RNAC$6.51+2.68%
Cartesian Therapeutics, Inc.
Sector: Pharmaceutical PreparationsIndustry: BiotechnologyCountry: USExchange: Nasdaq
Mkt Cap:$196.96M
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.
