RNAC at a glance
Cartesian Therapeutics, Inc. (RNAC, SEC CIK 1453687) filed its latest 10-K annual report on March 9, 2026, a 10-Q quarterly report on August 6, 2026, an 8-K current report on September 29, 2026 and Form 4 insider filings as recently as April 6, 2026. SignalX summarizes each filing with AI and tracks the company's insider trades and institutional holders.
- For the fiscal year ended December 31, 2025 (FY2025), Cartesian Therapeutics, Inc. (RNAC) reported revenue of $400,000 (down 99.0% from FY2024) and a net loss of $130.3 million. Diluted EPS was -$5.02.
- As of June 30, 2026, 21 institutional investment managers tracked by SignalX reported holding Cartesian Therapeutics, Inc. (RNAC) shares worth $36.0 million in 13F-HR filings.
- The most recent insider open-market sale reported on Form 4 was by Miljkovic Milos on January 6, 2026 of 3,573 shares at $6.82 per share.
Source: SEC EDGAR (XBRL financial data, 13F-HR and Form 4 filings).
- Revenue · FY2025
- $400K
- −99.0% vs prior year
- Insiders · 90 days
- 0 buys · 0 sells
- No open-market trades
- 13F holders
- 21 funds
- $36.0M · +2 vs prior quarter
- Latest 8-K
- Sep 29, 2026
- Item 7.01 · Item 8.01
AI 10-K Annual Report Analysis
Latest 10-K, fiscal year ended Dec 31, 2025
Business Overview
- Core business: Late clinical-stage biopharma pioneering outpatient mRNA-engineered autologous cell therapies for autoimmune diseases targeting B-cell maturation antigen (BCMA)
- New emphasis: Expansion of Descartes-08 into myositis (dermatomyositis, antisynthetase syndrome) with FDA IND accepted December 2025, Phase 2 trial to start H1 2026
- Strategic shift: Prioritization of Descartes-08 development after pausing Descartes-08 in SLE and halting Descartes-15 for multiple myeloma to focus on MG and myositis
- Quantitative highlight: Over 100 patients treated with Descartes-08 outpatient through Phase 1/2 trials; Phase 3 AURORA trial launched May 2025 targeting 100 MG patients
- Noteworthy: FDA granted Orphan Drug, RMAT, and Rare Pediatric Disease Designations for Descartes-08; first mRNA CAR-T with no CRS, neurotoxicity, or genomic integration risks reported
Risk Factors
- FDA investigation of T-cell malignancy risk for CAR-T therapies including Descartes-08, with potential for boxed warnings or REMS requirements in 2024-2025
- Geopolitical conflict risks delaying patient enrollment in clinical trials, impacting multinational trial sites and timelines
- Supply chain vulnerability due to reliance on third-party manufacturers for patient-specific mRNA CAR-T product candidates
- Competition from DNA-based CAR-T therapies with established FDA approvals and safety track records
- Cash burn risks from clinical trial delays and increased development costs, with potential premature trial termination impacting financial condition
Management Discussion & Analysis
- Revenue $2.8M in 2025 vs $38.9M in 2024, collaboration and license revenue down $37.9M primarily from Sobi License milestone
- Operating expenses $146.2M in 2025 vs $82.8M in 2024, R&D up 29% to $58.0M, G&A slightly up 4% to $31.5M
- Operating loss $(143.4)M in 2025 vs $(43.9)M in 2024; net loss $(130.3)M vs $(77.4)M, loss increased 68%
- Best segment: Grant revenue $2.4M in 2025, up $1.8M; worst segment: collaboration/license revenue down 99% to $0.4M
- Cash $126.9M at year-end; $60.25M raised via Series A Preferred in 2023 Private Placement; no product sales yet
- Management expects continued significant R&D, operating losses, and reliance on equity/debt financings; revenue from product sales not expected for several years
AI summary of the RNAC 10-K filed . Generated from the filing text; verify against the original.View on SEC EDGARHow to read a 10-K
AI 10-Q Quarterly Report Analysis
Latest 10-Q, quarter ended Jun 30, 2026
Management Discussion & Analysis
- Quarterly revenue $0 vs $0.3M, down 100% YoY
- Net income $15.8M vs $15.9M; operating margin -NM due to $29.2M operating loss
- Descartes-08 MG R&D $12.5M, up 148% YoY; worst line early-stage programs $1.0M, down 43%
- Cash, equivalents and restricted cash $149.3M at June 30, 2026, including $1.7M restricted cash
- $50.0M first-tranche debt funded; ongoing losses and higher R&D expected to require additional capital
Risk Factors
- New debt risk triggered by May 2026 Loan Agreement with K2HV, secured by substantially all assets except intellectual property
- Most material update: minimum unrestricted cash requirement begins April 1, 2027 at 80% of outstanding obligations
- Regulatory or compliance risk: trailing three-month net product revenue covenant of $40.0 million begins January 1, 2029
- Operational risk: restrictive debt covenants limit additional indebtedness, acquisitions, investments, and asset sales
- Financial risk: equity or convertible debt issuance could dilute stockholder ownership and depress common-stock value
AI summary of the RNAC 10-Q filed . Generated from the filing text; verify against the original.View on SEC EDGAR10-K vs 10-Q vs 8-K
AI 8-K Current Report Analysis
The most recent material events, by 8-K item
Item 7.01: Regulation FD Disclosure
- Additional retreatment data from Phase 2 Descartes-08 trial in myasthenia gravis patients
- Press release dated September 29, 2026, contains the disclosed clinical results
Item 8.01: Other Events
- Five MG patients retreated after symptom recurrence at median 16.6 months following initial Descartes-08 treatment
- Month 12 post-retreatment outcomes: MG-ADL reduction 6.6 points and MGC reduction 15 points from baseline
Item 2.02: Results of Operations and Financial Condition
- Q2 2026 results for quarter ended June 30, 2026
- Press release furnished as Exhibit 99.1, containing financial results and management commentary
Item EX-99.1: Item EX-99.1
- Phase 3 AURORA MG data expected 1Q27, with BLA filing planned for mid-2027; primary value inflection for Descartes-08
- Cash, equivalents and restricted cash $149.3M, supporting planned operations into 2028 alongside four expected clinical readouts
Item 5.07: Submission of Matters to a Vote of Security Holders
- 24,151,536 shares represented, covering approximately 82.42% of outstanding shares
- All three Class I nominees elected through the 2029 annual meeting
AI summaries of RNAC 8-K current reports filed with the SEC. What 8-K item codes mean
SignalX for RNAC
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Recent Insider Transactions (Form 4)
Latest reported trades by officers, directors and 10% owners
| Insider | Type | Date | Shares | Price |
|---|---|---|---|---|
| Hoge Elizabeth | M | Apr 2, 2026 | 758,001 | - |
| Hoge Elizabeth | M | Apr 2, 2026 | 22,740.03 | - |
| Kalayoglu Murat | M | Apr 2, 2026 | 22,740.03 | - |
| Kalayoglu Murat | M | Apr 2, 2026 | 758,001 | - |
| Singer Michael | G | Mar 13, 2026 | 6,555 | - |
| Miljkovic Milos | Sell | Jan 6, 2026 | 3,573 | $6.82 |
| Brunn Carsten | Sell | Jan 6, 2026 | 23,766 | $6.82 |
| Davis Blaine | Sell | Jan 6, 2026 | 10,591 | $6.82 |
Financial SummaryXBRL
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Profitability | |||
| Revenue | - | $38.3M | $400K |
| Operating Income | - | -$43.9M | -$143.4M |
| Net Income | -$219.7M | -$77.4M | -$130.3M |
| Op. Margin | - | -114.7% | -35851.3% |
| Net Margin | - | -202.3% | -32575.5% |
| Balance Sheet | |||
| Total Assets | $305.1M | $435.0M | $296.4M |
| Equity | - | -$6.8M | -$126.2M |
| ROE | - | 1138.3% | 103.2% |
| Per Share | |||
| EPS | $-1.66 | $-4.49 | $-5.02 |
| Cash Flow | |||
| Operating CF | - | -$23.7M | -$73.9M |
| CapEx | $206K | $9.1M | $5.5M |
Source: XBRL data in Cartesian Therapeutics, Inc. (RNAC)'s 10-K filings on SEC EDGAR, in USD. Compare across companies →
13F Fund Holdings: Quarterly Trend
Latest: Q2 2026Aggregate RNAC share value held by 13F filers tracked by SignalX, by quarter.
Quarterly totals table
| Quarter | Funds | Total value |
|---|---|---|
| Q2 2026 | 21 | $36.0M |
| Q1 2026 | 19 | $18.2M |
| Q4 2025 | 17 | $24.4M |
| Q3 2025 | 13 | $38.9M |
| Q2 2025 | 13 | $41.5M |
| Q1 2025 | 12 | $46.9M |
| Q4 2024 | 9 | $62.4M |
| Q3 2024 | 6 | $9.8M |
- AQR Capital Management+272.4K (+324%)
- BlackRock+220.1K (+37%)
- Vanguard Capital Management LLC+148.2K (+36%)
- Two Sigma Investments+129.0K (+77%)
- Goldman Sachs Group+49.6K (+161%)
- FMR LLC (Fidelity)−431.3K (-54%)
- Renaissance Technologies LLC−47.0K (-70%)
- Morgan Stanley−5.1K (-35%)
- Bank of America Corp+84.6K
- D.E. Shaw & Co+28.7K
- Invesco Ltd+20.7K
- T. Rowe Price Group+10.8K
- Citadel Advisors LLC−110.1K
- Ameriprise Financial−13.4K
Source: 13F-HR filings on SEC EDGAR (aggregated from 110 fund-quarter rows). Reflects only 13F filers tracked by SignalX, not the full institutional ownership universe. How 13F filings work
RNAC filing archive
AI analysis pages for each 10-K, 10-Q and 8-K
10-K annual reports
10-Q quarterly reports
Latest 2026 SEC Filings: 10-K, 10-Q, 8-K & Form 4
| Form | Filing date | Period | Analysis | SEC |
|---|---|---|---|---|
| 8-K | Sep 29, 2026 | - | Analysis | - |
| SC 13G | Aug 13, 2026 | - | - | |
| 8-K | Aug 6, 2026 | - | Analysis | - |
| 10-Q | Aug 6, 2026 | Jun 30, 2026 | Analysis | |
| 8-K | Jun 17, 2026 | - | Analysis | - |
| 8-K | Jun 9, 2026 | - | Analysis | |
| 8-K | May 26, 2026 | - | Analysis | |
| 8-K | Apr 30, 2026 | - | Analysis | - |
| 10-Q | Apr 30, 2026 | Mar 31, 2026 | Analysis | |
| 4 | Apr 6, 2026 | - | - | - |
| 4 | Apr 6, 2026 | - | - | - |
| 8-K | Mar 30, 2026 | - | - | - |
| SC 13G | Mar 13, 2026 | - | - | |
| 4 | Mar 13, 2026 | - | - | - |
| 10-K | Mar 9, 2026 | Dec 31, 2025 | Analysis | |
| 8-K | Mar 9, 2026 | - | Analysis | - |
| 8-K | Jan 9, 2026 | - | - | |
| 4 | Jan 8, 2026 | - | - | |
| 4 | Jan 8, 2026 | - | - | |
| 4 | Jan 8, 2026 | - | - | |
| 4 | Jan 6, 2026 | - | - | |
| 4 | Jan 6, 2026 | - | - | |
| 4 | Jan 6, 2026 | - | - | |
| 4 | Jan 6, 2026 | - | - | |
| 4 | Jan 6, 2026 | - | - |
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RNAC SEC filings: frequently asked questions
Which institutions hold RNAC stock?
As of June 30, 2026, the largest Cartesian Therapeutics, Inc. (RNAC) holders among the 13F filers tracked by SignalX were BlackRock ($8.5 million), Vanguard Capital Management LLC ($5.8 million), FMR LLC (Fidelity) ($3.8 million), AQR Capital Management ($3.7 million), Millennium Management ($3.2 million). 13F-HR reports are filed up to 45 days after each quarter ends.
What was RNAC's revenue in fiscal year 2025?
For the fiscal year ended December 31, 2025 (FY2025), Cartesian Therapeutics, Inc. (RNAC) reported revenue of $400,000 (down 99.0% from FY2024) and a net loss of $130.3 million. Diluted EPS was -$5.02. The figures come from the XBRL data in the 10-K.
What are the main risks in RNAC's latest 10-K?
In the 10-K filed March 9, 2026, Cartesian Therapeutics, Inc. (RNAC) flagged: FDA investigation of T-cell malignancy risk for CAR-T therapies including Descartes-08, with potential for boxed warnings or REMS requirements in 2024-2025. Geopolitical conflict risks delaying patient enrollment in clinical trials, impacting multinational trial sites and timelines. (AI summary of the Risk Factors section.)
What did RNAC report in its latest 8-K?
Cartesian Therapeutics, Inc. (RNAC) filed an 8-K on September 29, 2026 reporting Item 7.01 (Regulation FD Disclosure) and Item 8.01 (Other Events). Additional retreatment data from Phase 2 Descartes-08 trial in myasthenia gravis patients.
What are the latest RNAC SEC filings?
Cartesian Therapeutics, Inc. (RNAC) filed its latest 10-K annual report on March 9, 2026, a 10-Q quarterly report on August 6, 2026, an 8-K current report on September 29, 2026 and a Form 4 insider filing on April 6, 2026.
What is RNAC's SEC CIK number?
Cartesian Therapeutics, Inc. (RNAC)'s SEC Central Index Key (CIK) is 1453687. EDGAR lists every RNAC filing under that number.
Ask anything about RNAC
The research agent reads RNAC's filings, financials, insider trades and 13F holders, then answers with sources.