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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% | 68.3% |
| 2024 | $39M | $-76M | $-77M | $-33M | 1138.3% | 49.6% | -64.8% |
| 2023 | $26M | $-235M | $-220M | $-51M | 49.9% | -76.5% | -721.0% |
| 2022 | $111M | $39M | $35M | $-33M | 37.7% | - | - |
| 2021 |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 110.78 | 26 | 38.91 | 2.80 |
| Operating Revenue | - | 110.78 | 26 | 38.91 | 2.80 |
| Operating Expense | - | 96.24 | 111.71 | 75.23 | 89.50 |
| Research And Development | - | 72.38 | 71.26 | 45.10 | 58.03 |
| Selling General And Administration | - | 23.86 | 40.45 | 30.13 | 31.47 |
| Total Expenses | - | 96.24 | 111.71 | 75.23 | 89.50 |
| Operating Income | - | 14.54 | -85.71 | -36.32 | -86.70 |
| Total Operating Income As Reported | -4.60 | 14.54 | -86.42 | -43.90 | - |
| EBITDA | - | 39.09 | -235.03 | -75.99 | -83.75 |
| Normalized EBITDA | - | 16.16 | -79.21 | -27.18 | -26.39 |
| EBIT | - | 37.80 | -235.88 | -77.14 | -86.70 |
| Interest Income | - | - | 4.96 | 7.39 | 6.58 |
| Interest Expense | 2.84 | 3.03 | 2.83 | 0 | - |
| Net Interest Income | - | -3.03 | 2.13 | 7.39 | 6.58 |
| Other Non Operating Income Expenses | - | 0.33 | 0.69 | 0.61 | -2.01 |
| Other Income Expense | - | 23.26 | -155.14 | -48.20 | -59.37 |
| Interest Income Non Operating | - | - | 4.96 | 7.39 | 6.58 |
| Interest Expense Non Operating | 2.84 | 3.03 | 2.83 | 0 | - |
| Net Non Operating Interest Income Expense | - | -3.03 | 2.13 | 7.39 | 6.58 |
| Pretax Income | - | 34.77 | -238.71 | -77.14 | -139.50 |
| Tax Provision | - | -0.61 | -19 | 0.29 | -9.19 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 4.82 | -12.47 | -10.25 | -3.79 |
| Net Income Continuous Operations | - | 35.38 | -219.71 | -77.42 | -130.30 |
| Net Income From Continuing And Discontinued Operation | - | 35.38 | -219.71 | -77.42 | -130.30 |
| Net Income From Continuing Operation Net Minority Interest | - | 35.38 | -219.71 | -77.42 | -130.30 |
| Net Income | - | 35.38 | -219.71 | -77.42 | -130.30 |
| Net Income Common Stockholders | - | 35.38 | -257.26 | -77.42 | -130.30 |
| Net Income Including Noncontrolling Interests | - | 35.38 | -219.71 | -77.42 | -130.30 |
| Normalized Income | - | 17.26 | -76.35 | -38.86 | -76.73 |
| Diluted NI Availto Com Stockholders | - | 35.38 | -257.26 | -77.87 | -130.30 |
| Basic Average Shares | - | 4.83 | 5.17 | 17.28 | 25.97 |
| Diluted Average Shares | - | 4.86 | 5.17 | 17.36 | 25.97 |
| Reconciled Depreciation | - | 1.29 | 0.84 | 1.15 | 2.96 |
| Total Unusual Items | - | 22.93 | -155.83 | -48.81 | -57.36 |
| Total Unusual Items Excluding Goodwill | - | 22.93 | -155.83 | -48.81 | -57.36 |
| Special Income Charges | - | 0 | -19.01 | -44.48 | -61.05 |
| Impairment Of Capital Assets | - | - | 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 | 3.70 |
| General And Administrative Expense | - | 23.86 | 40.45 | 30.13 | 31.47 |
| Other Gand A | - | 23.86 | 40.45 | 30.13 | 31.47 |
| Otherunder Preferred Stock Dividend | - | - | 37.55 | 0 | - |
| Average Dilution Earnings | - | - | 0 | -0.45 | 0 |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Cartesian Therapeutics, Inc.this co. | RNAC | $192M | -1.48 | -1.52 | 103.2% | -0.96 |
| Alector, Inc. | ALEC | $201M | - | 6.56 | -466.3% | - |
| Nkarta, Inc. | NKTX | $198M | - | 0.63 | -33.3% | - |
| Anika Therapeutics, Inc. | ANIK | $197M | -18.09 | 1.37 | -7.6% | -31.11 |
| Lucid Diagnostics Inc. | LUCD | $195M |
| - |
| - |
| - |
| - |
| - |
| - |
| - |
| - |
| 17.79 |
| -645.1% |
| - |
| KORU Medical Systems, Inc. | KRMD | $190M | -72.09 | 11.15 | -15.5% | -85.47 |
| Tonix Pharmaceuticals Holding Corp. | TNXP | $189M | -1.53 | 0.77 | -50.6% | 0.14 |
| MediWound Ltd. | MDWD | $186M | -7.78 | 4.26 | -54.7% | -8.81 |
| Stereotaxis, Inc. | STXS | $184M | -8.49 | 13.63 | -160.5% | -8.55 |
| Peer Median | - | -8.49 | 5.41 | -52.7% | -8.81 | |