RNAC Stock — Cartesian Therapeutics Inc.: Cash, EV, Pipeline

What they do

We are a late clinical-stage biotechnology company pioneering cell therapy for the treatment of autoimmune diseases. We leverage our proprietary technology and manufacturing platform to introduce mRNA into cells to provide a therapeutic effect.

Source: 10-K FY2025 via SEC EDGAR

Share price

$7.53

Market cap

$227.8M

Cash

$123.0M

Enterprise value

$155.1M

Balance sheet

Cash	$123.0M
Debt	$50.2M
Net cash	$72.8M
Enterprise value	$155.1M
Basic shares	30.5M shares
Fully diluted shares	38.2M shares
Fully diluted market cap	$287.6M
Cash per share	$4.03
Quarterly burn	$21.1M
Cash runway	7.0 quarters

Cash figures as of 2026-09-30. Database snapshot: 2026-11-07.

Share structure

Common

30.3M

Pre-funded warrants

0.0M

Options

2.9M

RSUs

0.0M

Warrants

0.7M

Converts

0.6M

Conv preferred

3.7M

ESPP reserve

—

FDSO

38.2M

Cap table as of 2026-06-30.

Price history

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Next catalyst

Descartes-08 · Jan 12 - Feb 23 in 9 wks · Phase 2 · Systemic Lupus Erythematosus (SLE)

Recently reported

Descartes-08 Phase 2 Mixed · 2026-09-29

MG-ADL

Source release →

Upcoming catalysts

Expected	Drug	Phase	Indication	Mgmt guide
Jan 12 - Feb 23 in 9 wks	Descartes-08	Phase 2	Systemic Lupus Erythematosus (SLE)	—
Feb 10 - Mar 24 in 14 wks	Decartes-08	Phase 3	Myasthaenia Gravis	1H 2027 Est. Feb 10, 2027 · PCD + 6 wks (Jan 27-Feb 24)
Dec 13, 2027 - Jan 24, 2028 in 13 mo	Descartes-08	Phase 2	Antisynthetase Syndrome	—
Jan 12 - Feb 23 in 14 mo	Descartes-08	Phase 1/2	Childhood-onset Systemic Lupus Erythematous; ANCA-Associated Vasculitis (AAV); Juvenile Myasthenia Gravis	1H 2027 Est. Apr 1, 2027 · half midpoint

Estimated readout windows: registry primary-completion date + 6-12 weeks. Windows already open are shown from "Now". Drug names link to ClinicalTrials.gov.

Full readout calendar →

Pipeline assets

Descartes-08

Phase 3 · Active Modality: autologous mRNA CAR-T cell therapy (no preconditioning chemotherapy, no genomic integration)

Target BCMA

Partnerships WestGene Biopharma Co., Ltd.: non-exclusive license (June 2026) for in vivo CAR-T technology for autoimmune diseases

Indications

Myasthenia gravis (MG) (Phase 3)
Myositis (moderate to severe multi-refractory dermatomyositis and antisynthetase syndrome) (Phase 2)
Pediatric autoimmune basket including juvenile dermatomyositis (JDM) (Phase 2)
Systemic lupus erythematosus (SLE) (Phase 2)

Catalysts

— May 2025
— November 2025

Status note Lead candidate targeting BCMA. Phase 3 AURORA in AChR Ab+ MG (approx 100 pts, 1:1 vs placebo) initiated May 2025. Phase 2 TRITON in myositis (up to 50 pts). Phase 2 pediatric basket trial initiated January 2026. SLE program discontinued (Nov 2025 pause, then decision to no longer pursue). Orphan Drug and RMAT designations for MG; Rare Pediatric Disease designation for JDM.

Descartes-15

Phase 1 · Active Modality: autologous mRNA CAR-T cell therapy

Target BCMA

Indications

Multiple myeloma (Phase 1)

Catalysts

— November 2025

Status note Next-generation anti-BCMA mRNA CAR-T; reported Phase 1 dose-escalation results (Nov 2025) with no dose-limiting toxicities. Further development paused to prioritize Descartes-08 in MG and myositis.

Per-asset detail extracted from the 10-Q filed 2026-08-06. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.

Pipeline

Lead drug	Decartes-08
Lead indication	Myasthaenia Gravis
Lead phase	Phase 3
Active trials	5

Active clinical trials

Trial	Phase	Status	Role	Sponsor	BP	Condition(s)	Mgmt guide
NCT06799247	Phase 3	Active, not recruiting	Sponsor	Cartesian Therapeutics	—	Myasthaenia Gravis	1H 2027 Est. Feb 10, 2027 · PCD + 6 wks (Jan 27-Feb 24)
NCT06038474	Phase 2	Active, not recruiting	Sponsor	Cartesian Therapeutics	—	Systemic Lupus Erythematosus (SLE)	—
NCT07391605	Phase 2	Recruiting	Sponsor	Cartesian Therapeutics	—	Antisynthetase Syndrome	—
NCT04146051	Phase 2	Active, not recruiting	Sponsor	Cartesian Therapeutics	—	Myasthenia Gravis, Generalized	1H 2027 Est. Jan 1, 2027 · PCD + 6 wks (Jan 1-Jan 1)
NCT07089121	Phase 1/2	Recruiting	Sponsor	Cartesian Therapeutics	—	Childhood-onset Systemic Lupus Erythematous; ANCA-Associated Vasculitis (AAV); Juvenile Myasthenia Gravis	1H 2027 Est. Apr 1, 2027 · half midpoint

Sponsor-matched active trials from ClinicalTrials.gov (5 as sponsor, 0 as collaborator); "Sponsor" = company is the lead sponsor, "Collaborator" = company is a collaborator. The BP column flags big-pharma involvement as lead sponsor or collaborator (excluding the company itself). The Mgmt guide column shows what management guided for readout timing when a guided program matches the trial (hover for the quote, click for the source). Trial listings are not a company pipeline slide.

View all 5 active trials for Cartesian Therapeutics on ClinicalTrials.gov

Specialist fund holders

Tracked specialist funds: ADAR1 Capital Management, Aisling Capital, Ally Bridge Group, Avoro Capital Advisors, BVF Partners, Baker Bros. Advisors, Boxer Capital, Braidwell LP, Casdin Capital, Cormorant Asset Management, DAFNA Capital, Deerfield Management, EcoR1 Capital, Frazier Life Sciences, Great Point Partners, Ikarian Capital, Logos Global Management, OrbiMed Advisors, Perceptive Advisors, RA Capital Management, RTW Investments, Sphera Biotech, Stonepine Capital, Tang Capital Partners, Vivo Capital.

Fund	Shares	Q/Q change	% of portfolio	Filing
ADAR1 Capital Management	98,877	+98,877	0.05%	2026-08-14
Ikarian Capital	20,807	no change	0.04%	2026-08-14

Specialist-fund positions from 13F filings. Q/Q change is vs the prior quarter's filing; % of portfolio is the fund's own reported portfolio weight.

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RNAC — Cartesian Therapeutics Inc. ☆