Cartesian Therapeutics (RNAC) AI Stock Analysis

• Market Cap: $260.02M
• Dividend Yield: N/A
• Average Volume (3M): 55.16K
• Price to Earnings (P/E): ―
• Beta (1Y): 2.03
• Revenue Growth: 38.82%
• EPS Growth: -645.78%
• Country: US
• Employees: 66
• Sector: Healthcare
• Sector Strength: 51
• Industry: Biotechnology
• EPS (TTM): 0.50
• Shares Outstanding: 26,002,043
• 10 Day Avg. Volume: 51,599
• 30 Day Avg. Volume: 55,164
• PEG Ratio: N/A
• Price to Book (P/B): N/A
• Price to Sales (P/S): N/A
• P/FCF Ratio: N/A
• Enterprise Value/Market Cap: 0.49
• Enterprise Value/Revenue: 124.57
• Enterprise Value/Gross Profit: 124.57
• Enterprise Value/Ebitda: -1.68
• 1Y Price Target: $39.83
• Price Target Upside: 298.30% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 8

• Rating: 40 Underperform
• Price Target: $10.50 ▲(5.00% Upside)

The overall stock score for RNAC is significantly impacted by its poor financial performance, characterized by declining revenues, negative equity, and weak cash flows. The technical analysis suggests a bearish trend, with the stock trading below key moving averages. Valuation metrics further highlight the company's financial struggles, with a negative P/E ratio indicating substantial losses. These factors collectively contribute to a low overall stock score.

Positive Factors

Clinical Efficacy

The deep and durable response of Descartes-08 in the Phase IIb support a high probability of success.

Financial Performance

Total 2Q25 net income was $15.9M compared to an estimated net loss of $17.5M.

Operational Stability

Cartesian management stated that its current cash should fund operations into mid-2027, past the conclusion of the AURORA trial.

Negative Factors

Clinical Data Risks

Risks include failure to generate favorable clinical data, particularly with Descartes-08 in MG.

Trial Delays

Risks include delays in moving candidates through trials.

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

Cartesian Therapeutics generates revenue primarily through partnerships and collaborations with pharmaceutical companies and research institutions. These partnerships often involve funding for research and development activities, as well as milestone payments associated with the advancement of therapeutic candidates through clinical trials. Additionally, the company may receive royalties on future sales of products developed through these collaborations. The potential for licensing agreements also represents a significant revenue stream, as Cartesian Therapeutics seeks to monetize its proprietary technologies and therapeutic candidates.

Cartesian Therapeutics Financial Statement Overview

Summary

Cartesian Therapeutics is facing significant financial challenges. The income statement reflects declining revenues and high operational losses, while the balance sheet shows negative equity, suggesting financial instability. Cash flow statements highlight cash outflows and dependency on external financing, raising concerns about the company's long-term sustainability.

Income Statement

Cartesian Therapeutics shows a concerning trend in profitability, with a negative TTM net profit margin of -112.1% and a declining revenue trend. The gross profit margin remains high at 99.4% in the TTM, but the company struggles with negative EBIT and EBITDA margins, indicating operational inefficiencies and high costs relative to revenue.

Balance Sheet

The company's balance sheet is weak, highlighted by a negative stockholders' equity of -$21.79 million in the TTM, indicating financial distress. The debt-to-equity ratio cannot be calculated due to negative equity, and the equity ratio is also negative. These factors point to potential liquidity issues and high leverage risk, despite having substantial cash reserves.

Cash Flow

Cartesian Therapeutics has a negative free cash flow in the TTM of -$40.43 million, indicating cash outflow concerns. The operating cash flow to net income ratio shows operational cash drain, reflecting inefficiencies. However, significant financing cash flow suggests reliance on external funding to sustain operations.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	1.03M	38.91M	26.00M	110.78M	85.08M	16.60M
Gross Profit	1.03M	38.91M	24.45M	108.74M	85.08M	16.60M
EBITDA	-75.92M	-77.14M	-235.06M	39.84M	-5.16M	-65.59M
Net Income	-36.26M	-77.42M	-219.71M	35.38M	-25.69M	-68.88M
Balance Sheet
Total Assets	388.89M	435.02M	305.05M	165.89M	159.88M	165.44M
Cash, Cash Equivalents and Short-Term Investments	160.32M	212.61M	76.91M	134.60M	128.06M	138.69M
Total Debt	13.35M	13.98M	10.96M	37.92M	35.28M	35.35M
Total Liabilities	391.42M	441.82M	745.23M	72.06M	137.36M	183.44M
Stockholders Equity	-2.53M	-6.80M	-440.18M	93.83M	22.52M	-18.01M
Cash Flow
Free Cash Flow	-44.51M	-32.77M	-51.37M	-32.83M	-61.47M	34.07M
Operating Cash Flow	-33.94M	-23.67M	-51.16M	-31.63M	-60.38M	34.88M
Investing Cash Flow	-10.22M	-8.74M	34.61M	-15.00M	-17.14M	-741.00K
Financing Cash Flow	117.31M	168.43M	-13.14M	39.22M	52.90M	14.43M

Cartesian Therapeutics Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 10.00
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

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 10 is below the 20-day moving average (MA) of 10.82, below the 50-day MA of 11.71, and below the 200-day MA of 14.48, indicating a bearish trend. The MACD of -0.47 indicates Positive momentum. The RSI at 37.04 is Neutral, neither overbought nor oversold. The STOCH value of 15.71 is Positive, 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
ARCT	58 Neutral	$453.48M	―	-24.57%	―	-26.88%	13.41%
VERV	52 Neutral		―		―	271.44%	26.65%
Sector *	51 Neutral	$7.91B	-0.36	-41.71%	2.23%	23.45%	-1.86%
ATYR	43 Neutral	$535.99M	―	-85.18%	―	-100.00%	11.89%
AURA	43 Neutral	$398.81M	―	-55.39%	―	―	-9.14%
ORKA	41 Neutral	$582.73M	―	-53.15%	―	―	39.03%
RNAC	40 Underperform	$260.02M	―	-938.38%	―	38.82%	-645.78%

Cartesian Therapeutics Corporate Events

Cartesian Therapeutics Holds Annual Stockholders Meeting

On June 13, 2025, Cartesian Therapeutics, Inc. held its Annual Meeting of Stockholders, where 21,868,804 shares were represented, accounting for approximately 84.31% of the company’s outstanding stock. During the meeting, three Class III Directors were elected to serve until the 2028 Annual Meeting, the compensation of the company’s named executive officers was approved on a non-binding basis, and Ernst & Young LLP was ratified as the independent registered public accounting firm for the year ending December 31, 2025.