Cartesian Therapeutics
RNAC on Nasdaq. Cartesian Therapeutics sells cell therapies that treat autoimmune diseases to patients. Market value $216m.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
We can't read total debt from the filing, so debt is left out.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
Nothing stands out yet.
See Health care stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $-36.39 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: 10 of 100. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.
$7.14 a share, 27% above its 1-year low
Over the past year the price has ranged from $5.60 to $11.00.
Pays no dividend
Prices from Monday’s close (5 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $85m | $111m | $26m | $39m | $3m |
| Operating margin | |||||
| Operating margin | -5.4% | 13.1% | -332.3% | -112.8% | -5127.1% |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.15bn | 0.16bn | 0.03bn | 0.03bn | 0.03bn |
Health checks
- Free cash flow positive0 of 5 years
- Accounting checksSkipped: company is not yet profitable
- DebtUnknown
- Revenue growth, five yearsShrinking, 30.0% a year
- Buying back its own sharesYes, 80% fewer since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $0 last quarter, down 100% on a year ago.
- Profit: $16 million, about the same as a year ago.
- It loses 10519 cents on each $1 of sales, compared with 8578 cents a year earlier.
- Over the past 12 months it spent $79 million more cash than it brought in, compared with $45 million a year earlier.
- 13% more shares than a year ago. Each share owns a bit less of the company.
- Sales grew on a year ago in 2 of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $387,000 |
| December 2024 | -$759,000 |
| March 2025 | $1m |
| June 2025 | $298,000 |
| September 2025 | $452,000 |
| December 2025 | $947,000 |
| March 2026 | $78,000 |
| June 2026 | $0 |
| Quarter to | Amount |
|---|---|
| September 2024 | -$24m |
| December 2024 | -$10m |
| March 2025 | -$18m |
| June 2025 | $16m |
| September 2025 | -$36m |
| December 2025 | -$93m |
| March 2026 | -$39m |
| June 2026 | $16m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 9 March 2026
- Next quarterly (estimated, 10-Q)
- 5 November 2026
Who owns it
None of the long-term investors we follow own it. 95 funds in all.
Largest holders overall
- Squarepoint Ops$23m
- BlackRock$9mAdded
- 683 Capital Management$7mAdded
- Vanguard Capital Management$6mAdded
- FMR$4mCut
- Geode Capital Management$4mAdded
- AQR Capital Management$4mAdded
- Millennium Management$3mAdded
- TWO Sigma Investments, LP$3mAdded
- State Street$3mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
5 investors own more than 5%.
- Timothy A. SpringerInsider or founderat least 36.9%+0.1 pts(filed with 2 related holders)Since 13 January 2025
- Murat KalayogluInsider or founderat least 19.9%(filed with 3 related holders)Since 31 March 2026
What they said
Item 4 of the Schedule 13D is supplemented as follows: On March 31, 2026, Murat Kalayoglu resigned as a member of the Issuer's board of directors. On April 2, 2026, pursuant to a Notice of Optional Conversion delivered to the Issuer by the Trust pursuant to Section 6.02 of the…
Read the filing - Squarepoint Ops LLCPassive investorat least 8.3%(filed with 5 related holders)Since 9 March 2026
- Barclays PLCPassive investor6.0%Since 30 June 2026
- FMR LLCPassive investorat least 3.0%−2.3 pts(filed with 1 related holder)Since 31 March 2026
- JPMORGAN CHASE & CO.Passive investorSold down below 5%Since 30 June 2026
| Holder | Stake | Since | |
|---|---|---|---|
Timothy A. Springer Insider or founder | at least 36.9%+0.1 pts (filed with 2 related holders) | 13 January 2025 | |
Murat Kalayoglu Insider or founder | at least 19.9% (filed with 3 related holders) | 31 March 2026 | What they saidItem 4 of the Schedule 13D is supplemented as follows: On March 31, 2026, Murat Kalayoglu resigned as a member of the Issuer's board of directors. On April 2, 2026, pursuant to a Notice of Optional Conversion delivered to the Issuer by the Trust pursuant to Section 6.02 of the… Read the filing |
Squarepoint Ops LLC Passive investor | at least 8.3% (filed with 5 related holders) | 9 March 2026 | |
Barclays PLC Passive investor | 6.0% | 30 June 2026 | |
FMR LLC Passive investor | at least 3.0%−2.3 pts (filed with 1 related holder) | 31 March 2026 | |
JPMORGAN CHASE & CO. Passive investor | Sold down below 5% | 30 June 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 1 insider bought $205,800 of shares on the open market. 3 sold $258,683.
- Brunn CarstenPresident and CEO, DirectorSold
- Date
- 6 January 2026
- Shares
- 23,766
- Price
- $6.82
- Value
- $162,084
- Miljkovic MilosChief Medical OfficerSold
- Date
- 6 January 2026
- Shares
- 3,573
- Price
- $6.82
- Value
- $24,368
- Davis BlaineChief Financial OfficerSold
- Date
- 6 January 2026
- Shares
- 10,591
- Price
- $6.82
- Value
- $72,231
- BARABE TIMOTHY CDirectorBought
- Date
- 4 December 2025
- Shares
- 30,000
- Price
- $6.86
- Value
- $205,800
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 6 January 2026 | Brunn Carsten President and CEO, Director | Sold | 23,766 | $6.82 | $162,084 |
| 6 January 2026 | Miljkovic Milos Chief Medical Officer | Sold | 3,573 | $6.82 | $24,368 |
| 6 January 2026 | Davis Blaine Chief Financial Officer | Sold | 10,591 | $6.82 | $72,231 |
| 4 December 2025 | BARABE TIMOTHY C Director | Bought | 30,000 | $6.86 | $205,800 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 9 Mar 2026, plus the 10-Q filed 6 Aug 2026 and 7 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
- Sales have shrunk: 30.0% a year.
- It owes more than it owns on paper (negative equity). Often that's from borrowing to buy back shares.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.