Cartesian Therapeutics, Inc.
RNACHealthcareNASDAQBiotechnology
Scan Results
Daily timeframePart of the healthcare sector, Cartesian Therapeutics, Inc. (RNAC) is listed under Biotechnology. With a market capitalization of $276.8M, it sits in micro-cap territory. 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.
Market Cap
$276.8M
Beta
0.78
P/E (TTM)
—
P/E (Fwd)
-3.51
EPS (TTM)
$-5.80
EPS (Fwd)
$-2.68
ROE
—
ROA
-16.4%
Cash
$118.6M
Total Debt
$11.9M
Free CF
-$46.9M
52W Change
-11.8%
Annual Financials
Cash vs Debt
Cartesian Therapeutics, Inc. holds $118.6M in cash against $11.9M in total debt, giving it a net cash position. This means the company could theoretically pay off all its debt and still have cash remaining. The company is burning cash, with free cash flow at -$46.9M. This typically occurs when a company is investing aggressively in growth, but sustained cash burn can strain the balance sheet. Revenue has pulled back from $110.8M (2022) to $2.8M (2025), a 97% decline worth watching.
The strong cash position relative to debt provides a financial cushion that reduces balance sheet risk. The company is burning cash at the operating level, which is not unusual for growth-phase companies but adds risk if it persists. These risk factors are not exhaustive — macroeconomic shifts, regulatory changes, and competitive dynamics can all influence Cartesian Therapeutics, Inc.'s trajectory.