Cartesian Therapeutics, Inc. (RNAC) 10-Year Financial Performance & Capital Metrics

RNAC • • Industrial / General

HealthcareBiotechnologyRare Genetic DiseasesGene Therapy & Rare Diseases

AboutSelecta Biosciences, Inc., a clinical-stage biopharmaceutical company, engages in the research and development of nanoparticle immunomodulatory drugs for the treatment and prevention of human diseases. The company's lead therapeutic gene therapy program is SEL-302 that is in Phase I clinical trial to enhance the treatment of methylmalonic acidemia. It is also developing biologic therapies, such as SEL-212 that is in Phase III clinical trials for the treatment of chronic refractory gout; and product candidates to treat IgA-mediated diseases, including IgA nephropathy, linear IgA bullous dermatitis, IgA pemphigus, and Henoch-Schonlein purpura. In addition, the company is developing gene therapies comprising for the treatment of pompe disease, duchenne muscular dystrophy, limb-girdle muscular dystrophy, lysosomal storage disorder, and other autoimmune diseases. Further, it develops tolerogenic therapies to treat autoimmune diseases. The company has license and collaboration agreements with Ginkgo Bioworks Holdings, Inc.; Genovis AB (publ.); Cyrus Biotechnology, Inc.; IGAN Biosciences, Inc.; Astellas Therapeutics, Inc.; Takeda Pharmaceuticals USA, Inc.; Swedish Orphan Biovitrum AB (publ.); Sarepta Therapeutics, Inc.; Asklepios Biopharmaceutical, Inc.; Massachusetts Institute of Technology; and Shenyang Sunshine Pharmaceutical Co., Ltd. Selecta Biosciences, Inc. was incorporated in 2007 and is headquartered in Watertown, Massachusetts.Show more

Revenue $39M +49.6%
EBITDA -$43M +50.0%
Net Income -$77M +64.8%
EPS (Diluted) -3.29 +93.4%
Gross Margin 100%
EBITDA Margin -109.85% +66.6%
Operating Margin -112.81% +66.1%
Net Margin -198.97% +76.5%
ROE -
ROIC -
Debt/Equity -
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 60.8%
✓Strong 5Y sales CAGR of 42.3%

✗Weaknesses

✗Negative free cash flow
✗Weak momentum: RS Rating 16 (bottom 16%)
✗Low quality earnings: Net income not backed by cash flow
✗Shares diluted 100.0% in last year
✗Trading more than 30% below 52-week high
✗Low asset turnover indicates capital-intensive operations

Price & Volume

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Growth Metrics

Revenue CAGR

10Y29.04%

5Y42.27%

3Y-22.95%

TTM-97.72%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM80.4%

EPS CAGR

10Y-

5Y-

3Y-

TTM97.1%

ROCE

10Y Avg-64.47%

5Y Avg-25.69%

3Y Avg-15.52%

Latest-13.53%

Peer Comparison

Gene Therapy & Rare Diseases

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
KRYSKrystal Biotech, Inc.	8.18B	282.01	94.00	473.02%	53.3%	17.48%	1.46%	0.01
BMRNBioMarin Pharmaceutical Inc.	10.58B	55.07	24.92	17.97%	16.82%	8.59%	4.49%	0.11
SRPTSarepta Therapeutics, Inc.	2.23B	21.31	9.11	52.97%	-11.25%	-20.57%		0.88
RAREUltragenyx Pharmaceutical Inc.	2.27B	23.50	-3.74	29.01%	-91.95%	-35.88%		0.15
DYNDyne Therapeutics, Inc.	2.7B	16.42	-4.87			-61.26%		0.04
TVTXTravere Therapeutics, Inc.	2.54B	28.40	-6.96	60.55%	-20.32%	-120.36%		6.80
BEAMBeam Therapeutics Inc.	3.25B	32.05	-7.00	-83.18%	-7.44%	-42.92%		0.22
SLNOSoleno Therapeutics, Inc.	2.25B	41.95	-9.58		-79.5%	-15.85%		0.22

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	6.01M	8.08M	207K	903K	6.68M	16.6M	85.08M	110.78M	26M	38.91M
Revenue Growth %	0.98%	0.34%	-0.97%	3.36%	6.39%	1.49%	4.13%	0.3%	-0.77%	0.5%
Cost of Goods Sold+	0	0	0	0	0	0	0	2.04M	0	0
COGS % of Revenue	-	-	-	-	-	-	-	0.02%	-	-
Gross Profit+	6.01M	8.08M	207K	903K	6.68M	16.6M	85.08M	108.74M	26M	38.91M
Gross Margin %	1%	1%	1%	1%	1%	1%	1%	0.98%	1%	1%
Gross Profit Growth %	0.98%	0.34%	-0.97%	3.36%	6.39%	1.49%	4.13%	0.28%	-0.76%	0.5%
Operating Expenses+	30.27M	41.95M	63.24M	64.95M	59.13M	73.42M	89.67M	94.2M	112.42M	82.81M
OpEx % of Revenue	5.04%	5.19%	305.51%	71.93%	8.86%	4.42%	1.05%	0.85%	4.32%	2.13%
Selling, General & Admin	7.29M	12.25M	18.08M	17.26M	16.39M	18.91M	20.94M	23.86M	40.45M	30.13M
SG&A % of Revenue	1.21%	1.52%	87.32%	19.12%	2.45%	1.14%	0.25%	0.22%	1.56%	0.77%
Research & Development	22.98M	29.7M	45.16M	47.69M	42.74M	54.51M	68.74M	72.38M	71.26M	45.1M
R&D % of Revenue	3.82%	3.67%	218.19%	52.81%	6.4%	3.28%	0.81%	0.65%	2.74%	1.16%
Other Operating Expenses	0	0	0	0	0	0	0	-2.04M	710K	7.58M
Operating Income+	-25.3M	-34.67M	-63.78M	-65.02M	-52.45M	-56.82M	-4.6M	14.54M	-86.42M	-43.9M
Operating Margin %	-4.21%	-4.29%	-308.14%	-72.01%	-7.86%	-3.42%	-0.05%	0.13%	-3.32%	-1.13%
Operating Income Growth %	-0.64%	-0.37%	-0.84%	-0.02%	0.19%	-0.08%	0.92%	4.16%	-6.94%	0.49%
EBITDA+	-24.26M	-33.87M	-63.03M	-64.05M	-50.43M	-55.09M	-2.88M	16.57M	-85.57M	-42.75M
EBITDA Margin %	-4.04%	-4.19%	-304.51%	-70.93%	-7.55%	-3.32%	-0.03%	0.15%	-3.29%	-1.1%
EBITDA Growth %	-0.67%	-0.4%	-0.86%	-0.02%	0.21%	-0.09%	0.95%	6.76%	-6.16%	0.5%
D&A (Non-Cash Add-back)	1.04M	802K	750K	975K	2.03M	1.73M	1.72M	2.04M	843K	1.15M
EBIT	-24.23M	-34.96M	-64.11M	-63.84M	-53.83M	-67.32M	-6.88M	37.8M	-235.88M	-77.14M
Net Interest Income+	-948K	-1.25M	-1.21M	-1.49M	-1.52M	-1.56M	-2.84M	-3.03M	2.13M	7.39M
Interest Income	0	0	0	0	0	0	0	0	4.96M	7.39M
Interest Expense	948K	1.25M	1.21M	1.49M	1.52M	1.56M	2.84M	3.03M	2.83M	0
Other Income/Expense	130K	-1.54M	-1.54M	-314K	-2.9M	-12.05M	-5.12M	20.23M	-152.29M	-33.24M
Pretax Income+	-25.17M	-36.21M	-65.32M	-65.34M	-55.35M	-68.88M	-9.72M	34.77M	-238.71M	-77.14M
Pretax Margin %	-4.19%	-4.48%	-315.56%	-72.35%	-8.29%	-4.15%	-0.11%	0.31%	-9.18%	-1.98%
Income Tax+	0	0	0	0	0	0	15.97M	-609K	-19M	287K
Effective Tax Rate %	1%	1%	1%	1%	1%	1%	2.64%	1.02%	0.92%	1%
Net Income+	-25.17M	-36.21M	-65.32M	-65.34M	-55.35M	-68.88M	-25.69M	35.38M	-219.71M	-77.42M
Net Margin %	-4.19%	-4.48%	-315.56%	-72.35%	-8.29%	-4.15%	-0.3%	0.32%	-8.45%	-1.99%
Net Income Growth %	-0.95%	-0.44%	-0.8%	-0%	0.15%	-0.24%	0.63%	2.38%	-7.21%	0.65%
Net Income (Continuing)	-25.17M	-36.21M	-65.32M	-65.34M	-55.35M	-68.88M	-25.69M	35.38M	-219.71M	-77.42M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	-75.79	-103.52	-95.94	-87.55	-36.46	-20.42	-6.60	3.00	-49.76	-3.29
EPS Growth %	-0.99%	-0.37%	0.07%	0.09%	0.58%	0.44%	0.68%	1.45%	-17.59%	0.93%
EPS (Basic)	-75.79	-103.52	-95.94	-87.55	-36.46	-20.42	-6.74	7.33	-49.76	-2.99
Diluted Shares Outstanding	357.46K	291.5K	567.36K	621.92K	1.27M	2.81M	3.18M	4.05M	5.17M	23.69M
Basic Shares Outstanding	357.46K	291.5K	567.36K	621.92K	1.27M	2.81M	3.18M	4.02M	5.17M	25.91M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	38.91M	86.82M	98.68M	42.08M	96.67M	151.34M	144.44M	148.14M	90.73M	216.63M
Cash & Short-Term Investments	36.46M	84.14M	96.64M	37.4M	90.17M	138.69M	128.06M	134.6M	76.91M	212.61M
Cash Only	32.34M	58.66M	70.7M	37.4M	90.17M	138.69M	114.06M	106.44M	76.91M	212.61M
Short-Term Investments	4.13M	25.48M	25.94M	0	0	0	14M	28.16M	0	0
Accounts Receivable	824K	215K	63K	0	5M	7.22M	9.91M	9.86M	8.85M	872K
Days Sales Outstanding	50.03	9.71	111.09	-	273.33	158.87	42.53	32.48	124.24	8.18
Inventory	0	0	-2.04M	0	0	0	0	0	0	0
Days Inventory Outstanding	-	-	-	-	-	-	-	-	-	-
Other Current Assets	133K	78K	1.98M	0	0	0	0	3.68M	4.97M	3.14M
Total Non-Current Assets+	3.91M	2.48M	2.42M	2.41M	2.9M	14.09M	15.44M	17.75M	214.32M	218.4M
Property, Plant & Equipment	2.03M	2.05M	2.09M	2.13M	1.52M	12.34M	11.97M	14.41M	12.18M	15.45M
Fixed Asset Turnover	2.96x	3.95x	0.10x	0.42x	4.38x	1.34x	7.11x	7.69x	2.13x	2.52x
Goodwill	0	0	0	0	0	0	0	0	48.16M	48.16M
Intangible Assets	0	0	0	0	0	0	0	0	150.6M	150.6M
Long-Term Investments	0	0	0	279K	1.38M	0	2M	2M	2M	2M
Other Non-Current Assets	1.88M	438K	329K	0	0	1.75M	1.47M	1.34M	1.38M	2.19M
Total Assets+	42.82M	89.3M	101.1M	44.48M	99.57M	165.44M	159.88M	165.89M	305.05M	435.02M
Asset Turnover	0.14x	0.09x	0.00x	0.02x	0.07x	0.10x	0.53x	0.67x	0.09x	0.09x
Asset Growth %	0.93%	1.09%	0.13%	-0.56%	1.24%	0.66%	-0.03%	0.04%	0.84%	0.43%
Total Current Liabilities+	7.29M	13.71M	10.97M	35.14M	34.94M	81.55M	72.25M	25.08M	68.21M	22.98M
Accounts Payable	2.18M	3.88M	1.61M	1.1M	500K	443K	224K	316K	3.15M	288K
Days Payables Outstanding	-	-	-	-	-	-	-	56.62	-	-
Short-Term Debt	0	4.07M	0	21.39M	18.91M	0	5.96M	8.48M	0	0
Deferred Revenue (Current)	1000K	1000K	787K	959K	1000K	1000K	1000K	593K	1000K	0
Other Current Liabilities	825K	29K	72K	9.2M	0	0	0	0	56.19M	19.84M
Current Ratio	5.34x	6.33x	8.99x	1.20x	2.77x	1.86x	2.00x	5.91x	1.33x	9.43x
Quick Ratio	5.34x	6.33x	9.18x	1.20x	2.77x	1.86x	2.00x	5.91x	1.33x	9.43x
Cash Conversion Cycle	-	-	-	-	-	-	-	-	-	-
Total Non-Current Liabilities+	152.03M	20.64M	38.31M	14.76M	56.23M	101.89M	65.11M	46.98M	677.02M	418.85M
Long-Term Debt	11.86M	7.98M	21.04M	0	0	24.79M	19.67M	17.79M	0	0
Capital Lease Obligations	0	0	0	0	0	9.65M	8.6M	10.05M	8.79M	11.13M
Deferred Tax Liabilities	0	0	0	0	0	0	0	0	322.08M	16.14M
Other Non-Current Liabilities	137.88M	222K	1.35M	938K	41.55M	28.71M	25.42M	19.14M	342.62M	391.57M
Total Liabilities	159.32M	34.34M	49.29M	49.9M	91.17M	183.44M	137.36M	72.06M	745.23M	441.82M
Total Debt+	11.86M	12.04M	21.04M	21.39M	19.28M	35.35M	35.28M	37.92M	10.96M	13.98M
Net Debt	-20.48M	-46.61M	-49.66M	-16.02M	-70.89M	-103.34M	-78.78M	-68.51M	-65.96M	-198.63M
Debt / Equity	-	0.22x	0.41x	-	2.30x	-	1.57x	0.40x	-	-
Debt / EBITDA	-	-	-	-	-	-	-	2.29x	-	-
Net Debt / EBITDA	-	-	-	-	-	-	-	-4.13x	-	-
Interest Coverage	-26.69x	-27.67x	-52.89x	-43.52x	-34.53x	-36.52x	-1.62x	4.80x	-30.50x	-
Total Equity+	-116.49M	54.96M	51.81M	-5.42M	8.4M	-18.01M	22.52M	93.83M	-440.18M	-6.8M
Equity Growth %	-0.33%	1.47%	-0.06%	-1.1%	2.55%	-3.14%	2.25%	3.17%	-5.69%	0.98%
Book Value per Share	-325.89	188.53	91.32	-8.71	6.64	-6.41	7.09	23.16	-85.14	-0.29
Total Shareholders' Equity	-116.49M	54.96M	51.81M	-5.42M	8.4M	-18.01M	22.52M	93.83M	-440.18M	-6.8M
Common Stock	0	1K	3K	3K	9K	11K	12K	15K	16K	3K
Retained Earnings	-111.51M	-151.58M	-216.9M	-280.4M	-335.75M	-404.63M	-430.32M	-394.94M	-614.65M	-692.07M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-4.99M	-4.52M	-4.42M	-4.56M	-4.52M	-4.56M	-4.57M	-4.56M	-4.6M	-4.62M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	-22.46M	-19.68M	-52.04M	-59.16M	-51.44M	34.88M	-60.38M	-31.63M	-51.16M	-23.67M
Operating CF Margin %	-3.74%	-2.44%	-251.39%	-65.52%	-7.7%	2.1%	-0.71%	-0.29%	-1.97%	-0.61%
Operating CF Growth %	-0.77%	0.12%	-1.64%	-0.14%	0.13%	1.68%	-2.73%	0.48%	-0.62%	0.54%
Net Income	-25.17M	-36.21M	-65.32M	-65.34M	-55.35M	-68.88M	-25.69M	35.38M	-219.71M	-77.42M
Depreciation & Amortization	1.04M	802K	750K	975K	2.03M	734K	1.25M	1.29M	843K	1.15M
Stock-Based Compensation	0	0	0	0	0	5.42M	7.72M	11.19M	22.52M	6.58M
Deferred Taxes	0	0	0	0	0	0	2.4M	-21.4M	-19M	287K
Other Non-Cash Items	2.81M	830K	9.09M	8.45M	6.37M	12.6M	2.13M	2.29M	159.21M	51.52M
Working Capital Changes	427K	13.2M	7.12M	-781K	-4.48M	85M	-48.19M	-60.38M	4.97M	-5.79M
Change in Receivables	-153K	610K	152K	0	-5M	-2.22M	-2.69M	3.32M	907K	7.98M
Change in Inventory	0	0	0	0	0	0	211K	920K	0	0
Change in Payables	667K	2.69M	-2.33M	-516K	-600K	-57K	-219K	92K	2.83M	-2.93M
Cash from Investing+	-4.68M	-22.1M	-2.1M	25.27M	229K	-741K	-17.14M	-15M	34.61M	-8.74M
Capital Expenditures	-1.16M	-586K	-733K	-884K	-47K	-815K	-1.08M	-1.2M	-206K	-9.09M
CapEx % of Revenue	0.19%	0.07%	3.54%	0.98%	0.01%	0.05%	0.01%	0.01%	0.01%	0.23%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-3.52M	6.9M	0	0	0	74K	0	0	0	0
Cash from Financing+	43.91M	67.66M	66.02M	697K	105.04M	14.43M	52.9M	39.22M	-13.14M	168.43M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-302K	-3.95M	886K	697K	70.18M	-3.37M	939K	235K	231K	3.99M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-23.63M	-20.27M	-52.77M	-60.05M	-51.48M	34.07M	-61.47M	-32.83M	-51.37M	-32.77M
FCF Margin %	-3.93%	-2.51%	-254.93%	-66.5%	-7.71%	2.05%	-0.72%	-0.3%	-1.98%	-0.84%
FCF Growth %	-0.83%	0.14%	-1.6%	-0.14%	0.14%	1.66%	-2.8%	0.47%	-0.56%	0.36%
FCF per Share	-66.09	-69.53	-93.01	-96.55	-40.69	12.12	-19.35	-8.10	-9.93	-1.38
FCF Conversion (FCF/Net Income)	0.89x	0.54x	0.80x	0.91x	0.93x	-0.51x	2.35x	-0.89x	0.23x	0.31x
Interest Paid	0	0	0	0	0	1.02M	0	0	1.85M	0
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-	-65.89%	-122.36%	-281.65%	-3716.01%	-	-1137.85%	60.82%	-	-
Return on Invested Capital (ROIC)	-	-	-910.94%	-	-	-	-	43.07%	-	-
Gross Margin	100%	100%	100%	100%	100%	100%	100%	98.16%	100%	100%
Net Margin	-418.8%	-447.98%	-31556.04%	-7235.44%	-828.97%	-414.99%	-30.19%	31.94%	-844.91%	-198.97%
Debt / Equity	-	0.22x	0.41x	-	2.30x	-	1.57x	0.40x	-	-
Interest Coverage	-26.69x	-27.67x	-52.89x	-43.52x	-34.53x	-36.52x	-1.62x	4.80x	-30.50x	-
FCF Conversion	0.89x	0.54x	0.80x	0.91x	0.93x	-0.51x	2.35x	-0.89x	0.23x	0.31x
Revenue Growth	97.73%	34.47%	-97.44%	336.23%	639.42%	148.57%	412.6%	30.21%	-76.53%	49.64%

Revenue by Segment

	2024
Reportings	38.91M
Reportings Growth	-

Frequently Asked Questions

Growth & Financials

Cartesian Therapeutics, Inc. (RNAC) reported $1.1M in revenue for fiscal year 2024. This represents a 64% decrease from $3.0M in 2014.

Cartesian Therapeutics, Inc. (RNAC) grew revenue by 49.6% over the past year. This is strong growth.

Cartesian Therapeutics, Inc. (RNAC) reported a net loss of $48.0M for fiscal year 2024.

Dividend & Returns

Cartesian Therapeutics, Inc. (RNAC) had negative free cash flow of $68.9M in fiscal year 2024, likely due to heavy capital investments.

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Cartesian Therapeutics, Inc. (RNAC) 10-Year Financial Performance & Capital Metrics

RNAC • • Industrial / General

HealthcareBiotechnologyRare Genetic DiseasesGene Therapy & Rare Diseases

Revenue $39M +49.6%
EBITDA -$43M +50.0%
Net Income -$77M +64.8%
EPS (Diluted) -3.29 +93.4%
Gross Margin 100%
EBITDA Margin -109.85% +66.6%
Operating Margin -112.81% +66.1%
Net Margin -198.97% +76.5%
ROE -
ROIC -
Debt/Equity -
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 60.8%
✓Strong 5Y sales CAGR of 42.3%

✗Weaknesses

✗Negative free cash flow
✗Weak momentum: RS Rating 16 (bottom 16%)
✗Low quality earnings: Net income not backed by cash flow
✗Shares diluted 100.0% in last year
✗Trading more than 30% below 52-week high
✗Low asset turnover indicates capital-intensive operations

Price & Volume

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Growth Metrics

Revenue CAGR

10Y29.04%

5Y42.27%

3Y-22.95%

TTM-97.72%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM80.4%

EPS CAGR

10Y-

5Y-

3Y-

TTM97.1%

ROCE

10Y Avg-64.47%

5Y Avg-25.69%

3Y Avg-15.52%

Latest-13.53%

Peer Comparison

Gene Therapy & Rare Diseases

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
KRYSKrystal Biotech, Inc.	8.18B	282.01	94.00	473.02%	53.3%	17.48%	1.46%	0.01
BMRNBioMarin Pharmaceutical Inc.	10.58B	55.07	24.92	17.97%	16.82%	8.59%	4.49%	0.11
SRPTSarepta Therapeutics, Inc.	2.23B	21.31	9.11	52.97%	-11.25%	-20.57%		0.88
RAREUltragenyx Pharmaceutical Inc.	2.27B	23.50	-3.74	29.01%	-91.95%	-35.88%		0.15
DYNDyne Therapeutics, Inc.	2.7B	16.42	-4.87			-61.26%		0.04
TVTXTravere Therapeutics, Inc.	2.54B	28.40	-6.96	60.55%	-20.32%	-120.36%		6.80
BEAMBeam Therapeutics Inc.	3.25B	32.05	-7.00	-83.18%	-7.44%	-42.92%		0.22
SLNOSoleno Therapeutics, Inc.	2.25B	41.95	-9.58		-79.5%	-15.85%		0.22

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	6.01M	8.08M	207K	903K	6.68M	16.6M	85.08M	110.78M	26M	38.91M
Revenue Growth %	0.98%	0.34%	-0.97%	3.36%	6.39%	1.49%	4.13%	0.3%	-0.77%	0.5%
Cost of Goods Sold+	0	0	0	0	0	0	0	2.04M	0	0
COGS % of Revenue	-	-	-	-	-	-	-	0.02%	-	-
Gross Profit+	6.01M	8.08M	207K	903K	6.68M	16.6M	85.08M	108.74M	26M	38.91M
Gross Margin %	1%	1%	1%	1%	1%	1%	1%	0.98%	1%	1%
Gross Profit Growth %	0.98%	0.34%	-0.97%	3.36%	6.39%	1.49%	4.13%	0.28%	-0.76%	0.5%
Operating Expenses+	30.27M	41.95M	63.24M	64.95M	59.13M	73.42M	89.67M	94.2M	112.42M	82.81M
OpEx % of Revenue	5.04%	5.19%	305.51%	71.93%	8.86%	4.42%	1.05%	0.85%	4.32%	2.13%
Selling, General & Admin	7.29M	12.25M	18.08M	17.26M	16.39M	18.91M	20.94M	23.86M	40.45M	30.13M
SG&A % of Revenue	1.21%	1.52%	87.32%	19.12%	2.45%	1.14%	0.25%	0.22%	1.56%	0.77%
Research & Development	22.98M	29.7M	45.16M	47.69M	42.74M	54.51M	68.74M	72.38M	71.26M	45.1M
R&D % of Revenue	3.82%	3.67%	218.19%	52.81%	6.4%	3.28%	0.81%	0.65%	2.74%	1.16%
Other Operating Expenses	0	0	0	0	0	0	0	-2.04M	710K	7.58M
Operating Income+	-25.3M	-34.67M	-63.78M	-65.02M	-52.45M	-56.82M	-4.6M	14.54M	-86.42M	-43.9M
Operating Margin %	-4.21%	-4.29%	-308.14%	-72.01%	-7.86%	-3.42%	-0.05%	0.13%	-3.32%	-1.13%
Operating Income Growth %	-0.64%	-0.37%	-0.84%	-0.02%	0.19%	-0.08%	0.92%	4.16%	-6.94%	0.49%
EBITDA+	-24.26M	-33.87M	-63.03M	-64.05M	-50.43M	-55.09M	-2.88M	16.57M	-85.57M	-42.75M
EBITDA Margin %	-4.04%	-4.19%	-304.51%	-70.93%	-7.55%	-3.32%	-0.03%	0.15%	-3.29%	-1.1%
EBITDA Growth %	-0.67%	-0.4%	-0.86%	-0.02%	0.21%	-0.09%	0.95%	6.76%	-6.16%	0.5%
D&A (Non-Cash Add-back)	1.04M	802K	750K	975K	2.03M	1.73M	1.72M	2.04M	843K	1.15M
EBIT	-24.23M	-34.96M	-64.11M	-63.84M	-53.83M	-67.32M	-6.88M	37.8M	-235.88M	-77.14M
Net Interest Income+	-948K	-1.25M	-1.21M	-1.49M	-1.52M	-1.56M	-2.84M	-3.03M	2.13M	7.39M
Interest Income	0	0	0	0	0	0	0	0	4.96M	7.39M
Interest Expense	948K	1.25M	1.21M	1.49M	1.52M	1.56M	2.84M	3.03M	2.83M	0
Other Income/Expense	130K	-1.54M	-1.54M	-314K	-2.9M	-12.05M	-5.12M	20.23M	-152.29M	-33.24M
Pretax Income+	-25.17M	-36.21M	-65.32M	-65.34M	-55.35M	-68.88M	-9.72M	34.77M	-238.71M	-77.14M
Pretax Margin %	-4.19%	-4.48%	-315.56%	-72.35%	-8.29%	-4.15%	-0.11%	0.31%	-9.18%	-1.98%
Income Tax+	0	0	0	0	0	0	15.97M	-609K	-19M	287K
Effective Tax Rate %	1%	1%	1%	1%	1%	1%	2.64%	1.02%	0.92%	1%
Net Income+	-25.17M	-36.21M	-65.32M	-65.34M	-55.35M	-68.88M	-25.69M	35.38M	-219.71M	-77.42M
Net Margin %	-4.19%	-4.48%	-315.56%	-72.35%	-8.29%	-4.15%	-0.3%	0.32%	-8.45%	-1.99%
Net Income Growth %	-0.95%	-0.44%	-0.8%	-0%	0.15%	-0.24%	0.63%	2.38%	-7.21%	0.65%
Net Income (Continuing)	-25.17M	-36.21M	-65.32M	-65.34M	-55.35M	-68.88M	-25.69M	35.38M	-219.71M	-77.42M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	-75.79	-103.52	-95.94	-87.55	-36.46	-20.42	-6.60	3.00	-49.76	-3.29
EPS Growth %	-0.99%	-0.37%	0.07%	0.09%	0.58%	0.44%	0.68%	1.45%	-17.59%	0.93%
EPS (Basic)	-75.79	-103.52	-95.94	-87.55	-36.46	-20.42	-6.74	7.33	-49.76	-2.99
Diluted Shares Outstanding	357.46K	291.5K	567.36K	621.92K	1.27M	2.81M	3.18M	4.05M	5.17M	23.69M
Basic Shares Outstanding	357.46K	291.5K	567.36K	621.92K	1.27M	2.81M	3.18M	4.02M	5.17M	25.91M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	38.91M	86.82M	98.68M	42.08M	96.67M	151.34M	144.44M	148.14M	90.73M	216.63M
Cash & Short-Term Investments	36.46M	84.14M	96.64M	37.4M	90.17M	138.69M	128.06M	134.6M	76.91M	212.61M
Cash Only	32.34M	58.66M	70.7M	37.4M	90.17M	138.69M	114.06M	106.44M	76.91M	212.61M
Short-Term Investments	4.13M	25.48M	25.94M	0	0	0	14M	28.16M	0	0
Accounts Receivable	824K	215K	63K	0	5M	7.22M	9.91M	9.86M	8.85M	872K
Days Sales Outstanding	50.03	9.71	111.09	-	273.33	158.87	42.53	32.48	124.24	8.18
Inventory	0	0	-2.04M	0	0	0	0	0	0	0
Days Inventory Outstanding	-	-	-	-	-	-	-	-	-	-
Other Current Assets	133K	78K	1.98M	0	0	0	0	3.68M	4.97M	3.14M
Total Non-Current Assets+	3.91M	2.48M	2.42M	2.41M	2.9M	14.09M	15.44M	17.75M	214.32M	218.4M
Property, Plant & Equipment	2.03M	2.05M	2.09M	2.13M	1.52M	12.34M	11.97M	14.41M	12.18M	15.45M
Fixed Asset Turnover	2.96x	3.95x	0.10x	0.42x	4.38x	1.34x	7.11x	7.69x	2.13x	2.52x
Goodwill	0	0	0	0	0	0	0	0	48.16M	48.16M
Intangible Assets	0	0	0	0	0	0	0	0	150.6M	150.6M
Long-Term Investments	0	0	0	279K	1.38M	0	2M	2M	2M	2M
Other Non-Current Assets	1.88M	438K	329K	0	0	1.75M	1.47M	1.34M	1.38M	2.19M
Total Assets+	42.82M	89.3M	101.1M	44.48M	99.57M	165.44M	159.88M	165.89M	305.05M	435.02M
Asset Turnover	0.14x	0.09x	0.00x	0.02x	0.07x	0.10x	0.53x	0.67x	0.09x	0.09x
Asset Growth %	0.93%	1.09%	0.13%	-0.56%	1.24%	0.66%	-0.03%	0.04%	0.84%	0.43%
Total Current Liabilities+	7.29M	13.71M	10.97M	35.14M	34.94M	81.55M	72.25M	25.08M	68.21M	22.98M
Accounts Payable	2.18M	3.88M	1.61M	1.1M	500K	443K	224K	316K	3.15M	288K
Days Payables Outstanding	-	-	-	-	-	-	-	56.62	-	-
Short-Term Debt	0	4.07M	0	21.39M	18.91M	0	5.96M	8.48M	0	0
Deferred Revenue (Current)	1000K	1000K	787K	959K	1000K	1000K	1000K	593K	1000K	0
Other Current Liabilities	825K	29K	72K	9.2M	0	0	0	0	56.19M	19.84M
Current Ratio	5.34x	6.33x	8.99x	1.20x	2.77x	1.86x	2.00x	5.91x	1.33x	9.43x
Quick Ratio	5.34x	6.33x	9.18x	1.20x	2.77x	1.86x	2.00x	5.91x	1.33x	9.43x
Cash Conversion Cycle	-	-	-	-	-	-	-	-	-	-
Total Non-Current Liabilities+	152.03M	20.64M	38.31M	14.76M	56.23M	101.89M	65.11M	46.98M	677.02M	418.85M
Long-Term Debt	11.86M	7.98M	21.04M	0	0	24.79M	19.67M	17.79M	0	0
Capital Lease Obligations	0	0	0	0	0	9.65M	8.6M	10.05M	8.79M	11.13M
Deferred Tax Liabilities	0	0	0	0	0	0	0	0	322.08M	16.14M
Other Non-Current Liabilities	137.88M	222K	1.35M	938K	41.55M	28.71M	25.42M	19.14M	342.62M	391.57M
Total Liabilities	159.32M	34.34M	49.29M	49.9M	91.17M	183.44M	137.36M	72.06M	745.23M	441.82M
Total Debt+	11.86M	12.04M	21.04M	21.39M	19.28M	35.35M	35.28M	37.92M	10.96M	13.98M
Net Debt	-20.48M	-46.61M	-49.66M	-16.02M	-70.89M	-103.34M	-78.78M	-68.51M	-65.96M	-198.63M
Debt / Equity	-	0.22x	0.41x	-	2.30x	-	1.57x	0.40x	-	-
Debt / EBITDA	-	-	-	-	-	-	-	2.29x	-	-
Net Debt / EBITDA	-	-	-	-	-	-	-	-4.13x	-	-
Interest Coverage	-26.69x	-27.67x	-52.89x	-43.52x	-34.53x	-36.52x	-1.62x	4.80x	-30.50x	-
Total Equity+	-116.49M	54.96M	51.81M	-5.42M	8.4M	-18.01M	22.52M	93.83M	-440.18M	-6.8M
Equity Growth %	-0.33%	1.47%	-0.06%	-1.1%	2.55%	-3.14%	2.25%	3.17%	-5.69%	0.98%
Book Value per Share	-325.89	188.53	91.32	-8.71	6.64	-6.41	7.09	23.16	-85.14	-0.29
Total Shareholders' Equity	-116.49M	54.96M	51.81M	-5.42M	8.4M	-18.01M	22.52M	93.83M	-440.18M	-6.8M
Common Stock	0	1K	3K	3K	9K	11K	12K	15K	16K	3K
Retained Earnings	-111.51M	-151.58M	-216.9M	-280.4M	-335.75M	-404.63M	-430.32M	-394.94M	-614.65M	-692.07M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-4.99M	-4.52M	-4.42M	-4.56M	-4.52M	-4.56M	-4.57M	-4.56M	-4.6M	-4.62M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	-22.46M	-19.68M	-52.04M	-59.16M	-51.44M	34.88M	-60.38M	-31.63M	-51.16M	-23.67M
Operating CF Margin %	-3.74%	-2.44%	-251.39%	-65.52%	-7.7%	2.1%	-0.71%	-0.29%	-1.97%	-0.61%
Operating CF Growth %	-0.77%	0.12%	-1.64%	-0.14%	0.13%	1.68%	-2.73%	0.48%	-0.62%	0.54%
Net Income	-25.17M	-36.21M	-65.32M	-65.34M	-55.35M	-68.88M	-25.69M	35.38M	-219.71M	-77.42M
Depreciation & Amortization	1.04M	802K	750K	975K	2.03M	734K	1.25M	1.29M	843K	1.15M
Stock-Based Compensation	0	0	0	0	0	5.42M	7.72M	11.19M	22.52M	6.58M
Deferred Taxes	0	0	0	0	0	0	2.4M	-21.4M	-19M	287K
Other Non-Cash Items	2.81M	830K	9.09M	8.45M	6.37M	12.6M	2.13M	2.29M	159.21M	51.52M
Working Capital Changes	427K	13.2M	7.12M	-781K	-4.48M	85M	-48.19M	-60.38M	4.97M	-5.79M
Change in Receivables	-153K	610K	152K	0	-5M	-2.22M	-2.69M	3.32M	907K	7.98M
Change in Inventory	0	0	0	0	0	0	211K	920K	0	0
Change in Payables	667K	2.69M	-2.33M	-516K	-600K	-57K	-219K	92K	2.83M	-2.93M
Cash from Investing+	-4.68M	-22.1M	-2.1M	25.27M	229K	-741K	-17.14M	-15M	34.61M	-8.74M
Capital Expenditures	-1.16M	-586K	-733K	-884K	-47K	-815K	-1.08M	-1.2M	-206K	-9.09M
CapEx % of Revenue	0.19%	0.07%	3.54%	0.98%	0.01%	0.05%	0.01%	0.01%	0.01%	0.23%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-3.52M	6.9M	0	0	0	74K	0	0	0	0
Cash from Financing+	43.91M	67.66M	66.02M	697K	105.04M	14.43M	52.9M	39.22M	-13.14M	168.43M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-302K	-3.95M	886K	697K	70.18M	-3.37M	939K	235K	231K	3.99M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-23.63M	-20.27M	-52.77M	-60.05M	-51.48M	34.07M	-61.47M	-32.83M	-51.37M	-32.77M
FCF Margin %	-3.93%	-2.51%	-254.93%	-66.5%	-7.71%	2.05%	-0.72%	-0.3%	-1.98%	-0.84%
FCF Growth %	-0.83%	0.14%	-1.6%	-0.14%	0.14%	1.66%	-2.8%	0.47%	-0.56%	0.36%
FCF per Share	-66.09	-69.53	-93.01	-96.55	-40.69	12.12	-19.35	-8.10	-9.93	-1.38
FCF Conversion (FCF/Net Income)	0.89x	0.54x	0.80x	0.91x	0.93x	-0.51x	2.35x	-0.89x	0.23x	0.31x
Interest Paid	0	0	0	0	0	1.02M	0	0	1.85M	0
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-	-65.89%	-122.36%	-281.65%	-3716.01%	-	-1137.85%	60.82%	-	-
Return on Invested Capital (ROIC)	-	-	-910.94%	-	-	-	-	43.07%	-	-
Gross Margin	100%	100%	100%	100%	100%	100%	100%	98.16%	100%	100%
Net Margin	-418.8%	-447.98%	-31556.04%	-7235.44%	-828.97%	-414.99%	-30.19%	31.94%	-844.91%	-198.97%
Debt / Equity	-	0.22x	0.41x	-	2.30x	-	1.57x	0.40x	-	-
Interest Coverage	-26.69x	-27.67x	-52.89x	-43.52x	-34.53x	-36.52x	-1.62x	4.80x	-30.50x	-
FCF Conversion	0.89x	0.54x	0.80x	0.91x	0.93x	-0.51x	2.35x	-0.89x	0.23x	0.31x
Revenue Growth	97.73%	34.47%	-97.44%	336.23%	639.42%	148.57%	412.6%	30.21%	-76.53%	49.64%

Revenue by Segment

	2024
Reportings	38.91M
Reportings Growth	-

Frequently Asked Questions

Growth & Financials

Cartesian Therapeutics, Inc. (RNAC) reported $1.1M in revenue for fiscal year 2024. This represents a 64% decrease from $3.0M in 2014.

Cartesian Therapeutics, Inc. (RNAC) grew revenue by 49.6% over the past year. This is strong growth.

Cartesian Therapeutics, Inc. (RNAC) reported a net loss of $48.0M for fiscal year 2024.

Dividend & Returns

Cartesian Therapeutics, Inc. (RNAC) had negative free cash flow of $68.9M in fiscal year 2024, likely due to heavy capital investments.