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Cartesian Therapeutics cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$28.2M in Q3 2026 · −$89.9M over twelve months

Operating cash flow−$27.7M
Capital spending−$441K
Free cash flow−$28.2M

Analysis

In Q3 2026, Cartesian Therapeutics generated −$27.7M of operating cash flow and spent $441K on capital projects, leaving free cash flow of −$28.2M. That is $11.3M less than in Q3 2025 (−$16.9M).

Over the twelve months to Sep 30, 2026, operating cash flow was −$88.7M; the largest uses were operating cash flow ($88.7M), capital spending ($1.2M); besides operations, cash came from other financing ($68.7M), shares issued ($839K); the cash balance fell by $20.4M.

Operating cash flow was −$27.7M against net income of −$11.5M. The largest differences: accrued liabilities −$4.6M, stock-based pay +$2.7M, prepaid and other assets −$1.4M.

Free cash flow

Cartesian Therapeutics: free cash flow by quarterCartesian Therapeutics: free cash flow by quarter−$7.7MQ4 2024−$24.2MQ1 2025−$20.1MQ2 2025−$16.9MQ3 2025−$18.2MQ4 2025−$22.2MQ1 2026−$21.4MQ2 2026−$28.2MQ3 2026
Operating cash flow less capital spending.
Cartesian Therapeutics: operating cash flow against capital spendingCartesian Therapeutics: operating cash flow against capital spendingOperating cash flowCapital spending−$7.0M$705KQ4 2024−$23.1M$1.1MQ1 2025−$17.5M$2.6MQ2 2025−$15.6M$1.3MQ3 2025−$17.7M$492KQ4 2025−$22.1M$27KQ1 2026−$21.1M$272KQ2 2026−$27.7M$441KQ3 2026
Latest (Q3 2026): Operating cash flow −$27.7M, Capital spending $441K.

Capital allocation, year by year

Cartesian Therapeutics: where the cash came from (up) and went (down), by fiscal yearCartesian Therapeutics: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingFY2021: Operating cash flow −$60.4MFY2021: Shares issued $52.7MFY2021: Capital spending −$1.1M$52.7MFY2021FY2022: Operating cash flow −$31.6MFY2022: Shares issued $2.3MFY2022: Capital spending −$1.2M$2.3MFY2022FY2023: Operating cash flow −$51.2MFY2023: Net borrowing −$27.5MFY2023: Shares issued $20.2MFY2023: Capital spending −$206K$20.2MFY2023FY2024: Operating cash flow −$23.7MFY2024: Shares issued $41.2MFY2024: Asset sales $351KFY2024: Capital spending −$9.1M$41.5MFY2024FY2025: Operating cash flow −$73.9MFY2025: Shares issued $323KFY2025: Capital spending −$5.5M$323KFY2025
Over these 5 years operating cash flow totalled −$241M; the largest uses were operating cash flow ($241M) and net borrowing ($27.5M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$123M
Debt$50.2M
Net cash$72.8M
Cash runway16 months

Cartesian Therapeutics is burning cash: its operations consume cash, a free cash flow of −$89.9M a year at the current rate against $123M of cash and investments: a runway of about 16 months before any new financing.

Where the cash came from and went

Cartesian Therapeutics: sources (+) and uses (−) of cash, Q3 2026Cartesian Therapeutics: sources (+) and uses (−) of cash, Q3 2026Operating cash flow−$27.7MCash drawn (+) / kept (−)$24.6MShares issued$3.6MCapital spending−$441KExchange rates−$13K
Cartesian Therapeutics: sources (+) and uses (−) of cash, TTM to Q3 2026Cartesian Therapeutics: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow−$88.7MOther financing$68.7MCash drawn (+) / kept (−)$20.4MCapital spending−$1.2MShares issued$839KExchange rates−$34K

From profit to cash

Cartesian Therapeutics: net income to operating cash flow, Q3 2026Cartesian Therapeutics: net income to operating cash flow, Q3 2026Net income−$11.5MDepreciation & amortization$800KStock-based pay$2.7MReceivables$144KPayables−$720KAccrued liabilities−$4.6MPrepaid and other assets−$1.4MOperating cash flow−$27.7M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingShares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026−$27.7M−$441K$3.6M$24.6M−$28.2M
Q2 2026−$21.1M−$272K$4.3M−$29.0M−$21.4M
Q1 2026−$22.1M−$27K$15.7M$6.5M−$22.2M
Q4 2025−$17.7M−$492K$50K$18.2M−$18.2M
Q3 2025−$15.6M−$1.3M$5K$16.9M−$16.9M
Q2 2025−$17.5M−$2.6M$85K$20.0M−$20.1M
Q1 2025−$23.1M−$1.1M$183K$32.2M−$24.2M
Q4 2024−$7.0M−$705K$849K$6.6M−$7.7M

Cartesian Therapeutics: income statement and cash flow

Cartesian Therapeutics, Q1 2026: revenue $78K (-93% year over year). The chart follows the revenue to costs, profit and cash.

Cartesian Therapeutics: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.