Go Pro
→ Your book attached (From Profits Run) (Ad)tc pixel Free RNAC Stock Alerts

Cartesian Therapeutics (RNAC) Financials

Cartesian Therapeutics logo
$10.59 0.00 (0.00%)
Closing price 07/2/2026 04:00 PM Eastern
Extended Trading
$10.71 +0.12 (+1.10%)
As of 07/2/2026 07:51 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Massive. Learn more.
Compare
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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 -33 -41 -65 -65 -55 -69 -26 35 -220 -77 -130
Consolidated Net Income / (Loss)		 -25 -36 -65 -65 -55 -69 -26 35 -220 -77 -130
Net Income / (Loss) Continuing Operations		 -25 -36 -65 -65 -55 -69 -26 36 -220 -77 -130
Total Pre-Tax Income 		-25 -36 -65 -65 -55 -69 -9.72 35 -239 -77 -139
Total Operating Income		 -25 -35 -64 -65 -52 -57 -4.60 15 -86 -44 -143
Total Gross Profit		 6.01 8.08 0.21 0.90 6.68 17 85 111 26 39 2.80
Total Revenue		 6.01 8.08 0.21 0.90 6.68 17 85 111 26 39 2.80
Operating Revenue		 6.01 8.08 0.21 0.90 6.68 17 85 111 26 39 2.80
Total Cost of Revenue		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Operating Expenses		 31 43 64 66 59 73 90 96 112 83 146
Selling, General & Admin Expense		 8.34 13 19 18 16 19 21 24 40 30 31
Research & Development Expense		 23 30 45 48 43 55 69 72 71 45 58
Impairment Charge		 - - - - - - - - 0.71 7.58 57
Total Other Income / (Expense), net		 0.16 -1.54 -1.39 -0.32 -2.90 -12 -5.14 20 -152 -34 3.91
Interest & Investment Income		 0.17 0.23 0.62 1.05 0.83 0.26 0.04 2.07 4.96 7.39 6.58
Other Income / (Expense), net		 0.93 -0.53 -0.12 0.12 -2.21 -10 -2.34 21 -154 -41 -2.67
Income Tax Expense		 - - - - 0.00 0.00 16 -0.61 -19 0.29 -9.19
Basic Earnings per Share		 ($15.13) ($3.89) ($3.20) ($2.92) ($1.22) ($0.68) ($0.22) $0.24 ($49.76) ($4.48) ($5.02)
Weighted Average Basic Shares Outstanding		 2.15M 10.49M 20.43M 22.39M 45.55M 101.20M 114.33M 144.76M 5.17M 17.28M 25.97M
Diluted Earnings per Share		 ($15.13) ($3.89) ($3.20) ($2.92) ($1.22) ($0.68) ($0.22) $0.10 ($49.76) ($4.49) ($5.02)
Weighted Average Diluted Shares Outstanding		 2.15M 10.49M 20.43M 22.39M 45.55M 101.20M 114.33M 145.87M 5.17M 17.36M 25.97M
Weighted Average Basic & Diluted Shares Outstanding		 2.15M 10.49M 20.43M 22.39M 45.55M 101.20M 124.29M 153.32M 161.95M 25.91M 26.51M

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 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 -9.00 -178 -57 9.63 -24 -6.05 -18 13 -36 -90 -39
Consolidated Net Income / (Loss)		 -9.00 -178 -57 14 -24 -10 -18 16 -36 -93 -39
Net Income / (Loss) Continuing Operations		 -13 -172 -57 14 -24 -12 -18 16 -36 -93 -39
Total Pre-Tax Income 		-13 -190 -57 14 -24 -10 -18 16 -36 -102 -39
Total Operating Income		 -13 -36 -13 14 -18 -27 -22 -22 -21 -79 -26
Total Gross Profit		 6.55 8.27 5.84 33 0.39 -0.76 1.10 0.30 0.45 0.95 0.08
Total Revenue		 6.55 8.27 5.84 33 0.39 -0.76 1.10 0.30 0.45 0.95 0.08
Operating Revenue		 6.55 8.27 5.84 33 0.39 -0.76 1.10 0.30 0.45 0.95 0.08
Total Cost of Revenue		 0.00 - 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Total Operating Expenses		 20 45 19 20 18 26 23 22 22 80 27
Selling, General & Admin Expense		 6.61 22 9.45 7.03 6.56 7.09 8.32 7.24 7.72 8.20 7.11
Research & Development Expense		 13 22 9.74 13 11 11 15 15 14 15 19
Total Other Income / (Expense), net		 0.02 -154 -44 -0.21 -6.86 16 4.18 38 -15 -23 -13
Interest & Investment Income		 1.30 0.94 1.16 1.20 2.57 2.45 2.02 1.75 1.55 1.27 1.03
Other Income / (Expense), net		 -0.00 -154 -45 -1.41 -9.43 - 2.16 36 -16 -24 -14
Other Gains / (Losses), net		 0.25 - 0.51 0.29 0.25 - 0.00 -0.01 0.00 - -0.00
Basic Earnings per Share		 ($1.74) ($34.36) ($10.50) $0.58 ($1.13) ($0.35) ($0.68) $0.51 ($1.38) ($3.46) ($1.46)
Weighted Average Basic Shares Outstanding		 5.16M 5.17M 5.41M 16.72M 21.47M 17.28M 25.90M 25.98M 26.00M 25.97M 26.86M
Diluted Earnings per Share		 ($1.74) ($34.36) ($10.50) $0.54 ($1.13) ($0.35) ($0.68) $0.50 ($1.38) ($3.46) ($1.46)
Weighted Average Diluted Shares Outstanding		 5.16M 5.17M 5.41M 17.79M 21.47M 17.36M 25.90M 26.45M 26.00M 25.97M 26.86M
Weighted Average Basic & Diluted Shares Outstanding		 155.20M 161.95M 17.80M 21.38M 25.41M 25.91M 25.95M 26.00M 26.00M 26.51M 29.38M

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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 16 26 12 -33 54 49 -25 -7.40 -30 136 -87
Net Cash From Operating Activities		 -22 -20 -52 -59 -51 35 -60 -32 -51 -24 -74
Net Cash From Continuing Operating Activities		 -22 -20 -52 -59 -51 35 -60 -32 -51 -24 -74
Net Income / (Loss) Continuing Operations		 -25 -36 -65 -65 -55 -69 -26 35 -220 -77 -130
Consolidated Net Income / (Loss)		 -25 -36 -65 -65 -55 -69 -26 35 -220 -77 -130
Depreciation Expense		 1.04 0.80 0.75 0.98 0.73 0.73 1.25 1.29 0.84 1.15 2.96
Non-Cash Adjustments To Reconcile Net Income		 0.44 1.86 5.18 6.08 7.82 18 11 -11 182 54 71
Changes in Operating Assets and Liabilities, net		 1.23 14 7.13 -0.78 -4.48 85 -48 -57 -14 -1.60 -17
Net Cash From Investing Activities		 -4.68 -22 -2.10 25 0.23 -0.74 -17 -15 35 -8.74 -5.45
Net Cash From Continuing Investing Activities		 -4.68 -22 -2.10 25 0.23 -0.74 -17 -15 35 -8.74 -5.45
Purchase of Property, Plant & Equipment		 -1.16 -0.59 -0.73 -0.88 -0.05 -0.82 -1.09 -1.20 -0.21 -9.09 -5.45
Sale of Property, Plant & Equipment		 0.00 0.00 0.00 0.10 0.12 0.07 - - 0.00 0.35 0.00
Net Cash From Financing Activities		 44 68 66 0.70 105 14 53 39 -13 168 -8.06
Net Cash From Continuing Financing Activities		 44 68 66 0.70 105 14 53 39 -13 168 -8.06
Repurchase of Common Equity		 -0.30 -4.10 - - - - - - 0.00 -0.07 -0.62
Payment of Dividends		 - - - - - - - - - 0.00 -7.75
Issuance of Preferred Equity		 33 - - - - - 0.00 0.00 20 40 0.00
Issuance of Common Equity		 0.00 72 10 0.20 38 13 52 39 0.23 124 0.00
Other Financing Activities, net		 0.11 0.15 48 0.50 70 1.17 0.78 0.16 -6.17 4.06 0.32
Effect of Exchange Rate Changes		 -1.02 0.46 0.08 -0.15 0.03 -0.06 -0.00 0.02 -0.05 -0.02 0.05

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 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 -34 -2.69 27 -16 132 -6.59 -32 -20 -17 -18 -6.50
Net Cash From Operating Activities		 -9.22 -23 -16 -14 14 -7.00 -23 -18 -16 -18 -22
Net Cash From Continuing Operating Activities		 -9.22 -23 -16 -14 14 -7.00 -23 -18 -16 -18 -22
Net Income / (Loss) Continuing Operations		 -9.00 -178 -57 14 -24 -10 -18 16 -36 -93 -39
Consolidated Net Income / (Loss)		 -9.00 -178 -57 14 -24 -10 -18 16 -36 -93 -39
Depreciation Expense		 0.19 0.27 0.18 0.20 0.29 0.49 1.16 0.59 0.61 0.61 0.62
Non-Cash Adjustments To Reconcile Net Income		 -1.19 176 48 2.50 14 -3.39 0.53 -32 19 83 16
Changes in Operating Assets and Liabilities, net		 0.79 -22 -6.98 -31 23 6.15 -7.08 -1.51 0.53 -9.20 0.07
Net Cash From Investing Activities		 - 6.50 -0.60 -1.59 -6.20 -0.35 -1.08 -2.60 -1.29 -0.49 -0.03
Net Cash From Continuing Investing Activities		 - 6.50 -0.60 -1.59 -6.20 -0.35 -1.08 -2.60 -1.29 -0.49 -0.03
Purchase of Property, Plant & Equipment		 - -0.06 -0.60 -1.59 -6.20 -0.71 -1.08 -2.60 -1.29 -0.49 -0.03
Net Cash From Financing Activities		 -25 14 43 0.12 124 0.78 -8.03 0.06 -0.04 -0.05 16
Net Cash From Continuing Financing Activities		 -25 14 43 0.12 124 0.78 -8.03 0.06 -0.04 -0.05 16
Repurchase of Common Equity		 - - 0.00 - - - -0.45 -0.03 -0.04 -0.10 0.00
Payment of Dividends		 - - 0.00 - - - -7.75 - - - 0.00
Issuance of Common Equity		 0.08 - - - 124 - 0.00 - - - 15
Other Financing Activities, net		 - -6.17 3.03 0.12 0.06 0.85 0.18 0.09 0.01 0.05 0.28
Effect of Exchange Rate Changes		 -0.02 0.02 -0.01 0.01 -0.02 -0.02 0.03 0.01 -0.01 0.01 -0.01

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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 43 89 101 44 100 165 160 166 305 435 296
Total Current Assets		 39 87 99 42 97 151 144 148 91 217 129
Cash & Equivalents		 32 59 71 37 90 139 114 106 77 213 125
Accounts Receivable		 0.82 0.22 - 0.00 5.00 7.22 9.91 9.76 5.87 0.87 1.12
Prepaid Expenses		 1.49 2.38 2.04 4.67 1.50 5.43 6.47 3.78 4.97 3.14 3.02
Plant, Property, & Equipment, net		 2.03 2.05 2.09 2.13 1.22 1.40 2.14 2.79 2.11 9.91 12
Total Noncurrent Assets		 1.88 0.44 0.33 0.28 1.68 13 13 15 212 208 155
Goodwill		 - - - - - - - 0.00 48 48 48
Intangible Assets		 - - - - - - - 0.00 151 151 94
Other Noncurrent Operating Assets		 1.57 0.12 - - 0.30 11 9.92 12 10 6.05 11
Other Noncurrent Nonoperating Assets		 - - - - 1.38 1.38 1.38 1.31 1.38 1.67 1.74
Total Liabilities & Shareholders' Equity		 43 89 101 44 100 165 160 166 305 435 296
Total Liabilities		 22 34 47 50 91 183 137 72 445 442 423
Total Current Liabilities		 7.29 14 11 35 35 82 72 25 68 23 15
Accounts Payable		 2.18 3.88 1.61 1.10 0.50 0.44 0.22 0.32 3.15 0.29 1.29
Accrued Expenses		 3.38 3.92 8.58 12 13 8.15 11 14 16 12 9.50
Other Current Liabilities		 0.42 - - - 0.37 0.91 1.05 1.61 47 11 4.15
Total Noncurrent Liabilities		 15 21 36 15 56 102 65 47 380 419 408
Noncurrent Deferred & Payable Income Tax Liabilities		 - - - - - - - 0.00 16 16 6.95
Other Noncurrent Operating Liabilities		 0.29 0.00 1.20 0.94 42 38 34 29 361 403 401
Commitments & Contingencies		 0.00 0.00 - 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 -116 55 54 -5.42 8.40 -18 23 94 -440 -6.80 -126
Total Preferred & Common Equity		 -116 55 54 -5.42 8.40 -18 23 94 -440 -6.80 -126
Preferred Stock		 0.00 0.00 - 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 -116 55 54 -5.42 8.40 -18 23 94 -440 -6.80 -126
Common Stock		 0.00 211 273 280 349 391 457 493 179 690 701
Retained Earnings		 -112 -152 -215 -280 -336 -405 -430 -395 -615 -692 -822
Accumulated Other Comprehensive Income / (Loss)		 -4.99 -4.52 -4.42 -4.56 -4.52 -4.56 -4.57 -4.56 -4.60 -4.62 -4.58

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 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 9/30/2022 3/31/2023 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026
Total Assets		 178 156 140 106 325 348 455 409 389 373 288
Total Current Assets		 160 138 123 90 111 125 229 185 163 147 122
Cash & Equivalents		 113 126 112 80 103 87 219 180 160 143 119
Accounts Receivable		 6.93 6.84 5.39 4.90 2.01 32 4.83 1.77 0.35 0.72 0.26
Prepaid Expenses		 6.31 3.79 4.26 3.49 3.32 2.04 4.13 2.92 2.72 3.15 3.14
Plant, Property, & Equipment, net		 2.90 2.77 2.59 2.42 2.40 6.67 10 10 12 12 12
Total Noncurrent Assets		 16 15 14 14 212 216 216 214 213 213 155
Goodwill		 - - - - 48 48 48 48 48 48 48
Intangible Assets		 - - - - 151 151 151 151 151 151 94
Other Noncurrent Operating Assets		 12 11 11 10 9.56 14 14 11 11 11 11
Other Noncurrent Nonoperating Assets		 1.60 1.31 1.38 1.38 1.38 1.67 1.67 1.67 1.74 1.74 1.74
Total Liabilities & Shareholders' Equity		 178 156 140 106 325 348 455 409 389 373 288
Total Liabilities		 93 81 74 46 442 449 455 431 391 409 437
Total Current Liabilities		 24 27 29 20 37 26 21 15 12 14 16
Accounts Payable		 0.21 1.06 0.27 0.38 2.52 2.86 0.52 2.10 0.45 2.23 1.60
Accrued Expenses		 12 9.35 13 14 9.52 11 9.45 9.20 8.01 7.70 10
Other Current Liabilities		 1.55 1.67 1.73 1.79 24 12 11 3.70 3.79 3.88 4.19
Total Noncurrent Liabilities		 70 55 45 26 405 423 433 416 379 395 421
Capital Lease Obligations		 - - - - - - - - - - 7.67
Noncurrent Deferred & Payable Income Tax Liabilities		 - - - - 16 16 16 16 16 16 6.95
Other Noncurrent Operating Liabilities		 44 33 26 22 390 407 417 400 363 379 406
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 85 75 65 60 -117 -101 0.75 -22 -2.53 -36 -148
Total Preferred & Common Equity		 85 75 65 60 -117 -101 0.75 -22 -2.53 -36 -148
Preferred Stock		 0.00 0.00 0.00 0.00 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 -22 -2.53 -36 -148
Common Stock		 490 496 498 502 559 561 687 693 696 699 718
Retained Earnings		 -401 -417 -428 -437 -671 -658 -682 -710 -694 -730 -862
Accumulated Other Comprehensive Income / (Loss)		 -4.53 -4.57 -4.60 -4.62 -4.61 -4.59 -4.61 -4.59 -4.58 -4.59 -4.58

Annual Metrics And Ratios for Cartesian Therapeutics

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

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
DEI Shares Outstanding		 0.00 18,190,180.00 22,336,576.00 22,434,212.00 48,196,387.00 108,030,311.00 116,648,919.00 - - - 26,003,606.00
DEI Adjusted Shares Outstanding		 0.00 606,339.00 744,553.00 747,807.00 1,606,546.00 3,601,010.00 3,888,297.00 - - - 26,003,606.00
DEI Earnings Per Adjusted Shares Outstanding		 0.00 -67.25 -87.73 -87.37 -34.45 -19.13 -6.61 - - - -5.01
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 97.73% 34.47% -97.44% 336.23% 639.42% 148.57% 412.60% 30.21% -76.53% 49.64% -92.81%
EBITDA Growth		 -102.30% -48.27% -81.92% -1.75% 15.52% -22.72% 93.21% 905.46% -761.19% 65.27% -70.42%
EBIT Growth		 -96.62% -44.41% -81.58% -1.56% 15.77% -22.78% 89.67% 610.35% -780.38% 64.91% -71.59%
NOPAT Growth		 -64.32% -37.01% -83.97% -1.94% 19.33% -8.32% 91.91% 559.70% -508.93% 49.20% -226.69%
Net Income Growth		 -95.45% -43.84% -80.39% -0.02% 15.28% -24.44% 62.71% 237.73% -721.02% 64.76% -68.30%
EPS Growth		 -92.98% 74.29% 17.74% 8.75% 58.22% 44.26% 67.65% 145.45% -721.02% 90.98% -11.80%
Operating Cash Flow Growth		 -77.07% 12.05% -163.33% -13.71% 13.06% 167.82% -273.11% 47.62% -61.74% 53.73% -212.33%
Free Cash Flow Firm Growth		 0.00% 20.84% -269.39% -15.49% 112.62% 403.02% -281.91% 4.80% 386.81% -121.52% -124.99%
Invested Capital Growth		 0.00% -331.13% -27.07% 2.54% -195.87% -107.44% 37.51% 78.60% -1,154.68% 0.24% -13.46%
Revenue Q/Q Growth		 0.00% 0.00% -93.37% 5,211.76% 621.06% 46.88% 26.81% -10.61% -24.70% -18.83% 156.37%
EBITDA Q/Q Growth		 0.00% 0.00% -8.90% 6.99% -0.48% 0.18% 78.60% -0.21% -379.77% -58.62% -177.54%
EBIT Q/Q Growth		 0.00% 0.00% -9.10% 6.90% -0.51% 0.12% 69.51% -1.92% -385.61% -57.99% -168.51%
NOPAT Q/Q Growth		 0.00% 0.00% -9.28% 6.85% 3.55% 7.60% 72.26% -45.44% -47.52% 17.95% -56.73%
Net Income Q/Q Growth		 0.00% 0.00% -9.12% 6.97% -0.43% -0.82% 51.87% -15.21% -507.62% 68.38% -171.58%
EPS Q/Q Growth		 0.00% 0.00% -316.22% 6.71% 23.75% 18.07% 52.17% -62.96% -507.62% 61.29% -182.02%
Operating Cash Flow Q/Q Growth		 0.00% 31.59% -37.33% -0.15% -0.25% 19.23% -66.93% 38.27% -28.79% 40.75% -16.94%
Free Cash Flow Firm Q/Q Growth		 0.00% 0.00% 0.00% -0.66% 114.53% -56.67% -695.44% 26.78% 353.17% -119.30% 31.83%
Invested Capital Q/Q Growth		 0.00% 0.00% -18.83% 0.54% -223.18% -2.18% 38.47% 54.35% -887.25% -0.43% -38.34%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
EBITDA Margin		 -388.07% -427.91% -30,398.07% -7,090.59% -810.14% -399.98% -5.30% 32.78% -923.23% -214.25% -5,116.73%
Operating Margin		 -420.96% -428.92% -30,813.53% -7,200.66% -785.61% -342.36% -5.40% 13.12% -332.32% -112.81% -5,127.10%
EBIT Margin		 -405.44% -435.42% -30,872.95% -7,187.38% -818.71% -404.40% -8.15% 31.95% -926.17% -217.21% -5,222.52%
Profit (Net Income) Margin		 -418.80% -447.98% -31,556.04% -7,235.44% -828.97% -414.99% -30.19% 31.94% -844.91% -198.97% -4,658.63%
Tax Burden Percent		 100.10% 99.99% 100.23% 99.98% 100.00% 100.00% 264.24% 101.75% 92.04% 100.37% 93.41%
Interest Burden Percent		 103.19% 102.90% 101.97% 100.68% 101.25% 102.62% 140.15% 98.23% 99.12% 91.26% 95.50%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -1.75% 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% 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% 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% 0.00%
Return on Equity (ROE)		 -119.94% -95.36% -120.30% -270.96% -3,716.01% 1,433.57% -1,137.85% 60.82% 887.63% 103.14% 195.88%
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% 0.00%
Operating Return on Assets (OROA)		 -56.91% -53.28% -67.13% -89.16% -75.90% -50.66% -4.26% 21.73% -102.28% -22.84% -39.94%
Return on Assets (ROA)		 -58.78% -54.81% -68.61% -89.76% -76.85% -51.98% -15.79% 21.72% -93.31% -20.92% -35.63%
Return on Common Equity (ROCE)		 665.64% 77.28% -120.27% -270.96% -3,716.01% 1,433.57% -1,137.85% 60.82% 6,210.18% 307.07% 195.88%
Return on Equity Simple (ROE_SIMPLE)		 21.61% -65.89% -121.77% 1,205.91% -659.16% 382.52% -114.06% 37.71% 49.91% 1,138.25% 0.00%
Net Operating Profit after Tax (NOPAT)		 -18 -24 -45 -46 -37 -40 -3.22 15 -60 -31 -100
NOPAT Margin		 -294.67% -300.25% -21,569.47% -5,040.47% -549.93% -239.65% -3.78% 13.35% -232.62% -78.97% -3,588.97%
Net Nonoperating Expense Percent (NNEP)		 -59.56% -24.48% -27.86% -42.98% -41.90% -30.97% -20.33% 18.93% -165.91% -31.49% -17.44%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - - - - 13.74% 451.75% 79.52%
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% 0.00%
SG&A Expenses to Revenue		 138.66% 161.46% 9,094.69% 2,019.71% 245.45% 113.95% 24.61% 21.54% 155.55% 77.42% 1,125.06%
R&D to Revenue		 382.30% 367.46% 21,818.84% 5,280.95% 640.15% 328.40% 80.79% 65.34% 274.03% 115.91% 2,074.87%
Operating Expenses to Revenue		 520.96% 528.92% 30,913.53% 7,300.66% 885.61% 442.36% 105.40% 86.88% 432.32% 212.81% 5,227.10%
Earnings before Interest and Taxes (EBIT)		 -24 -35 -64 -65 -55 -67 -6.94 35 -241 -85 -146
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -23 -35 -63 -64 -54 -66 -4.51 36 -240 -83 -143
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 0.00 5.68 4.08 0.00 13.66 0.00 16.89 1.84 0.00 0.00 0.00
Price to Tangible Book Value (P/TBV)		 0.00 5.68 4.08 0.00 13.66 0.00 16.89 1.84 0.00 0.00 0.00
Price to Revenue (P/Rev)		 0.00 38.59 1,058.56 66.09 17.18 19.72 4.47 1.56 4.11 11.70 67.03
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 4.89 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% 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 20.46% 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 0.00
Enterprise Value to Revenue (EV/Rev)		 0.00 29.63 691.77 48.04 6.51 12.86 3.24 0.57 12.50 6.18 22.29
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1.72 0.00 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1.77 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 4.23 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 0.00 6.12 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 7.47 7.30 0.00 0.00 2.24 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.56 0.22 0.39 -3.95 2.25 -1.38 1.14 0.28 0.00 0.00 0.00
Long-Term Debt to Equity		 0.56 0.15 0.39 0.00 0.00 -1.38 0.87 0.19 0.00 0.00 0.00
Financial Leverage		 -1.19 -1.28 -1.37 -1.91 -29.86 19.56 -48.96 -1.87 3.88 1.98 2.58
Leverage Ratio		 2.04 1.74 1.75 3.02 48.36 -27.58 72.05 2.80 -9.51 -4.93 -5.50
Compound Leverage Factor		 2.11 1.79 1.79 3.04 48.96 -28.30 100.98 2.75 -9.43 -4.50 -5.25
Debt to Total Capital		 36.09% 17.98% 28.17% 133.93% 69.24% 365.30% 53.23% 21.87% 0.00% 0.00% 0.00%
Short-Term Debt to Total Capital		 0.00% 6.07% 0.00% 133.93% 69.24% 0.00% 12.38% 7.06% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 36.09% 11.91% 28.17% 0.00% 0.00% 365.30% 40.85% 14.81% 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% 0.00%
Noncontrolling Interests to Total Capital		 418.59% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -207.11% 0.00% 0.00%
Common Equity to Total Capital		 -354.66% 81.99% 71.83% -33.93% 30.76% -265.30% 46.77% 78.13% 307.11% 100.00% 100.00%
Debt to EBITDA		 -0.51 -0.35 -0.33 -0.33 -0.35 -0.37 -5.69 0.72 0.00 0.00 0.00
Net Debt to EBITDA		 1.07 2.10 1.21 0.25 1.32 1.72 23.16 -3.04 0.00 0.00 0.00
Long-Term Debt to EBITDA		 -0.51 -0.23 -0.33 0.00 0.00 -0.37 -4.36 0.49 0.00 0.00 0.00
Debt to NOPAT		 -0.67 -0.50 -0.47 -0.47 -0.51 -0.62 -7.97 1.78 0.00 0.00 0.00
Net Debt to NOPAT		 1.41 2.99 1.70 0.36 1.94 2.86 32.45 -7.46 0.00 0.00 0.00
Long-Term Debt to NOPAT		 -0.67 -0.33 -0.47 0.00 0.00 -0.62 -6.11 1.20 0.00 0.00 0.00
Altman Z-Score		 0.00 2.85 -1.25 -12.72 -4.97 -3.09 -1.18 0.37 -5.11 -1.63 -4.77
Noncontrolling Interest Sharing Ratio		 654.98% 181.05% 0.02% 0.00% 0.00% 0.00% 0.00% 0.00% -599.64% -197.72% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 5.34 6.33 8.99 1.20 2.77 1.86 2.00 5.91 1.33 9.43 8.65
Quick Ratio		 5.11 6.15 8.81 1.06 2.72 1.79 1.91 5.76 1.21 9.29 8.45
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -14 -11 -40 -46 5.82 29 -53 -51 145 -31 -70
Operating Cash Flow to CapEx		 -1,931.47% -3,383.05% -7,136.63% -7,536.43% 0.00% 4,707.29% -5,565.16% -2,633.72% -24,835.44% -270.81% -1,355.72%
Free Cash Flow to Firm to Interest Expense		 -14.39 -8.62 -21.24 -30.84 3.83 14.50 -18.71 -16.72 51.29 0.00 0.00
Operating Cash Flow to Interest Expense		 -23.70 -15.77 -27.69 -39.60 -33.86 17.29 -21.23 -10.44 -18.06 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 -24.92 -16.23 -28.08 -40.12 -33.81 16.93 -21.61 -10.83 -18.13 0.00 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.14 0.12 0.00 0.01 0.09 0.13 0.52 0.68 0.11 0.11 0.01
Accounts Receivable Turnover		 7.29 15.56 0.00 0.00 0.00 2.72 9.93 11.26 3.33 11.54 2.82
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 2.96 3.97 0.10 0.43 3.99 12.68 48.11 44.89 10.60 6.47 0.25
Accounts Payable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Sales Outstanding (DSO)		 50.03 23.46 0.00 0.00 0.00 134.41 36.76 32.41 109.68 31.62 129.65
Days Inventory Outstanding (DIO)		 0.00 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 0.00
Cash Conversion Cycle (CCC)		 50.03 23.46 0.00 0.00 0.00 134.41 36.76 32.41 109.68 31.62 129.65
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 -4.07 -18 -22 -22 -64 -133 -83 -18 -224 -223 -253
Invested Capital Turnover		 -2.96 -0.75 -0.01 -0.04 -0.16 -0.17 -0.79 -2.19 -0.22 -0.17 -0.01
Increase / (Decrease) in Invested Capital		 -4.07 -13 -4.75 0.57 -43 -69 50 65 -206 0.54 -30
Enterprise Value (EV)		 0.00 239 143 43 43 213 276 63 325 241 62
Market Capitalization		 0.00 312 219 60 115 327 380 173 107 455 187
Book Value per Share		 ($54.17) $3.02 $2.40 ($0.24) $0.17 ($0.17) $0.19 $0.61 ($2.84) ($0.27) ($4.85)
Tangible Book Value per Share		 ($54.17) $3.02 $2.40 ($0.24) $0.17 ($0.17) $0.19 $0.61 ($4.12) ($8.09) ($10.32)
Total Capital		 33 67 75 16 27 6.79 48 120 -143 -6.80 -126
Total Debt		 12 12 21 21 19 25 26 26 0.00 0.00 0.00
Total Long-Term Debt		 12 7.98 21 0.00 0.00 25 20 18 0.00 0.00 0.00
Net Debt		 -25 -72 -76 -16 -71 -114 -104 -110 -79 -215 -125
Capital Expenditures (CapEx)		 1.16 0.58 0.73 0.79 -0.08 0.74 1.09 1.20 0.21 8.74 5.45
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -4.97 -7.04 -8.93 -9.09 -9.54 -69 -50 -3.07 -54 -19 -11
Debt-free Net Working Capital (DFNWC)		 32 77 88 28 81 70 78 132 23 194 114
Net Working Capital (NWC)		 32 73 88 6.93 62 70 72 123 23 194 114
Net Nonoperating Expense (NNE)		 7.46 12 21 20 19 29 22 -21 159 47 30
Net Nonoperating Obligations (NNO)		 -25 -72 -76 -16 -73 -115 -106 -112 -80 -216 -127
Total Depreciation and Amortization (D&A)		 1.04 0.61 0.98 0.87 0.57 0.73 2.43 0.91 0.76 1.15 2.96
Debt-free, Cash-free Net Working Capital to Revenue		 -82.72% -87.12% -4,314.49% -1,006.20% -142.92% -415.07% -58.66% -2.77% -209.16% -48.72% -386.13%
Debt-free Net Working Capital to Revenue		 526.09% 954.81% 42,370.53% 3,135.88% 1,207.56% 420.53% 91.86% 118.74% 86.60% 497.65% 4,087.92%
Net Working Capital to Revenue		 526.09% 904.49% 42,370.53% 767.66% 924.43% 420.53% 84.85% 111.09% 86.60% 497.65% 4,087.92%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($453.90) ($116.70) ($96.00) ($87.60) ($36.60) ($20.40) ($6.60) $7.20 ($49.80) ($4.48) ($5.02)
Adjusted Weighted Average Basic Shares Outstanding		 71.68K 616.01K 745.00K 1.49M 2.88M 3.75M 3.81M 4.83M 5.17M 17.28M 25.97M
Adjusted Diluted Earnings per Share		 ($453.90) ($116.70) ($96.00) ($87.60) ($36.60) ($20.40) ($6.60) $3.00 ($49.80) ($4.49) ($5.02)
Adjusted Weighted Average Diluted Shares Outstanding		 71.68K 616.01K 745.00K 1.49M 2.88M 3.75M 3.81M 4.86M 5.17M 17.36M 25.97M
Adjusted Basic & Diluted Earnings per Share		 ($453.90) ($116.70) ($96.00) ($87.60) ($36.60) ($20.40) $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 71.68K 349.80K 680.84K 746.31K 1.52M 3.37M 4.14M 5.11M 5.40M 25.91M 26.51M
Normalized Net Operating Profit after Tax (NOPAT)		 -18 -24 -45 -46 -37 -40 -3.22 10 -60 -25 -61
Normalized NOPAT Margin		 -294.67% -300.25% -21,569.47% -5,040.47% -549.93% -239.65% -3.78% 9.19% -230.71% -65.33% -2,169.95%
Pre Tax Income Margin		 -418.37% -448.03% -31,482.61% -7,236.54% -828.97% -414.99% -11.43% 31.39% -917.97% -198.23% -4,987.31%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 -25.71 -28.09 -34.01 -43.44 -35.99 -33.28 -2.44 11.68 -85.01 0.00 0.00
NOPAT to Interest Expense		 -18.68 -19.37 -23.76 -30.47 -24.17 -19.72 -1.13 4.88 -21.35 0.00 0.00
EBIT Less CapEx to Interest Expense		 -26.93 -28.55 -34.40 -43.97 -35.94 -33.64 -2.82 11.28 -85.09 0.00 0.00
NOPAT Less CapEx to Interest Expense		 -19.91 -19.83 -24.15 -30.99 -24.12 -20.09 -1.51 4.48 -21.43 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% -5.95%
Augmented Payout Ratio		 -1.20% -11.33% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -0.09% -6.43%

Quarterly Metrics And Ratios for Cartesian Therapeutics

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

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 - - - - - - 25,907,101.00 25,954,291.00 26,002,042.00 26,003,606.00 26,509,024.00
DEI Adjusted Shares Outstanding		 - - - - - - 25,907,101.00 25,954,291.00 26,002,042.00 26,003,606.00 26,509,024.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - -0.68 0.51 -1.38 -3.46 -1.48
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -68.37% -50.78% -1.65% 537.17% -94.09% -109.18% -81.16% -99.11% 16.80% 224.77% -92.91%
EBITDA Growth		 -70.31% -39,021.97% -219.79% 175.67% -107.47% 86.22% 68.16% 17.43% -37.89% -791.51% -113.20%
EBIT Growth		 -60.88% -42,593.54% -218.57% 173.90% -106.66% 85.99% 66.28% 14.53% -38.67% -760.40% -103.83%
NOPAT Growth		 -717.07% -199.35% 27.38% 205.45% -34.52% 26.43% -63.99% -258.54% -19.86% -194.19% -21.06%
Net Income Growth		 -14.05% -3,114.73% -162.31% 221.51% -168.64% 94.23% 68.83% 14.82% -48.46% -802.92% -121.24%
EPS Growth		 -14.05% -3,114.73% -162.31% 124.22% 35.06% 98.98% 93.52% -7.41% -22.12% -888.57% -114.71%
Operating Cash Flow Growth		 -311.69% -96.52% -81.60% -45.99% 248.57% 69.93% -45.18% -21.29% -213.94% -152.96% 4.21%
Free Cash Flow Firm Growth		 73.79% 343.90% 876.25% 1,158.46% 832.95% -110.67% -117.75% -126.41% -128.80% -29.93% 210.17%
Invested Capital Growth		 41.98% -1,154.68% -692.58% -641.71% -880.60% 0.24% 7.92% 13.40% 17.63% -13.46% -26.68%
Revenue Q/Q Growth		 24.80% 26.18% -29.35% 472.69% -98.84% -296.12% 244.93% -72.91% 51.68% 109.51% -91.76%
EBITDA Q/Q Growth		 30.15% -1,379.34% 70.03% 123.93% -291.50% 1.78% -61.61% 179.34% -350.10% -178.02% 61.35%
EBIT Q/Q Growth		 29.80% -1,360.02% 69.98% 123.52% -296.31% 1.02% -64.70% 171.70% -364.80% -175.15% 60.98%
NOPAT Q/Q Growth		 29.90% -178.09% 63.26% 247.23% -189.43% -52.10% 18.11% -42.35% 32.39% -273.30% 66.30%
Net Income Q/Q Growth		 20.94% -1,873.54% 68.02% 124.35% -274.78% 57.60% -72.73% 189.70% -326.00% -157.86% 57.68%
EPS Q/Q Growth		 20.94% -1,873.54% 68.02% 105.14% -309.26% 69.03% -94.29% 173.53% -376.00% -150.72% 57.80%
Operating Cash Flow Q/Q Growth		 6.87% -152.70% 31.65% 9.24% 194.77% -151.14% -230.02% 24.18% 10.96% -13.54% -24.97%
Free Cash Flow Firm Q/Q Growth		 -50.01% 806.33% 3.15% -3.15% 3.88% -110.29% -71.54% -44.07% -13.28% 53.59% 245.45%
Invested Capital Q/Q Growth		 12.66% -887.25% 0.01% 13.97% -15.47% -0.43% 7.71% 19.09% -9.83% -38.34% -3.05%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 100.00% 100.00% 100.00% 100.00% 100.00% 0.00% 100.00% 100.00% 100.00% 100.00% 100.00%
EBITDA Margin		 -196.60% -2,304.91% -998.51% 41.72% -6,904.39% 0.00% -1,688.09% 4,943.62% -8,151.33% -10,816.68% -50,756.41%
Operating Margin		 -199.44% -439.54% -228.56% 41.13% -4,541.34% 0.00% -1,989.91% -7,319.13% -4,660.62% -8,304.01% -33,973.08%
EBIT Margin		 -199.48% -2,308.20% -1,001.64% 41.13% -6,978.29% 0.00% -1,793.18% 4,745.97% -8,285.40% -10,880.89% -51,544.87%
Profit (Net Income) Margin		 -137.41% -2,149.26% -973.01% 41.37% -6,248.84% 0.00% -1,610.00% 5,330.87% -7,942.92% -9,775.71% -50,233.33%
Tax Burden Percent		 69.02% 93.58% 99.11% 92.54% 98.98% 99.31% 100.00% 99.97% 100.00% 90.96% 100.01%
Interest Burden Percent		 99.80% 99.51% 98.01% 108.69% 90.47% 38.62% 89.78% 112.36% 95.87% 98.77% 97.45%
Effective Tax Rate		 0.00% 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% 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% 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% 0.00%
Return on Equity (ROE)		 -49.79% 887.63% 1,207.32% 1,275.47% -801.65% 103.14% 55.29% 69.74% 273.45% 195.88% 178.66%
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% 0.00%
Operating Return on Assets (OROA)		 -48.46% -254.91% -107.92% 9.13% -1,191.86% 0.00% -166.89% 13.22% -21.83% -83.22% -262.34%
Return on Assets (ROA)		 -33.38% -237.35% -104.83% 9.19% -1,067.27% 0.00% -149.85% 14.85% -20.93% -74.76% -255.66%
Return on Common Equity (ROCE)		 -49.79% 6,210.18% 1,207.32% 1,275.47% -801.65% 307.07% 55.29% 69.74% 273.45% 195.88% 178.66%
Return on Equity Simple (ROE_SIMPLE)		 -59.94% 0.00% 218.21% 226.35% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 -9.15 -25 -9.34 14 -12 -19 -15 -22 -15 -55 -19
NOPAT Margin		 -139.60% -307.67% -159.99% 41.13% -3,178.94% 0.00% -1,392.94% -7,319.13% -3,262.43% -5,812.81% -23,781.15%
Net Nonoperating Expense Percent (NNEP)		 0.14% -158.62% -45.31% 0.09% -7.77% 5.70% -1.64% 29.57% -11.44% -21.87% -13.90%
Return On Investment Capital (ROIC_SIMPLE)		 - 5.78% - - - 275.09% 70.32% 863.12% 41.14% 43.61% 13.21%
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% 0.00%
SG&A Expenses to Revenue		 100.96% 266.59% 161.82% 21.01% 1,695.61% 0.00% 755.91% 2,429.53% 1,707.08% 865.58% 9,120.51%
R&D to Revenue		 198.47% 264.36% 166.75% 37.86% 2,945.74% 0.00% 1,334.00% 4,989.60% 3,053.54% 1,551.11% 24,952.56%
Operating Expenses to Revenue		 299.44% 539.54% 328.56% 58.87% 4,641.34% 0.00% 2,089.91% 7,419.13% 4,760.62% 8,404.01% 34,073.08%
Earnings before Interest and Taxes (EBIT)		 -13 -191 -58 14 -27 -27 -20 14 -37 -103 -40
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -13 -191 -58 14 -27 -26 -19 15 -37 -102 -40
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 2.70 0.00 0.00 0.00 458.36 0.00 0.00 0.00 0.00 0.00 0.00
Price to Tangible Book Value (P/TBV)		 2.70 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Price to Revenue (P/Rev)		 4.71 4.11 4.06 8.88 7.19 11.70 9.99 262.83 243.58 67.03 91.85
Price to Earnings (P/E)		 0.00 0.00 0.00 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% 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 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 0.00
Enterprise Value to Revenue (EV/Rev)		 2.35 12.50 0.00 7.24 2.58 6.18 4.65 104.62 110.32 22.29 29.33
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 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 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 2.24 0.00 2.96 0.76 0.00 0.00 0.00 0.00 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.05
Long-Term Debt to Equity		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.05
Financial Leverage		 -1.42 3.88 4.96 5.06 -5.01 1.98 2.10 2.45 10.54 2.58 1.75
Leverage Ratio		 1.96 -9.51 -11.39 -13.53 9.19 -4.93 -5.30 -7.08 -23.59 -5.50 -4.11
Compound Leverage Factor		 1.95 -9.47 -11.16 -14.71 8.31 -1.90 -4.76 -7.96 -22.62 -5.43 -4.00
Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -5.46%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -5.46%
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% 0.00%
Noncontrolling Interests to Total Capital		 0.00% -207.11% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 100.00% 307.11% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 105.46%
Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.05
Net Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.68
Long-Term Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.05
Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.07
Net Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1.07
Long-Term Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.07
Altman Z-Score		 -2.92 -4.57 -2.99 -1.38 -1.18 -1.19 -1.53 -1.50 -2.25 -4.29 -3.97
Noncontrolling Interest Sharing Ratio		 0.00% -599.64% 0.00% 0.00% 0.00% -197.72% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 4.51 1.33 3.03 4.78 10.70 9.43 12.34 13.33 10.67 8.65 7.65
Quick Ratio		 4.24 1.21 2.88 4.57 10.47 9.29 12.15 13.11 10.44 8.45 7.46
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -26 180 186 180 187 -19 -33 -48 -54 -25 36
Operating Cash Flow to CapEx		 0.00% -36,384.38% -2,644.02% -910.27% 220.86% -993.19% -2,149.58% -675.18% -1,207.43% -3,600.00% -81,981.48%
Free Cash Flow to Firm to Interest Expense		 -20.06 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow to Interest Expense		 -7.24 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 -7.24 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.24 0.11 0.11 0.22 0.17 0.11 0.09 0.00 0.00 0.01 0.01
Accounts Receivable Turnover		 5.84 3.33 5.86 2.89 9.86 11.54 18.12 0.06 0.39 2.82 1.75
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 12.97 10.60 10.03 11.68 7.58 6.47 5.43 0.11 0.10 0.25 0.16
Accounts Payable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Sales Outstanding (DSO)		 62.48 109.68 62.31 126.24 37.03 31.62 20.14 5,761.91 928.56 129.65 208.31
Days Inventory Outstanding (DIO)		 0.00 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 0.00
Cash Conversion Cycle (CCC)		 62.48 109.68 62.31 126.24 37.03 31.62 20.14 5,761.91 928.56 129.65 208.31
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 -23 -224 -224 -192 -222 -223 -206 -167 -183 -253 -261
Invested Capital Turnover		 -1.12 -0.22 -0.21 -0.50 -0.39 -0.17 -0.16 -0.01 -0.01 -0.01 -0.01
Increase / (Decrease) in Invested Capital		 16 -206 -195 -166 -199 0.54 18 26 39 -30 -55
Enterprise Value (EV)		 81 325 -0.15 391 123 241 159 107 120 62 52
Market Capitalization		 163 107 105 481 345 455 341 270 266 187 163
Book Value per Share		 $0.39 ($2.84) ($0.72) ($5.70) $0.04 ($0.27) ($0.84) ($0.10) ($1.38) ($4.85) ($5.59)
Tangible Book Value per Share		 $0.39 ($4.12) ($1.95) ($16.87) ($9.26) ($8.09) ($8.51) ($7.76) ($9.02) ($10.32) ($10.95)
Total Capital		 60 -143 -117 -101 0.75 -6.80 -22 -2.53 -36 -126 -140
Total Debt		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 7.67
Total Long-Term Debt		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 7.67
Net Debt		 -82 -79 -105 -89 -221 -215 -182 -162 -145 -125 -111
Capital Expenditures (CapEx)		 0.00 0.06 0.60 1.59 6.20 0.71 1.08 2.60 1.29 0.49 0.03
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -9.67 -54 -29 11 -11 -19 -10 -9.19 -9.93 -11 -13
Debt-free Net Working Capital (DFNWC)		 70 23 74 99 208 194 170 151 133 114 106
Net Working Capital (NWC)		 70 23 74 99 208 194 170 151 133 114 106
Net Nonoperating Expense (NNE)		 -0.14 152 47 -0.08 12 -8.46 2.39 -38 21 38 21
Net Nonoperating Obligations (NNO)		 -83 -80 -107 -91 -223 -216 -184 -164 -147 -127 -113
Total Depreciation and Amortization (D&A)		 0.19 0.27 0.18 0.20 0.29 0.49 1.16 0.59 0.61 0.61 0.62
Debt-free, Cash-free Net Working Capital to Revenue		 -28.01% -209.16% -111.80% 21.15% -23.92% -48.72% -30.18% -895.22% -909.90% -386.13% -706.87%
Debt-free Net Working Capital to Revenue		 202.50% 86.60% 287.40% 182.37% 433.33% 497.65% 497.83% 14,730.90% 12,232.54% 4,087.92% 5,977.13%
Net Working Capital to Revenue		 202.50% 86.60% 287.40% 182.37% 433.33% 497.65% 497.83% 14,730.90% 12,232.54% 4,087.92% 5,977.13%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($1.80) ($1,030.80) ($10.50) $0.58 ($1.13) ($0.35) ($0.68) $0.51 ($1.38) ($3.46) ($1.46)
Adjusted Weighted Average Basic Shares Outstanding		 5.16M 172.34K 5.41M 16.72M 21.47M 17.28M 25.90M 25.98M 26.00M 25.97M 26.86M
Adjusted Diluted Earnings per Share		 ($1.80) ($1,030.80) ($10.50) $0.54 ($1.13) ($0.35) ($0.68) $0.50 ($1.38) ($3.46) ($1.46)
Adjusted Weighted Average Diluted Shares Outstanding		 5.16M 172.34K 5.41M 17.79M 21.47M 17.36M 25.90M 26.45M 26.00M 25.97M 26.86M
Adjusted Basic & Diluted Earnings per Share		 $0.00 ($1,030.80) $0.00 $0.00 $0.00 ($0.35) $0.00 $0.00 $0.00 ($3.46) $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 5.17M 5.40M 17.80M 21.38M 25.41M 25.91M 25.95M 26.00M 26.00M 26.51M 29.38M
Normalized Net Operating Profit after Tax (NOPAT)		 -9.15 -25 -9.34 9.63 -12 -19 -15 -15 -15 -55 -19
Normalized NOPAT Margin		 -139.60% -307.67% -159.99% 28.79% -3,178.94% 0.00% -1,392.94% -5,123.39% -3,262.43% -5,812.81% -23,781.15%
Pre Tax Income Margin		 -199.08% -2,296.83% -981.71% 44.71% -6,313.44% 0.00% -1,610.00% 5,332.55% -7,942.92% -10,746.99% -50,229.49%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 -10.27 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT to Interest Expense		 -7.18 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense		 -10.27 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense		 -7.18 0.00 0.00 0.00 0.00 0.00 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% -20.24% 0.00% 0.00% -5.95% 0.00%
Augmented Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% -0.09% -21.60% -1.50% -1.23% -6.43% -0.11%

Financials Breakdown Chart

Key Financial Trends

Cartesian Therapeutics (NASDAQ: RNAC) has shown a mixed financial profile over the last several years, with one clear theme: the company has been able to raise capital and maintain a sizeable cash balance, but it continues to post substantial operating losses and burn cash at a high rate.

For the most recent quarter, Q1 2026, RNAC reported just $78,000 in revenue against $26.6 million in operating expenses, resulting in an operating loss of $26.5 million and a net loss of $39.2 million. Cash and equivalents were $118.6 million at quarter-end, down from $143.4 million in Q3 2025 and $180.4 million in Q1 2025. That suggests the company is still spending heavily and relying on external financing to support operations.

  • Cash reserves remain meaningful: Cartesian ended Q1 2026 with $118.6 million in cash and equivalents, which gives it some near-term operating flexibility.
  • Revenue has improved versus early 2025: Q1 2026 revenue of $78,000 is still tiny, but it is above the near-zero levels seen in some prior quarters and far above the company’s 2024 baseline of minimal revenue.
  • Operating cash outflow improved year over year: Net cash used in operating activities was $22.1 million in Q1 2026, better than $17.7 million in Q4 2025? Actually, on a year-over-year basis it improved versus much larger losses in earlier periods such as Q1 2025 and Q4 2024.
  • Interest and investment income is helping partially offset losses: RNAC generated $1.0 million of interest and investment income in Q1 2026.
  • Recent financing activity supported liquidity: Q1 2026 included $15.4 million of common equity issuance, which helped cushion the cash burn.
  • Revenue remains immaterial: Even after some improvement, quarterly revenue is still far below operating costs, so the business is not yet self-funding.
  • Non-cash goodwill and intangible assets dominate the balance sheet: RNAC carries $48.2 million of goodwill and $93.9 million of intangible assets in Q1 2026, so future impairment risk may matter to investors.
  • Balance sheet equity remains negative: Total common equity was still negative $148.1 million in Q1 2026, reflecting the accumulated losses and accounting structure of the company.
  • Losses remain large and persistent: Q1 2026 net loss of $39.2 million followed a $92.6 million loss in Q4 2025 and $35.9 million loss in Q3 2025.
  • Operating expenses continue to dwarf revenue: In Q1 2026, operating expenses were about 341x revenue, underscoring how far the company is from profitability.
  • Cash is trending lower: Cash and equivalents fell from $180.4 million in Q1 2025 to $118.6 million in Q1 2026.
  • Large liability load: RNAC reported $436.5 million in total liabilities versus $288.4 million in total assets in Q1 2026, leaving the balance sheet highly leveraged on a book-value basis.
  • Repeated financing needs suggest dilution risk: The company has relied on equity issuance in multiple quarters, which may continue if operating losses persist.

Bottom line: Cartesian Therapeutics is still very much in development-stage territory: the company has cash, but it is burning through that cash to fund a business with extremely limited revenue and significant ongoing losses. Investors will likely be focused on whether clinical progress can eventually translate into meaningful commercial revenue, while watching closely for additional dilution or financing needs.

07/05/26 07:08 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 2025 ended on December 31, 2025.

Cartesian Therapeutics' net income appears to be on an upward trend, with a most recent value of -$130.30 million in 2025, rising from -$25.17 million in 2015. The previous period was -$77.42 million in 2024. View Cartesian Therapeutics' forecast to see where analysts expect Cartesian Therapeutics to go next.

Cartesian Therapeutics' total operating income in 2025 was -$143.41 million, based on the following breakdown:
  • Total Gross Profit: $2.80 million
  • Total Operating Expenses: $146.20 million

Over the last 10 years, Cartesian Therapeutics' total revenue changed from $6.01 million in 2015 to $2.80 million in 2025, a change of -53.5%.

Cartesian Therapeutics' total liabilities were at $422.65 million at the end of 2025, a 4.3% decrease from 2024, and a 1,835.7% increase since 2015.

In the past 10 years, Cartesian Therapeutics' cash and equivalents has ranged from $32.34 million in 2015 to $212.61 million in 2024, and is currently $125.14 million as of their latest financial filing in 2025.

Over the last 10 years, Cartesian Therapeutics' book value per share changed from -54.17 in 2015 to -4.85 in 2025, a change of -91.0%.


Related Companies

Financial statements for NASDAQ:RNAC last updated on 7/2/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
From Our Partners
Trump's gold order: the announcement they won't put on the front page
On August 15, 1971, Nixon interrupted prime-time television and ended the gold standard in 15 minutes - no deb...
Reagan Gold Group | Sponsoredtc pixel
Trump Takes Emergency Action - Plus Elon Musk's New Venture
Elon Musk has quietly launched a new venture - one that has nothing to do with rockets, EVs, or Neuralink. Tru...
Altimetry | Sponsoredtc pixel
Do NOT Buy SpaceX – Do This Instead
SpaceX just went public - and Whitney Tilson, Harvard MBA and 30-year Wall Street veteran, says buying in coul...
Stansberry Research | Sponsoredtc pixel
SPCX Warning - and Worst News for Stocks in 50 Years
Goldman Sachs and Morgan Stanley are now predicting what could be the worst news for the U.S. stock market in ...
TradeSmith | Sponsoredtc pixel
Trump just signed it
A recent policy development is drawing attention from income-focused investors. According to one analyst, c...
Investors Alley | Sponsoredtc pixel
CODE RED: AI Meltdown Imminent?
After correctly predicting the 2008 and 2020 stock market meltdowns, I believe this AI company is about to tri...
Paradigm Press | Sponsoredtc pixel
Your $29.97 book is free today
Why Some Traders Skip Stocks Entirely You don't need a big account to trade options. In fact, options ca...
Profits Run | Sponsoredtc pixel
From the man who predicted 2008 crash…
Porter Stansberry, founder of one of the largest financial research firms in the world, says he's breaking the...
Porter & Company | Sponsoredtc pixel