Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Cartesian Therapeutics, Inc. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
8.08
0.21
0.9
6.68
16.6
85.1
111
26
38.9
2.8
Research and development
29.7
45.2
47.7
42.7
54.5
68.7
72.4
71.3
45.1
58
General and administrative
13.1
18.8
18.2
16.4
18.9
20.9
23.9
40.5
30.1
31.5
Operating expenses
42.8
64
65.9
59.1
73.4
89.7
96.2
112
82.8
146
Operating income
-34.7
-63.8
-65
-52.5
-56.8
-4.6
14.5
-86.4
-43.9
-143
Interest expense
1.25
1.21
1.49
1.52
1.56
2.84
3.03
2.83
0
Interest income
4.96
7.39
6.58
Other non-operating income
0
-0.15
0.01
-1.31
0.09
0.02
0.33
0.69
-33.2
3.91
Pre-tax income
-55.4
-68.9
-9.72
34.8
-239
-77.1
-139
Income tax
0
0
16
-0.61
-19
0.29
-9.19
Net income
-36.2
-65.3
-65.3
-55.4
-68.9
-25.7
35.4
-220
-77.4
-130
EBITDA
-33.9
-63
-64
-51.8
-56.2
-4
15.2
-85.7
-42.7
-141
EPS, basic
-116.61
-95.92
-87.53
-36.57
-20.38
-6.59
7.19
-49.76
-4.48
-5.02
EPS, diluted
-116.61
-95.92
-87.53
-36.57
-20.38
-6.59
3.00
-49.76
-4.49
-5.02
Shares, basic (weighted)
0.35
0.68
0.75
1.52
3.38
3.81
4.83
5.17
17.3
26
Shares, diluted (weighted)
0.35
0.68
0.75
1.52
3.38
3.81
4.87
5.17
17.4
26
Balance sheet
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
58.7
70.6
37.4
89.9
139
114
106
76.9
213
125
Short-term investments
25.5
25.9
0
0
14
28.2
0
Receivables
0.22
0.06
0
5
7.22
9.91
6.6
5.87
0.87
1.12
Other current assets
2.38
2.04
0.08
1.5
5.43
6.47
3.78
4.97
3.14
3.02
Total current assets
86.8
98.7
42.1
96.7
151
144
148
90.7
217
129
Property, plant and equipment
2.05
2.09
2.13
1.22
1.4
2.14
2.79
2.11
9.91
12.2
Lease right-of-use assets
0.3
10.9
9.83
11.6
10.1
5.54
5.6
Goodwill
0
48.2
48.2
48.2
Other non-current assets
0.12
0
0
0.52
Total assets
89.3
101
44.5
99.6
165
160
166
305
435
296
Accounts payable
3.88
1.61
1.1
0.5
0.44
0.22
0.32
3.15
0.29
1.29
Accrued liabilities
3.92
8.58
11.7
13.5
8.15
10.5
14.1
14.7
12.1
9.5
Deferred revenue
1.84
0.79
0.96
1.67
72.1
53.9
0.59
2.31
0
Total current liabilities
13.7
11
35.1
34.9
81.5
72.3
25.1
68.2
23
14.9
Long-term debt
0
Lease liabilities
0
9.65
8.6
10.1
8.79
11.1
8.53
Other non-current liabilities
0
1.2
0.94
0
Total liabilities
34.3
49.3
49.9
91.2
183
137
72.1
445
442
423
Total debt
0
Paid-in capital
211
273
280
349
391
457
493
179
690
701
Retained earnings
-152
-217
-280
-336
-405
-430
-395
-615
-692
-822
Other comprehensive income
-4.52
-4.42
-4.56
-4.52
-4.56
-4.57
-4.56
-4.6
-4.62
-4.58
Shareholders' equity
55
51.8
-5.42
8.4
-18
22.5
93.8
-440
-6.8
-126
Total equity
55
51.8
-5.42
8.4
-18
22.5
93.8
-440
-6.8
-126
Total liabilities and equity
89.3
101
44.5
99.6
165
160
166
305
435
296
Shares outstanding
0.62
0.75
0.75
2.88
3.61
4.12
5.11
5.4
25.8
26
Cash flow statement
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-36.2
-65.3
-65.3
-55.4
-68.9
-25.7
35.4
-220
-77.4
-130
Depreciation and amortization
0.8
0.75
1
0.7
0.6
0.6
0.7
0.7
1.2
2.4
Stock-based compensation
2.05
4.08
5.71
5.16
5.42
7.72
11.2
22.5
6.58
10.5
Deferred income tax
0
0
0
0
-19
0.29
-9.19
Change in receivables
0.61
0.15
0
-5
-2.22
-2.69
3.32
0.73
5
-0.24
Change in payables
2.69
-2.33
-0.52
-0.6
-0.06
-0.22
0.09
2.83
-2.93
1.07
Cash from operations
-19.8
-52
-59.2
-51.4
34.9
-60.4
-31.6
-51.2
-23.7
-73.9
Capital expenditures
-0.59
-0.73
-0.88
-0.05
-0.82
-1.09
-1.2
-0.21
-9.09
-5.45
Purchases of investments
-28.4
-61.5
-15.6
-18.2
0
-30.5
-33.5
0
Sales and maturities of investments
16.4
0
16.4
19.7
28.3
0
Cash from investing
-22.1
-2.1
25.3
0.23
-0.74
-17.1
-15
34.6
-8.74
-5.45
Debt issued
0
0
24.7
0
0
Debt repaid
0
-12.9
0
-2.8
-19.3
0
0
-27.5
0
Stock issued
2.74
10
0
30.9
2.11
52
2.12
0
1.18
0.32
Cash from financing
67.7
66
0.7
105
14.4
52.9
39.2
-13.1
168
-8.06
Exchange rate effect
0.46
0.08
-0.15
0.03
-0.06
-0
0.02
-0.05
-0.02
0.05
Net change in cash
26.3
12
-33.3
53.9
48.5
-24.6
-7.4
-29.8
136
-87.4
Free cash flow
-20.3
-52.8
-60
-51.5
34.1
-61.5
-32.8
-51.4
-32.8
-79.4
Interest paid
0.97
0.91
1.13
1.22
1.02
2
2.25
1.85
0
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $7.41 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Operating margin
-10,519.0%
Operating income / revenue.
EBITDA margin
-10,343.0%
EBITDA (operating income + depreciation and amortization) / revenue.
Net margin
-10,284.0%
Net income / revenue.
FCF margin
-5,322.0%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
-5,181.0%
Cash from operations / revenue.
Return on assets (ROA)
-47.7%
Net income / average total assets.
R&D / revenue
4,630.0%
Research and development expense / revenue.
Stock-based pay / revenue
625.6%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
141.0%
Capital expenditures / revenue.
D&A / revenue
176.0%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
-92.8%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
-70.7%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y
-30.0%
Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y
-31.9%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
21.3%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
12.4%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y
49.6%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
74.8%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y
50.4%
Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
7.48x
Current assets / current liabilities.
Quick ratio
7.19x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
7.18x
(Cash + short-term investments) / current liabilities.
Debt / assets
16.6%
Total debt / total assets.
Liabilities / assets
139.3%
Total liabilities / total assets.
Net debt
-$94.8M
Total debt - cash - short-term investments. Negative means more cash than debt.
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share
$0.05
Revenue / diluted weighted shares.
FCF per share
-$2.63
Free cash flow / diluted weighted shares.
Operating cash flow per share
-$2.56
Cash from operations / diluted weighted shares.
Book value per share
-$4.17
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/S
152x
Market cap / revenue.
EV/Sales
87.6x
Enterprise value / revenue.
FCF yield
-35.1%
Free cash flow / market cap.
Earnings yield
-67.8%
Net income / market cap (the inverse of P/E).
What was Cartesian Therapeutics, Inc.'s revenue in fiscal 2025?
Cartesian Therapeutics, Inc. reported revenue of $2.8M for fiscal 2025, 92.8% lower than the year before.
Was Cartesian Therapeutics, Inc. profitable in fiscal 2025?
No. It reported a net loss of $130.3M.
How much free cash flow did Cartesian Therapeutics, Inc. generate in fiscal 2025?
Cash from operations of $73.9M minus capital expenditures of $5.5M left free cash flow of -$79.4M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.