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Cartesian Therapeutics (RNAC) earnings and revenue breakdown

Latest: Q1 2026 · 10-Q filed Apr 30, 2026 · Cartesian Therapeutics (RNAC) Q1 2026 earnings results →

Q1 2026 Revenue down 93% year over year to $78K

Cartesian Therapeutics made $78K in Q1 2026 (-93% Y/Y). Operating margin n/m, net loss $39.2M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Apr 30, 2026.

Revenue$78K
Year over year-93%
Operating marginn/m
Net earnings−$39.2M
Operating cash flow−$22.1M

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

What changed this quarter

Revenue was $78K in Q1 2026, down 93% year over year and down 92% from the previous quarter.

Operating costs exceeded revenue by $26.5M, an operating margin of -33973.1%. Total costs grew 16% against a revenue fall of 93%. The fastest-growing cost line was Research & development (+33%). The quarter ended with a net loss of $39.2M, narrower than the previous quarter's $92.6M loss.

Operating cash flow was −$22.1M. Non-cash charges added back $600K of depreciation and $2.4M of share-based compensation. Working capital and other items added $14.0M. Capital expenditures of $27K exceeded it, leaving free cash flow of −$22.2M.

Quarterly history

Cartesian Therapeutics revenue by quarterCartesian Therapeutics revenue by quarter$1.1MQ1 2025$298KQ2 2025$452KQ3 2025$947KQ4 2025$78KQ1 2026
Cartesian Therapeutics net earnings by quarterCartesian Therapeutics net earnings by quarter−$17.7MQ1 2025$15.9MQ2 2025−$35.9MQ3 2025−$92.6MQ4 2025−$39.2MQ1 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q1 202610-QApr 30, 2026$78K-93%n/m−$39.2M−$22.1M
Q4 202510-KMar 9, 2026$947K—n/m−$92.6M−$17.7M
Q3 202510-QNov 6, 2025$452K+17%n/m−$35.9M−$15.6M
Q2 202510-QAug 7, 2025$298K-99%n/m$15.9M−$17.5M
Q1 202510-QMay 8, 2025$1.1M-81%n/m−$17.7M−$23.1M

Charts

Cartesian Therapeutics: revenue growth, year over year and quarter over quarterCartesian Therapeutics: revenue growth, year over year and quarter over quarterY/YQ/Q-81%Q1 2025-99%-73%Q2 2025+17%+52%Q3 2025+110%Q4 2025-93%-92%Q1 2026
Latest (Q1 2026): Y/Y -93%, Q/Q -92%.
Cartesian Therapeutics: where the cash came from (+) and went (−), TTM to Q3 2026Cartesian Therapeutics: where the cash came from (+) and went (−), TTM to Q3 2026Operating cash flow−$88.7MOther financing$68.7MCash drawn (+) / kept (−)$20.4MCapital spending−$1.2MShares issued$839KExchange rates−$34K
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Cartesian Therapeutics: profit against cash, quarter by quarterCartesian Therapeutics: profit against cash, quarter by quarterNet incomeOperating cash flow−$10.3M−$7.0MQ4 2024−$17.7M−$23.1MQ1 2025$15.9M−$17.5MQ2 2025−$35.9M−$15.6MQ3 2025−$92.6M−$17.7MQ4 2025−$39.2M−$22.1MQ1 2026$15.8M−$21.1MQ2 2026−$11.5M−$27.7MQ3 2026
Latest (Q3 2026): Net income −$11.5M, Operating cash flow −$27.7M.
Cartesian Therapeutics: diluted shares by fiscal year (split-adjusted)Cartesian Therapeutics: diluted shares by fiscal year (split-adjusted)304MFY2020343MFY2021438MFY202216MFY202317MFY202426MFY2025
-91.4% since FY2020: buybacks shrank the count; earlier years scaled for the 3-for-1 split before FY2024.
Cartesian Therapeutics in its industry: growth against margin (225 companies, SIC 2834)Cartesian Therapeutics in its industry: growth against margin (225 companies, SIC 2834)revenue growth, year over year →↑ operating marginmedian +11%median -50%JNJLLYMRKABBVPFEBMYABTREGNTEVAVTRSVRTXBHCZTSONCOGNALNYELANJAZZBMRNPRGOAMRXUTHRRPRXNRIXINSMKeenova Therapeutics plcALKSMDGLPAHCSRPTPTCTINDVBBIOACADCORTPBHANIPKNSAPTGXHRMYIONSAXSMTGTXSUPNTVTXCOLLVREOFAMPHMIRMPCRXRARELQDAARQTIRWDARDXNATRXNCREBSZLABXERSINVACRMDMNKDRYTMURGNPHATAUPHSNDXRIGLLGNDEOLSARWRPGENHROWVNDAOPKSDGRGERNETONAGIOPBYITNGXCYRXCYTKMRVIORGONUVBLFVNSIGAKROSAMRNZVRASPRYHRTXAKBABCYCKPTIGYREMGNXELTPSEPNVRDNLFCRCrinetics Pharmaceuticals, Inc.VSTMKURATBPHLABADCTNAMSFBIOXLODERMARCTRMTIAYTUFHTXENTATNXPOCULASMBWVEAPMDBFRIABEOSTOKLXRXCAPRIDYANKTRZOMDFINBPJANXSBFMGOSSETSTRCUSCPIXLIFDCUEAQSTPRAXWHWKVERUEMMAGENBVRCACELUQUREZYMEEQABCLIMNMKYNBAKTSRNACVSICNTBTRAWISCOEVFMTVRDLPCNCAMPAtaiBeckley Inc.CTMXALMSPMHSACRSVTGNROIVKRROJAGXENSCKRSAABUSPRPHSTTKCPHITRDATXMDGOVXNWBOBIOEUPBIRDOVIDSPRBXBIOPRTAMCRBARVNMNOVSLNIGCBIOALGVNDNTHCPMDSPRORFLCOYASCYXBFRGSXTPBTAIQHCWBSERYARWRGBPAVTXCLNNNTHIHINDAAGHALTONCOCRVOSKVIBOLTBDPTLYELIBOPULMRNAC (-93%, -100%)
Pharmaceutical Preparations; dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

The same charts as the app — open one to draw it.

💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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About Cartesian Therapeutics

The Company (formerly known as Selecta Biosciences, Inc., or Selecta) was incorporated in Delaware on December 10, 2007, and is headquartered in Frederick, Maryland. On November 13, 2023, the Company and the Delaware corporation which, immediately prior to the Merger (as defined below), was known as Cartesian Therapeutics, Inc., or Old Cartesian, entered into an Agreement and Plan of Merger, or the Merger Agreement, by and among the Company, Sakura Merger Sub I, Inc., a Delaware corporation and a wholly owned subsidiary of the Company, or First Merger Sub, Sakura Merger Sub II, LLC, a Delaware limited liability company and wholly owned subsidiary of the Company, or Second Merger Sub, and Old Cartesian.

In its own words, from its 10-K, filed Mar 9, 2026.

Cartesian Therapeutics against its Pharmaceutical Preparations peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: -93% against the peers' median +7%.

CompanyQuarterRevenueY/YOp. margin
RNAC Cartesian TherapeuticsQ1 2026$78K-93%n/m
JNJ Johnson & JohnsonQ3 2026$25.4B+6%0.1%
LLY ELI LillyQ3 2026$24.4B+39%34.5%
MRK MerckQ3 2026$18.1B+5%30.7%
ABBV AbbVieQ3 2026$17.4B+10%36.0%
PFE PfizerQ3 2026$16.6B-0.4%20.4%
BMY Bristol Myers SquibbQ3 2026$13.1B+7%19.4%
ABT Abbott LaboratoriesQ3 2026$13.0B+14%10.4%
REGN Regeneron PharmaceuticalsQ3 2026$5.1B+36%40.0%

Source: Cartesian Therapeutics 10-Q on SEC EDGAR · CIK 1453687 · Pharmaceutical Preparations

13F: who owns RNAC and who is buying

Largest holders of RNAC (13F)Largest holders of RNAC (13F)Squarepoint Ops LLC$23.5MBlackRock$8.5M683 Capital Management, LLC$6.8MVanguard Capital Management LLC$5.8MVanguard Group$3.9MFMR LLC$3.8MGeode Capital Management, LLC$3.7MAQR Capital Management LLC$3.7MMillennium Management LLC$3.2MTwo Sigma Investments, LP$3.1M
Funds' net buying of RNAC by quarter (13F)Funds' net buying of RNAC by quarter (13F)$38.8M2024-09−$12.1M2024-12$493K2025-03$251K2025-06−$4.3M2025-09−$6.0M2025-12$12.2M2026-03$13.2M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on RNAC

History

Every quarter: Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results

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