Cartesian Therapeutics (RNAC) AI Stock Analysis

• Market Cap: $194.31M
• Dividend Yield: N/A
• Average Volume (3M): 230.42K
• Price to Earnings (P/E): ―
• Beta (1Y): 2.24
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: US
• Employees: 66
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -3.46
• Shares Outstanding: 26,509,024
• 10 Day Avg. Volume: 445,796
• 30 Day Avg. Volume: 230,421
• PEG Ratio: -0.02
• Price to Book (P/B): -1.48
• Price to Sales (P/S): 66.95
• P/FCF Ratio: -2.36
• Enterprise Value/Market Cap: 0.40
• Enterprise Value/Revenue: 27.94
• Enterprise Value/Gross Profit: -7.81
• Enterprise Value/Ebitda: -1.27
• 1Y Price Target: $34.00
• Price Target Upside: 360.08% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 6
• EPS Forecast (FY): -3.42
• Revenue Forecast (FY): $672.57K

• Rating: 49 Neutral
• Price Target: $7.50 ▲(1.49% Upside)
• Action: Reiterated Date: 03/10/26
• Date: Action: Reiterated 03/10/26

The score is held down primarily by deteriorating financial performance (sharp revenue drop, widening losses, and accelerating cash burn alongside negative equity). Technicals are moderately supportive with improving short- to mid-term momentum, and corporate updates are encouraging (Phase 3 progress and stated cash runway), but negative earnings and lack of dividend support keep valuation unattractive on traditional measures.

Positive Factors

Pivotal Trial Progress & Runway

Strong Phase 2b durability data plus initiation of the Phase 3 AURORA trial materially de-risks the lead program. Coupled with management's disclosure of roughly $145M cash expected to fund operations into mid‑2027, this provides runway to reach pivotal milestones and preserves strategic optionality for partnerships or licensing.

Low Financial Leverage

Absolute debt levels are modest for a clinical‑stage biotech, reducing fixed financing costs and interest burden. Low leverage preserves borrowing capacity and negotiation flexibility for future equity or partnership financings, which is important given ongoing development spending and potential milestone funding needs.

Differentiated Platform

The mRNA ex vivo reprogramming approach and non‑permanent CAR‑T design provide a structural competitive advantage: potential safety and manufacturability benefits, broader autoimmune applicability, and durable IP/partnering appeal that supports multi‑indication pipeline expansion and long‑term commercial optionality.

Negative Factors

Collapsed Revenue

A sharp revenue decline indicates the company has lost significant commercial or collaboration income and remains essentially pre‑commercial. Persistent low revenue reduces internal funding capacity, heightens dependence on external financing, and increases execution risk across development and commercialization plans.

Accelerating Cash Burn

Operating and free cash flows are deeply negative and worsened materially year‑over‑year, implying large ongoing funding needs. Sustained high cash burn pressures the balance sheet, raises dilution risk from future financings, and makes long‑term planning contingent on successful capital raises or partner funding.

Negative Shareholder Equity

A substantial negative equity position reflects accumulated losses and erodes book capital, which can limit borrowing capacity and raise counterparty concerns. This structural balance‑sheet weakness reduces financial flexibility and increases vulnerability to funding market volatility during lengthy clinical development cycles.

Cartesian Therapeutics Business Overview & Revenue Model

Company Description

Selecta Biosciences, Inc., a clinical-stage biopharmaceutical company, engages in the research and development of nanoparticle immunomodulatory drugs for the treatment and prevention of human diseases. The company's lead therapeutic gene therapy program is SEL-302 that is in Phase I clinical trial to enhance the treatment of methylmalonic acidemia. It is also developing biologic therapies, such as SEL-212 that is in Phase III clinical trials for the treatment of chronic refractory gout; and product candidates to treat IgA-mediated diseases, including IgA nephropathy, linear IgA bullous dermatitis, IgA pemphigus, and Henoch-Schonlein purpura. In addition, the company is developing gene therapies comprising for the treatment of pompe disease, duchenne muscular dystrophy, limb-girdle muscular dystrophy, lysosomal storage disorder, and other autoimmune diseases. Further, it develops tolerogenic therapies to treat autoimmune diseases. The company has license and collaboration agreements with Ginkgo Bioworks Holdings, Inc.; Genovis AB (publ.); Cyrus Biotechnology, Inc.; IGAN Biosciences, Inc.; Astellas Therapeutics, Inc.; Takeda Pharmaceuticals USA, Inc.; Swedish Orphan Biovitrum AB (publ.); Sarepta Therapeutics, Inc.; Asklepios Biopharmaceutical, Inc.; Massachusetts Institute of Technology; and Shenyang Sunshine Pharmaceutical Co., Ltd. Selecta Biosciences, Inc. was incorporated in 2007 and is headquartered in Watertown, Massachusetts.

How the Company Makes Money

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Cartesian Therapeutics Financial Statement Overview

Summary

Weak fundamentals: revenue collapsed (2024 $38.9M to $2.8M TTM), losses widened (net income -$130.3M TTM), and cash burn accelerated (OCF -$73.9M; FCF -$79.4M TTM). Low debt (~$12.7M) is a positive, but negative equity (~-$126.2M) reduces financial flexibility and raises financing/dilution risk.

Income Statement

Operating performance has deteriorated materially. Revenue fell sharply from $38.9M (2024) to $2.8M in TTM (Trailing-Twelve-Months), and profitability is deeply negative with net losses widening to -$130.3M in TTM (Trailing-Twelve-Months). While the company showed strong profitability in 2022, the last two years plus TTM (Trailing-Twelve-Months) reflect heavy losses and very weak margins, indicating a reset in the earnings profile and elevated execution risk.

Balance Sheet

The balance sheet shows low absolute debt (TTM (Trailing-Twelve-Months) total debt of ~$12.7M), but it is overshadowed by a significant deficit in shareholder equity (TTM (Trailing-Twelve-Months) equity of about -$126.2M). Total assets remain sizable (~$296.4M in TTM (Trailing-Twelve-Months)), yet the negative equity position reduces financial flexibility and increases balance-sheet risk despite modest debt levels.

Cash Flow

Cash generation is consistently negative and worsening recently. TTM (Trailing-Twelve-Months) operating cash flow is -$73.9M and free cash flow is -$79.4M, a notable deterioration versus 2024 (operating cash flow -$23.7M; free cash flow -$32.8M). Losses are being matched by sizable cash burn, and while free cash flow tracks net income directionally, the current run-rate implies continued funding needs.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	2.80M	38.91M	26.00M	110.78M	85.08M
Gross Profit	2.80M	38.91M	26.00M	108.74M	85.08M
EBITDA	-86.70M	-75.99M	-235.03M	39.84M	-5.16M
Net Income	-130.30M	-77.42M	-219.71M	35.38M	-25.69M
Balance Sheet
Total Assets	296.41M	435.02M	305.05M	165.89M	159.88M
Cash, Cash Equivalents and Short-Term Investments	125.14M	212.61M	76.91M	134.60M	128.06M
Total Debt	12.68M	13.98M	10.96M	37.92M	35.28M
Total Liabilities	422.65M	441.82M	745.23M	72.06M	137.36M
Stockholders Equity	-126.24M	-6.80M	-440.18M	93.83M	22.52M
Cash Flow
Free Cash Flow	-79.39M	-32.77M	-51.37M	-32.83M	-61.47M
Operating Cash Flow	-73.94M	-23.67M	-51.16M	-31.63M	-60.38M
Investing Cash Flow	-5.45M	-8.74M	34.61M	-15.00M	-17.14M
Financing Cash Flow	-8.05M	168.43M	-13.14M	39.22M	52.90M

Cartesian Therapeutics Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 7.39
• 50DMA: Positive
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For RNAC, the sentiment is Negative. The current price of 7.39 is below the 20-day moving average (MA) of 7.54, above the 50-day MA of 7.30, and below the 200-day MA of 9.13, indicating a neutral trend. The MACD of 0.20 indicates Positive momentum. The RSI at 48.35 is Neutral, neither overbought nor oversold. The STOCH value of 38.25 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for RNAC.

Cartesian Therapeutics Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
PBYI	69 Neutral	$308.82M	5.59	39.69%	―	-12.96%	56.02%
DBVT	60 Neutral	$1.11B	-1.46	-295.23%	―	―	1.29%
AVIR	57 Neutral	$482.02M	-1.84	-46.34%	―	―	14.33%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
VOR	50 Neutral	$571.31M	-0.10	274.58%	―	―	-1072.48%
RNAC	49 Neutral	$194.31M	-1.44	279.62%	―	―	―
VYGR	48 Neutral	$257.47M	-1.93	-48.94%	―	-80.88%	-388.61%

Cartesian Therapeutics Corporate Events

Cartesian Therapeutics Outlines 2026 Outlook and Trial Progress

On January 9, 2026, Cartesian Therapeutics reported recent progress and its 2026 outlook, highlighting strong Phase 2b data for Descartes-08 in myasthenia gravis, where deep and durable responses were observed through 12 months after a single outpatient course of therapy. The company has initiated the Phase 3 AURORA trial in MG, targeting a more than $1 billion market opportunity, and is planning expansion of Descartes-08 into myositis while citing a strong efficacy signal from a Phase 2 trial in systemic lupus erythematosus that supports broader autoimmune applicability. Cartesian also noted it began a Phase 1/2 pediatric HELIOS trial in children and young adults with autoimmune diseases, including juvenile dermatomyositis, and ended the third quarter of 2025 with about $145 million in cash, which it expects will fund planned operations, including completion of the Phase 3 MG trial, into mid-2027.

The most recent analyst rating on (RNAC) stock is a Hold with a $6.50 price target. To see the full list of analyst forecasts on Cartesian Therapeutics stock, see the RNAC Stock Forecast page.