Cartesian Therapeutics, Inc.
RNAC · Pharmaceutical Preparations · 29.4M shares · -21%/yr ↓ buyback · EDGAR filings ↗
Reference price $6.82 · est. market cap ~$200M — last insider sale, 2026-01-06 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
D45Late clinical-stage autoimmune biotech with deep losses, negative equity and a limited cash runway ahead of a binary Phase 3 readout.
Strengths
- $125M cash with a strong current ratio (8.7) funding operations into the AURORA Phase 3 for MG
- Differentiated, repeat-dosed mRNA cell-therapy platform with no required pre-treatment chemotherapy
Risks
- Cash runway only ~6.3 quarters against a $130M net loss and $822M accumulated deficit
- Unproven platform with classic binary Phase 3 risk; negative tangible book (-$174M)
Notable findings
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- Net lossNet loss (net margin -4658.6%)
- Cash burnNegative free cash flow (-79.4M)
- Exec changeRecent 8-K item 5.02 8-K ↗
- Buying back stockNet buyback — share count -21%/yr over 4y
- Notable holderHeld by 5 notable fund(s): FMR LLC, STATE STREET CORP, CITADEL ADVISORS LLC +2 more (as of 2026-03-31)
- New fund positionNotable fund(s) opened this quarter: GOLDMAN SACHS GROUP INC
- Pending merger, in accordance with the terms of the Merger Agreement, by and among Selecta, First Merger Sub, Second Merger Sub, and Old Cartesian
- Insider sellingInsider selling — 3 open-market sale(s) by 3 insider(s) (cluster of 3 insiders, ~$258,671, last 6mo) Form 4 ↗
- Revenue declineRevenue -91.8% YoY
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Operating margin
-5127.1%
Net margin
-4658.6%
Return on equity
103.2%
Return on assets
-44.0%
Revenue growth (QoQ)
-91.8%
Current ratio
8.7×
Free cash flow
-$79M
Tangible book value
-$174M
Cash & investments
$125M
Cash runway
6q
Stock comp / revenue
376.2%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-04-02 | Kalayoglu Murat | Option exercise | 758K | — |
| 2026-04-02 | Hoge Elizabeth | Option exercise | 758K | — |
| 2026-03-13 | Singer Michael | Gift | 6.6K | — |
| 2026-01-06 | Brunn Carsten | Sell | 24K | $6.82 |
| 2026-01-06 | Davis Blaine | Sell | 11K | $6.82 |
| 2026-01-06 | Miljkovic Milos | Sell | 3.6K | $6.82 |
| 2026-01-02 | Malik Kemal | Grant | 2.6K | — |
| 2026-01-02 | Miljkovic Milos | Grant | 27K | — |
| 2026-01-02 | ZENNER PATRICK J | Grant | 2.6K | — |
| 2026-01-02 | Seymour June Ann | Grant | 6.5K | — |
| 2026-01-02 | Davis Blaine | Grant | 37K | — |
| 2026-01-02 | BARABE TIMOTHY C | Grant | 2.6K | — |
| 2026-01-02 | English Emily | Grant | 24K | — |
| 2026-01-02 | SPRINGER TIMOTHY A | Grant | 2.6K | — |
| 2026-01-02 | Kalayoglu Murat | Grant | 2.6K | — |
| 2026-01-02 | Singer Michael | Grant | 2.6K | — |
| 2026-01-02 | DeSilva Nishan M | Grant | 2.6K | — |
| 2026-01-02 | Brunn Carsten | Grant | 143K | — |
| 2025-12-30 | English Emily | Option exercise | 7.5K | $3.30 |
| 2025-12-16 | Bot Adrian Ion | Grant | 5.8K | — |
| 2025-12-04 | BARABE TIMOTHY C | Buy | 30K | $6.86 |
| 2025-11-28 | English Emily | Option exercise | 7.5K | $3.30 |
| 2025-11-18 | Singer Michael | Gift | 20K | — |
| 2025-05-12 | English Emily | Option exercise | 7.5K | $3.30 |
| 2025-04-15 | English Emily | Option exercise | 7.5K | $3.30 |
| 2025-04-11 | SPRINGER TIMOTHY A | Buy | 6.4K | $10.77 |
| 2025-04-11 | SPRINGER TIMOTHY A | Buy | 36K | $10.77 |
| 2025-04-10 | SPRINGER TIMOTHY A | Buy | 609 | $10.92 |
| 2025-04-10 | SPRINGER TIMOTHY A | Buy | 3.5K | $10.92 |
| 2025-04-10 | SPRINGER TIMOTHY A | Buy | 8.0K | $10.43 |
| 2025-04-10 | SPRINGER TIMOTHY A | Buy | 45K | $10.43 |
| 2025-04-09 | SPRINGER TIMOTHY A | Buy | 31 | $9.95 |
| 2025-04-09 | SPRINGER TIMOTHY A | Buy | 7.3K | $9.43 |
| 2025-04-09 | SPRINGER TIMOTHY A | Buy | 42K | $9.43 |
| 2025-04-09 | SPRINGER TIMOTHY A | Buy | 178 | $9.95 |
| 2025-03-20 | SPRINGER TIMOTHY A | Buy | 55K | $15.59 |
| 2025-03-19 | SPRINGER TIMOTHY A | Buy | 20K | $14.97 |
| 2025-03-18 | SPRINGER TIMOTHY A | Buy | 15K | $14.42 |
| 2025-01-14 | SPRINGER TIMOTHY A | Buy | 4.0K | $18.00 |
| 2025-01-13 | SPRINGER TIMOTHY A | Buy | 8.0K | $16.86 |
| 2025-01-13 | SPRINGER TIMOTHY A | Buy | 9.0K | $17.78 |
| 2025-01-10 | Jewell Christopher M | Option exercise | 9.0K | $3.23 |
| 2025-01-06 | Brunn Carsten | Sell | 8.7K | $16.83 |
| 2025-01-06 | Kurtoglu Metin | Sell | 2.5K | $16.83 |
| 2025-01-06 | Miljkovic Milos | Sell | 948 | $16.83 |
| 2025-01-06 | Jewell Christopher M | Sell | 1.3K | $16.83 |
| 2025-01-06 | English Emily | Sell | 906 | $16.83 |
| 2025-01-06 | Davis Blaine | Sell | 4.0K | $16.83 |
| 2025-01-03 | Brunn Carsten | Sell | 8.6K | $16.72 |
| 2025-01-03 | Kurtoglu Metin | Sell | 2.4K | $16.72 |
| 2025-01-03 | Miljkovic Milos | Sell | 932 | $16.72 |
| 2025-01-03 | Davis Blaine | Sell | 4.0K | $16.72 |
| 2025-01-03 | Jewell Christopher M | Sell | 1.3K | $16.72 |
| 2025-01-03 | English Emily | Sell | 891 | $16.72 |
| 2025-01-02 | Davis Blaine | Grant | 22K | — |
| 2025-01-02 | ZENNER PATRICK J | Grant | 2.6K | — |
| 2025-01-02 | Miljkovic Milos | Grant | 19K | — |
| 2025-01-02 | Kalayoglu Murat | Grant | 2.6K | — |
| 2025-01-02 | BARABE TIMOTHY C | Grant | 2.6K | — |
| 2025-01-02 | SPRINGER TIMOTHY A | Grant | 2.6K | — |
| 2025-01-02 | Malik Kemal | Grant | 2.6K | — |
| 2025-01-02 | Kurtoglu Metin | Grant | 16K | — |
| 2025-01-02 | Singer Michael | Grant | 2.6K | — |
| 2025-01-02 | COX CARRIE SMITH | Grant | 2.6K | — |
| 2025-01-02 | DeSilva Nishan M | Grant | 2.6K | — |
| 2025-01-02 | Brunn Carsten | Grant | 58K | — |
| 2025-01-02 | Jewell Christopher M | Grant | 16K | — |
| 2025-01-02 | English Emily | Grant | 16K | — |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-17 | Shareholder vote | filing ↗ |
| 2026-06-09 | Reg FDExhibits | filing ↗ |
| 2026-05-26 | Material agreementDebt obligation3.02Exec/director changeReg FDExhibits | filing ↗ |
| 2026-04-30 | ResultsExhibits | filing ↗ |
| 2026-03-30 | Exec/director change | filing ↗ |
| 2026-03-09 | ResultsExhibits | filing ↗ |
| 2026-01-09 | Reg FDExhibits | filing ↗ |
| 2025-12-18 | Exec/director change5.05Reg FDExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-17 | 2026-06-12 | 0001453687-26-000090 ↗ |
| 8-K | 2026-06-09 | 2026-06-09 | 0001140361-26-024556 ↗ |
| 8-K | 2026-05-26 | 2026-05-22 | 0001453687-26-000087 ↗ |
| 8-K | 2026-04-30 | 2026-04-30 | 0001453687-26-000081 ↗ |
| 10-Q | 2026-04-30 | 2026-03-31 | 0001453687-26-000082 ↗ |
| 8-K | 2026-03-30 | 2026-03-26 | 0001453687-26-000068 ↗ |
| 10-K | 2026-03-09 | 2025-12-31 | 0001453687-26-000064 ↗ |
| 8-K | 2026-03-09 | 2026-03-09 | 0001453687-26-000063 ↗ |
| 8-K | 2026-01-09 | 2026-01-09 | 0001453687-26-000051 ↗ |
| 8-K | 2025-12-18 | 2025-12-16 | 0001453687-25-000140 ↗ |
| 8-K | 2025-11-13 | 2025-11-13 | 0001453687-25-000123 ↗ |
| 10-Q | 2025-11-06 | 2025-09-30 | 0001453687-25-000120 ↗ |