Cartesian Therapeutics, Inc.
RNACHealthcare|Biotechnology|US
$7.53
+0.75 (+11.06%)
DCF Value
$3.97
Cash / Share
$4.06
Financials
Financial Snapshot
Market Cap
$227.8M
Enterprise Value
$165.2M
Revenue (TTM)
$1.0M
Net Income (TTM)
-$129.5M
Cash & Investments
$123.0M
Net Cash
$62.6M
Free Cash Flow (TTM)
-$89.4M
Operating CF (TTM)
-$88.2M
Debt/Equity
-0.46
Cash Runway & Burn Rate
Cash on Hand
$123.0M
Quarterly Burn
$22.1M
Monthly Burn
$7.4M
Est. Runway
~5.6 quarters
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $84.1M | $96.6M | $37.4M | $90.2M | $138.7M | $128.1M | $134.6M | $76.9M | $212.6M | $125.1M | $123.0M | |
| Operating Cash Flow | -$19.7M | -$52.0M | -$59.2M | -$51.4M | $34.9M | -$60.4M | -$31.6M | -$51.2M | -$23.7M | -$73.9M | -$88.2M | |
| Free Cash Flow | -$20.3M | -$52.8M | -$60.0M | -$51.5M | $34.1M | -$61.5M | -$32.8M | -$51.4M | -$32.8M | -$79.4M | -$89.4M | |
| Capital Expenditure | -$586.0K | -$733.0K | -$884.0K | -$47.0K | -$815.0K | -$1.1M | -$1.2M | -$206.0K | -$9.1M | -$5.5M | -$1.2M | |
| Financing Cash Flow | $67.7M | $66.0M | $697.0K | $105.0M | $14.4M | $52.9M | $39.2M | -$13.1M | $168.4M | -$8.1M | $53.8M |
R&D Spending
R&D (TTM)
$70.2M
R&D Intensity
6849.4%
R&D Growth vs Prior
+21.0%
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $8.1M | $207.0K | $903.0K | $6.7M | $16.6M | $85.1M | $110.8M | $26.0M | $38.9M | $2.8M | $1.0M | |
| R&D Expense | $29.7M | $45.2M | $47.7M | $42.7M | $54.5M | $68.7M | $72.4M | $71.3M | $45.1M | $58.0M | $70.2M | |
| R&D % of Revenue | 367.5% | 21818.8% | 5281.0% | 640.2% | 328.4% | 80.8% | 65.3% | 274.0% | 115.9% | 2074.9% | 6849.4% | |
| SG&A | $12.2M | $18.1M | $17.3M | $16.4M | $18.9M | $20.9M | $23.9M | $40.5M | $30.1M | $31.5M | $33.4M |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $8.1M | $207.0K | $903.0K | $6.7M | $16.6M | $85.1M | $110.8M | $26.0M | $38.9M | $2.8M | $1.0M | |
| Cost of Revenue | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $2.0M | $0.00 | $0.00 | $0.00 | $0.00 | |
| Gross Profit | $8.1M | $207.0K | $903.0K | $6.7M | $16.6M | $85.1M | $108.7M | $26.0M | $38.9M | $2.8M | $1.0M | |
| R&D | $29.7M | $45.2M | $47.7M | $42.7M | $54.5M | $68.7M | $72.4M | $71.3M | $45.1M | $58.0M | $70.2M | |
| SG&A | $12.2M | $18.1M | $17.3M | $16.4M | $18.9M | $20.9M | $23.9M | $40.5M | $30.1M | $31.5M | $33.4M | |
| Operating Income | -$34.7M | -$63.8M | -$65.0M | -$52.5M | -$56.8M | -$4.6M | $14.5M | -$86.4M | -$43.9M | -$86.7M | -$77.6M | |
| Interest Expense | $1.3M | $1.2M | $1.5M | $1.5M | $1.6M | $2.8M | $3.0M | $2.8M | $0.00 | $0.00 | -$1.1M | |
| Pretax Income | -$36.2M | -$65.3M | -$65.3M | -$55.4M | -$68.9M | -$9.7M | $34.8M | -$238.7M | -$77.1M | -$139.5M | -$136.7M | |
| Net Income | -$36.2M | -$65.3M | -$65.3M | -$55.4M | -$68.9M | -$25.7M | $35.4M | -$219.7M | -$77.4M | -$130.3M | -$129.5M | |
| EPS (Diluted) | -103.52 | -95.94 | -87.55 | -36.46 | -20.42 | -6.60 | 3.00 | -49.76 | -3.29 | -5.02 | -4.84 | |
| EBITDA | -$34.2M | -$63.4M | -$62.9M | -$51.8M | -$66.6M | -$5.6M | $39.1M | -$235.0M | -$76.0M | -$136.5M | -$122.3M | |
| Shares Out. (M) | 0.29 | 0.57 | 0.62 | 1.27 | 2.81 | 3.18 | 4.05 | 5.17 | 23.69 | 25.97 | 30.31 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $58.7M | $70.7M | $37.4M | $90.2M | $138.7M | $114.1M | $106.4M | $76.9M | $212.6M | $125.1M | $123.0M | |
| Short-Term Investments | $25.5M | $25.9M | $0.00 | $0.00 | $0.00 | $14.0M | $28.2M | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Current Assets | $86.8M | $98.7M | $42.1M | $96.7M | $151.3M | $144.4M | $148.1M | $90.7M | $216.6M | $129.3M | $131.5M | |
| Total Assets | $89.3M | $101.1M | $44.5M | $99.6M | $165.4M | $159.9M | $165.9M | $305.1M | $435.0M | $296.4M | $294.3M | |
| Total Current Liabilities | $13.7M | $11.0M | $35.1M | $34.9M | $81.5M | $72.3M | $25.1M | $68.2M | $23.0M | $14.9M | $15.7M | |
| Long-Term Debt | $8.0M | $21.0M | $0.00 | $0.00 | $24.8M | $19.7M | $17.8M | $0.00 | $0.00 | $0.00 | $50.2M | |
| Total Liabilities | $34.3M | $49.3M | $49.9M | $91.2M | $183.4M | $137.4M | $72.1M | $745.2M | $441.8M | $422.7M | $424.8M | |
| Stockholders' Equity | $55.0M | $51.8M | -$5.4M | $8.4M | -$18.0M | $22.5M | $93.8M | -$440.2M | -$6.8M | -$126.2M | -$130.5M | |
| Retained Earnings | -$151.6M | -$216.9M | -$280.4M | -$335.8M | -$404.6M | -$430.3M | -$394.9M | -$614.6M | -$692.1M | -$822.4M | -$857.3M |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$19.7M | -$52.0M | -$59.2M | -$51.4M | $34.9M | -$60.4M | -$31.6M | -$51.2M | -$23.7M | -$73.9M | -$88.2M | |
| Capital Expenditure | -$586.0K | -$733.0K | -$884.0K | -$47.0K | -$815.0K | -$1.1M | -$1.2M | -$206.0K | -$9.1M | -$5.5M | -$1.2M | |
| Free Cash Flow | -$20.3M | -$52.8M | -$60.0M | -$51.5M | $34.1M | -$61.5M | -$32.8M | -$51.4M | -$32.8M | -$79.4M | -$89.4M | |
| Investing Cash Flow | -$22.1M | -$2.1M | $25.3M | $229.0K | -$741.0K | -$17.1M | -$15.0M | $34.6M | -$8.7M | -$5.5M | -$1.2M | |
| Financing Cash Flow | $67.7M | $66.0M | $697.0K | $105.0M | $14.4M | $52.9M | $39.2M | -$13.1M | $168.4M | -$8.1M | $53.8M | |
| Issuance of Stock | $71.6M | $57.1M | $697.0K | $37.7M | $12.4M | $52.0M | $39.0M | $0.00 | $124.4M | -$301.0K | $3.6M | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | -$6.2M | $0.00 | $0.00 | $0.00 | |
| Net Debt Issuance | $0.00 | $8.0M | $0.00 | -$2.8M | $5.4M | $0.00 | $0.00 | -$27.5M | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $0.00 | $0.00 | $0.00 | $0.00 | $5.4M | $7.7M | $11.2M | $22.5M | $6.6M | $10.5M | $6.7M | |
| Net Change in Cash | $25.9M | $12.0M | -$33.3M | $52.8M | $48.5M | -$24.6M | -$7.4M | -$29.8M | $136.0M | -$87.4M | -$35.6M |
Dilution Tracker
Shares outstanding grew 823.9% over 5 years — significant dilution
Shares Outstanding
30M
5-Year Share Growth
+823.9%
Stock Issuance (TTM)
$3.6M
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 0.29 | 0.57 | 0.62 | 1.27 | 2.81 | 3.18 | 4.05 | 5.17 | 23.69 | 25.97 | 30.31 | |
| Change vs Prior % | — | 94.6% | 9.6% | 103.4% | 122.2% | 13.0% | 27.6% | 27.6% | 358.2% | 9.6% | 16.7% | |
| Stock Issuance | $71.6M | $57.1M | $697.0K | $37.7M | $12.4M | $52.0M | $39.0M | $0.00 | $124.4M | -$301.0K | $3.6M | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | -$6.2M | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $0.00 | $0.00 | $0.00 | $0.00 | $5.4M | $7.7M | $11.2M | $22.5M | $6.6M | $10.5M | $6.7M |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 98.2% | 100.0% | 100.0% | 100.0% | 100.0% | |
| Operating Margin % | -428.9% | -30813.5% | -7200.7% | -785.6% | -342.4% | -5.4% | 13.1% | -332.3% | -112.8% | -3099.9% | -7570.0% | |
| Net Margin % | -448.0% | -31556.0% | -7235.4% | -829.0% | -415.0% | -30.2% | 31.9% | -844.9% | -199.0% | -4658.6% | -12635.1% | |
| EBITDA Margin % | -422.6% | -30611.1% | -6962.0% | -775.9% | -401.2% | -6.6% | 35.3% | -903.8% | -195.3% | -4881.5% | -11934.4% | |
| FCF Margin % | -250.8% | -25492.8% | -6649.5% | -771.0% | 205.3% | -72.2% | -29.6% | -197.5% | -84.2% | -2838.6% | -8725.6% | |
| ROE % | -65.9% | -126.1% | 1205.9% | -659.2% | 382.5% | -114.1% | 37.7% | 49.9% | 1138.3% | 103.2% | 97.7% | |
| ROA % | -40.5% | -64.6% | -146.9% | -55.6% | -41.6% | -16.1% | 21.3% | -72.0% | -17.8% | -44.0% | -44.0% | |
| ROIC % | -43.5% | -70.8% | -211.6% | -62.5% | -67.0% | -4.9% | 9.6% | -33.3% | -10.6% | -28.4% | -25.6% | |
| R&D / Revenue % | 367.5% | 21818.8% | 5281.0% | 640.2% | 328.4% | 80.8% | 65.3% | 274.0% | 115.9% | 2074.9% | 6849.4% |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 34.5% | -97.4% | 336.2% | 639.4% | 148.6% | 412.6% | 30.2% | -76.5% | 49.6% | -92.8% | |
| Gross Profit | 34.5% | -97.4% | 336.2% | 639.4% | 148.6% | 412.6% | 27.8% | -76.1% | 49.6% | -92.8% | |
| Operating Income | -37.0% | -84.0% | -1.9% | 19.3% | -8.3% | 91.9% | 416.2% | -694.4% | 49.2% | -97.5% | |
| Net Income | -43.8% | -80.4% | -0.0% | 15.3% | -24.4% | 62.7% | 237.7% | -721.0% | 64.8% | -68.3% | |
| EPS (Diluted) | -36.6% | 7.3% | 8.7% | 58.4% | 44.0% | 67.7% | 145.5% | -1758.7% | 93.4% | -52.6% | |
| Operating Cash Flow | 12.4% | -164.4% | -13.7% | 13.1% | 167.8% | -273.1% | 47.6% | -61.7% | 53.7% | -212.3% | |
| Free Cash Flow | 14.2% | -160.3% | -13.8% | 14.3% | 166.2% | -280.4% | 46.6% | -56.5% | 36.2% | -142.3% | |
| R&D Expense | 29.3% | 52.1% | 5.6% | -10.4% | 27.5% | 26.1% | 5.3% | -1.5% | -36.7% | 28.7% | |
| SG&A Expense | 68.0% | 47.6% | -4.5% | -5.1% | 15.4% | 10.7% | 14.0% | 69.5% | -25.5% | 4.5% | |
| Total Assets | 108.5% | 13.2% | -56.0% | 123.8% | 66.2% | -3.4% | 3.8% | 83.9% | 42.6% | -31.9% | |
| Book Value / Share | 157.9% | -51.6% | -109.5% | 176.2% | -196.5% | 210.7% | 229.0% | -464.9% | 99.7% | -1592.7% | |
| Debt | 1.6% | 74.7% | 1.6% | -9.9% | 83.4% | -0.2% | 7.5% | -71.1% | 27.6% | -9.4% | |
| Diluted Shares | -18.5% | 94.6% | 9.6% | 103.4% | 122.2% | 13.0% | 27.6% | 27.6% | 358.2% | 9.6% |
Valuation
P/E (TTM)At Loss
P/S222.27
10Y Low / Med / High1.23 / 15.40 / 806.64
P/B-1.75
10Y Low / Med / High1.45 / 3.22 / 13.79
EV/EBITDAAt Loss
EV/Revenue161.15
10Y Low / Med / High0.61 / 9.17 / 566.76
P/FCFAt Loss
Intrinsic Value Models (per share)
DCF Value
$3.97
Cash / Share
$4.06
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -4.97 | -3.07 | -0.91 | -1.96 | -4.45 | -14.51 | 4.62 | -0.42 | -5.44 | -1.44 | -1.53 | |
| P/S Ratio | 18.55 | 806.64 | 54.96 | 13.53 | 15.40 | 3.65 | 1.23 | 4.11 | 10.90 | 66.95 | 222.27 | |
| P/B Ratio | 2.73 | 3.22 | -9.16 | 10.76 | -14.19 | 13.79 | 1.45 | -0.24 | -62.37 | -1.48 | -1.75 | |
| EV/EBITDA | -3.03 | -1.85 | -0.53 | -0.38 | -2.29 | -41.21 | 1.73 | -0.17 | -2.97 | -0.55 | -1.35 | |
| EV/Revenue | 12.79 | 566.76 | 37.22 | 2.91 | 9.17 | 2.72 | 0.61 | 1.58 | 5.80 | 26.74 | 161.15 |
Analyst Estimates & Quality
Altman Z-Score
-4.67
Distress
Piotroski F-Score
3
Weak
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $419.1K | $333.3K | $22.1M |
| Net Income | -$77.0M | -$106.6M | -$111.9M |
| EPS | $-3.00 | $-4.16 | $-4.20 |
| # Analysts (EPS) | 4 | 4 | 4 |
Revenue Segments
By Product
| Segment | 2024 | 2025 |
|---|---|---|
| Reporting Segments | $38.9M | — |
| Operating Segment | — | $2.8M |