S-1 · resale registration
Issued 2024
Proposed maximum
Shares registered
- Filed
- Effective
RNAC$6.47+2.05%
Cartesian Therapeutics, Inc.
Sector: Pharmaceutical PreparationsIndustry: BiotechnologyCountry: USExchange: Nasdaq
Mkt Cap:$195.75M
Float & O/S:
Inst Own:
DilutionScan read 37 of Cartesian Therapeutics, Inc.'s SEC filings and found 3 warrant series, 3 convertibles, 2 ATM programs, 4 shelf registrations, 1 S-1 registration and 1 completed offering on file for RNAC. The latest dilution event on file is ATM sales on Jun 30, 2026. Analysis updated Nov 2, 2026.
Signal8 Summary
RNAC
High-debt biotech with strict covenants
Snapshot
Cartesian Therapeutics is a clinical-stage biotech burning cash to fund drug development. The company generated only $2.8 million in revenue in FY 2025, a 93% drop from the prior year, while losing $130.3 million. It spends heavily on research, with R&D costs of $58 million exceeding its tiny revenue base.
What's Happening Right Now
- : The company announced a strategic licensing agreement with WestGene Biopharma to develop in vivo CAR-T therapies for autoimmune diseases. This partnership combines Cartesian's mRNA payloads with WestGene's delivery platform, with a Phase 1 study expected to start in late 2026.
- : Cartesian secured up to $150 million in senior secured debt, with an initial $50 million tranche funded immediately. The deal includes strict covenants requiring the company to maintain high cash levels if its market cap drops below $750 million and to generate $40 million in annual product revenue by 2029.
- : First quarter 2026 results showed a loss of $1.46 per share, missing analyst estimates of $0.84. Revenue of $78,000 also missed the $220,000 estimate, highlighting the company's lack of commercial sales.
Raise routes on file: active ATM + effective shelf · latest dilution event 126 days ago
Overall Risk
Offering Ability
Overhead Supply
Historical
Cash Need
AI dilution summary
The dominant contractual driver and its mechanism, then each further driver ranked.
Latest dilution event
Jun 30, 2026 · ATM Sale
Every warrant, convertible, ATM and shelf, cited to the filing
A free account reads 3 tickers a day in full
$59/mo with 7 days free, or $49/mo billed yearly ($588/yr)
Share count and cash history
Shares outstanding, potential dilution and cash over time
Superseded
Warrant
Issued 2022
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- Anti-Dilution
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Warrant
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Convertible
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Series A Non-Voting Convertible Preferred Stock
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Series B Non-Voting Convertible Preferred Stock
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ATM program
Issued 2024
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ATM program
Issued 2021
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S-3 shelf registration
Issued 2024
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S-3 shelf registration
Issued 2024
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S-3 shelf registration
Issued 2024
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S-3 shelf registration
Issued 2023
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ATM block sale
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Know who's about to sell into your RNAC trade
Exercise prices, conversion terms, shelf headroom and the filing sentence behind every number.
$59/mo with 7 days free, or $49/mo billed yearly ($588/yr)
