Loading…
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.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $3M | $-84M | $-130M | $-79M | 103.2% | -92.8% | - |
| 2024 | $39M | $-76M | $-77M | $-33M | 1138.3% | 49.6% | - |
| 2023 | $26M | $-235M | $-220M | $-51M | 49.9% | -76.5% | -721.0% |
| 2022 | $111M | $39M | $35M | $-33M | 37.7% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 110.78 | 26 | 38.91 | 2.80 |
| Operating Expense | 96.24 | 111.71 | 75.23 | 89.50 |
| Operating Income | 14.54 | -85.71 | -36.32 | -86.70 |
| EBITDA | 39.09 | -235.03 | -75.99 | -83.75 |
| EBIT | 37.80 | -235.88 | -77.14 | -86.70 |
| Pretax Income | 34.77 | -238.71 | -77.14 | -139.50 |
| Tax Provision | -0.61 | -19 | 0.29 | -9.19 |
| Net Income | 35.38 | -219.71 | -77.42 | -130.30 |
| Net Income Common Stockholders | 35.38 | -257.26 | -77.42 | -130.30 |
| Total Expenses | 96.24 | 111.71 | 75.23 | 89.50 |
| Interest Expense | 3.03 | 2.83 | 0 | 0 |
| Interest Income | 0 | 4.96 | 7.39 | 6.58 |
| Research And Development | 72.38 | 71.26 | 45.10 | 58.03 |
| Selling General And Administration | 23.86 | 40.45 | 30.13 | 31.47 |
| Normalized EBITDA | 16.16 | -79.21 | -27.18 | -26.39 |
| Normalized Income | 17.26 | -76.35 | -38.86 | -76.73 |
| Basic EPS | 7.20 | -49.76 | -4.48 | 0 |
| Diluted EPS | 3 | -49.76 | -4.49 | 0 |
| Tax Effect Of Unusual Items | 4.82 | -12.47 | -10.25 | -3.79 |
| Tax Rate For Calcs | 0.21 | 0.08 | 0.21 | 0.07 |
| Total Unusual Items | 22.93 | -155.83 | -48.81 | -57.36 |
| Total Unusual Items Excluding Goodwill | 22.93 | -155.83 | -48.81 | -57.36 |
| Net Income From Continuing Operation Net Minority Interest | 35.38 | -219.71 | -77.42 | -130.30 |
| Reconciled Depreciation | 1.29 | 0.84 | 1.15 | 2.96 |
| Net Interest Income | -3.03 | 2.13 | 7.39 | 6.58 |
| Net Income From Continuing And Discontinued Operation | 35.38 | -219.71 | -77.42 | -130.30 |
| Total Operating Income As Reported | 14.54 | -86.42 | -43.90 | 0 |
| Diluted Average Shares | 4.86 | 5.17 | 17.36 | 0 |
| Basic Average Shares | 4.83 | 5.17 | 17.28 | 0 |
| Diluted NI Availto Com Stockholders | 35.38 | -257.26 | -77.87 | -130.30 |
| Average Dilution Earnings | 0 | 0 | -0.45 | 0 |
| Otherunder Preferred Stock Dividend | 0 | 37.55 | 0 | 0 |
| Net Income Including Noncontrolling Interests | 35.38 | -219.71 | -77.42 | -130.30 |
| Net Income Continuous Operations | 35.38 | -219.71 | -77.42 | -130.30 |
| Other Income Expense | 23.26 | -155.13 | -48.20 | -59.37 |
| Other Non Operating Income Expenses | 0.33 | 0.69 | 0.61 | -2.01 |
| Special Income Charges | 0 | -19.01 | -44.48 | -61.05 |
| Impairment Of Capital Assets | 0 | 0.71 | 7.58 | 56.70 |
| Restructuring And Mergern Acquisition | 0 | 18.30 | 36.90 | 4.35 |
| Gain On Sale Of Security | 22.93 | -136.82 | -4.33 | 3.69 |
| Net Non Operating Interest Income Expense | -3.03 | 2.13 | 7.39 | 6.58 |
| Interest Expense Non Operating | 3.03 | 2.83 | 0 | 0 |
| Interest Income Non Operating | 0 | 4.96 | 7.39 | 6.58 |
| General And Administrative Expense | 23.86 | 40.45 | 30.13 | 31.47 |
| Other Gand A | 23.86 | 40.45 | 30.13 | 31.47 |
| Operating Revenue | 110.78 | 26 | 38.91 | 2.80 |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Cartesian Therapeutics, Inc.this co. | RNAC | $190M | - | -1.33 | 103.2% | -0.70 |
| OmniAb, Inc. | OABI | $197M | - | 0.74 | -24.3% | -3.48 |
| Replimune Group, Inc. | REPL | $197M | - | 0.90 | -59.5% | -0.01 |
| Lucid Diagnostics Inc. | LUCD | $194M | - | -3.11 | -530.4% | -4.51 |
| Nkarta, Inc. | NKTX | $192M | - |
| 0.61 |
| -33.3% |
| 0.08 |
| Inogen, Inc. | INGN | $191M | - | 0.99 | -11.8% | -9.27 |
| Quantum-Si incorporated | QSI | $187M | - | 0.85 | -46.0% | -0.31 |
| KORU Medical Systems, Inc. | KRMD | $185M | - | 10.79 | -15.5% | -78.39 |
| Humacyte, Inc. | HUMA | $182M | - | 51.25 | -1313.4% | -1.97 |
| Peer Median | - | - | 0.87 | -39.7% | -2.72 | |