10-K · March 9, 2026
Cartesian Therapeutics (RNAC) shows strong clinical progress for lead candidate Descartes-08 — >100 patients treated as of December 31, 2025, Phase 3 AURORA initiated in May 2025 with ~100 participants and an SPA from…
Earnings analysis · 10-Q
RNAC earnings analysis
Filed April 30, 2026 · Our reading of the company's report
The latest report
RNAC reported a significant decline in total revenue, falling to $78,000 for Q1 2026 from $1.1 million in Q1 2025, a decrease of 93%. The company also faced a net loss of $39.2 million, which more than doubled compared…
Read full summary
RNAC reported a significant decline in total revenue, falling to $78,000 for Q1 2026 from $1.1 million in Q1 2025, a decrease of 93%. The company also faced a net loss of $39.2 million, which more than doubled compared to the prior year's net loss of $17.7 million due to increasing operating expenses and a significant change in fair value of liabilities. Management highlighted ongoing challenges in product development and indicated the need for additional financing to sustain operations.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
What stood out
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Severe Revenue Drop
Total revenue fell to $78,000, down 93% from $1.1 million in Q1 2025.
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Excessive Net Loss
The net loss for Q1 2026 was $39.2 million, increasing by 121% from $17.7 million in Q1 2025.
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R&D Expenses Surge
Research and development expenses rose 33% to $19.5 million, up from $14.7 million year-over-year.
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Lower Interest Income
Interest income decreased to $1.0 million, down 49% from $2.0 million a year ago.
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Management Comments on Cash Needs
Management stated they will require substantial additional funding to continue operations and pursue product development.
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Decrease in Grant Revenue
Grant revenue dropped to $78,000 from $700,000 in Q1 2025, reflecting reduced eligible expenses.
What to watch
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Higher Operating Losses
Operating loss increased to $26.5 million, up 21% from $21.9 million in Q1 2025.
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Escalating Debt Level
Accumulated deficit reached $861.6 million, indicating a long-standing financial struggle.
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Funding Challenges Ahead
Management warned of potential difficulties in raising necessary capital to support ongoing development.
Management's outlook
Management anticipates continued losses and the need for additional financing, but did not provide specific numeric guidance in the report.
Earlier filings 4
10-Q · November 6, 2025
Cartesian Therapeutics reported Q3 2025 revenue of $452,000 (grant revenue), up from $387,000 in Q3 2024 and $298,000 in Q2 2025, while reporting a net loss of $35.9 million (loss per share $1.38) driven by $21.5…
10-K · March 13, 2025
Cartesian Therapeutics (RNAC) frames itself as a clinical-stage mRNA cell therapy company focused on autoimmune diseases, leading with Descartes-08 (anti-BCMA) which achieved statistically significant Phase 2b results.…
10-Q · May 8, 2024
Cartesian Therapeutics reported collaboration and license revenue of $5,840,000 and a GAAP net loss of $56,824,000 (EPS -$10.50) for the quarter ended March 31, 2024. Cash and equivalents totaled ~$104.8M and management…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.