Filing Flows › Cartesian Therapeutics (RNAC) › Q2 2025
Cartesian Therapeutics (RNAC) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 7, 2025
Cartesian Therapeutics (RNAC) reported revenue of $298K for the second quarter 2025 (Q2 2025), -99% from a year earlier and -73% from the quarter before.
Cartesian Therapeutics, Q2 2025: revenue $298K (-99% year over year), net earnings $15.9M, operating cash flow −$17.5M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $298K | -73% | -99% |
| Operating profit | −$21.8M | — | — |
| Net earnings | $15.9M | — | — |
| Operating cash flow | −$17.5M | — | — |
What changed
Revenue was $298K in Q2 2025, down 99% year over year and down 73% from the previous quarter.
Operating costs exceeded revenue by $21.8M, an operating margin of -7319.1%. Total costs grew 12% against a revenue fall of 99%. The fastest-growing cost line was Research & development (+17%). Net earnings were $15.9M, up 15% year over year. The effective tax rate was 0.0%. Non-operating items added $37.7M, 237% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was −$17.5M. Non-cash charges added back $600K of depreciation and $3.3M of share-based compensation. Working capital and other items used $37.3M. Capital expenditures of $2.6M exceeded it, leaving free cash flow of −$20.1M.
Questions
What was Cartesian Therapeutics' revenue in the second quarter 2025?
Cartesian Therapeutics (RNAC) reported revenue of $298K for the second quarter 2025 (Q2 2025), -99% from a year earlier and -73% from the quarter before.