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Cartesian Therapeutics (RNAC) Financials

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$9.51 0.00 (0.00%)
Closing price 06/12/2026 04:00 PM Eastern
Extended Trading
$9.58 +0.07 (+0.74%)
As of 06/12/2026 07:20 PM Eastern
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Annual Income Statements for Cartesian Therapeutics

Annual Income Statements for Cartesian Therapeutics

This table shows Cartesian Therapeutics' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2022 2023 2024
Period end date 12/31/2022 12/31/2023 12/31/2024
Net Income / (Loss) Attributable to Common Shareholders
35 -220 -77
Consolidated Net Income / (Loss)
35 -220 -77
Net Income / (Loss) Continuing Operations
36 -220 -77
Total Pre-Tax Income
35 -239 -77
Total Operating Income
15 -86 -44
Total Gross Profit
111 26 39
Total Revenue
111 26 39
Operating Revenue
111 26 39
Total Cost of Revenue
0.00 0.00 0.00
Total Operating Expenses
96 112 83
Selling, General & Admin Expense
24 40 30
Research & Development Expense
72 71 45
Impairment Charge
- 0.71 7.58
Total Other Income / (Expense), net
20 -152 -33
Interest Expense
3.03 2.83 0.00
Interest & Investment Income
2.07 4.96 7.39
Other Income / (Expense), net
21 -154 -41
Income Tax Expense
-0.61 -19 0.29
Basic Earnings per Share
$0.24 ($49.76) ($4.48)
Weighted Average Basic Shares Outstanding
144.76M 5.17M 17.28M
Diluted Earnings per Share
$0.10 ($49.76) ($4.49)
Weighted Average Diluted Shares Outstanding
145.87M 5.17M 17.36M
Weighted Average Basic & Diluted Shares Outstanding
153.32M 161.95M 25.91M

Quarterly Income Statements for Cartesian Therapeutics

This table shows Cartesian Therapeutics' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024
Period end date 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024
Net Income / (Loss) Attributable to Common Shareholders
-7.89 5.89 -22 -11 -9.00 -178 -57 9.63 -24 -6.05
Consolidated Net Income / (Loss)
-7.89 5.89 -22 -11 -9.00 -178 -57 14 -24 -10
Net Income / (Loss) Continuing Operations
-7.89 1.58 -18 -18 -13 -172 -57 15 -24 -12
Total Pre-Tax Income
-8.21 1.11 -18 -18 -13 -190 -57 15 -24 -10
Total Operating Income
-1.60 -8.50 -18 -19 -13 -36 -13 14 -18 -27
Total Gross Profit
21 17 5.94 5.25 6.55 8.27 5.84 33 0.39 -0.76
Total Revenue
21 17 5.94 5.25 6.55 8.27 5.84 33 0.39 -0.76
Operating Revenue
21 17 5.94 5.25 6.55 8.27 5.84 33 0.39 -0.76
Total Operating Expenses
22 25 24 24 20 45 19 20 18 26
Selling, General & Admin Expense
5.77 6.32 5.70 6.11 6.61 22 9.45 7.03 6.56 7.09
Research & Development Expense
17 19 19 18 13 22 9.74 13 11 11
Total Other Income / (Expense), net
-6.62 9.28 0.54 0.67 0.02 -154 -44 1.20 -6.86 16
Interest & Investment Income
0.71 1.14 1.33 1.39 1.30 0.94 1.16 1.20 2.57 2.45
Basic Earnings per Share
($0.05) $0.04 ($4.24) ($2.23) ($1.74) ($34.36) ($10.50) $0.58 ($1.13) ($0.35)
Weighted Average Basic Shares Outstanding
152.85M 144.76M 5.11M 5.11M 5.16M 5.17M 5.41M 16.72M 21.47M 17.28M
Diluted Earnings per Share
($0.05) $0.04 ($4.24) ($2.23) ($1.74) ($34.36) ($10.50) $0.54 ($1.13) ($0.35)
Weighted Average Diluted Shares Outstanding
152.85M 145.87M 5.11M 5.11M 5.16M 5.17M 5.41M 17.79M 21.47M 17.36M
Basic & Diluted Earnings per Share
- $0.04 - - - ($34.36) - - - ($0.35)
Weighted Average Basic & Diluted Shares Outstanding
153.03M 153.32M 153.43M 153.43M 155.20M 161.95M 17.80M 21.38M 25.41M 25.91M

Annual Cash Flow Statements for Cartesian Therapeutics

This table details how cash moves in and out of Cartesian Therapeutics' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2022 2023 2024
Period end date 12/31/2022 12/31/2023 12/31/2024
Net Change in Cash & Equivalents
-7.40 -30 136
Net Cash From Operating Activities
-32 -51 -24
Net Cash From Continuing Operating Activities
-32 -51 -24
Net Income / (Loss) Continuing Operations
35 -220 -77
Consolidated Net Income / (Loss)
35 -220 -77
Depreciation Expense
1.29 0.84 1.15
Amortization Expense
-0.38 -0.08 0.00
Non-Cash Adjustments To Reconcile Net Income
-11 182 61
Changes in Operating Assets and Liabilities, net
-57 -14 -8.49
Net Cash From Investing Activities
-15 35 -8.74
Net Cash From Continuing Investing Activities
-15 35 -8.74
Purchase of Property, Plant & Equipment
-1.20 -0.21 -9.09
Acquisitions
0.00 6.56 0.00
Sale of Property, Plant & Equipment
- 0.00 0.35
Sale and/or Maturity of Investments
20 28 0.00
Net Cash From Financing Activities
39 -13 168
Net Cash From Continuing Financing Activities
39 -13 168
Repayment of Debt
-0.11 -27 0.00
Repurchase of Common Equity
- 0.00 -0.07
Issuance of Preferred Equity
0.00 20 40
Issuance of Common Equity
39 0.23 124
Other Financing Activities, net
0.16 -6.17 4.06
Effect of Exchange Rate Changes
0.02 -0.05 -0.02
Cash Interest Paid
2.25 1.85 0.00

Quarterly Cash Flow Statements for Cartesian Therapeutics

This table details how cash moves in and out of Cartesian Therapeutics' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024
Period end date 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024
Net Change in Cash & Equivalents
-25 -6.41 19 -13 -34 -2.69 27 -16 132 -6.59
Net Cash From Operating Activities
4.35 -12 -8.77 -9.90 -9.22 -23 -16 -14 14 -7.00
Net Cash From Continuing Operating Activities
4.35 -12 -8.77 -9.90 -9.22 -23 -16 -14 14 -7.00
Net Income / (Loss) Continuing Operations
-7.89 5.89 -22 -11 -9.00 -178 -57 14 -24 -10
Consolidated Net Income / (Loss)
-7.89 5.89 -22 -11 -9.00 -178 -57 14 -24 -10
Depreciation Expense
0.35 0.24 0.21 0.18 0.19 0.27 0.18 0.20 0.29 0.49
Non-Cash Adjustments To Reconcile Net Income
9.34 -13 8.49 -1.21 -1.19 176 48 2.50 14 -3.39
Changes in Operating Assets and Liabilities, net
2.35 -3.88 4.28 2.53 0.79 -22 -6.98 -31 23 6.15
Net Cash From Investing Activities
-30 5.49 28 -0.01 - 6.50 -0.60 -1.59 -6.20 -0.35
Net Cash From Continuing Investing Activities
-30 5.63 28 -0.01 - 6.50 -0.60 -1.59 -6.20 -0.35
Purchase of Property, Plant & Equipment
-0.58 -0.07 -0.13 -0.01 - -0.06 -0.60 -1.59 -6.20 -0.71
Net Cash From Financing Activities
0.61 - 0.15 -2.59 -25 14 43 0.12 124 0.78
Net Cash From Continuing Financing Activities
0.61 - 0.15 -2.59 -25 14 43 0.12 124 0.78
Other Financing Activities, net
0.14 - 0.00 - - -6.17 3.03 0.12 0.06 0.85
Effect of Exchange Rate Changes
- - -0.02 -0.03 -0.02 0.02 -0.01 0.01 -0.02 -0.02

Annual Balance Sheets for Cartesian Therapeutics

This table presents Cartesian Therapeutics' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2022 2023 2024
Period end date 12/31/2022 12/31/2023 12/31/2024
Total Assets
166 305 435
Total Current Assets
148 91 217
Cash & Equivalents
106 77 213
Accounts Receivable
9.76 5.87 0.87
Prepaid Expenses
3.78 4.97 3.14
Other Current Assets
- 2.98 0.00
Plant, Property, & Equipment, net
2.79 2.11 9.91
Total Noncurrent Assets
15 212 208
Long-Term Investments
2.00 2.00 2.00
Goodwill
0.00 48 48
Intangible Assets
0.00 151 151
Other Noncurrent Operating Assets
12 10 6.05
Other Noncurrent Nonoperating Assets
1.31 1.38 1.67
Total Liabilities & Shareholders' Equity
166 305 435
Total Liabilities
72 445 442
Total Current Liabilities
25 68 23
Accounts Payable
0.32 3.15 0.29
Accrued Expenses
14 16 12
Current Deferred Revenue
0.59 2.31 0.00
Other Current Liabilities
1.61 47 11
Total Noncurrent Liabilities
47 380 419
Noncurrent Deferred Revenue
0.00 3.54 0.00
Noncurrent Deferred & Payable Income Tax Liabilities
0.00 16 16
Other Noncurrent Operating Liabilities
29 361 403
Commitments & Contingencies
0.00 0.00 0.00
Redeemable Noncontrolling Interest
0.00 297 0.00
Total Equity & Noncontrolling Interests
94 -440 -6.80
Total Preferred & Common Equity
94 -440 -6.80
Preferred Stock
0.00 0.00 0.00
Total Common Equity
94 -440 -6.80
Common Stock
493 179 690
Retained Earnings
-395 -615 -692
Accumulated Other Comprehensive Income / (Loss)
-4.56 -4.60 -4.62

Quarterly Balance Sheets for Cartesian Therapeutics

This table presents Cartesian Therapeutics' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024
Period end date 9/30/2022 3/31/2023 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024
Total Assets
178 156 140 106 325 348 455
Total Current Assets
160 138 123 90 111 125 229
Cash & Equivalents
113 126 112 80 103 87 219
Accounts Receivable
6.93 6.84 5.39 4.90 2.01 32 4.83
Prepaid Expenses
6.31 3.79 4.26 3.49 3.32 2.04 4.13
Other Current Assets
- 1.84 1.06 1.88 2.37 3.47 0.98
Plant, Property, & Equipment, net
2.90 2.77 2.59 2.42 2.40 6.67 10
Total Noncurrent Assets
16 15 14 14 212 216 216
Long-Term Investments
2.00 2.00 2.00 2.00 2.00 2.00 2.00
Goodwill
- - - - 48 48 48
Intangible Assets
- - - - 151 151 151
Other Noncurrent Operating Assets
12 11 11 10 9.56 14 14
Other Noncurrent Nonoperating Assets
1.60 1.31 1.38 1.38 1.38 1.67 1.67
Total Liabilities & Shareholders' Equity
178 156 140 106 325 348 455
Total Liabilities
93 81 74 46 442 449 455
Total Current Liabilities
24 27 29 20 37 26 21
Accounts Payable
0.21 1.06 0.27 0.38 2.52 2.86 0.52
Accrued Expenses
12 9.35 13 14 9.52 11 9.45
Current Deferred Revenue
3.82 4.23 4.23 4.14 0.41 0.00 0.00
Other Current Liabilities
1.55 1.67 1.73 1.79 24 12 11
Total Noncurrent Liabilities
70 55 45 26 405 423 433
Noncurrent Deferred Revenue
5.44 5.52 4.86 3.98 0.00 0.00 0.00
Noncurrent Deferred & Payable Income Tax Liabilities
- - - - 16 16 16
Other Noncurrent Operating Liabilities
44 33 26 22 390 407 417
Commitments & Contingencies
0.00 0.00 0.00 0.00 0.00 0.00 0.00
Redeemable Noncontrolling Interest
- - - - 0.00 0.00 0.00
Total Equity & Noncontrolling Interests
85 75 65 60 -117 -101 0.75
Total Preferred & Common Equity
85 75 65 60 -117 -101 0.75
Preferred Stock
0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity
85 75 65 60 -117 -101 0.75
Common Stock
490 496 498 502 559 561 687
Retained Earnings
-401 -417 -428 -437 -671 -658 -682
Accumulated Other Comprehensive Income / (Loss)
-4.53 -4.57 -4.60 -4.62 -4.61 -4.59 -4.61

Annual Metrics And Ratios for Cartesian Therapeutics

This table displays calculated financial ratios and metrics derived from Cartesian Therapeutics' official financial filings.

Metric 2022 2023 2024
Period end date 12/31/2022 12/31/2023 12/31/2024
Growth Metrics
- - -
Revenue Growth
30.21% -76.53% 49.64%
EBITDA Growth
905.46% -761.19% 65.27%
EBIT Growth
610.35% -780.38% 64.91%
NOPAT Growth
559.70% -508.93% 49.20%
Net Income Growth
237.73% -721.02% 64.76%
EPS Growth
145.45% -721.02% 90.98%
Operating Cash Flow Growth
47.62% -61.74% 53.73%
Free Cash Flow Firm Growth
4.80% 386.81% -121.52%
Invested Capital Growth
78.60% -1,154.68% 0.24%
Revenue Q/Q Growth
-10.61% -24.70% -18.83%
EBITDA Q/Q Growth
-0.21% -379.77% -58.62%
EBIT Q/Q Growth
-1.92% -385.61% -57.99%
NOPAT Q/Q Growth
-45.44% -47.52% 17.95%
Net Income Q/Q Growth
-15.21% -507.62% 68.38%
EPS Q/Q Growth
-62.96% -507.62% 61.29%
Operating Cash Flow Q/Q Growth
38.27% -28.79% 40.75%
Free Cash Flow Firm Q/Q Growth
26.78% 353.17% -119.30%
Invested Capital Q/Q Growth
54.35% -887.25% -0.43%
Profitability Metrics
- - -
Gross Margin
100.00% 100.00% 100.00%
EBITDA Margin
32.78% -923.23% -214.25%
Operating Margin
13.12% -332.32% -112.81%
EBIT Margin
31.95% -926.17% -217.21%
Profit (Net Income) Margin
31.94% -844.91% -198.97%
Tax Burden Percent
101.75% 92.04% 100.37%
Interest Burden Percent
98.23% 99.12% 91.26%
Effective Tax Rate
-1.75% 0.00% 0.00%
Return on Invested Capital (ROIC)
0.00% 0.00% 0.00%
ROIC Less NNEP Spread (ROIC-NNEP)
0.00% 0.00% 0.00%
Return on Net Nonoperating Assets (RNNOA)
0.00% 0.00% 0.00%
Return on Equity (ROE)
60.82% 887.63% 103.14%
Cash Return on Invested Capital (CROIC)
0.00% 0.00% 0.00%
Operating Return on Assets (OROA)
21.73% -102.28% -22.84%
Return on Assets (ROA)
21.72% -93.31% -20.92%
Return on Common Equity (ROCE)
60.82% 6,210.18% 307.07%
Return on Equity Simple (ROE_SIMPLE)
37.71% 49.91% 1,138.25%
Net Operating Profit after Tax (NOPAT)
15 -60 -31
NOPAT Margin
13.35% -232.62% -78.97%
Net Nonoperating Expense Percent (NNEP)
18.93% -165.91% -31.49%
Return On Investment Capital (ROIC_SIMPLE)
- 13.74% 451.75%
Cost of Revenue to Revenue
0.00% 0.00% 0.00%
SG&A Expenses to Revenue
21.54% 155.55% 77.42%
R&D to Revenue
65.34% 274.03% 115.91%
Operating Expenses to Revenue
86.88% 432.32% 212.81%
Earnings before Interest and Taxes (EBIT)
35 -241 -85
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)
36 -240 -83
Valuation Ratios
- - -
Price to Book Value (P/BV)
1.84 0.00 0.00
Price to Tangible Book Value (P/TBV)
1.84 0.00 0.00
Price to Revenue (P/Rev)
1.56 4.11 11.70
Price to Earnings (P/E)
4.89 0.00 0.00
Dividend Yield
0.00% 0.00% 0.00%
Earnings Yield
20.46% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)
0.00 0.00 0.00
Enterprise Value to Revenue (EV/Rev)
0.57 12.50 6.18
Enterprise Value to EBITDA (EV/EBITDA)
1.72 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)
1.77 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)
4.23 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)
0.00 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)
0.00 2.24 0.00
Leverage & Solvency
- - -
Debt to Equity
0.28 0.00 0.00
Long-Term Debt to Equity
0.19 0.00 0.00
Financial Leverage
-1.87 3.88 1.98
Leverage Ratio
2.80 -9.51 -4.93
Compound Leverage Factor
2.75 -9.43 -4.50
Debt to Total Capital
21.87% 0.00% 0.00%
Short-Term Debt to Total Capital
7.06% 0.00% 0.00%
Long-Term Debt to Total Capital
14.81% 0.00% 0.00%
Preferred Equity to Total Capital
0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital
0.00% -207.11% 0.00%
Common Equity to Total Capital
78.13% 307.11% 100.00%
Debt to EBITDA
0.72 0.00 0.00
Net Debt to EBITDA
-3.04 0.00 0.00
Long-Term Debt to EBITDA
0.49 0.00 0.00
Debt to NOPAT
1.78 0.00 0.00
Net Debt to NOPAT
-7.46 0.00 0.00
Long-Term Debt to NOPAT
1.20 0.00 0.00
Altman Z-Score
0.37 -5.11 -1.63
Noncontrolling Interest Sharing Ratio
0.00% -599.64% -197.72%
Liquidity Ratios
- - -
Current Ratio
5.91 1.33 9.43
Quick Ratio
5.76 1.21 9.29
Cash Flow Metrics
- - -
Free Cash Flow to Firm (FCFF)
-51 145 -31
Operating Cash Flow to CapEx
-2,633.72% -24,835.44% -270.81%
Free Cash Flow to Firm to Interest Expense
-16.72 51.29 0.00
Operating Cash Flow to Interest Expense
-10.44 -18.06 0.00
Operating Cash Flow Less CapEx to Interest Expense
-10.83 -18.13 0.00
Efficiency Ratios
- - -
Asset Turnover
0.68 0.11 0.11
Accounts Receivable Turnover
11.26 3.33 11.54
Inventory Turnover
0.00 0.00 0.00
Fixed Asset Turnover
44.89 10.60 6.47
Accounts Payable Turnover
0.00 0.00 0.00
Days Sales Outstanding (DSO)
32.41 109.68 31.62
Days Inventory Outstanding (DIO)
0.00 0.00 0.00
Days Payable Outstanding (DPO)
0.00 0.00 0.00
Cash Conversion Cycle (CCC)
32.41 109.68 31.62
Capital & Investment Metrics
- - -
Invested Capital
-18 -224 -223
Invested Capital Turnover
-2.19 -0.22 -0.17
Increase / (Decrease) in Invested Capital
65 -206 0.54
Enterprise Value (EV)
63 325 241
Market Capitalization
173 107 455
Book Value per Share
$0.61 ($2.84) ($0.27)
Tangible Book Value per Share
$0.61 ($4.12) ($8.09)
Total Capital
120 -143 -6.80
Total Debt
26 0.00 0.00
Total Long-Term Debt
18 0.00 0.00
Net Debt
-110 -79 -215
Capital Expenditures (CapEx)
1.20 0.21 8.74
Debt-free, Cash-free Net Working Capital (DFCFNWC)
-3.07 -54 -19
Debt-free Net Working Capital (DFNWC)
132 23 194
Net Working Capital (NWC)
123 23 194
Net Nonoperating Expense (NNE)
-21 159 47
Net Nonoperating Obligations (NNO)
-112 -80 -216
Total Depreciation and Amortization (D&A)
0.91 0.76 1.15
Debt-free, Cash-free Net Working Capital to Revenue
-2.77% -209.16% -48.72%
Debt-free Net Working Capital to Revenue
118.74% 86.60% 497.65%
Net Working Capital to Revenue
111.09% 86.60% 497.65%
Earnings Adjustments
- - -
Adjusted Basic Earnings per Share
$7.20 ($49.80) ($4.48)
Adjusted Weighted Average Basic Shares Outstanding
4.83M 5.17M 17.28M
Adjusted Diluted Earnings per Share
$3.00 ($49.80) ($4.49)
Adjusted Weighted Average Diluted Shares Outstanding
4.86M 5.17M 17.36M
Adjusted Basic & Diluted Earnings per Share
$0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding
5.11M 5.40M 25.91M
Normalized Net Operating Profit after Tax (NOPAT)
10 -60 -25
Normalized NOPAT Margin
9.19% -230.71% -65.33%
Pre Tax Income Margin
31.39% -917.97% -198.23%
Debt Service Ratios
- - -
EBIT to Interest Expense
11.68 -85.01 0.00
NOPAT to Interest Expense
4.88 -21.35 0.00
EBIT Less CapEx to Interest Expense
11.28 -85.09 0.00
NOPAT Less CapEx to Interest Expense
4.48 -21.43 0.00
Payout Ratios
- - -
Dividend Payout Ratio
0.00% 0.00% 0.00%
Augmented Payout Ratio
0.00% 0.00% -0.09%

Quarterly Metrics And Ratios for Cartesian Therapeutics

This table displays calculated financial ratios and metrics derived from Cartesian Therapeutics' official financial filings.

Metric Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024
Period end date 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024
Growth Metrics
- - - - - - - - - -
Revenue Growth
-15.22% -43.90% -82.53% -86.63% -68.37% -50.78% -1.65% 537.17% -94.09% -109.18%
EBITDA Growth
-2,716.61% -176.57% -160.86% -228.07% -70.31% -39,021.97% -219.79% 175.67% -107.47% 86.22%
EBIT Growth
-494.66% -60.72% -162.63% -235.32% -60.88% -42,593.54% -218.57% 173.90% -106.66% 85.99%
NOPAT Growth
18.79% -308.34% -219.43% -194.13% -717.07% -199.35% 27.38% 205.45% -34.52% 26.43%
Net Income Growth
55.89% -51.85% -175.28% -232.39% -14.05% -3,114.73% -162.31% 221.51% -168.64% 94.23%
EPS Growth
68.75% -63.64% -175.28% -232.39% -14.05% -3,114.73% -162.31% 124.22% 35.06% 98.98%
Operating Cash Flow Growth
140.51% 62.34% 26.12% 19.36% -311.69% -96.52% -81.60% -45.99% 248.57% 69.93%
Free Cash Flow Firm Growth
-2,857.73% -61.05% 74.41% 80.38% 73.79% 343.90% 876.25% 1,158.46% 832.95% -110.67%
Invested Capital Growth
71.15% 78.60% 28.24% 13.29% 41.98% -1,154.68% -692.58% -641.71% -880.60% 0.24%
Revenue Q/Q Growth
-47.27% -18.90% -64.64% -11.60% 24.80% 26.18% -29.35% 472.69% -98.84% -296.12%
EBITDA Q/Q Growth
-152.52% 93.56% -3,644.35% -1.12% 30.15% -1,379.34% 70.03% 123.93% -291.50% 1.78%
EBIT Q/Q Growth
-159.05% 105.53% -4,189.53% -1.38% 29.80% -1,360.02% 69.98% 123.52% -296.31% 1.02%
NOPAT Q/Q Growth
-108.08% -659.05% -51.44% -1.40% 29.90% -178.09% 63.26% 247.23% -189.43% -52.10%
Net Income Q/Q Growth
-191.77% 174.66% -467.61% 47.44% 20.94% -1,873.54% 68.02% 124.35% -274.78% 57.60%
EPS Q/Q Growth
-183.33% 180.00% -467.61% 47.44% 20.94% -1,873.54% 68.02% 105.14% -309.26% 69.03%
Operating Cash Flow Q/Q Growth
135.47% -372.20% 26.03% -12.89% 6.87% -152.70% 31.65% 9.24% 194.77% -151.14%
Free Cash Flow Firm Q/Q Growth
-12.31% 24.09% 67.59% 28.97% -50.01% 806.33% 3.15% -3.15% 3.88% -110.29%
Invested Capital Q/Q Growth
-30.53% 54.35% -58.28% 8.07% 12.66% -887.25% 0.01% 13.97% -15.47% -0.43%
Profitability Metrics
- - - - - - - - - -
Gross Margin
100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 0.00%
EBITDA Margin
-36.51% -2.90% -307.09% -351.29% -196.60% -2,304.91% -998.51% 41.72% -6,904.39% 0.00%
Operating Margin
-7.72% -50.59% -309.55% -355.08% -199.44% -439.54% -228.56% 41.13% -4,541.34% 0.00%
EBIT Margin
-39.22% 2.67% -309.23% -354.64% -199.48% -2,308.20% -1,001.64% 41.13% -6,978.29% 0.00%
Profit (Net Income) Margin
-38.11% 35.09% -364.82% -216.94% -137.41% -2,149.26% -973.01% 41.37% -6,248.84% 0.00%
Tax Burden Percent
96.09% 529.95% 121.44% 63.36% 69.02% 93.58% 99.11% 92.54% 98.98% 99.31%
Interest Burden Percent
101.12% 247.66% 97.15% 96.55% 99.80% 99.51% 98.01% 108.69% 90.47% 38.62%
Effective Tax Rate
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
ROIC Less NNEP Spread (ROIC-NNEP)
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Net Nonoperating Assets (RNNOA)
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Equity (ROE)
126.10% 60.82% -23.11% -45.21% -49.79% 887.63% 1,207.32% 1,275.47% -801.65% 103.14%
Cash Return on Invested Capital (CROIC)
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Return on Assets (OROA)
-28.14% 1.82% -169.74% -105.43% -48.46% -254.91% -107.92% 9.13% -1,191.86% 0.00%
Return on Assets (ROA)
-27.34% 23.86% -200.25% -64.49% -33.38% -237.35% -104.83% 9.19% -1,067.27% 0.00%
Return on Common Equity (ROCE)
126.10% 60.82% -23.11% -45.21% -49.79% 6,210.18% 1,207.32% 1,275.47% -801.65% 307.07%
Return on Equity Simple (ROE_SIMPLE)
49.14% 0.00% -20.20% -53.55% -59.94% 0.00% 218.21% 226.35% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)
-1.12 -8.50 -13 -13 -9.15 -25 -9.34 14 -12 -19
NOPAT Margin
-5.40% -50.59% -216.68% -248.55% -139.60% -307.67% -159.99% 41.13% -3,178.94% 0.00%
Net Nonoperating Expense Percent (NNEP)
-5.63% 13.23% -8.89% 1.57% 0.14% -158.62% -45.31% 0.09% -7.77% 5.70%
Return On Investment Capital (ROIC_SIMPLE)
- - - - - 5.78% - - - 275.09%
Cost of Revenue to Revenue
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
SG&A Expenses to Revenue
27.86% 37.65% 95.91% 116.31% 100.96% 266.59% 161.82% 21.01% 1,695.61% 0.00%
R&D to Revenue
79.86% 112.93% 313.64% 338.77% 198.47% 264.36% 166.75% 37.86% 2,945.74% 0.00%
Operating Expenses to Revenue
107.72% 150.59% 409.55% 455.08% 299.44% 539.54% 328.56% 58.87% 4,641.34% 0.00%
Earnings before Interest and Taxes (EBIT)
-8.12 0.45 -18 -19 -13 -191 -58 14 -27 -27
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)
-7.56 -0.49 -18 -18 -13 -191 -58 14 -27 -26
Valuation Ratios
- - - - - - - - - -
Price to Book Value (P/BV)
2.95 1.84 2.86 2.63 2.70 0.00 0.00 0.00 458.36 0.00
Price to Tangible Book Value (P/TBV)
2.95 1.84 2.86 2.63 2.70 0.00 0.00 0.00 0.00 0.00
Price to Revenue (P/Rev)
2.02 1.56 2.58 3.53 4.71 4.11 4.06 8.88 7.19 11.70
Price to Earnings (P/E)
6.00 4.89 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Dividend Yield
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield
16.66% 20.46% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Revenue (EV/Rev)
1.03 0.57 1.35 1.68 2.35 12.50 0.00 7.24 2.58 6.18
Enterprise Value to EBITDA (EV/EBITDA)
3.52 1.72 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)
3.55 1.77 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)
4.72 4.23 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)
0.00 0.00 0.00 0.00 0.00 2.24 0.00 2.96 0.76 0.00
Leverage & Solvency
- - - - - - - - - -
Debt to Equity
0.31 0.28 0.35 0.37 0.00 0.00 0.00 0.00 0.00 0.00
Long-Term Debt to Equity
0.24 0.19 0.22 0.21 0.00 0.00 0.00 0.00 0.00 0.00
Financial Leverage
-3.64 -1.87 -1.52 -1.36 -1.42 3.88 4.96 5.06 -5.01 1.98
Leverage Ratio
5.22 2.80 2.31 2.11 1.96 -9.51 -11.39 -13.53 9.19 -4.93
Compound Leverage Factor
5.28 6.93 2.25 2.04 1.95 -9.47 -11.16 -14.71 8.31 -1.90
Debt to Total Capital
23.51% 21.87% 26.18% 26.85% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Short-Term Debt to Total Capital
5.30% 7.06% 10.11% 11.44% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital
18.21% 14.81% 16.06% 15.41% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Preferred Equity to Total Capital
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital
0.00% 0.00% 0.00% 0.00% 0.00% -207.11% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital
76.49% 78.13% 73.82% 73.15% 100.00% 307.11% 100.00% 100.00% 100.00% 100.00%
Debt to EBITDA
0.72 0.72 -2.23 -0.54 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt to EBITDA
-3.36 -3.04 8.54 2.01 0.00 0.00 0.00 0.00 0.00 0.00
Long-Term Debt to EBITDA
0.56 0.49 -1.37 -0.31 0.00 0.00 0.00 0.00 0.00 0.00
Debt to NOPAT
0.96 1.78 -2.58 -0.73 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt to NOPAT
-4.51 -7.46 9.92 2.73 0.00 0.00 0.00 0.00 0.00 0.00
Long-Term Debt to NOPAT
0.75 1.20 -1.59 -0.42 0.00 0.00 0.00 0.00 0.00 0.00
Altman Z-Score
-0.08 -0.33 -1.17 -2.19 -2.92 -4.57 -2.99 -1.38 -1.18 -1.19
Noncontrolling Interest Sharing Ratio
0.00% 0.00% 0.00% 0.00% 0.00% -599.64% 0.00% 0.00% 0.00% -197.72%
Liquidity Ratios
- - - - - - - - - -
Current Ratio
6.73 5.91 5.22 4.18 4.51 1.33 3.03 4.78 10.70 9.43
Quick Ratio
6.46 5.76 5.00 4.00 4.24 1.21 2.88 4.57 10.47 9.29
Cash Flow Metrics
- - - - - - - - - -
Free Cash Flow to Firm (FCFF)
-97 -74 -24 -17 -26 180 186 180 187 -19
Operating Cash Flow to CapEx
749.23% -17,953.03% -6,742.31% -82,458.33% 0.00% -36,384.38% -2,644.02% -910.27% 220.86% -993.19%
Free Cash Flow to Firm to Interest Expense
-121.47 -91.64 -29.66 -22.64 -20.06 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow to Interest Expense
5.43 -14.68 -10.85 -13.16 -7.24 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense
4.70 -14.76 -11.01 -13.17 -7.24 0.00 0.00 0.00 0.00 0.00
Efficiency Ratios
- - - - - - - - - -
Asset Turnover
0.72 0.68 0.55 0.30 0.24 0.11 0.11 0.22 0.17 0.11
Accounts Receivable Turnover
17.39 11.26 11.82 3.31 5.84 3.33 5.86 2.89 9.86 11.54
Inventory Turnover
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover
52.61 44.89 30.33 17.95 12.97 10.60 10.03 11.68 7.58 6.47
Accounts Payable Turnover
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Sales Outstanding (DSO)
20.99 32.41 30.87 110.11 62.48 109.68 62.31 126.24 37.03 31.62
Days Inventory Outstanding (DIO)
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Cash Conversion Cycle (CCC)
20.99 32.41 30.87 110.11 62.48 109.68 62.31 126.24 37.03 31.62
Capital & Investment Metrics
- - - - - - - - - -
Invested Capital
-39 -18 -28 -26 -23 -224 -224 -192 -222 -223
Invested Capital Turnover
-1.42 -2.19 -2.45 -1.74 -1.12 -0.22 -0.21 -0.50 -0.39 -0.17
Increase / (Decrease) in Invested Capital
96 65 11 3.98 16 -206 -195 -166 -199 0.54
Enterprise Value (EV)
128 63 112 82 81 325 -0.15 391 123 241
Market Capitalization
250 173 213 172 163 107 105 481 345 455
Book Value per Share
$0.56 $0.61 $0.49 $0.43 $0.39 ($2.84) ($0.72) ($5.70) $0.04 ($0.27)
Tangible Book Value per Share
$0.56 $0.61 $0.49 $0.43 $0.39 ($4.12) ($1.95) ($16.87) ($9.26) ($8.09)
Total Capital
111 120 101 89 60 -143 -117 -101 0.75 -6.80
Total Debt
26 26 26 24 0.00 0.00 0.00 0.00 0.00 0.00
Total Long-Term Debt
20 18 16 14 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt
-122 -110 -101 -90 -82 -79 -105 -89 -221 -215
Capital Expenditures (CapEx)
0.58 0.07 0.13 0.01 0.00 0.06 0.60 1.59 6.20 0.71
Debt-free, Cash-free Net Working Capital (DFCFNWC)
-4.61 -3.07 -3.85 -8.43 -9.67 -54 -29 11 -11 -19
Debt-free Net Working Capital (DFNWC)
142 132 122 104 70 23 74 99 208 194
Net Working Capital (NWC)
136 123 112 93 70 23 74 99 208 194
Net Nonoperating Expense (NNE)
6.77 -14 8.80 -1.66 -0.14 152 47 -0.08 12 -8.46
Net Nonoperating Obligations (NNO)
-124 -112 -103 -91 -83 -80 -107 -91 -223 -216
Total Depreciation and Amortization (D&A)
0.56 -0.94 0.13 0.18 0.19 0.27 0.18 0.20 0.29 0.49
Debt-free, Cash-free Net Working Capital to Revenue
-3.72% -2.77% -4.65% -17.32% -28.01% -209.16% -111.80% 21.15% -23.92% -48.72%
Debt-free Net Working Capital to Revenue
114.45% 118.74% 147.59% 212.75% 202.50% 86.60% 287.40% 182.37% 433.33% 497.65%
Net Working Capital to Revenue
109.71% 111.09% 135.24% 191.73% 202.50% 86.60% 287.40% 182.37% 433.33% 497.65%
Earnings Adjustments
- - - - - - - - - -
Adjusted Basic Earnings per Share
($1.50) $1.20 ($4.20) ($2.10) ($1.80) ($1,030.80) ($10.50) $0.58 ($1.13) ($0.35)
Adjusted Weighted Average Basic Shares Outstanding
5.10M 4.83M 5.11M 5.11M 5.16M 172.34K 5.41M 16.72M 21.47M 17.28M
Adjusted Diluted Earnings per Share
($1.50) $1.20 ($4.20) ($2.10) ($1.80) ($1,030.80) ($10.50) $0.54 ($1.13) ($0.35)
Adjusted Weighted Average Diluted Shares Outstanding
5.10M 4.86M 5.11M 5.11M 5.16M 172.34K 5.41M 17.79M 21.47M 17.36M
Adjusted Basic & Diluted Earnings per Share
$0.00 $1.20 $0.00 $0.00 $0.00 ($1,030.80) $0.00 $0.00 $0.00 ($0.35)
Adjusted Weighted Average Basic & Diluted Shares Outstanding
5.10M 5.11M 5.11M 5.11M 5.17M 5.40M 17.80M 21.38M 25.41M 25.91M
Normalized Net Operating Profit after Tax (NOPAT)
-1.12 -5.95 -13 -13 -9.15 -25 -9.34 9.63 -12 -19
Normalized NOPAT Margin
-5.40% -35.41% -216.68% -248.55% -139.60% -307.67% -159.99% 28.79% -3,178.94% 0.00%
Pre Tax Income Margin
-39.66% 6.62% -300.42% -342.41% -199.08% -2,296.83% -981.71% 44.71% -6,313.44% 0.00%
Debt Service Ratios
- - - - - - - - - -
EBIT to Interest Expense
-10.13 0.56 -22.73 -24.75 -10.27 0.00 0.00 0.00 0.00 0.00
NOPAT to Interest Expense
-1.40 -10.53 -15.92 -17.35 -7.18 0.00 0.00 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense
-10.85 0.47 -22.89 -24.77 -10.27 0.00 0.00 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense
-2.12 -10.61 -16.09 -17.37 -7.18 0.00 0.00 0.00 0.00 0.00
Payout Ratios
- - - - - - - - - -
Dividend Payout Ratio
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -0.09%

Financials Breakdown Chart

Key Financial Trends

Cartesian Therapeutics (NASDAQ: RNAC) showed a dramatic improvement in its revenue and cash position during 2024 compared with 2023, but the company remains highly dependent on outside capital and is still losing money. The latest quarter also included a major swing in cash flow and a significant dilution event, which are important considerations for retail investors.

  • Revenue improved sharply in 2024: Q2 2024 revenue was $33.4 million and Q3 2024 revenue was $387,000, while Q4 2024 revenue was a loss-like negative reported amount in the dataset; more broadly, the year included a large revenue event in Q2 that was far above prior-year quarterly levels.
  • Cash balance remained very strong entering Q4 2024: cash and equivalents were $219.2 million at the end of Q3 2024, up from $87.2 million at the end of Q2 2024 and $103.4 million at the end of Q1 2024.
  • Operating cash flow turned positive in Q3 2024: the company generated $13.7 million in operating cash flow in Q3 2024, a notable improvement from negative $14.4 million in Q2 2024 and negative $15.9 million in Q1 2024.
  • 2024 Q2 produced operating profit: Cartesian reported operating income of $13.8 million in Q2 2024, suggesting the business can be profitable in a strong quarter.
  • Interest and investment income helped results: the company reported meaningful interest income in 2024, including $2.45 million in Q4 and $2.57 million in Q3, which helped offset operating losses.
  • R&D spending stayed high: research and development expense remained elevated at $11.3 million in Q4 2024, $11.4 million in Q3 2024, and $12.7 million in Q2 2024, indicating continued heavy investment in the pipeline.
  • Balance sheet equity is still unstable: total common equity was only $752,000 at the end of Q3 2024, after being negative $101.5 million at the end of Q2 2024 and negative $116.8 million at the end of Q1 2024.
  • The company carries substantial noncurrent liabilities: other noncurrent operating liabilities were $417.3 million at Q3 2024, up from $407.2 million at Q2 2024 and $389.5 million at Q1 2024.
  • Q4 2024 returned to a net loss: consolidated net loss was $10.3 million, compared with net income of $13.8 million in Q2 2024.
  • Cash declined in Q4 2024: net change in cash and equivalents was negative $6.6 million in the quarter, showing continued cash burn despite the prior large cash balance.
  • Shares outstanding increased materially in 2024: weighted average basic shares rose from 5.4 million in Q1 2024 to 21.5 million in Q3 2024, while Q4 2024 basic shares were 17.3 million, indicating meaningful dilution.
  • Profitability remains inconsistent: 2023 was marked by large losses, including a Q4 2023 net loss of $177.7 million, highlighting how volatile results can be for this company.

Bottom line: Cartesian Therapeutics ended 2024 with a much better cash position than it had a year earlier, and it demonstrated that it can post profitable quarters. However, the business is still volatile, unprofitable on a trailing basis, and highly reliant on financing and dilution. Investors will likely focus on whether the company can convert its 2024 operating progress into sustained revenue and margin improvement.

06/15/26 02:43 AM ETAI Generated. May Contain Errors.

Cartesian Therapeutics Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Cartesian Therapeutics' financial year ends in December. Their financial year 2024 ended on December 31, 2024.

Cartesian Therapeutics' net income appears to be on an upward trend, with a most recent value of -$77.42 million in 2024, falling from $35.38 million in 2022. The previous period was -$219.71 million in 2023. See Cartesian Therapeutics' forecast for analyst expectations on what's next for the company.

Cartesian Therapeutics' total operating income in 2024 was -$43.90 million, based on the following breakdown:
  • Total Gross Profit: $38.91 million
  • Total Operating Expenses: $82.81 million

Over the last 2 years, Cartesian Therapeutics' total revenue changed from $110.78 million in 2022 to $38.91 million in 2024, a change of -64.9%.

Cartesian Therapeutics' total liabilities were at $441.83 million at the end of 2024, a 0.6% decrease from 2023, and a 513.2% increase since 2022.

In the past 2 years, Cartesian Therapeutics' cash and equivalents has ranged from $76.91 million in 2023 to $212.61 million in 2024, and is currently $212.61 million as of their latest financial filing in 2024.

Over the last 2 years, Cartesian Therapeutics' book value per share changed from 0.61 in 2022 to -0.27 in 2024, a change of -143.6%.



Financial statements for NASDAQ:RNAC last updated on 4/6/2025 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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