Cartesian Therapeutics (RNAC) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Cartesian Therapeutics

NasdaqGM•Healthcare•Biotechnology

$9.27+0.15(0.02%)Market closed

Market Cap

$233.08M

P/S

157.8x

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.

How this company scores

WeakMetricSide Score: 29/100

Grade capped at D — Negative equity — the balance sheet is insolvent. Strongest: Growth (13/25); weakest: Cash & Earnings Quality (3/25).

Profitability6/25

Growth13/25

Balance Sheet & Red Flags7/25

Cash & Earnings Quality3/25

Strengths

Growing revenueNet cash position

Grade capped at D

Negative equity — the balance sheet is insolvent.
Interest coverage below 1× (-45.6x) — earnings cannot cover interest.

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 4.9x5y range 4.9x – 5.9x

Currently near its 4-quarter median.

P/S · 157.8x5y range 1.4x – 263.1x

Currently above its 20-quarter median.

P/B · 460.3x5y range 1.8x – 460.3x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Margin Pressure

Red Flag

The company posted negative operating margins in recent quarters — core operations are unprofitable.

Earnings Quality

Red Flag

Free cash flow has been negative in 7 of the last 8 quarters — earnings are not translating to cash.

Price & Volume

Market Cap $233.08M

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $1.48M
Q. Revenue: $0
TTM EBITDA: $-152.75M
TTM Op. Income: $-155.36M
Q. Op. Income: $-29.16M
TTM Net Income: $-151.89M
Q. Net Income: $15.77M
EPS: $0.47
Shares Out.: $29.47M

$1.48M in TTM revenue grew 44.0% YoY, reaching $0 last quarter. TTM EBITDA of $-152.75M and TTM operating income of $-155.36M show growth is flowing through to the bottom line. However, net income is negative at $151.89M — growth is not yet reaching the bottom line. Across the last 8 quarters, TTM revenue has fallen for 2 consecutive quarters — a weakening trend.

Margins

Gross, EBITDA, operating, and net margin trends

EBITDA Margin: N/A
Op. Margin: -2915500000.0%
Net Margin: 1576900000.0%

Op. margin of -2915500000.0% is down 2915492680.9% YoY — costs are rising relative to revenue. Net margin at 1576900000.0% Across the last 8 quarters, operating margin has fallen for 3 consecutive quarters — a weakening trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: N/A
P/S Ratio: 157.8x
P/B Ratio: N/A

P/S of 157.8x and P/B of 0.0x. P/S is high, meaning growth expectations are priced in.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $318.63M
Cash: $147.61M
Long-Term Debt: $52.85M
Book Value: $-125.23M
D/E Ratio: N/A
Debt/EBITDA: N/A

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $-21.08M
TTM Free Cash Flow: $-78.61M
FCF Margin: -5322.4%
FCF / Net Income: 0.5

TTM FCF of $-78.61M on $-21.08M in operating cash flow. The FCF / Net Income ratio of 0.5x means cash covers only part of net income — earnings quality needs attention. Over the past year, free cash flow is down 77% — a weakening trend.