Cartesian Therapeutics, Inc. (RNAC) FY2025 10-K Annual Report
Cartesian Therapeutics, Inc. (RNAC) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Mar 9, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Cartesian Therapeutics, Inc. FY2025 10-K Analysis
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
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
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
Cartesian Therapeutics, Inc. FY2025 Key Financial MetricsXBRL
Revenue
$400,000
▼ -99.0% YoY
Net Income
-$130M
▼ -68.3% YoY
Operating Margin
-35851.3%
▼ -3573656bp YoY
Net Margin
-32575.5%
▼ -3237322bp YoY
ROE
103.2%
▼ -103504bp YoY
Total Assets
$296M
▼ -31.9% YoY
EPS (Diluted)
$-5.02
▼ -11.8% YoY
Operating Cash Flow
-$74M
▼ -212.3% YoY
Source: XBRL data from Cartesian Therapeutics, Inc. FY2025 10-K filing on SEC EDGAR. All figures in USD.
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