Symbols / RNAC Stock $8.65 +6.00% Cartesian Therapeutics, Inc.

Healthcare • Biotechnology • United States • NGM
RNAC (Stock) Chart
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Stock Fundamentals
Scroll to Statements
Index EQUITY
Sector Healthcare
Industry Biotechnology
CEO Dr. Carsten Brunn Ph.D.
Exch · Country NGM · United States
Market Cap 254.15M
Enterprise Value 147.36M
Income -151.77M
Sales 1.77M
FCF (ttm) -46.87M
Book/sh -4.85
Cash/sh 4.04
Employees 75
Insider 10d —
IPO Jun 22, 2016
Div forward ($/yr)
Div TTM ($/yr)
Dividend Yield
Ex-Div Date
5Y Avg Yield
Yield vs 5Y Avg
Payout 0.00%
P/E —
Forward P/E -4.06
PEG —
P/S 143.18
P/B -1.78
P/C —
EV/EBITDA -1.66
EV/Sales 83.02
Quick Ratio 7.46
Current Ratio 7.65
Debt/Eq —
LT Debt/Eq —
EPS (ttm) -5.80
EPS next Y -2.13
EPS Growth —
Revenue Growth -92.90%
EPS Gr Q/Q —
Rev Gr Q/Q —
Earnings (next) 2026-04-30
Earnings (prior) 2026-04-30
ROA -16.36%
ROE —
ROIC —
Gross Margin 0.00%
Oper. Margin -339.73%
Profit Margin 0.00%
Shs Outstand 29.38M
Shs Float 9.60M
Insider Own 53.68%
Instit Own 25.53%
Short Float 17.13%
Short Ratio 14.30
Short Interest 2.21M
52W High 15.57
vs 52W High -44.44%
52W Low 5.60
vs 52W Low 54.46%
Beta 0.56
Impl. Vol. 5.08%
Rel Volume 0.72
Avg Volume 210.70K
Volume 151.00K
Target (mean) $35.57
Tgt Median $39.00
Tgt Low $16.00
Tgt High $44.00
# Analysts 7
Recom Strong_buy
Prev Close $8.16
Price $8.65
Change 6.00%
About

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. The company is headquartered in Frederick, Maryland.

Valuation Models

Price estimates from analyst targets and simple models.

1. Analyst consensus
$35.57
Mean price target
2. Current target
$8.65
Latest analyst target
3. DCF / Fair value
$-28.71
Simplified: (Free Cash Flow ÷ Shares) × 18 (P/FCF multiple). Not a …
Ratings
Current target
$8.65
Low
$16.00
High
$44.00
Mean
$35.57

Latest analyst rating changes

Date Action Analyst Rating Change Price Target
2026-05-01 reit Wedbush Outperform → Outperform $38
2026-03-10 reit Wedbush Outperform → Outperform $38
2026-03-09 up Cantor Fitzgerald Neutral → Overweight $16
2026-03-09 reit Needham Buy → Buy $42
2026-01-09 main Needham Buy → Buy $42
2025-11-19 main HC Wainwright & Co. Buy → Buy $30
2025-11-14 main BTIG Buy → Buy $44
2025-07-09 init Wedbush — → Outperform $38
2025-05-08 main Needham Buy → Buy $40
2025-04-09 reit Needham Buy → Buy $41
2025-04-09 reit HC Wainwright & Co. Buy → Buy $40
2025-03-14 main HC Wainwright & Co. Buy → Buy $40
2025-03-13 reit Needham Buy → Buy $41
2025-01-28 reit HC Wainwright & Co. Buy → Buy $45
2025-01-27 reit Needham Buy → Buy $41
2025-01-13 reit Needham Buy → Buy $41
2024-12-19 init BTIG — → Buy $42
2024-12-04 reit HC Wainwright & Co. Buy → Buy $45
2024-12-03 reit Needham Buy → Buy $41
2024-11-25 reit Needham Buy → Buy $41
News
RSS: Latest RNAC news
Insider Transactions
Filed Date Insider Relationship Transaction Shares Price Value SEC
2026-04-02 KALAYOGLU MURAT Beneficial Owner of more than 10% of a Class of Security — 758,001 — —
2026-04-02 HOGE ELIZABETH Beneficial Owner of more than 10% of a Class of Security — 758,001 — —
2026-03-13 SINGER MICHAEL S. Director — 6,555 $0.00 $0
2026-01-06 BRUNN CARSTEN Chief Executive Officer — 23,766 $6.82 $162,077
2026-01-06 DAVIS BLAINE Chief Financial Officer — 10,591 $6.82 $72,227
2026-01-06 MILJKOVIC MILOS Officer — 3,573 $6.82 $24,367
2026-01-02 BARABE TIMOTHY CRAIG Director — 2,600 $0.00 $0
2026-01-02 ZENNER PATRICK J. Director — 2,600 $0.00 $0
2026-01-02 DESILVA NISHAN M Director — 2,600 $0.00 $0
2026-01-02 SPRINGER TIMOTHY A Director and Beneficial Owner of more than 10% of a Class of Security — 2,600 $0.00 $0
Financials
Statement View
Amounts in millions (2 decimals, no suffix) • EPS per share (2 decimals) • Trend = period evolution • YoY Growth = previous period %
Line Item Trend 2025-12-31 2024-12-31 2023-12-31 2022-12-31
Total Revenue
2.80
-92.81%
38.91
+49.64%
26.00
-76.53%
110.78
Operating Revenue
2.80
-92.81%
38.91
+49.64%
26.00
-76.53%
110.78
Operating Expense
89.50
+18.97%
75.23
-32.66%
111.71
+16.08%
96.24
Research And Development
58.03
+28.66%
45.10
-36.70%
71.26
-1.54%
72.38
Selling General And Administration
31.47
+4.45%
30.13
-25.52%
40.45
+69.52%
23.86
General And Administrative Expense
31.47
+4.45%
30.13
-25.52%
40.45
+69.52%
23.86
Other Gand A
31.47
+4.45%
30.13
-25.52%
40.45
+69.52%
23.86
Total Expenses
89.50
+18.97%
75.23
-32.66%
111.71
+16.08%
96.24
Operating Income
-86.70
-138.74%
-36.32
+57.62%
-85.71
-689.53%
14.54
Total Operating Income As Reported
—
-43.90
+49.20%
-86.42
-694.41%
14.54
EBITDA
-83.75
-10.21%
-75.99
+67.67%
-235.03
-701.29%
39.09
Normalized EBITDA
-26.39
+2.90%
-27.18
+65.69%
-79.21
-590.30%
16.16
Reconciled Depreciation
2.96
+157.08%
1.15
+36.54%
0.84
-34.50%
1.29
EBIT
-86.70
-12.40%
-77.14
+67.30%
-235.88
-724.00%
37.80
Total Unusual Items
-57.36
-17.51%
-48.81
+68.68%
-155.83
-779.48%
22.93
Total Unusual Items Excluding Goodwill
-57.36
-17.51%
-48.81
+68.68%
-155.83
-779.48%
22.93
Special Income Charges
-61.05
-37.26%
-44.48
-133.98%
-19.01
0.00
Impairment Of Capital Assets
56.70
+648.12%
7.58
+967.46%
0.71
—
Restructuring And Mergern Acquisition
4.35
-88.20%
36.90
+101.64%
18.30
0.00
Net Income
-130.30
-68.30%
-77.42
+64.76%
-219.71
-721.02%
35.38
Pretax Income
-139.50
-80.84%
-77.14
+67.69%
-238.71
-786.54%
34.77
Net Non Operating Interest Income Expense
6.58
-10.93%
7.39
+246.60%
2.13
+170.31%
-3.03
Interest Expense Non Operating
—
0.00
-100.00%
2.83
-6.53%
3.03
Net Interest Income
6.58
-10.93%
7.39
+246.60%
2.13
+170.31%
-3.03
Interest Expense
—
0.00
-100.00%
2.83
-6.53%
3.03
Interest Income Non Operating
6.58
-10.93%
7.39
+48.79%
4.96
—
Interest Income
6.58
-10.93%
7.39
+48.79%
4.96
—
Other Income Expense
-59.37
-23.16%
-48.20
+68.93%
-155.13
-766.87%
23.26
Other Non Operating Income Expenses
-2.01
-431.68%
0.61
-12.30%
0.69
+109.39%
0.33
Gain On Sale Of Security
3.69
+185.30%
-4.33
+96.83%
-136.82
-696.59%
22.93
Tax Provision
-9.19
-3303.14%
0.29
+101.51%
-19.00
-3019.87%
-0.61
Tax Rate For Calcs
0.00
-68.57%
0.00
+162.50%
0.00
-61.90%
0.00
Tax Effect Of Unusual Items
-3.79
+63.07%
-10.25
+17.77%
-12.47
-358.85%
4.82
Net Income Including Noncontrolling Interests
-130.30
-68.30%
-77.42
+64.76%
-219.71
-721.02%
35.38
Net Income From Continuing Operation Net Minority Interest
-130.30
-68.30%
-77.42
+64.76%
-219.71
-721.02%
35.38
Net Income From Continuing And Discontinued Operation
-130.30
-68.30%
-77.42
+64.76%
-219.71
-721.02%
35.38
Net Income Continuous Operations
-130.30
-68.30%
-77.42
+64.76%
-219.71
-721.02%
35.38
Normalized Income
-76.73
-97.43%
-38.86
+49.10%
-76.35
-542.30%
17.26
Net Income Common Stockholders
-130.30
-68.30%
-77.42
+69.90%
-257.26
-827.15%
35.38
Otherunder Preferred Stock Dividend
—
0.00
-100.00%
37.55
—
Diluted EPS
-5.02
-11.80%
-4.49
+90.98%
-49.76
-1758.67%
3.00
Basic EPS
-5.02
-12.05%
-4.48
+91.00%
-49.76
-791.11%
7.20
Basic Average Shares
25.97
+50.34%
17.28
+234.15%
5.17
+7.15%
4.83
Diluted Average Shares
25.97
+49.63%
17.36
+235.72%
5.17
+6.33%
4.86
Diluted NI Availto Com Stockholders
-130.30
-67.33%
-77.87
+69.73%
-257.26
-827.15%
35.38
Average Dilution Earnings
0.00
+100.00%
-0.45
0.00
—
Line Item Trend 2025-12-31 2024-12-31 2023-12-31 2022-12-31
Total Assets
296.41
-31.86%
435.02
+42.61%
305.05
+83.89%
165.89
Current Assets
129.28
-40.32%
216.63
+138.76%
90.73
-38.75%
148.14
Cash Cash Equivalents And Short Term Investments
125.14
-41.14%
212.61
+176.44%
76.91
-42.86%
134.60
Cash And Cash Equivalents
125.14
-41.14%
212.61
+176.44%
76.91
-27.74%
106.44
Other Short Term Investments
—
—
0.00
-100.00%
28.16
Receivables
1.11
+27.87%
0.87
-90.15%
8.85
-9.29%
9.76
Accounts Receivable
1.11
+27.87%
0.87
-85.14%
5.87
-11.01%
6.60
Other Receivables
—
—
2.98
-5.72%
3.16
Prepaid Assets
—
—
—
—
Other Current Assets
3.02
-3.88%
3.14
-36.70%
4.97
+31.47%
3.78
Total Non Current Assets
167.13
-23.47%
218.40
+1.90%
214.32
+1107.58%
17.75
Net PPE
17.79
+15.14%
15.45
+26.81%
12.18
-15.47%
14.41
Gross PPE
22.52
+26.48%
17.80
-0.59%
17.91
-8.70%
19.62
Accumulated Depreciation
-4.73
-100.81%
-2.36
+58.85%
-5.73
-10.05%
-5.21
Properties
0.00
0.00
0.00
0.00
Machinery Furniture Equipment
0.86
+0.47%
0.85
-36.89%
1.35
+0.60%
1.34
Construction In Progress
3.47
+398.71%
0.69
+363.33%
0.15
-74.96%
0.60
Other Properties
14.02
+9.28%
12.83
-21.52%
16.35
-7.21%
17.62
Leases
4.18
+21.89%
3.43
+5518.03%
0.06
+7.02%
0.06
Goodwill And Other Intangible Assets
142.06
-28.53%
198.76
+0.00%
198.76
0.00
Goodwill
48.16
+0.00%
48.16
+0.00%
48.16
0.00
Other Intangible Assets
93.90
-37.65%
150.60
+0.00%
150.60
—
Investments And Advances
0.00
-100.00%
2.00
+0.00%
2.00
+0.00%
2.00
Other Non Current Assets
7.29
+233.15%
2.19
+58.82%
1.38
+2.99%
1.34
Total Liabilities Net Minority Interest
422.65
-4.34%
441.82
-40.71%
745.23
+934.21%
72.06
Current Liabilities
14.94
-34.99%
22.98
-66.32%
68.21
+172.00%
25.08
Payables And Accrued Expenses
10.79
-12.76%
12.36
-30.86%
17.88
+24.19%
14.40
Payables
1.29
+347.22%
0.29
-90.86%
3.15
+896.84%
0.32
Accounts Payable
1.29
+347.22%
0.29
-90.86%
3.15
+896.84%
0.32
Current Accrued Expenses
9.50
-21.35%
12.08
-18.03%
14.73
+4.61%
14.08
Total Tax Payable
—
—
—
0.00
Income Tax Payable
—
—
—
0.00
Current Debt And Capital Lease Obligation
4.15
+45.60%
2.85
+31.63%
2.17
-78.52%
10.08
Current Debt
—
—
—
8.48
Other Current Borrowings
—
—
—
8.48
Current Capital Lease Obligation
4.15
+45.60%
2.85
+31.63%
2.17
+34.70%
1.61
Current Deferred Liabilities
—
0.00
-100.00%
2.31
+289.71%
0.59
Current Deferred Revenue
—
0.00
-100.00%
2.31
+289.71%
0.59
Other Current Liabilities
—
7.76
-83.07%
45.85
—
Total Non Current Liabilities Net Minority Interest
407.71
-2.66%
418.85
-38.13%
677.02
+1341.06%
46.98
Long Term Debt And Capital Lease Obligation
8.53
-23.43%
11.13
+26.67%
8.79
-68.43%
27.84
Long Term Debt
—
—
—
17.79
Long Term Capital Lease Obligation
8.53
-23.43%
11.13
+26.67%
8.79
-12.59%
10.05
Non Current Deferred Liabilities
6.95
-56.95%
16.14
-16.76%
19.39
0.00
Non Current Deferred Revenue
—
0.00
-100.00%
3.54
0.00
Non Current Deferred Taxes Liabilities
6.95
-56.95%
16.14
—
—
Other Non Current Liabilities
392.10
+1.12%
387.74
+13.17%
342.62
—
Preferred Securities Outside Stock Equity
—
0.00
-100.00%
300.55
0.00
Stockholders Equity
-126.24
-1755.92%
-6.80
+98.45%
-440.18
-569.14%
93.83
Common Stock Equity
-126.24
-1755.92%
-6.80
+98.45%
-440.18
-569.14%
93.83
Capital Stock
0.00
+0.00%
0.00
+200.00%
0.00
-93.33%
0.01
Common Stock
0.00
+0.00%
0.00
+200.00%
0.00
-93.33%
0.01
Preferred Stock
0.00
0.00
0.00
0.00
Share Issued
26.01
+0.95%
25.77
+377.39%
5.40
+5.81%
5.10
Ordinary Shares Number
26.01
+0.95%
25.77
+377.39%
5.40
+5.81%
5.10
Additional Paid In Capital
700.71
+1.57%
689.89
+285.28%
179.06
-63.70%
493.31
Retained Earnings
-822.37
-18.83%
-692.07
-12.60%
-614.65
-55.63%
-394.94
Gains Losses Not Affecting Retained Earnings
-4.58
+0.97%
-4.62
-0.46%
-4.60
-0.92%
-4.56
Other Equity Adjustments
-4.58
+0.97%
-4.62
-0.46%
-4.60
-0.92%
-4.56
Total Equity Gross Minority Interest
-126.24
-1755.92%
-6.80
+98.45%
-440.18
-569.14%
93.83
Total Capitalization
-126.24
-1755.92%
-6.80
+98.45%
-440.18
-494.38%
111.61
Working Capital
114.34
-40.96%
193.65
+759.90%
22.52
-81.70%
123.06
Invested Capital
-126.24
-1755.92%
-6.80
+98.45%
-440.18
-466.55%
120.09
Total Debt
12.68
-9.35%
13.98
+27.65%
10.96
-71.11%
37.92
Capital Lease Obligations
12.68
-9.35%
13.98
+27.65%
10.96
-6.07%
11.66
Net Tangible Assets
-268.30
-30.52%
-205.56
+67.83%
-638.95
-780.98%
93.83
Tangible Book Value
-268.30
-30.52%
-205.56
+67.83%
-638.95
-780.98%
93.83
Derivative Product Liabilities
0.14
-96.32%
3.84
-32.39%
5.67
-70.36%
19.14
Interest Payable
—
—
0.00
-100.00%
0.22
Line Item Trend 2025-12-31 2024-12-31 2023-12-31 2022-12-31
Operating Cash Flow
-73.94
-212.33%
-23.67
+53.73%
-51.16
-61.74%
-31.63
Cash Flow From Continuing Operating Activities
-73.94
-212.33%
-23.67
+53.73%
-51.16
-61.74%
-31.63
Net Income From Continuing Operations
-130.30
-68.30%
-77.42
+64.76%
-219.71
-721.02%
35.38
Depreciation Amortization Depletion
2.96
+157.08%
1.15
+36.54%
0.84
-34.50%
1.29
Depreciation And Amortization
2.96
+157.08%
1.15
+36.54%
0.84
-34.50%
1.29
Other Non Cash Items
5.13
-86.95%
39.34
+91.80%
20.51
+795.59%
2.29
Stock Based Compensation
10.52
+59.85%
6.58
-70.78%
22.52
+101.21%
11.19
Asset Impairment Charge
58.70
+674.51%
7.58
+967.46%
0.71
0.00
Deferred Tax
-9.19
-3303.14%
0.29
+101.51%
-19.00
0.00
Deferred Income Tax
-9.19
-3303.14%
0.29
+101.51%
-19.00
0.00
Operating Gains Losses
-3.69
-180.24%
4.61
-96.66%
138.07
+756.57%
-21.03
Gain Loss On Investment Securities
-3.69
-185.30%
4.33
-96.83%
136.85
+755.37%
-20.88
Gain Loss On Sale Of PPE
0.00
-100.00%
0.27
-42.77%
0.48
+424.49%
-0.15
Change In Working Capital
-8.06
-39.23%
-5.79
-216.50%
4.97
+108.23%
-60.38
Change In Receivables
-0.24
-103.05%
7.98
+779.71%
0.91
+481.41%
0.16
Changes In Account Receivables
-0.24
-104.86%
5.00
+588.43%
0.73
-78.12%
3.32
Change In Prepaid Assets
-5.30
-403.26%
1.75
+238.10%
-1.26
-151.19%
2.47
Change In Payables And Accrued Expense
-2.52
+73.91%
-9.67
-13343.84%
0.07
-95.71%
1.70
Change In Accrued Expense
-3.59
+46.77%
-6.74
-144.15%
-2.76
-224.82%
2.21
Change In Payable
1.07
+136.42%
-2.93
-203.28%
2.83
+656.78%
-0.51
Change In Account Payable
1.07
+136.42%
-2.93
-203.28%
2.83
+2980.43%
0.09
Change In Other Working Capital
—
-5.85
-211.28%
5.26
+108.12%
-64.71
Investing Cash Flow
-5.45
+37.61%
-8.74
-125.26%
34.61
+330.70%
-15.00
Cash Flow From Continuing Investing Activities
-5.45
+37.61%
-8.74
-125.26%
34.61
+330.70%
-15.00
Net PPE Purchase And Sale
-5.45
+37.61%
-8.74
-4143.69%
-0.21
+82.85%
-1.20
Purchase Of PPE
-5.45
+40.02%
-9.09
-4314.08%
-0.21
+82.85%
-1.20
Sale Of PPE
0.00
-100.00%
0.35
0.00
0.00
Capital Expenditure
-5.45
+40.02%
-9.09
-4314.08%
-0.21
+82.85%
-1.20
Net Investment Purchase And Sale
—
0.00
-100.00%
28.25
+304.72%
-13.80
Purchase Of Investment
—
—
0.00
+100.00%
-33.50
Sale Of Investment
—
0.00
-100.00%
28.25
+43.42%
19.70
Net Business Purchase And Sale
—
0.00
-100.00%
6.56
0.00
Financing Cash Flow
-8.05
-104.78%
168.43
+1381.31%
-13.14
-133.52%
39.22
Cash Flow From Continuing Financing Activities
-8.05
-104.78%
168.43
+1381.31%
-13.14
-133.52%
39.22
Net Issuance Payments Of Debt
—
0.00
+100.00%
-27.46
0.00
Issuance Of Debt
—
—
—
0.00
Repayment Of Debt
—
0.00
+100.00%
-27.46
0.00
Long Term Debt Issuance
—
—
—
0.00
Long Term Debt Payments
—
0.00
+100.00%
-27.46
0.00
Net Long Term Debt Issuance
—
0.00
+100.00%
-27.46
0.00
Net Common Stock Issuance
0.00
-100.00%
124.44
+2117.15%
-6.17
-115.83%
38.98
Common Stock Payments
—
0.00
+100.00%
-6.17
0.00
Repurchase Of Capital Stock
—
0.00
+100.00%
-6.17
0.00
Proceeds From Stock Option Exercised
0.32
-92.04%
4.06
+1655.84%
0.23
-33.04%
0.34
Net Other Financing Charges
-8.38
-12593.94%
-0.07
—
-0.11
Changes In Cash
-87.45
-164.30%
136.01
+558.00%
-29.70
-300.34%
-7.42
Effect Of Exchange Rate Changes
0.04
+314.29%
-0.02
+60.38%
-0.05
-365.00%
0.02
Beginning Cash Position
214.28
+173.71%
78.29
-27.54%
108.04
-6.41%
115.44
End Cash Position
126.87
-40.79%
214.28
+173.71%
78.29
-27.54%
108.04
Free Cash Flow
-79.39
-142.30%
-32.77
+36.21%
-51.37
-56.45%
-32.83
Interest Paid Supplemental Data
—
0.00
-100.00%
1.85
-17.57%
2.25
Amortization Of Securities
—
0.00
+100.00%
-0.08
+78.93%
-0.38
Change In Income Tax Payable
—
—
0.00
+100.00%
-0.60
Change In Tax Payable
—
—
0.00
+100.00%
-0.60
Common Stock Issuance
0.00
-100.00%
124.44
0.00
-100.00%
38.98
Issuance Of Capital Stock
0.00
-100.00%
164.44
+712.04%
20.25
-48.05%
38.98
Net Preferred Stock Issuance
0.00
-100.00%
40.00
+97.53%
20.25
0.00
Preferred Stock Issuance
0.00
-100.00%
40.00
+97.53%
20.25
0.00
Sale Of Business
—
0.00
-100.00%
6.56
0.00
SEC Filings

Recent 10-K, 10-Q, 8-K, and Form 4 (insider) filings.

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