Cartesian Therapeutics, Inc.
RNAC · Price history
Price at last available close
$6.69
−$0.55 (-7.60%) 1M
2026-10-28
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Company & revenue
About Cartesian Therapeutics, Inc.
Primary reporting period: 2025-12-31 · Research updated Oct 12, 2026. A research update is not a new financial filing.
Who they are
Cartesian Therapeutics, Inc., a clinical-stage biotechnology company, provides mRNA cell therapies for the treatment of autoimmune diseases. The company’s lead product candidate is Descartes-08, an autologous mRNA chimeric antigen receptor T-cell cell therapy (CAR-T) directed against the B cell maturation antigen (BCMA), which is in Phase 2b clinical trials for the treatment of autoimmune diseases, generalized myasthenia gravis, and systemic lupus erythematosus, as well as rare pediatric disease designation for the treatment of juvenile dermatomyositis. It is also developing Descartes-15, which is in phase 1 trials, an autologous autologous B cell maturation antigen (BCMA) directed mRNA CAR-T to treat patients with multiple myeloma.
How they make money
Cartesian Therapeutics is a clinical-stage biotechnology company that generates revenue primarily through collaboration and license agreements, as well as research grants. The company focuses on developing RNA-engineered cell therapies for autoimmune diseases and currently relies on external funding and capital markets to support its ongoing research and development activities.
Products & services
The company is developing a pipeline of RNA-engineered cell therapies, including its lead product candidate, Descartes-08, which is being investigated for the treatment of autoimmune diseases such as myasthenia gravis and dermatomyositis.
Brands & revenue mix
No separate brand or brand-level revenue disclosure was confirmed in the reviewed sources. This does not mean the company has no brands.
Product / operating segments
Period ended 2025-12-31Source
Calculated from reported segment revenue. Check the source period and revenue basis before comparing shares. Categories can overlap and may not add to 100%.
Geographic revenue
No reconciled geographic revenue breakdown was confirmed for the current research period.
Customer concentration
No quantified customer-concentration disclosure is available in the current saved research.
Suppliers, materials & equipment
Strengths
- Proprietary RNA-engineered cell therapy platformSource
Financial risk observations and what to check
These are saved observations about business performance, not predictions. Review the company filings alongside the interpretation below. Latest stored financial period end: 2026-06-30.
Quarterly revenue fell 100.0% versus the same quarter last year.
Check comparable business scope and currency, then separate volume, pricing and divestitures. One weaker quarter does not establish that the same decline will continue.
Total debt increased 378.3% versus the same quarter last year.
Compare the added borrowing with available cash, cash generation and maturities. A percentage increase from a small starting balance can look large without measuring the full debt burden.
Wall Street Score
Overall investment score · Quality, value, risk and opportunity
22
Poor
View category scores →
Company Quality
How good is the actual business—regardless of today’s stock price?
28
Poor
Financial Strength
35
Business Quality / Moat
0
Management
80
Growth Quality
0
Risk / Durability
15
Uses financial strength, moat, management, growth quality and durability. It excludes share price, P/E, market cap, intrinsic value and margin of safety.
Opportunity
Opportunity Score · How does the current price compare with estimated value?
21
Avoid
Based on current valuation, company quality, recent trends, and available market signals.
View score details →
Model Outlook
12-month model · What does the model think happens next?
28/100
Building Historical Record
Model Score 28/100 — estimates relative performance potential, distinct from the overall Wall Street Score and the separate Company Quality score.
Probability unavailable — the model has not produced a calibrated probability yet.
Click for full breakdown →
WSS View
The quick read
The overall Wall Street Score is low across its combined quality, valuation and risk inputs. This can reflect an expensive share price, business weaknesses, or both; check Company Quality and the category breakdown before drawing a conclusion.
At today’s price, the WSS valuation framework currently reads as less attractive based on the available valuation and market data.
The model outlook is currently cautious.
No strong positive signal is being highlighted from the currently available summary data.
- •Elevated debt risk
- •Valuation is a weaker part of the current profile
- •Revenue fundamentals are weak
- •Debt / balance-sheet profile needs attention
Company-specific research
Questions worth answering for RNAC
These questions are generated from this company's current financial and score data so the page adds context instead of treating the headline score as a stand-alone conclusion.
- •What is driving RNAC's revenue decline, and does the latest company filing suggest the weakness is temporary or structural?
- •How long can RNAC fund negative free cash flow using its current cash position before it may need more debt or new shares?
- •How is RNAC likely to use its cash advantage: reinvestment, acquisitions, debt reduction, dividends or buybacks?
- •What specifically needs to improve for RNAC to reach sustainable profitability?
- •What future growth or profitability would be needed to justify RNAC's current valuation?
Essential Investment Snapshot
Wall Street Score
22
Opportunity Score
21
Market Cap
$202.4M
P/E Ratio
-1.1
EPS
$-5.93
52-Week High
$15.57
52-Week Low
$5.60
Beta
0.65
Analyst Target
$25.00
Shares Outstanding
26.0M
Total Revenue
$1.5M
Total Debt
$63.9M
Dividend
No current dividend
Liquidation Value / Share
$-4.82
Momentum & Volatility Signals
Two different market-behavior signals. Momentum measures direction and trend strength. Volatility measures how large and unstable the price moves are, regardless of direction.
Weakening momentum
Normal movement
A high momentum score means price has been trending upward with confirming short- and medium-term strength. A low score means downward or weakening momentum.
A high volatility score means larger, less stable price swings. It can happen while a stock is rising or falling, so high volatility is not automatically bullish or bearish.
Important: the volatility score above is based on realized price volatility. Implied volatility (IV) comes from options prices and represents the market's expected future movement. Wall Street Score will keep IV separate and will only display it when a verified options-chain feed is available.
Notices for RNAC
Detected from reported data — verify before acting.Elevated debt risk
Negative shareholder equity • Total debt is at least one year of revenue • Free cash flow is negative
Community Sentiment
0 active · 0 total callsNo personal call yet on RNAC.
Potential upside factors
- +Growth opportunities may come from revenue expansion, margin improvement, new products, market-share gains, and stronger cash flow.
- +Proprietary RNA-engineered cell therapy platform.
Potential downside factors
- −Debt risk (elevated): Negative shareholder equity.
- −Total debt is at least one year of revenue.
- −Free cash flow is negative.
- −History of operating losses and potential inability to achieve profitability.
These research factors come from saved company research and financial data, not community votes. They are starting points to verify against filings, not buy or sell recommendations.
Create a free account to make a call.
Scores
Click any score for full breakdownWas this stock page easy to understand?
One click helps us improve the research experience. This is not tied to an investment decision.
Score Changes
3 historical score records availablePrevious Score
22
Oct 1, 2026
Change
+0.1
points
Current Score
22
Oct 15, 2026
Category Changes
RNAC increased 0.1 points because overall fundamentals improved.
Projected Score
Projected Score
20
Projected Change
-2.2 points
Preliminary comparable-period financial changes suggest decline of approximately 2.2 points. This is a projected estimate, not the official WallStreetScore.
Price vs. Value
Valuation unavailableCurrent Price
$6.69
Model Intrinsic Value
—
Difference
—
Margin of Safety
—
Intrinsic value is not currently available for this stock, so valuation can't be calculated.
Financial Charts
Revenue
Additional Metrics
Operating Cash Flow
Total Debt
Total Assets
Net Margin %
Large reported revenue change: -92.8%
Revenue changed sharply from 2024 to 2025. This can reflect a real business change, acquisition, divestiture, discontinued operations, restatement, or reporting-basis change. Compare the underlying filing before treating it as normal growth or decline.
TTM may combine quarters from before and after the event, so its trend can also be distorted.
Free includes 3 annual periods plus available TTM; Premium includes up to 10 annual periods. History depends on available company filings. Swipe the table horizontally to see older periods. A dash means unavailable, not zero.
| Line Item | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.5M | $2.8M | $38.9M | $26.0M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Cost of Revenue | $0.00 | $0.00 | $0.00 | $0.00 | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Gross Profit | $1.5M | $2.8M | $38.9M | $26.0M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Research & Development | $68.4M | $58.0M | $45.1M | $71.3M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| SG&A Expenses | $31.8M | $31.5M | $30.1M | $40.5M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Operating Expenses | $100.1M | $89.5M | $82.8M | $112.4M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| EBITDA | -$157.6M | -$136.5M | -$76.0M | -$235.0M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Operating Income | -$98.7M | -$86.7M | -$43.9M | -$86.4M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Interest Expense | $852K | $0.00 | $0.00 | $2.8M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Income Before Tax | -$161.1M | -$139.5M | -$77.1M | -$238.7M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Income Tax Expense | -$9.2M | -$9.2M | $287K | -$19.0M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Net Income | -$153.9M | -$130.3M | -$77.4M | -$219.7M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Basic EPS | $-5.94 | $-5.02 | $-3.29 | $-49.76 | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Basic Shares | 29.47M | 25.97M | 23.69M | 5.17M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Diluted Shares | 29.86M | 25.97M | 23.69M | 5.17M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
Earnings Summary
Revenue
$0
Estimate unavailable.
Revenue Beat/Miss
Not available (no estimate stored)
EPS
$0.46
Estimate unavailable.
EPS Beat/Miss
Not available (no estimate stored)
Debt Change
+378.3%
Cash Change
-7.9%
Margin Change
Not available
Debt and cash show percentage changes versus the comparison period; margin shows the change in percentage points (pp). These are company-wide changes, not per-share amounts.
Financial Changes Since Prior Period
What Weakened
- Cash position declined
- Debt increased
Potential Score Impact
Pressure indicators included revenue growth, EPS growth, cash levels, debt levels. These factors may support or pressure the Revenue, Management, Financial, and Debt categories; this summary does not claim that the stored scores changed.
Stored Earnings Analysis
Revenue declined 100.0%. EPS declined 23.3%. Cash declined 7.9%. Total debt increased 378.3%.
Earnings-Call Transcript
Earnings-call transcript analysis is not currently available.
These results may influence future scores when the next evaluation is completed.
Insider Activity
Guru / Smart Money
Guru Score
Smart Money
Number of Gurus
Total Guru Value
Avg Portfolio Weight
Largest Holder
Largest Holder %
New Positions
Increased Positions
Reduced Positions
Exited Positions
Net Guru Sentiment
Short Interest
Dividend History
Dividend data is not available yet. Missing data does not mean this company pays no dividend.
Conservative Projected Values
3 Years
$———.——
5 Years
$———.——
10 Years
$———.——
Conservative Projection Rate
——%
Conservative Projected Values — price projections derived from actual 10-year adjusted historical returns, conservatively adjusted and capped at 8% annually. These are distinct from the Outperformance Model Score and WallStreetScore.
Conservative Projected Values
Premium unlocks the 3-year, 5-year, and 10-year conservative projected values with full calculation breakdowns based on actual historical returns.
Start 7-Day Free TrialHistorical Outperformance Record
Premium includes stored forecasts and any available evaluated results. Completed results, win rates and calibrated probabilities are shown only when supported records exist; access does not create historical outcomes.
Start 7-Day Free TrialHistorical Trends
3 historical recordsHistorical Score Chart
3 of 3 records shownWall Street Score
Debt Score
Revenue Score
Asset Score
Capital Score
Management Score
Moat Score
Valuation Score
Buffett Score
Intrinsic Value
Value Reference
Margin of Safety %
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Cartesian Therapeutics Announces Additional Retreatment Data for Descartes-08 Highlighting Deep and Durable Responses in Patients with Myasthenia Gravis
Cartesian Therapeutics Announces New Employment Inducement Grants
Rumor Mill · RNAC
Corporate developments & opportunities
No reviewed developments match this filter.
Evidence credibility is not a forecast of stock performance. Rumor Mill is separate from the WSS score.
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