Companies ›Healthcare ›RNAC.O

RNAC.O — NASDAQ Pharmaceuticals & Medical Research

Cartesian Therapeutics Inc

$7,87

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Mcap

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P/E

—

EV / Rev

—

Div yield

—

Op margin

-5 127,1 %

ROE

103,2 %

Net margin

-4 658,6 %

Debt / equity

0,00

Beta

—

52w range

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Volume

—

Day range

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Prev close

$7,21

Open

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Next earnings

2026-10-28

Ex-dividend

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TR 1Y

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About

Cartesian Therapeutics Inc is a biotechnology company focused on the development of RNA-based therapeutics, primarily targeting oncology and rare diseases.

Business. Cartesian Therapeutics Inc (RNAC.O) is a health care company operating in the pharmaceuticals and medical research industry. The firm is headquartered in the United States and is primarily listed on the NASDAQ stock exchange. Specific details regarding operating segments and geographic revenue mix are not available.

Classification99 %

SectorHealth Care

Industry groupPharmaceuticals & Medical Research

Generated · model-assisted

Sell-side consensus

—consensus pending

— buy— hold— sell

Avg 12m price target—

Upcoming events

EarningsQ3 2026 earnings (expected)2026-10-28 · estimated

See all catalysts →

At a glance

Score

—

not yet scored

Valuation

—

valuation pending

Analysts

—

not yet wired

Ownership→

Nuveen LLC

largest disclosed fund holder

Profitability→

103,2 %

return on equity

Quality

—

not yet scored

What drives this business

The watch-list the newsroom runs for this company — derived from its sector path, sharpened layer by layer. Not investment advice.

— missing data

News & coverage

No recent newsroom coverage mentioning RNAC.

Sector rotation

Sector1D1Mvs mkt

Materials+2,3 %+6,6 %+1,7 %

Communication Services+2,2 %−5,5 %+1,6 %

Energy+0,6 %+3,3 %+0,0 %

Health Care · THIS SECTOR+0,6 %−0,8 %+0,0 %

Information Technology+0,6 %+6,7 %+0,0 %

Consumer Discretionary+0,4 %+7,6 %−0,2 %

Financials−0,3 %−2,8 %−0,9 %

Consumer Staples−0,4 %+2,5 %−1,0 %

Real Estate−0,7 %+10,9 %−1,3 %

Industrials−1,9 %−3,1 %−2,5 %

Utilities−1,9 %+28,2 %−2,5 %

Developing storylines

No tracked sagas currently linked to RNAC.O. Browse all sagas →

Analysis

AI analysis

Generated · analysis pipeline · tier hybrid · as of 2026-08-04 ↑ At a glance

Opportunity

— missing data

Upcoming catalysts

Scheduled public events. Informational only — not investment advice.

Company
EarningsQ3 2026 earnings (expected)2026-10-28 · estimated
Macro
Rate decisionBank of England rate decision (press conf.)2026-08-06 · GB
Rate decisionReserve Bank of Australia rate decision (press conf.)2026-08-12 · AU
Rate decisionNorges Bank rate decision (press conf.)2026-08-20 · NO
Rate decisionSveriges Riksbank rate decision (press conf.)2026-09-03 · SE
Rate decisionBank of Canada rate decision (press conf.)2026-09-09 · CA
Rate decisionEuropean Central Bank rate decision (press conf.)2026-09-10 · EU
Macro & political
ElectionSE Swedish Election2026-09-14 · SE
ElectionUS U.S. Midterms2026-11-03 · US
ElectionFR French Legislative2027-06-01 · FR

Pre-earnings brief

— missing data

Signals & dispatch

peak dispatch · —

Composite-score breakdown

Synthesis

Business

Cartesian Therapeutics Inc (RNAC.O) is a health care company operating in the pharmaceuticals and medical research industry. The firm is headquartered in the United States and is primarily listed on the NASDAQ stock exchange. Specific details regarding operating segments and geographic revenue mix are not available.

Classification99 %

SectorHealth Care

Industry groupPharmaceuticals & Medical Research

AI synthesis

GENERATED

Cartesian Therapeutics operates with a negative equity position of -$126.24 million and no long-term debt, indicating a capital structure reliant on equity and cash reserves. The company holds $125.14 million in cash and equivalents, which supports a current ratio of 8.65, suggesting strong short-term liquidity. However, the company reported a net loss of $130.30 million and a free cash flow of -$132.80 million, reflecting significant operational cash outflows.

Profitability metrics show a return on equity of 1.03, which is unusually high given the negative equity, and a return on assets of -0.44, indicating poor asset utilization. These figures are not directly comparable to industry medians due to the company's negative equity position, but they suggest a lack of profitability and operational efficiency.

The company's revenue is concentrated in a single business segment, with no disclosed geographic diversification. This lack of diversification increases exposure to market-specific risks and limits visibility into potential growth areas.

The company's growth trajectory is constrained by its current financial position. With a net loss of $130.30 million and no disclosed revenue growth, the company is not currently expanding its top or bottom line. The outlook for the current fiscal year does not indicate a reversal of this trend.

Risk factors include a low liquidity score and a negative equity position, which could limit the company's ability to fund operations without external financing. The risk assessment indicates no immediate dilution pressure, but the company's reliance on cash reserves and the absence of long-term debt suggest a potential need for future capital raises.

Recent events include the continued development of RNA-based therapeutics, with no significant new product launches or regulatory approvals disclosed. The company's financial filings highlight ongoing research and development expenses, which are a key driver of its current financial position.

Key takeaways

Cartesian Therapeutics has a strong liquidity position with a current ratio of 8.65 but operates with a negative equity position.
The company is not currently profitable, with a net loss of $130.30 million and a return on assets of -0.44.
Revenue is concentrated in a single business segment, with no geographic diversification disclosed.
The company's growth is constrained by its financial position, with no immediate signs of improvement in the current fiscal year.
The risk assessment indicates low liquidity and dilution risk, but the company may need to raise additional capital in the future.

Bull / Bear case

Generated · model-assisted

— missing data

In focus — financials by report

Valuation

Market price

$7,87

Market cap

—

Enterprise valueⓘ

—

P/Eⓘ

—

Non-GAAP P/Eⓘ

—

EV / Revenueⓘ

—

EV / Op incomeⓘ

—

EV / OCFⓘ

—

P / Bⓘ

—

P / Tangible bookⓘ

—

Tangible book

-$126.2M

Net cashⓘ

$125.1M

Current ratioⓘ

8.7

Debt / equityⓘ

0.0

ROAⓘ

-44.0%

ROEⓘ

1.0%

Cash conversionⓘ

57.0%

CapEx / revenueⓘ

-1.9%

SBC / revenueⓘ

—

Dilution ratioⓘ

0.0%

Revenue by segment

Business relationships

Business relationships2 disclosed relationships · 1 type · extracted from filings & disclosures

Subsidiaries2

EX21:4767e207dff8EX21:4767e207dff8Subsidiarie97%

EX21:875d79af3a5eEX21:875d79af3a5eSubsidiarie97%

Supply chain

— missing data

Peer comparison

Peer comparison8 peers · vs RNAC · multiples and returns

KLAR—

KLAR.ST

—

P/E

—

— vs self

Div yield

—

— vs self

ROE

—

— vs self

BNTX—

Biontech SE

$92,25

23,3B USD

P/E

—

— vs self

Div yield

—

— vs self

ROE

—

— vs self

EXEL—

Exelixis Inc

$55,06

14,7B USD

P/E

19,5x

— vs self

Div yield

—

— vs self

ROE

40,4 %

-62,8 vs self

MDGL—

Madrigal Pharmaceuticals Inc

$482,00

11,0B USD

P/E

—

— vs self

Div yield

—

— vs self

ROE

-47,8 %

-151,0 vs self

INSM—

Insmed Inc

$107,46

23,0B USD

P/E

—

— vs self

Div yield

—

— vs self

ROE

-160,2 %

-263,4 vs self

VCYT—

Veracyte Inc

$45,30

3,6B USD

P/E

55,5x

— vs self

Div yield

—

— vs self

ROE

5,1 %

-98,2 vs self

MDXG—

Mimedx Group Inc

$4,27

636,0M USD

P/E

11,1x

— vs self

Div yield

—

— vs self

ROE

18,9 %

-84,3 vs self

AVIR—

Atea Pharmaceuticals Inc

$4,61

—

P/E

—

— vs self

Div yield

—

— vs self

ROE

-57,5 %

-160,7 vs self

Market position

Stress test

— missing data

Predictor forecast

Options

— missing data

Short squeeze

— missing data

Earnings-call key lines

— missing data

Consensus distribution

sell-side coverage

Recommendation distribution9 analysts

Strong buy3

Buy5

Hold1

Sell0

Strong sell0

12-month price target$35,57 · Median $39,00

Low $16,00High $44,00

Operating income · consensus-108,8M USD

EPS surprise

−38,3 %

reported vs consensus · miss

Revenue surprise

−78,6 %

reported vs consensus · miss

Estimate revisions

consensus EPS · 26-week trend

— missing data

Sell-side observations

Low$16,00

Mean$35,57

Median$39,00

High$44,00

Spot$7,87

+352.0 %implied to mean12-month sell-side price targets · ▲ spot

Themes

— missing data

ESG

— missing data

Risk factors

Dilution riskLow

Liquidity riskLow

Filing-based flags

No immediate filing-based liquidity or dilution flags were detected.

Benchmarks vs cohort

Op Margin-5 127,1 %Bottom quartile

Net Margin-4 658,6 %Bottom quartile

ROE103,2 %Best in class

Capex / Rev-195,0 %Bottom quartile

D/E0,00Above median

Cash Conv0,57Bottom quartile

Corporate actions / M&A

— missing data

FX exposure

— missing data

Comparable transactions

— missing data

Derivatives & instruments

Derivative transactions

Net disposed 717 502 sh4 exercises · 14 grants14 insiders

Kalayoglu Murat10% owner · Series A Non-Voting Convertible Preferred Stock → Common StockDisposed 758 001exercise · 2026-04-02
Hoge Elizabeth10% owner · Series A Non-Voting Convertible Preferred Stock → Common StockDisposed 758 001exercise · 2026-04-02
ZENNER PATRICK JDirector · Stock Option (Right to Buy) → Common StockAcquired 7 800 @ $6,76grant · 2026-01-02
DeSilva Nishan MDirector · Stock Option (Right to Buy) → Common StockAcquired 7 800 @ $6,76grant · 2026-01-02
Brunn CarstenDirector, President and CEO · Employee Stock Option (right to buy) → Common StockAcquired 415 700 @ $6,76grant · 2026-01-02
Malik KemalDirector · Stock Option (Right to Buy) → Common StockAcquired 7 800 @ $6,76grant · 2026-01-02
Miljkovic MilosChief Medical Officer · Employee Stock Option (right to buy) → Common StockAcquired 77 000 @ $6,76grant · 2026-01-02
Seymour June AnnChief Accounting Officer · Employee Stock Option (right to buy) → Common StockAcquired 19 000 @ $6,76grant · 2026-01-02
Davis BlaineChief Financial Officer · Employee Stock Option (right to buy) → Common StockAcquired 109 000 @ $6,76grant · 2026-01-02
BARABE TIMOTHY CDirector · Stock Option (Right to Buy) → Common StockAcquired 7 800 @ $6,76grant · 2026-01-02
English EmilyChief Operations Officer · Employee Stock Option (right to buy) → Common StockAcquired 71 000 @ $6,76grant · 2026-01-02
Singer MichaelDirector · Stock Option (Right to Buy) → Common StockAcquired 7 800 @ $6,76grant · 2026-01-02
SPRINGER TIMOTHY ADirector, 10% owner · Stock Option (Right to Buy) → Common StockAcquired 7 800 @ $6,76grant · 2026-01-02
Kalayoglu MuratDirector, 10% owner · Stock Option (Right to Buy) → Common StockAcquired 7 800 @ $6,76grant · 2026-01-02
English EmilyChief Operations Officer · Stock Option (Right to Buy) → Common StockDisposed 7 500 @ $3,30exercise · 2025-12-30
Bot Adrian IonDirector · Stock Option (Right to Buy) → Common StockAcquired 17 200 @ $8,29grant · 2025-12-16
English EmilyChief Operations Officer · Stock Option (Right to Buy) → Common StockDisposed 7 500 @ $3,30exercise · 2025-11-28
Seymour June AnnChief Accounting Officer · Employee Stock Option (right to buy) → Common StockAcquired 50 000 @ $8,85grant · 2025-10-27

Actions

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— missing data

Data sources

Market data
Market data cache
Issuer disclosures
Public news
Earnings transcripts
Consensus estimates
ESG data

How metrics are computed

Dilution Ratio
(shares_outstanding_diluted - shares_outstanding_basic) / shares_outstanding_basic
Net Cash
cash_and_equivalents + short_term_investments - short_term_debt - long_term_debt
Capex To Revenue
capital_expenditure / revenue
Return On Equity
net_income / total_equity
Debt To Equity
(short_term_debt + long_term_debt) / total_equity
Cash Conversion Ratio
operating_cash_flow / net_income

Source documents

Cartesian Therapeutics Inc Market data — financials · 2026-05-29

Ownership & reference

Top holders

Nuveen LLCInvestment Managers · as of 2024-12-310,00 %$1M
FMR LLCInstitutional Investor · as of 2026-03-310,00 %$5M
BlackRock Institutional Trust Company, N.A.Investment Managers · as of 2024-06-300,00 %$11M
AQR Capital Management, LLCInvestment Managers · as of 2026-03-310,00 %$1M
UBS Financial Services, Inc.Investment Managers · as of 2026-03-310,00 %$1M
Geode Capital Management, L.L.C.Investment Managers · as of 2026-03-310,00 %$2M
Northern Trust Investments, Inc.Investment Managers · as of 2026-03-310,00 %$1M
Vanguard Capital Management, LLCInvestment Managers · as of 2025-12-310,00 %$4M
State Street Investment Management (US)Investment Managers · as of 2026-03-310,00 %$1M
AllianceBernstein L.P.Investment Managers · as of 2026-03-310,00 %$0M
Bank of New York Mellon CorpInstitutional Investor · as of 2026-03-310,00 %$0M
Goldman Sachs Asset Management, L.P.Investment Managers · as of 2026-03-310,00 %$0M
Charles Schwab Investment Management, Inc.Investment Managers · as of 2026-03-310,00 %$0M
AMERIPRISE FINANCIAL INCInstitutional Investor · as of 2026-03-310,00 %$0M
Morgan Stanley Smith Barney LLCInvestment Managers · as of 2026-03-310,00 %$0M
Wells Fargo AdvisorsBrokerage Firms · as of 2026-03-310,00 %$0M
PNC Investments LLCInvestment Managers · as of 2026-03-310,00 %$0M

Leadership

Carsten BrunnPresident, Chief Executive Officer, Director

Insider activity

Net selling1 buys · 3 sellsnet -$53K14 insiders · last 365d

Hoge Elizabeth10% owner · Common StockOther 758 001 · 2026-04-02
Kalayoglu Murat10% owner · Common StockOther 758 001 · 2026-04-02
Singer MichaelDirector · Common StockOther 6 555 · 2026-03-13
Brunn CarstenDirector, President and CEO · Common StockSold 23 766 @ $6,82$162K · 2026-01-06
Miljkovic MilosChief Medical Officer · Common StockSold 3 573 @ $6,82$24K · 2026-01-06
Davis BlaineChief Financial Officer · Common StockSold 10 591 @ $6,82$72K · 2026-01-06
DeSilva Nishan MDirector · Common StockOther 2 600 · 2026-01-02
Brunn CarstenDirector, President and CEO · Common StockOther 143 200 · 2026-01-02
Malik KemalDirector · Common StockOther 2 600 · 2026-01-02
Miljkovic MilosChief Medical Officer · Common StockOther 27 000 · 2026-01-02
ZENNER PATRICK JDirector · Common StockOther 2 600 · 2026-01-02
Seymour June AnnChief Accounting Officer · Common StockOther 6 500 · 2026-01-02
Davis BlaineChief Financial Officer · Common StockOther 37 000 · 2026-01-02
BARABE TIMOTHY CDirector · Common StockOther 2 600 · 2026-01-02
English EmilyChief Operations Officer · Common StockOther 24 000 · 2026-01-02
Singer MichaelDirector · Common StockOther 2 600 · 2026-01-02
SPRINGER TIMOTHY ADirector, 10% owner · Common StockOther 2 600 · 2026-01-02
Kalayoglu MuratDirector, 10% owner · Common StockOther 2 600 · 2026-01-02
English EmilyChief Operations Officer · Common StockOther 7 500 @ $3,30$25K · 2025-12-30
Bot Adrian IonDirector · Common StockOther 5 800 · 2025-12-16
BARABE TIMOTHY CDirector · Common StockBought 30 000 @ $6,86$206K · 2025-12-04
English EmilyChief Operations Officer · Common StockOther 7 500 @ $3,30$25K · 2025-11-28
Singer MichaelDirector · Common StockOther 20 000 · 2025-11-18

Short positioning

1.9Mshares short+2.1% vs prior

12.3days to cover

43.1%short of daily vol

2fails-to-deliver

as of 2026-07-15 · short-interest report (free)

Geographic breakdown

— missing data

Listings · one canonical issuer all listings resolve to the canonical

RNAC.OCanonical

NASDAQ · USD

Intel & risk

peak dispatch · —

OSINT findings

Dilution riskLow

Liquidity riskLow

No immediate filing-based liquidity or dilution flags were detected.

Relationship graph

This companySectorSubsidiaries

Evidence & claims

From filings & derived data

Return on assets (FY 2025-12-31): -44.0%Derived (calculated)
Net margin (FY 2025-12-31): -4,658.6%Derived (calculated)
Return on equity (FY 2025-12-31): 103.2%Derived (calculated)
Current ratio (FY 2025-12-31): 8.65xDerived (calculated)
Debt-to-equity (FY 2025-12-31): -3.35xDerived (calculated)
Capex (YoY) (2025-12-31 vs 2024-12-31): -40.0%Derived (calculated)
Cash & equivalents (YoY) (2025-12-31 vs 2024-12-31): -41.1%Derived (calculated)
EPS (basic) (YoY) (2025-12-31 vs 2024-12-31): -12.1%Derived (calculated)
EPS (diluted) (YoY) (2025-12-31 vs 2024-12-31): -11.8%Derived (calculated)
Net income (YoY) (2025-12-31 vs 2024-12-31): -68.3%Derived (calculated)
Operating cash flow (YoY) (2025-12-31 vs 2024-12-31): -212.3%Derived (calculated)
Operating income (YoY) (2025-12-31 vs 2024-12-31): -226.7%Derived (calculated)
R&D expense (YoY) (2025-12-31 vs 2024-12-31): 28.7%Derived (calculated)
Revenue (YoY) (2025-12-31 vs 2024-12-31): -92.8%Derived (calculated)
Shareholders' equity (YoY) (2025-12-31 vs 2024-12-31): -1,755.9%Derived (calculated)
Total assets (YoY) (2025-12-31 vs 2024-12-31): -31.9%Derived (calculated)
Total liabilities (YoY) (2025-12-31 vs 2024-12-31): -4.3%Derived (calculated)
Capex (annual): USD 5.45MSEC XBRL filing
Cash & equivalents (annual): USD 125.14MSEC XBRL filing
Pre-tax income (annual): USD -139.5MSEC XBRL filing
Current assets (annual): USD 129.28MSEC XBRL filing
Shareholders' equity (annual): USD -126.24MSEC XBRL filing
Total operating expenses (annual): USD 146.2MSEC XBRL filing
Current liabilities (annual): USD 14.94MSEC XBRL filing

Showing 24 of 56 surfaced claims.

Atomic claims from regulatory filings and derived calculations. Provenance shown as source kind only.

The Thread

Everything we know, in order

2026-10-28EVENTUpcomingQ3 2026 earnings (expected) estimated date

2026-06-20 12:34 UTCANALYSTAnalyst coverage initiated

2026-06-17FILING8-K filing →

2026-06-09FILING8-K filing →

2026-05-26FILING8-K filing →

2026-04-30FILING10-Q filing →

2026-04-30FILING8-K filing →

2026-04-28FILINGDEF 14A filing →

2026-04-02 00:00 UTCINSIDER4 insider transactions — 2026-04 2 derivative

2026-04-02INSIDERHoge Elizabeth transacted 758.0k sh — 10% owner

2026-04-02INSIDERKalayoglu Murat transacted 758.0k sh — 10% owner

2026-04-02INSIDERHoge Elizabeth disposed of 22.7k sh Series A Non-Voting Convertible Preferred Stock — 10% owner

2026-04-02INSIDERKalayoglu Murat disposed of 22.7k sh Series A Non-Voting Convertible Preferred Stock — 10% owner

2026-03-30FILING8-K filing →

2026-03-13 00:00 UTCINSIDER1 insider transaction — 2026-03

2026-03-13INSIDERSinger Michael transacted 6.6k sh Common Stock — Director

2026-03-09FILING10-K filing →

2026-03-09FILING8-K filing →

2026-01-09FILING8-K filing →

2026-01-06 00:00 UTCINSIDER27 insider transactions — 2026-01 · net sell $259k 12 derivative

2026-01-06INSIDERBrunn Carsten sold 23.8k sh — Director, President and CEO ~$162k

2026-01-06INSIDERMiljkovic Milos sold 3.6k sh Common Stock — Chief Medical Officer ~$24k

2026-01-06INSIDERDavis Blaine sold 10.6k sh Common Stock — Chief Financial Officer ~$72k

2026-01-02INSIDERDeSilva Nishan M transacted 2.6k sh — Director

2026-01-02INSIDERBrunn Carsten transacted 143.2k sh — Director, President and CEO

2026-01-02INSIDERMalik Kemal transacted 2.6k sh Common Stock — Director

2026-01-02INSIDERMiljkovic Milos transacted 27.0k sh Common Stock — Chief Medical Officer

2026-01-02INSIDERZENNER PATRICK J transacted 2.6k sh — Director

2026-01-02INSIDERSeymour June Ann transacted 6.5k sh Common Stock — Chief Accounting Officer

2026-01-02INSIDERDavis Blaine transacted 37.0k sh Common Stock — Chief Financial Officer

2026-01-02INSIDERBARABE TIMOTHY C transacted 2.6k sh — Director

2026-01-02INSIDEREnglish Emily transacted 24.0k sh Common Stock — Chief Operations Officer

2026-01-02INSIDERSinger Michael transacted 2.6k sh Common Stock — Director

2026-01-02INSIDERSPRINGER TIMOTHY A transacted 2.6k sh — Director, 10% owner

2026-01-02INSIDERKalayoglu Murat transacted 2.6k sh Common Stock — Director, 10% owner

2026-01-02INSIDERBARABE TIMOTHY C acquired 7.8k sh Stock Option (Right to Buy) — Director

2026-01-02INSIDERDeSilva Nishan M acquired 7.8k sh Stock Option (Right to Buy) — Director

2026-01-02INSIDERBrunn Carsten acquired 415.7k sh Employee Stock Option (right to buy) — Director, President and CEO

Showing the 40 most recent of 62 entries.

The entity's full life in the product — typed, chronological, joined across Newspaper, Platform and Data. Our memory, made visible.

Sources filings · IR · transcripts · market data · tier hybrid · as of 2026-08-04 Market data · Issuer disclosures · Public news · Earnings transcripts · Consensus estimates · ESG data Premium coverage

At a glance

What drives this business

News & coverage

Sector rotation

Developing storylines

Analysis

Opportunity

Upcoming catalysts

Pre-earnings brief

Signals & dispatch

Composite-score breakdown

Synthesis

Bull / Bear case

In focus — financials by report

Valuation

Revenue by segment

Market share

Business relationships

Supply chain

Peer comparison

Market position

Stress test

Predictor forecast

Options

Short squeeze

Earnings-call key lines

Consensus distribution

Estimate revisions

Sell-side observations

Themes

ESG

Risk factors

Benchmarks vs cohort

Corporate actions / M&A

FX exposure

Comparable transactions

Derivatives & instruments

Derivative transactions

Actions

Ask Handelsavisen

Ownership & reference

Top holders

Leadership

Insider activity

Short positioning

Geographic breakdown

Intel & risk

Evidence & claims

The Thread