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RNAC · NASDAQ · Biotechnology

Cartesian Therapeutics

Develops outpatient mRNA CAR-T candidates for autoimmune diseases, led by Descartes-08.

$9.60

After-hours close+0.03 (+0.31%)

At close$9.57(−4.01%)

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Profile

Cartesian Therapeutics, Inc.RNACHealth Care

Develops mRNA-engineered cell therapies for autoimmune diseases, with Descartes-08 as the lead program in myasthenia gravis and myositis. Revenue is not from approved products yet; the business depends on clinical results, regulatory approval, and manufacturing execution at its Frederick facility.

Develops mRNA-engineered cell therapies for autoimmune diseases, with one operating segment tied to research and development after the Selecta merger. Descartes-08 is the lead autologous anti-BCMA mRNA CAR-T candidate, prioritized in myasthenia gravis and myositis programs.

Operations are concentrated in the United States. Clinical manufacturing is anchored at a wholly owned cGMP facility in Frederick, Maryland, which supports current trials and could transition toward commercial supply if a candidate is approved.

The model is development-stage rather than product-sales-driven. Programs depend on clinical trial execution, regulatory approval, patient-specific autologous manufacturing, and future reimbursement if any therapy reaches market.

Company facts

CEOCarsten Brunn, Ph.D.

ListedNov 14, 2023

ExchangeNASDAQ

HeadquartersFrederick, MD

CountryUnited States

Employees75

CIK0001453687

ISINUS8162123025

Key statistics

Market cap$282.1M

EPS (ttm)−$5.84

P/E (ttm)−1.64

ROE141.4%

P/B−2.26

P/S190.97

Dividend yield—

Beta1.67vs XLV 0.78

Year to date +41.6% · Average volume (30d) 123.8K

Analysts

Price target, next 12 months$20.50+113.5%Median of 10 analysts · vs the Aug 28 close

ConsensusBuy8 of 10 analysts rate it buy or better

Ratings

Strong buyBuyHoldSellStrong sell

Target range

Last close $9.60

High$25.00+160.4%

Median$20.50+113.5%

Low$16.00+66.7%

12 months agoNowIn 12 months

Latest analyst notes

Date	Firm	Action	Prior rating	Rating	Prior target	Target
May 12, 2026	H.C. Wainwright	Target			$45	$25
Mar 9, 2026	Cantor Fitzgerald	Upgrade	Neutral	Overweight		$16

Earnings

EPS

Estimate−$1.02

ReportedDue Nov 5, 2026

Revenue

Estimate$150.0K

ReportedDue Nov 5, 2026

History

Report date	EPS est	EPS	Surprise	Revenue est	Revenue	Surprise	Next session
Aug 6, 2026Q2 FY26	−$0.88	$0.46	+152.4%	$179.7K	$164.0K	−8.7%	+4.91%
Apr 30, 2026Q1 FY26	−$0.84	−$1.46	−73.8%	$219.8K	$78.0K	−64.5%	0.00%
Mar 9, 2026Q4 FY25	−$0.82	−$1.38	−68.3%	$150.3K	$947.0K	+529.9%	−5.21%
Nov 6, 2025Q3 FY25	−$0.81	−$1.38	−70.4%	$100.2K	$452.0K	+351.0%	+4.24%

View details

Financial highlights

	Q1 FY25	Q2 FY25	Q3 FY25	Q4 FY25	Q1 FY26	Q2 FY26
Revenue	$1.1M	$298.0K	$452.0K	$947.0K	$78.0K	$0
Gross profit	$1.1M	$298.0K	−$12.3M	$947.0K	$78.0K	$0
Operating income	−$21.9M	−$21.8M	−$21.1M	−$21.9M	−$26.5M	−$29.2M
Net income	−$17.7M	$15.9M	−$35.9M	−$92.6M	−$39.2M	$13.7M
Diluted EPS	−$0.68	$0.60	−$1.38	−$3.46	−$1.46	$0.46
Gross margin	100.0%	100.0%	-2,731.2%	100.0%	100.0%	—
Operating margin	-1,989.9%	-7,319.1%	-4,660.6%	-2,316.7%	-33,973.1%	—

Fiscal years (4-quarter sums)FY21 $85.1M · FY22 $110.8M · FY23 $26.0M · FY24 $38.9M · FY25 $2.8M

Revenue by product · Q1 FY26

Operating Segment$78.0K · 100%

Balance sheet, Jun 30, 2026Cash & short-term investments $147.6M · Total debt $63.9M · Total assets $318.6M · Shareholders' equity −$125.2M

Dividends

No dividends on record.

Ownership

Institutions 24.34%7.15M sharesInsiders 33.04%9.71M sharesOther 42.62%12.52M shares

Shares outstanding 29.38M · Float 10.63M · 36.2% free float

Top shareholders13F · 13D/G · Form 4

Holder	Shares	% outstanding	Form	Filed
Timothy A. Springer · director, 10 percent owner:	9.30M	31.66%	Form 4	Jan 6, 2026
Kalayoglu Murat · 10 percent owner	5.82M	19.82%	Form 4	Apr 6, 2026
Squarepoint Ops LLC	2.24M	7.62%	13F	May 15, 2026
Barclays PLC	1.76M	5.99%	13G	Aug 13, 2026
JPMorgan Chase & Co.	1.68M	6.10%	13G	Apr 25, 2025

Insider tradesForm 4

Date	Insider	Role	Shares	Avg price
Jan 6, 2026	Blaine Davis	officer: Chief Financial Officer	−10,591	$6.82
Jan 6, 2026	Milos Miljkovic	officer: Chief Medical Officer	−3,573	$6.82
Jan 6, 2026	Carsten Brunn	director, officer: President and CEO	−23,766	$6.82
Dec 4, 2025	Timothy C. Barabe	director	+30,000	$6.86