The company's operating margin of -339.7% in 2026Q1 highlights a lack of operating leverage as R&D costs continue to outpace negligible licensing revenues.
| Sales/Revenue | 1.77M | 2.8M | 38.91M | 26M | 110.78M | 85.08M | 16.6M | 6.68M | 903K | 207K | 8.08M | 6.01M | 3.04M |
| Revenue Growth % | -94.81% | -92.81% | 49.64% | -76.53% | 30.21% | 412.6% | 148.57% | 639.42% | 336.23% | -97.44% | 34.47% | 97.73% | - |
| Cost of Goods Sold | 12.8M | 0 | 0 | 0 | 2.04M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | - | - | - | 1.84% | - | - | - | - | - | - | - | - |
| Gross Profit | -11.02M | 2.8M | 38.91M | 26M | 108.74M | 85.08M | 16.6M | 6.68M | 903K | 207K | 8.08M | 6.01M | 3.04M |
| Gross Margin % | -620.96% | 100% | 100% | 100% | 98.16% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% |
| Gross Profit Growth % | - | -92.81% | 49.64% | -76.09% | 27.81% | 412.6% | 148.57% | 639.42% | 336.23% | -97.44% | 34.47% | 97.73% | - |
| Operating Expenses | 80.29M | 89.5M | 82.81M | 112.42M | 94.2M | 89.67M | 73.42M | 59.13M | 64.95M | 63.24M | 41.95M | 30.27M | 18.44M |
| OpEx % of Revenue | - | 3199.93% | 212.81% | 432.32% | 85.04% | 105.4% | 442.36% | 885.61% | 7192.69% | 30551.21% | 519% | 503.59% | 606.55% |
| Selling, General & Admin | 30.27M | 31.47M | 30.13M | 40.45M | 23.86M | 20.94M | 18.91M | 16.39M | 17.26M | 18.08M | 12.25M | 7.29M | 7.95M |
| SG&A % of Revenue | - | 1125.06% | 77.42% | 155.55% | 21.54% | 24.61% | 113.95% | 245.45% | 1911.74% | 8732.37% | 151.54% | 121.29% | 261.61% |
| Research & Development | 62.82M | 58.03M | 45.1M | 71.26M | 72.38M | 68.74M | 54.51M | 42.74M | 47.69M | 45.16M | 29.7M | 22.98M | 10.49M |
| R&D % of Revenue | - | 2074.87% | 115.91% | 274.03% | 65.34% | 80.79% | 328.4% | 640.15% | 5280.95% | 21818.84% | 367.46% | 382.3% | 344.93% |
| Other Operating Expenses | -1000K | 0 | 7.58M | 710K | -2.04M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -91.31M | -86.7M | -43.9M | -86.42M | 14.54M | -4.6M | -56.82M | -52.45M | -65.02M | -63.78M | -34.67M | -25.3M | -15.4M |
| Operating Margin % | -5144.51% | -3099.93% | -112.81% | -332.32% | 13.12% | -5.4% | -342.36% | -785.61% | -7200.66% | -30813.53% | -428.92% | -420.96% | -506.55% |
| Operating Income Growth % | - | -97.52% | 49.2% | -694.41% | 416.25% | 91.91% | -8.32% | 19.33% | -1.94% | -83.97% | -37.01% | -64.32% | - |
| EBITDA | -90.12M | -86.7M | -42.75M | -85.57M | 16.57M | -2.88M | -55.09M | -50.43M | -64.05M | -63.03M | -33.87M | -24.26M | -14.54M |
| EBITDA Margin % | -5077.18% | -3099.93% | -109.85% | -329.08% | 14.96% | -3.38% | -331.95% | -755.25% | -7092.69% | -30451.21% | -419% | -403.59% | -478.13% |
| EBITDA Growth % | -79.12% | -102.84% | 50.05% | -616.28% | 675.92% | 94.78% | -9.25% | 21.26% | -1.61% | -86.12% | -39.6% | -66.91% | - |
| D&A (Non-Cash Add-back) | 1.2M | 0 | 1.15M | 843K | 2.04M | 1.72M | 1.73M | 2.03M | 975K | 750K | 802K | 1.04M | 864K |
| EBIT | -68.45M | -86.7M | -77.14M | -235.88M | 37.8M | -6.88M | -67.32M | -53.83M | -63.84M | -64.11M | -34.96M | -24.23M | -12.33M |
| Net Interest Income | 5.59M | 6.58M | 7.39M | 2.13M | -3.03M | -2.84M | -1.56M | -1.52M | -1.49M | -1.21M | -1.25M | -948K | -552K |
| Interest Income | 5.59M | 6.58M | 7.39M | 4.96M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 2.83M | 3.03M | 2.84M | 1.56M | 1.52M | 1.49M | 1.21M | 1.25M | 948K | 552K |
| Other Income/Expense | -69.65M | -52.79M | -33.24M | -152.29M | 20.23M | -5.12M | -12.05M | -2.9M | -314K | -1.54M | -1.54M | 130K | 2.52M |
| Pretax Income | -160.97M | -139.5M | -77.14M | -238.71M | 34.77M | -9.72M | -68.88M | -55.35M | -65.34M | -65.32M | -36.21M | -25.17M | -12.88M |
| Pretax Margin % | -9068.56% | -4987.31% | -198.23% | -917.97% | 31.39% | -11.43% | -414.99% | -828.97% | -7235.44% | -31556.04% | -447.98% | -418.8% | -423.68% |
| Income Tax | -9.19M | -9.19M | 287K | -19M | -609K | 15.97M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 5.71% | 6.59% | -0.37% | 7.96% | -1.75% | -164.24% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -151.77M | -130.3M | -77.42M | -219.71M | 35.38M | -25.69M | -68.88M | -55.35M | -65.34M | -65.32M | -36.21M | -25.17M | -12.88M |
| Net Margin % | -8550.65% | -4658.63% | -198.97% | -844.91% | 31.94% | -30.19% | -414.99% | -828.97% | -7235.44% | -31556.04% | -447.98% | -418.8% | -423.68% |
| Net Income Growth % | -296.17% | -68.3% | 64.76% | -721.02% | 237.73% | 62.71% | -24.44% | 15.28% | -0.02% | -80.39% | -43.84% | -95.45% | - |
| Net Income (Continuing) | -151.77M | -130.3M | -77.42M | -219.71M | 35.38M | -25.69M | -68.88M | -55.35M | -65.34M | -65.32M | -36.21M | -25.17M | -12.88M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -5.65 | -5.02 | -3.29 | -49.76 | 3.00 | -6.60 | -20.42 | -36.46 | -87.55 | -95.94 | -103.52 | -75.79 | -38.17 |
| EPS Growth % | -325.69% | -52.58% | 93.39% | -1758.67% | 145.45% | 67.68% | 43.99% | 58.36% | 8.74% | 7.32% | -36.59% | -98.56% | - |
| EPS (Basic) | - | -5.02 | -2.99 | -49.76 | 7.33 | -6.74 | -20.42 | -36.46 | -87.55 | -95.94 | -103.52 | -75.79 | -38.17 |
| Diluted Shares Outstanding | 26.86M | 25.97M | 23.69M | 5.17M | 4.05M | 3.18M | 2.81M | 1.27M | 621.92K | 567.36K | 291.5K | 357.46K | 357.46K |
| Basic Shares Outstanding | 26.86M | 25.97M | 25.91M | 5.17M | 4.02M | 3.18M | 2.81M | 1.27M | 621.92K | 567.36K | 291.5K | 357.46K | 357.46K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - |
Clinical trial execution failure
As reported in recent financial filings, RNAC experienced a severe 92.81% year-over-year revenue decline in 2026Q1, underscoring the company's transition from a milestone-dependent licensing model to a pre-commercial clinical entity with no recurring product sales to offset the loss of legacy partnership inflows.
The sharp contraction in top-line figures suggests that the firm has exhausted its previous collaboration triggers, leaving it without a reliable revenue stream. Investors should monitor whether the current clinical pipeline can generate new licensing interest, as the current trajectory indicates a total reliance on external capital to fund operations.
Based on the company's latest income statement, R&D expenses remain the primary driver of the firm's cost structure, consistently consuming the vast majority of available resources while the company lacks a commercial product to provide any meaningful offset to these persistent, high-fixed clinical development costs.
The concentration of spending on R&D highlights the binary nature of the firm's business model, where capital is deployed almost exclusively toward the Descartes-08 program. This structure implies that any delay in clinical milestones will directly exacerbate the existing cash burn without the benefit of operational flexibility.
According to quarterly data, RNAC's operating margin of -339.7% in 2026Q1 demonstrates a complete lack of operating leverage, as the firm's fixed overhead and clinical trial expenditures continue to scale significantly faster than the negligible and highly volatile revenue generated from non-operational licensing activities.
The inability to scale operating income suggests that the firm is currently in a pure investment phase where cost discipline is secondary to clinical progress. Without a transition to a commercialized product, the firm remains structurally incapable of achieving positive operating leverage, leaving it highly sensitive to equity market conditions.
Analysis of the income statement suggests that the recent merger-driven pivot to mRNA-engineered cell therapy has created a high-risk profile, as the company's net losses and reliance on equity financing appear unsustainable if clinical readouts fail to validate the platform's safety and efficacy advantages.
Short-term observers may focus on the significant cash burn and the lack of a clear path to profitability, which could necessitate further dilutive financing. The reliance on a single lead asset, Descartes-08, warrants further investigation into whether the current capital position is sufficient to reach a definitive value-inflection point.
Quick answers to the most common questions about buying RNAC stock.
For fiscal year 2025, Cartesian Therapeutics, Inc. (RNAC) reported total revenue of $2.8M. This represents a 8.0% decline compared to $3.0M in 2014.
Cartesian Therapeutics, Inc. (RNAC) reported a net loss of $130.3M for the fiscal year ending 2025.
Cartesian Therapeutics, Inc. (RNAC) reported an operating income of $-86.7M, resulting in an operating profit margin of -3099.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Cartesian Therapeutics, Inc. (RNAC) generated $2.8M in gross profit for the year, representing a gross profit margin of 100.0%. This demonstrates the company's core pricing power and production efficiency.