Cartesian Therapeutics, Inc. (RNAC)

From the record

Cartesian Therapeutics, Inc.'s filings since 2017 show 3 warning events of 2 kinds: a notice about its exchange listing (8-K item 3.01, 2 times, the latest 2024-01-19); a late-report notice (Form NT 10-K or NT 10-Q, the latest 2023-08-14) (its current reports).

From the record

Cartesian Therapeutics, Inc.'s 9 filed years say what it did: revenue went from $207 thousand in fiscal 2017 to $400 thousand in fiscal 2025, up 8.6% a year; it rose in 6 of 8 years; the deepest fall was 100% from fiscal 2022 to fiscal 2025; net income was positive in 1 of 9 of those years (its annual reports).

From the record

Return on equity: in the fiscal year ended 2025-12-31, Cartesian Therapeutics, Inc.'s shareholders' equity was below zero, so the profit on it is not read. Leverage: it owed about 143 cents per dollar of assets, and net share issuance: its share count grew 49.6% over the year (the filed statements).

From the record

Cartesian Therapeutics, Inc.'s standing among 315 graded names in its industry family: revenue of $400 thousand in fiscal 2025 ranks in the bottom 14% by size; a net margin of -32575.5% ranks in the bottom 7%; revenue growth of -84.7% a year over the last 3 filed years ranks in the bottom 2% (its annual reports).

From the record

Cartesian Therapeutics, Inc.'s leadership, from its insiders' filings and its current reports: the chief executive on the record is Brunn, Carsten (President and CEO, as filed), filing under that title since 2018-12-03, 7.9 years (top 23% of its family); most of the 13 officers and directors filing now have filed since the record of its people begins (2023-11-13), a floor of 3 years the record cannot see past, so that part is not read; 13 officer or director changes were reported on Form 8-K since 2023-11-13, against the 13 people in charge now (bottom 11%; fewer changes for each person reads higher) (the Form 4 record, its Form 8-K reports). Years count from a person's first filing in the SEC's data sets, which begin in 2006, so each is a floor.

From the record

Cartesian Therapeutics, Inc.'s room to grow, from the newest filed statements (fiscal 2025): cash of $125 million against no long-term debt tagged leaves 42.2% of its assets as net cash, top 37% of its family; cash from operations less capital spending is -19848.7% of revenue (bottom 6%); research spending of 14508.5% of revenue (top 5%) (its annual report).

From the record

Cartesian Therapeutics, Inc.'s growth drivers, from the filed years to fiscal 2025: revenue grew -84.7% a year over the last three filed years against 8.6% over all 9, slowing (bottom 4% of its family); the newest year grew -99% (bottom 1%); research spending grew -7.1% a year (bottom 36%); capital spending grew 65.6% a year (top 13%) (its annual reports). Cartesian Therapeutics, Inc. tags no split of its revenue by line in the annual report on file, so growth by line cannot be read here; research and capital spending are on the trend.

From the record

Cartesian Therapeutics, Inc.'s newest year against its own record: revenue of $400 thousand in fiscal 2025 came in 98.2% below the $23 million its prior three years' pace pointed to (bottom 2% of its family); net income of $130 million against a prior three-year average of $87 million (bottom 27%); a net margin of a loss larger than its revenue against losses larger than its revenue before (bottom 3%) (its annual reports).