Cartesian Therapeutics (RNAC) AI Stock Analysis

• Market Cap: $172.66M
• Dividend Yield: N/A
• Average Volume (3M): 91.10K
• Price to Earnings (P/E): ―
• Beta (1Y): 2.25
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: US
• Employees: 66
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -1.38
• Shares Outstanding: 26,003,607
• 10 Day Avg. Volume: 79,828
• 30 Day Avg. Volume: 91,102
• PEG Ratio: 0.06
• Price to Book (P/B): -68.21
• Price to Sales (P/S): 11.92
• P/FCF Ratio: -14.16
• Enterprise Value/Market Cap: 0.29
• Enterprise Value/Revenue: 46.49
• Enterprise Value/Gross Profit: -4.33
• Enterprise Value/Ebitda: -1.03
• 1Y Price Target: $41.00
• Price Target Upside: 487.39% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 2
• EPS Forecast (FY): -3.37
• Revenue Forecast (FY): $672.57K

• Rating: 51 Neutral
• Price Target: $7.00 ▲(0.29% Upside)
• Action: Reiterated Date: 01/09/26
• Date: Action: Reiterated 01/09/26

The score is held back primarily by weak financial performance (losses, negative equity, and negative operating cash flow). Offsetting this are positive corporate developments around clinical trial progress and stated funding runway into mid-2027, while technicals are mixed and valuation remains constrained by ongoing losses and no dividend.

Positive Factors

Durable clinical efficacy of Descartes-08

Durable one-time outpatient responses in Phase 2b materially de-risk the program versus chronic therapies. Sustained efficacy supports a clear regulatory pathway, lowers long-term treatment costs, and strengthens competitive differentiation across autoimmune indications over the next 2–5 years.

Advancing registration and pipeline expansion

Progression to Phase 3 plus IND acceptance and pediatric initiation signal a clear execution trajectory toward commercialization. Broadening to myositis and pediatric indications increases addressable markets and creates multiple regulatory milestones, reducing single-program binary risk long term.

Near-term cash runway to complete key trials

A cash balance sufficient to fund operations into mid-2027 provides runway to complete Phase 3 and other key readouts without immediate capital raises. That financial cushion lowers execution short-term financing risk and gives management time to hit value-driving milestones before potential dilution.

Negative Factors

Negative stockholders' equity

Negative equity is a structural balance-sheet weakness that can limit borrowing capacity, complicate commercial partnerships, and increase the likelihood of dilutive financings. Over months, this undermines financial flexibility and heightens risk if clinical timelines or costs extend beyond current plans.

Ongoing operating cash flow losses

Sustained negative operating cash flow and loss-making margins mean the company remains dependent on external financing until commercialization. This structural cash burn increases financing risk, pressures margins and resource allocation, and can delay or constrain long-term R&D priorities.

Leadership disruption in R&D

Removing the CSO and other executive turnover during pivotal clinical development can disrupt scientific leadership, slow trial optimization, and create institutional knowledge gaps. Over several months this may impede regulatory interactions and program execution at a critical development stage.

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 a combination of product development, partnerships, and potential licensing agreements. The company often collaborates with larger pharmaceutical companies to co-develop therapies, which can provide upfront payments, milestone payments upon achieving specific development goals, and royalties on future sales of approved products. Additionally, Cartesian may receive funding from government grants or venture capital investments aimed at supporting the research and development of its innovative RNA therapies. Successful clinical trials and subsequent FDA approvals can significantly boost revenue potential, as the company moves toward commercialization of its products.

Cartesian Therapeutics Financial Statement Overview

Summary

Weak financial health overall: negative net profit and EBIT margins, negative gross margin, and negative operating cash flow. The balance sheet is a key concern with negative stockholders’ equity, despite some positive signs like revenue growth and a relatively favorable free cash flow to net income ratio.

Income Statement

Cartesian Therapeutics shows a challenging income statement with negative net profit margins and EBIT margins over the TTM period, indicating significant losses. Revenue growth is positive, but the gross profit margin is negative, suggesting cost management issues. The company needs to improve its profitability metrics to enhance its financial health.

Balance Sheet

The balance sheet reveals a negative stockholders' equity, which is concerning. The debt-to-equity ratio is negative due to negative equity, indicating financial instability. Return on equity is positive, but this is misleading due to negative equity. The company must address its leverage and equity position to stabilize its financial standing.

Cash Flow

Cash flow analysis shows a positive free cash flow to net income ratio, indicating some efficiency in cash generation relative to net income. However, operating cash flow is negative, and free cash flow growth is volatile, suggesting cash management challenges. Improving operating cash flow is crucial for sustainability.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	1.09M	38.91M	26.00M	110.78M	85.08M	16.60M
Gross Profit	-11.71M	38.91M	26.00M	108.74M	85.08M	16.60M
EBITDA	-49.03M	-75.99M	-235.03M	39.84M	-5.16M	-65.59M
Net Income	-47.98M	-77.42M	-219.71M	35.38M	-25.69M	-68.88M
Balance Sheet
Total Assets	372.68M	435.02M	305.05M	165.89M	159.88M	165.44M
Cash, Cash Equivalents and Short-Term Investments	143.38M	212.61M	76.91M	134.60M	128.06M	138.69M
Total Debt	12.60M	13.98M	10.96M	37.92M	35.28M	35.35M
Total Liabilities	408.52M	441.82M	745.23M	72.06M	137.36M	183.44M
Stockholders Equity	-35.84M	-6.80M	-440.18M	93.83M	22.52M	-18.01M
Cash Flow
Free Cash Flow	-68.90M	-32.77M	-51.37M	-32.83M	-61.47M	34.07M
Operating Cash Flow	-63.23M	-23.67M	-51.16M	-31.63M	-60.38M	34.88M
Investing Cash Flow	-5.32M	-8.74M	34.61M	-15.00M	-17.14M	-741.00K
Financing Cash Flow	-7.22M	168.43M	-13.14M	39.22M	52.90M	14.43M

Cartesian Therapeutics Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 6.98
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For RNAC, the sentiment is Neutral. The current price of 6.98 is above the 20-day moving average (MA) of 6.79, below the 50-day MA of 7.19, and below the 200-day MA of 9.29, indicating a neutral trend. The MACD of -0.13 indicates Negative momentum. The RSI at 51.85 is Neutral, neither overbought nor oversold. The STOCH value of 91.49 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for RNAC.

Cartesian Therapeutics Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
PBYI	76 Outperform	$336.61M	9.17	39.69%	―	-12.96%	56.02%
DBVT	60 Neutral	$1.14B	-4.02	-234.64%	―	―	1.29%
AVIR	58 Neutral	$359.38M	―	-37.98%	―	―	14.33%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
RNAC	51 Neutral	$172.66M	-0.13	―	―	―	―
VOR	50 Neutral	$548.06M	-0.03	―	―	―	-1072.48%
VYGR	46 Neutral	$185.70M	―	-46.09%	―	-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.

Cartesian Therapeutics Reports Promising Phase 2 Trial Results

On November 13, 2025, Cartesian Therapeutics announced promising initial data from its Phase 2 trial of Descartes-08 for systemic lupus erythematosus (SLE), showing significant reductions in disease activity and favorable safety profiles. The company plans to expand Descartes-08 into myositis, with a Phase 2 trial set to begin in the first half of 2026, while pausing further development in SLE to focus on myasthenia gravis and myositis.

The most recent analyst rating on (RNAC) stock is a Sell with a $9.50 price target. To see the full list of analyst forecasts on Cartesian Therapeutics stock, see the RNAC Stock Forecast page.