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NASDAQ · Health careCartesian Therapeutics, Inc. (RNAC)
Cartesian Therapeutics, Inc. brought in $1M of revenue over the twelve months to September 30, 2026, down 6.0% from a year earlier. It posted a net loss of $127.5M. In fiscal 2025 capital spending exceeded operating cash flow by $79.4M. At September 30, 2026 it held $123M in cash against $50.2M of debt. Its latest periodic report to the SEC is the quarterly report (10-Q) filed on November 5, 2026.
Key facts about Cartesian Therapeutics, Inc.
- Net worth
- Cartesian Therapeutics, Inc. has a market value (market cap) of $210.9M at the latest share price, and shareholders' equity of -$130.5M on its balance sheet at September 30, 2026. A company's "net worth" usually means one of these: what the market pays for all its shares, or its assets minus its liabilities.
- Revenue and profit
- In fiscal 2025 revenue was $2.8M (-92.8% year on year), with a net loss of $130.3M. Over the 12 months to September 30, 2026: revenue $1M, net loss $127.5M.
- Cash flow
- In fiscal 2025 operations used $73.9M of cash.
- Latest report
- The latest periodic report (quarterly report, 10-Q) was filed with the SEC on November 5, 2026 and covers the period to September 30, 2026. Open on SEC EDGAR
- Next earnings report
- Cartesian Therapeutics, Inc.'s next report is expected around March 8, 2027. That is an estimate from its filing rhythm, not a date the company has announced.
What Cartesian Therapeutics, Inc. does
Cartesian Therapeutics, Inc. is registered with the SEC under industry code SIC 2834 (Pharmaceutical Preparations). Its shares trade on NASDAQ under the ticker RNAC.
Revenue and profit by year
Key figures
| Fiscal year | Revenue | Net income | Diluted EPS | Free cash flow |
|---|---|---|---|---|
| 2025 | $2.8M | -$130.3M | -$5.02 | -$79.4M |
| 2024 | $38.9M | -$77.4M | -$4.49 | -$32.8M |
| 2023 | $26M | -$219.7M | -$49.76 | -$51.4M |
| 2022 | $110.8M | $35.4M | $3.00 | -$32.8M |
| 2021 | $85.1M | -$25.7M | -$6.59 | -$61.5M |
| 2020 | $16.6M | -$68.9M | -$20.38 | $34.1M |
Earnings: every quarter and the next report date
Full financial statements: income, balance sheet and cash flow
Where RNAC ranks in Health care
Latest SEC filings
What Cartesian Therapeutics, Inc. has filed recently, newest first. Each links to the original document on SEC EDGAR.
- November 6, 2026Passive stake changed SCHEDULE 13G/A
- November 5, 2026
- November 5, 2026
- September 29, 2026
- August 13, 2026Passive stake (5% or more) SCHEDULE 13G
- August 6, 2026
- August 6, 2026
- July 22, 2026Passive stake changed SCHEDULE 13G/A
- June 17, 2026
- June 9, 2026
Insider trades
What the people running Cartesian Therapeutics, Inc. did with its shares, from the Form 4 filings they must send the SEC within two business days.
No insider trades were reported in the last 90 days.
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| April 2, 2026 | Kalayoglu Murat10% owner | Exercised optionsindirect | 758,001 | - |
| April 2, 2026 | Hoge Elizabeth10% owner | Exercised optionsindirect | 758,001 | - |
| March 13, 2026 | Singer MichaelDirector | Gave as a gift | 6,555 | - |
| January 6, 2026 | Davis BlaineChief Financial Officer | Sold | 10,591 | $72.2K |
| January 6, 2026 | Miljkovic MilosChief Medical Officer | Sold | 3,573 | $24.4K |
| January 6, 2026 | Brunn CarstenPresident and CEO, Director | Sold | 23,766 | $162.1K |
| January 2, 2026 | Kalayoglu MuratDirector, 10% owner | Received as pay | 2,600 | - |
| January 2, 2026 | Springer Timothy ADirector, 10% owner | Received as pay | 2,600 | - |
Who owns RNAC
Three views from three kinds of SEC filings, each with its own date. They overlap and are not added up.
5% holders
| Holder | Of class | Filed |
|---|---|---|
| Timothy A. Springer13D, may seek influence with 2 related filers | 36.9% | January 15, 2025 |
| Murat Kalayoglu13D, may seek influence with 3 related filers | 19.9% | April 2, 2026 |
| Squarepoint Ops LLC13G, passive with 5 related filers | 8.3% | March 13, 2026 |
Largest institutional holders
Positions that investment managers reported on Form 13F for the quarter ended June 30, 2026, largest first, with the change on the quarter ended March 31, 2026. Managers file 13F up to 45 days after a quarter ends. 95 managers reported a position.
| Holder | Shares | Change on quarter |
|---|---|---|
| Squarepoint Ops LLC | 2,254,619 | +16,133 |
| BlackRock, Inc. | 819,239 | +220,131 |
| 683 Capital Management, LLC | 650,000 | +320,000 |
| Vanguard Capital Management LLC | 555,823 | +148,226 |
| Fmr LLC | 368,429 | -431,314 |
| Geode Capital Management, LLC | 356,525 | +92,831 |
| Aqr Capital Management LLC | 356,456 | +272,436 |
| Millennium Management LLC | 309,887 | +25,570 |
| Two Sigma Investments, LP | 296,293 | +128,980 |
| State Street Corp | 249,212 | +48,875 |
| Marshall Wace, Llp | 232,919 | -18,196 |
| UBS Group AG | 208,647 | +71,807 |
| Jupiter Topco LLC | 200,905 | new |
| Privium Fund Management B.V. | 151,675 | -27,439 |
| Northern Trust Corp | 105,698 | +13,706 |
| ADAR1 Capital Management, LLC | 98,877 | new |
| Vanguard Fiduciary Trust Co | 91,854 | +21,558 |
| Vanguard Portfolio Management LLC | 87,317 | +26,734 |
| Diadema Partners LP | 87,057 | new |
| Bank of America Corp | 84,624 | new |
Insiders
14 insiders reported holding 20,536,497 shares in total, about $143.1M at the last price.
| Holder | Shares |
|---|---|
| Springer Timothy ADirector, 10% owner | 8,646,285 |
| Kalayoglu MuratDirector, 10% owner | 5,824,8385,313,261 held indirectly |
| Hoge Elizabeth10% owner | 5,313,2615,313,261 held indirectly |
| Brunn CarstenPresident and CEO, Director | 323,530 |
| Davis BlaineChief Financial Officer | 121,220 |
| English EmilyChief Operations Officer | 94,226 |
| Miljkovic MilosChief Medical Officer | 58,820 |
| Barabe Timothy CDirector | 56,966 |
| Singer MichaelDirector | 49,578 |
| Zenner Patrick JDirector | 12,974 |
Questions about RNAC
What does Cartesian Therapeutics, Inc. do?
Cartesian Therapeutics, Inc. is a company in the Health care sector, listed on NASDAQ as RNAC. Its shares trade on NASDAQ under the ticker RNAC.
What is Cartesian Therapeutics, Inc.'s net worth?
Cartesian Therapeutics, Inc. has a market value (market cap) of $210.9M at the latest share price, and shareholders' equity of -$130.5M on its balance sheet at September 30, 2026. A company's "net worth" usually means one of these: what the market pays for all its shares, or its assets minus its liabilities.
Is Cartesian Therapeutics, Inc. profitable?
No. Over the twelve months to September 30, 2026 it reported a net loss of $127.5M on revenue of $1M.
How much revenue does Cartesian Therapeutics, Inc. make?
Over the twelve months to September 30, 2026 Cartesian Therapeutics, Inc. reported revenue of $1M. That is 6.0% less than a year earlier.
When did Cartesian Therapeutics, Inc. last report?
Its most recent periodic report is the quarterly report (10-Q) filed on November 5, 2026. It covers the period to September 30, 2026. Its newest filing of any kind is the passive stake changed from November 6, 2026.
When is Cartesian Therapeutics, Inc.'s next earnings report?
Cartesian Therapeutics, Inc.'s next report is expected around March 8, 2027. That is an estimate from its filing rhythm, not a date the company has announced.
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Where the numbers come from
Financial figures are the values Cartesian Therapeutics, Inc. tagged in its own SEC filings (XBRL), taken from the latest filing for each period, so restatements replace older figures. Revenue, profit and cash flow are for full fiscal years unless marked as the last twelve months, which is the sum of the four most recent quarters. Where a company reports only the full year, the fourth quarter is the year minus the first three.
Prices are delayed end-of-day market data in the listing currency, and market cap moves with the price. P/E is shown only when earnings per share are positive. Nothing here is investment advice.