 44.00K |
| Currency Exchange Gain (Loss) | 38.00K | -22.00K | ||||
| Other Non Operating Income (Expenses) | -3.22M | 3.69M | -3.73M | -136.16M | 21.21M | -2.32M |
| EBT Excluding Unusual Items | -97.78M | -76.44M | -31.86M | -208.40M | 34.77M | -9.72M |
| Merger & Restructuring Charges | -800.00K | -11.30M | ||||
| Gain (Loss) on Sale of Investments | -2.00M | -2.00M | ||||
| Asset Writedown | -56.70M | -56.70M | -7.58M | -710.00K | ||
| Other Unusual Items | -4.60M | -4.35M | -36.90M | -18.30M | ||
| Pretax Income | -161.08M | -139.50M | -77.14M | -238.71M | 34.77M | -9.72M |
| Income Tax Expense | -9.19M | -9.19M | 287.00K | -19.00M | -609.00K | 15.97M |
| Net Income | -151.89M | -130.30M | -77.42M | -219.71M | 35.38M | -25.69M |
| Preferred Dividends & Other Adjustments | 37.55M | |||||
| Net Income to Common | -151.89M | -130.30M | -77.42M | -257.26M | 35.38M | -25.69M |
| Shares Outstanding (Basic) | 27.07M | 25.97M | 17.28M | 5.17M | 4.83M | 3.81M |
| Shares Outstanding (Diluted) | 27.07M | 25.97M | 17.36M | 5.17M | 4.86M | 3.81M |
| EPS (Basic) | -5.61 | -5.02 | -4.48 | -49.76 | 7.33 | -6.74 |
| EPS (Diluted) | -5.61 | -5.02 | -4.48 | -49.76 | 2.98 | -6.74 |
| Free Cash Flow | -78.61M | -79.39M | -32.77M | -51.37M | -32.83M | -61.47M |
| Free Cash Flow Per Share | -2.90 | -3.06 | -1.89 | -9.94 | -6.75 | -16.13 |
| Gross Margin | -15.40% | -152.50% | 34.66% | 19.21% | ||
| Operating Margin | -6,679.69% | -3,099.93% | -91.27% | -286.13% | 13.12% | -5.40% |
| Profit Margin | -10,283.75% | -4,658.63% | -198.97% | -989.31% | 31.94% | -30.19% |
| Free Cash Flow Margin | -5,322.41% | -2,838.58% | -84.21% | -197.53% | -29.64% | -72.25% |
| EBITDA | -96.05M | -83.75M | -34.37M | -73.56M | 15.82M | -3.35M |
| EBITDA Margin | -88.32% | -282.89% | 14.29% | -3.93% | ||
| D&A For EBITDA | 2.61M | 2.96M | 1.15M | 843.00K | 1.29M | 1.25M |
| EBIT | -98.66M | -86.70M | -35.52M | -74.41M | 14.54M | -4.60M |
| EBIT Margin | -91.27% | -286.13% | 13.12% | -5.40% | ||
| Revenue as Reported | 1.48M | 2.80M | 38.91M | 26.00M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 147.61M | 125.14M | 212.61M | 76.91M | 106.44M | 4.74M |
| Short-Term Investments | 28.16M | |||||
| Cash & Short-Term Investments | 147.61M | 125.14M | 212.61M | 76.91M | 134.60M | 4.74M |
| Accounts Receivable | 196.00K | 1.11M | 872.00K | 8.85M | 9.76M | 3.13M |
| Other Receivables | 225.00K | |||||
| Receivables | 196.00K | 1.11M | 872.00K | 8.85M | 9.76M | 3.35M |
| Prepaid Expenses | 5.81M | 3.02M | 3.14M | 4.97M | 3.49M | 50.00K |
| Restricted Cash | 289.00K | |||||
| Total Current Assets | 153.62M | 129.28M | 216.63M | 90.73M | 148.14M | 8.14M |
| Property, Plant & Equipment | 16.43M | 17.79M | 15.45M | 12.18M | 14.41M | 1.50M |
| Long-Term Investments | 2.00M | 2.00M | 2.00M | |||
| Goodwill | 48.16M | 48.16M | 48.16M | 48.16M | ||
| Other Intangible Assets | 93.90M | 93.90M | 150.60M | 150.60M | ||
| Other Long-Term Assets | 6.51M | 7.29M | 2.19M | 1.38M | 1.34M | 25.00K |
| Total Assets | 318.63M | 296.41M | 435.02M | 305.05M | 165.89M | 9.67M |
| Accounts Payable | 1.05M | 1.29M | 288.00K | 3.15M | 316.00K | |
| Accrued Expenses | 14.07M | 9.16M | 11.24M | 14.61M | 14.08M | 787.00K |
| Current Portion of Long-Term Debt | 8.48M | |||||
| Current Portion of Leases | 4.20M | 4.15M | 2.85M | 2.17M | 1.61M | 172.00K |
| Current Unearned Revenue | 2.31M | 593.00K | 117.00K | |||
| Other Current Liabilities | 1.24M | 338.00K | 8.60M | 45.98M | 191.00K | |
| Total Current Liabilities | 20.55M | 14.94M | 22.98M | 68.21M | 25.08M | 1.27M |
| Long-Term Debt | 52.85M | 17.79M | ||||
| Long-Term Leases | 6.80M | 8.53M | 11.13M | 8.79M | 10.05M | 1.11M |
| Long-Term Unearned Revenue | 3.54M | |||||
| Long-Term Deferred Tax Liabilities | 6.95M | 6.95M | 16.14M | 15.85M | ||
| Other Long-Term Liabilities | 356.70M | 392.24M | 391.57M | 348.29M | 19.14M | 345.00K |
| Total Liabilities | 443.85M | 422.65M | 441.82M | 444.68M | 72.06M | 2.72M |
| Common Stock | 3.00K | 3.00K | 3.00K | 1.00K | 15.00K | |
| Additional Paid-In Capital | 725.16M | 700.71M | 689.89M | 179.06M | 493.31M | 6.64M |
| Retained Earnings | -845.79M | -822.37M | -692.07M | -614.65M | -394.94M | -19.61M |
| Comprehensive Income & Other | -4.61M | -4.58M | -4.62M | -4.60M | -4.56M | |
| Total Common Equity | -125.23M | -126.24M | -6.80M | -440.18M | 93.83M | -12.96M |
| Shareholders' Equity | -125.23M | -126.24M | -6.80M | -139.63M | 93.83M | 6.95M |
| Total Liabilities & Equity | 318.63M | 296.41M | 435.02M | 305.05M | 165.89M | 9.67M |
| Total Debt | 63.85M | 12.68M | 13.98M | 10.96M | 37.92M | 1.28M |
| Net Cash (Debt) | 83.75M | 112.46M | 198.63M | 65.96M | 96.68M | 3.46M |
| Net Cash Per Share | 3.09 | 4.33 | 11.44 | 12.76 | 19.88 | 0.91 |
| Filing Date Shares Outstanding | 30.26M | 26.51M | 25.91M | 5.40M | 3.81M | |
| Total Common Shares Outstanding | 30.04M | 26.01M | 25.77M | 5.40M | 3.81M | |
| Working Capital | 133.06M | 114.34M | 193.65M | 22.52M | 123.06M | 6.87M |
| Book Value Per Share | -4.17 | -4.85 | -0.26 | -81.55 | ||
| Tangible Book Value | -267.29M | -268.30M | -205.56M | -638.95M | 93.83M | -12.96M |
| Tangible Book Value Per Share | -8.90 | -10.31 | -7.98 | -118.38 | ||
| Machinery | 10.31M | 9.28M | 8.15M | 7.63M | 7.34M | 779.00K |
| Construction In Progress | 301.00K | 3.47M | 695.00K | 150.00K | 599.00K | |
| Leasehold Improvements | 6.83M | 4.18M | 3.43M | 61.00K | 57.00K |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -151.89M | -130.30M | -77.42M | -219.71M | 35.38M | -25.69M |
| Depreciation & Amortization | 2.61M | 2.96M | 1.15M | 843.00K | 1.29M | 1.25M |
| Loss (Gain) From Sale of Assets | 273.00K | 477.00K | -147.00K | |||
| Asset Writedown & Restructuring Costs | 56.70M | 56.70M | 7.58M | 710.00K | ||
| Loss (Gain) From Sale of Investments | 2.00M | 2.00M | -79.00K | -375.00K | 57.00K | |
| Stock-Based Compensation | 9.24M | 10.52M | 6.58M | 22.52M | 11.19M | 7.72M |
| Other Operating Activities | -18.00K | -7.76M | 43.96M | 139.10M | -18.59M | 4.47M |
| Change in Accounts Receivable | 158.00K | -243.00K | 7.98M | 907.00K | 156.00K | -2.69M |
| Change in Accounts Payable | 372.00K | 1.07M | -2.93M | 2.83M | 92.00K | -219.00K |
| Change in Unearned Revenue | -5.85M | 5.26M | -64.71M | -45.50M | ||
| Change in Income Taxes | -601.00K | 601.00K | ||||
| Change in Other Net Operating Assets | 4.30M | -8.89M | -4.99M | -4.03M | 4.68M | -390.00K |
| Operating Cash Flow | -76.53M | -73.94M | -23.67M | -51.16M | -31.63M | -60.38M |
| Capital Expenditures | -2.08M | -5.45M | -9.09M | -206.00K | -1.20M | -1.08M |
| Sale of Property, Plant & Equipment | 351.00K | |||||
| Cash Acquisitions | 6.56M | |||||
| Investment in Securities | 28.25M | -13.80M | -16.05M | |||
| Investing Cash Flow | -2.08M | -5.45M | -8.74M | 34.61M | -15.00M | -17.14M |
| Long-Term Debt Repaid | -27.46M | |||||
| Net Debt Issued (Repaid) | 46.03M | -27.46M | ||||
| Issuance of Common Stock | 20.04M | 323.00K | 128.49M | 231.00K | 39.33M | 52.90M |
| Other Financing Activities | -145.00K | -8.38M | -66.00K | -6.17M | -110.00K | |
| Financing Cash Flow | 65.92M | -8.05M | 168.43M | -13.14M | 39.22M | 52.90M |
| Foreign Exchange Rate Adjustments | -31.00K | 45.00K | -21.00K | -53.00K | 20.00K | -3.00K |
| Net Cash Flow | -12.72M | -87.41M | 135.99M | -29.75M | -7.40M | -24.63M |
| Free Cash Flow | -78.61M | -79.39M | -32.77M | -51.37M | -32.83M | -61.47M |
| Free Cash Flow Margin | -5,322.41% | -2,838.58% | -84.21% | -197.53% | -29.64% | -72.25% |
| Free Cash Flow Per Share | -2.90 | -3.06 | -1.89 | -9.94 | -6.75 | -16.13 |
| Levered Free Cash Flow | -47.48M | -55.62M | -59.67M | 28.91M | 22.24M | |
| Unlevered Free Cash Flow | -46.95M | -55.62M | -59.67M | 30.68M | 24.13M | |
| Cash Interest Paid | 1.85M | 2.25M | 2.00M | |||
| Change in Working Capital | 4.83M | -8.06M | -5.79M | 4.97M | -60.38M | -48.19M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 190.31M | 187.49M | 460.74M | 107.00M | ||
| Enterprise Value | 106.55M | 56.70M | 256.19M | |||
| Last Close Price | 6.49 | 7.21 | 17.91 | 20.68 | ||
| PS Ratio | 132.94 | 67.03 | 11.84 | 4.12 | ||
| PB Ratio | -1.49 | -67.74 | -0.77 | |||
| EV/Sales Ratio | 76.24 | 20.27 | 6.58 | |||
| Debt / Equity Ratio | -0.51 | -0.10 | -2.06 | -0.08 | 0.40 | 0.18 |
| Debt / EBITDA Ratio | 2.01 | |||||
| Net Debt / Equity Ratio | 0.67 | 0.89 | 29.20 | 0.47 | -1.03 | -0.50 |
| Net Debt / EBITDA Ratio | 0.87 | 1.34 | 5.78 | 0.90 | -6.11 | 1.03 |
| Net Debt / FCF Ratio | 1.06 | 1.42 | 6.06 | 1.28 | 2.94 | 0.06 |
| Asset Turnover | 0.00 | 0.01 | 0.10 | 0.11 | 1.26 | |
| Quick Ratio | 7.19 | 8.45 | 9.29 | 1.26 | 5.76 | 6.38 |
| Current Ratio | 7.47 | 8.65 | 9.43 | 1.33 | 5.91 | 6.42 |
| Return on Equity (ROE) | 70.21% | |||||
| Return on Assets (ROA) | -17.43% | -14.82% | -6.00% | -19.75% | 10.35% | |
| Return on Capital Employed (ROCE) | -33.10% | -30.80% | -8.60% | -31.40% | 10.30% | -54.70% |
| Earnings Yield | -89.22% | -69.50% | -16.80% | -205.34% | ||
| FCF Yield | -40.04% | -42.35% | -7.11% | -48.01% | ||
| Buyback Yield / Dilution | -9.55% | -49.63% | -235.72% | -6.33% | -27.59% |