RNAC (Cartesian Therapeutics, Inc.) Stock Financials & Earnings | Market Cap Arena

RNAC (Cartesian Therapeutics, Inc.) Stock Financials & Earnings | Market Cap Arena

RNACCartesian Therapeutics, Inc.

Mkt Cap$218M

Healthcare·Biotechnology·🇺🇸 United States·NASDAQ

Revenue (TTM)$3M

Net Income (TTM)-$130M

EPS (TTM)-$4.92

Free Cash Flow (TTM)-$79M

Gross Margin-391.4%

Op. Margin-1535.8%

Net Margin-4658.6%

FCF Margin-2838.6%

P/S Ratio (TTM)77.8x

P/E Ratio (TTM)—

YoY Rev Growth-92.8%

Employees—

Earnings Reports

Next: Q1 2026 · Mar 12

Revenue & Profitability

Quarter	Revenue	Gross Profit	Op. Income
Q1 23	$6M	-$13M	-$18M
Q2 23	$5M	-$13M	-$19M
Q3 23	$7M	-$6M	-$13M
Q4 23	$8M	$8M	-$36M
Q1 24	$6M	$6M	-$13M
Q2 24	$33M	$33M	$14M
Q3 24	$387K	$387K	-$18M
Q4 24	-$759K	-$759K	-$27M
Q1 25	$1M	$1M	-$22M
Q2 25	$298K	$298K	-$22M
Q3 25	$452K	-$12M	-$21M
Q4 25	$947K	$0	$22M

Valuation

Quarter	P/S	P/E
Q1 23	2.6x	—
Q2 23	4.5x	—
Q3 23	6.3x	—
Q4 23	8.4x	—
Q1 24	8.4x	—
Q2 24	4.0x	—
Q3 24	4.5x	—
Q4 24	5.6x	—
Q1 25	6.4x	—
Q2 25	212.1x	—
Q3 25	199.5x	—
Q4 25	77.8x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 23	-$9M	-$9M
Q2 23	-$10M	-$10M
Q3 23	-$9M	-$9M
Q4 23	-$23M	-$23M
Q1 24	-$16M	-$17M
Q2 24	-$14M	-$16M
Q3 24	$14M	$7M
Q4 24	-$7M	-$8M
Q1 25	-$23M	-$24M
Q2 25	-$18M	-$20M
Q3 25	-$16M	-$17M
Q4 25	-$18M	-$18M

Capital Expenditures

CapEx

Quarter	CapEx
Q1 23	$130K
Q2 23	$12K
Q3 23	$0
Q4 23	$64K
Q1 24	$602K
Q2 24	$2M
Q3 24	$6M
Q4 24	$705K
Q1 25	$1M
Q2 25	$3M
Q3 25	$1M
Q4 25	$492K

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 23	-82.5%	+4.7%
Q2 23	-86.6%	-6.0%
Q3 23	-68.4%	-12.1%
Q4 23	-50.8%	+76.3%
Q1 24	-1.7%	-21.1%
Q2 24	+537.2%	-17.6%
Q3 24	-94.1%	-8.4%
Q4 24	-109.2%	-41.8%
Q1 25	-81.2%	+19.8%
Q2 25	-99.1%	+12.3%
Q3 25	+16.8%	+19.8%
Q4 25	+224.8%	-180.3%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 23	$2M	38.3%
Q2 23	$4M	72.1%
Q3 23	$2M	35.4%
Q4 23	$17M	210.5%
Q1 24	$1M	24.5%
Q2 24	$2M	4.8%
Q3 24	$2M	438.0%
Q4 24	$2M	—
Q1 25	$3M	228.0%
Q2 25	$3M	1100.3%
Q3 25	$3M	573.0%
Q4 25	$2M	226.4%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q1 23	$19M	$5M	$841K
Q2 23	$18M	$5M	$968K
Q3 23	$13M	$6M	$968K
Q4 23	$22M	$22M	—
Q1 24	$10M	$9M	—
Q2 24	$13M	$7M	—
Q3 24	$11M	$7M	—
Q4 24	$11M	$7M	—
Q1 25	$15M	$8M	—
Q2 25	$15M	$7M	—
Q3 25	$14M	$7M	$1M
Q4 25	$15M	$8M	—

Revenue Segments

Quarter	Operating Segment
Q1 25	$1M
Q2 25	$298K

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 23	$126M	$0	$126M
Q2 23	$112M	$0	$112M
Q3 23	$80M	$0	$80M
Q4 23	$77M	$0	$77M
Q1 24	$103M	$0	$103M
Q2 24	$87M	$0	$87M
Q3 24	$219M	$0	$219M
Q4 24	$213M	$0	$213M
Q1 25	$180M	$0	$180M
Q2 25	$160M	$0	$160M
Q3 25	$143M	$0	$143M
Q4 25	$125M	$0	$125M

Shares Outstanding

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change
Q1 23	5M	+5.9%
Q2 23	5M	+0.1%
Q3 23	5M	+0.9%
Q4 23	5M	+0.2%
Q1 24	5M	+4.7%
Q2 24	18M	+228.6%
Q3 24	21M	+20.7%
Q4 24	26M	+20.7%
Q1 25	26M	-0.0%
Q2 25	26M	+2.1%
Q3 25	26M	-1.7%
Q4 25	26M	-0.1%

Revenue Per Employee

Revenue / Employee

Year	Revenue/Employee	Employees
FY 14	—	—
FY 15	—	—
FY 16	—	—
FY 17	—	—
FY 18	—	—
FY 19	—	—
FY 20	—	—
FY 21	—	—
FY 22	—	—
FY 23	—	—
FY 24	$590K	66
FY 25	$37K	75