Revenue declined 100% year-over-year to zero in 2026Q2 while R&D spending rose to $20.4M, producing a $29.2M operating loss and rendering the 100% gross margins printed in eight of ten quarters meaningless due to zero COGS.
Cartesian Therapeutics, Inc. (RNAC) annual income statement — 12-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 |
|---|
| Sales/Revenue | 1.02M | 2.8M | 38.91M | 26M | 110.78M | 85.08M | 16.6M | 6.68M | 903K | 207K | 8.08M | 6.01M | 3.04M |
| Revenue Growth % | -6.05% | -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 | 0 | 0 | 0 | 0 | 2.04M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | - | - | - | 1.84% | - | - | - | - | - | - | - | - |
| Gross Profit | 1.02M | 2.8M | 38.91M | 26M | 108.74M | 85.08M | 16.6M | 6.68M | 903K | 207K | 8.08M | 6.01M | 3.04M |
| Gross Margin % | 100% | 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 | 103.62M | 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 | 33.41M | 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 | 70.21M | 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 | 0 | 0 | 7.58M | 710K | -2.04M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -77.59M | -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 % | -7570.05% | -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 | -75.59M | -83.75M | -42.75M | -85.57M | 15.82M | -3.35M | -56.09M | -50.43M | -64.05M | -63.03M | -33.87M | -24.26M | -14.54M |
| EBITDA Margin % | -7374.73% | -2994.14% | -109.85% | -329.08% | 14.29% | -3.93% | -337.93% | -755.25% | -7092.69% | -30451.21% | -419% | -403.59% | -478.13% |
| EBITDA Growth % | 14.74% | -95.92% | 50.05% | -640.75% | 573.09% | 94.04% | -11.22% | 21.26% | -1.61% | -86.12% | -39.6% | -66.91% | - |
| D&A (Non-Cash Add-back) | 2M | 2.96M | 1.15M | 843K | 1.29M | 1.25M | 734K | 2.03M | 975K | 750K | 802K | 1.04M | 864K |
| EBIT | -124.33M | -139.5M | -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 | 2.54M | 6.58M | 7.39M | 2.13M | -3.03M | -2.84M | -1.56M | -1.52M | -1.49M | -1.21M | -1.25M | -948K | -552K |
| Interest Income | 4.6M | 6.58M | 7.39M | 4.96M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | -1.14M | 0 | 0 | 2.83M | 3.03M | 2.84M | 1.56M | 1.52M | 1.49M | 1.21M | 1.25M | 948K | 552K |
| Other Income/Expense | -47.59M | -52.79M | -33.24M | -152.29M | 20.23M | -5.12M | -12.05M | -2.9M | -314K | -1.54M | -1.54M | 130K | 2.52M |
| Pretax Income | -136.65M | -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 % | -13332.1% | -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 % | 6.73% | 6.59% | -0.37% | 7.96% | -1.75% | -164.24% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -129.51M | -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 % | -12635.12% | -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 % | -169.93% | -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) | -127.46M | -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) | -4.27 | -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 % | -216.55% | -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 | -3.29 | -49.76 | 7.33 | -6.74 | -20.42 | -36.46 | -87.55 | -95.94 | -103.52 | -75.79 | -38.17 |
| Diluted Shares Outstanding | 30.31M | 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 | 30.31M | 25.97M | 23.69M | 5.17M | 4.02M | 3.18M | 2.81M | 1.27M | 621.92K | 567.36K | 291.5K | 357.46K | 357.46K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - |
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.
Key Metrics
Top Statement Risk
Revenue collapse against rising R&D burn
Metrics are mathematically derived from official filings.
Revenue Evaporates Over Ten Quarters
RNAC's quarterly revenue collapsed from $33.4 million in 2024Q2 to zero by 2026Q2, a 100% year-over-year decline as reported in the company's income statements, indicating the income stream has effectively disappeared rather than merely softened.
The pattern is not a smooth decay but a cliff: $33.4M in 2024Q2, then negative revenue in 2024Q4 (a -$759K print), a few million-dollar quarters, and finally sub-$1M readings through 2026. Negative revenue in a period suggests reversals or adjustments of previously recognized amounts, which may imply earlier revenue was less durable than headline figures implied. With 2026Q2 showing a dash rather than a figure, investors should treat the top line as effectively non-existent for modeling purposes until a new source appears.
Gross Margin Statistically Meaningless
Based on RNAC's reported figures, gross margin printed at 100% in eight of the last ten quarters purely because COGS was zero, yet swung to -27.3% in 2025Q3 when a $12.8 million charge hit against just $452K of revenue.
A 100% gross margin on $78K of revenue conveys no pricing power or structural advantage; it simply reflects an absence of cost of sales in periods where nothing is being sold. The lone 2025Q3 COGS entry is analytically important: a $12.8M cost against negligible revenue suggests a write-down, failed batch, or program termination that was expensed through COGS. Because these charges are episodic rather than recurring, any peer comparison of RNAC's gross margin to Kymera's 100% or Arcutis's 90.2% is misleading.
Negative Operating Leverage in Reverse
According to Cartesian's income statement, R&D expense climbed from $9.7 million in 2024Q1 to $20.4 million in 2026Q2 while revenue fell to zero, widening the operating loss from $13.3 million to $29.2 million over the same stretch.
This is the inverse of operating leverage: fixed and rising overhead is being spread across a shrinking base, so每一 incremental dollar of cost lands directly in operating income. SG&A stayed comparatively contained (the $6.6M–$9.4M band), so the deterioration is overwhelmingly a research-spend decision rather than administrative bloat. The judgment call for analysts is whether that doubling of R&D is preclinical investment ahead of a value inflection or simply an inability to prune programs as cash-generating revenue departed.
Net Income Driven by Non-Operating Swings
As reported in RNAC's filings, 2026Q2 delivered $13.7 million of net income and $0.46 diluted EPS despite a $29.2 million operating loss, implying non-operating items of roughly $43 million that appear to mask the underlying operating trajectory.
The same disjunction appears in 2025Q2 (op -$21.8M, net +$15.9M) and, conversely, in 2025Q4 where a -$21.9M operating loss ballooned to -$92.6M at the net line. Net income therefore tracks non-operating events — likely investment marks, one-time gains, or tax items — rather than business performance, making reported EPS a poor basis for valuation. The negative EPS prints (as low as -$10.50 in 2024Q1) alongside these positive surprises mean period-to-period EPS growth rates are statistically meaningless.
Research Spend the Sole Cost Lever
Cartesian's reported statements show SG&A holding between $6.6 million and $9.4 million across ten quarters while R&D rose from $9.7 million to $20.4 million, making research spend the dominant and clearly deliberate driver of the cost structure.
SG&A has oscillated without a trend, suggesting a roughly fixed commercial and administrative core, whereas R&D's steady ascent reflects an active allocation choice that management has not modulated in response to revenue. Stock-based compensation of $1.4M–$3.3M per quarter is a persistent non-cash drag that, on an annualized recent run-rate near $8.4M, would meaningfully dilute any eventual earnings recovery. With R&D now roughly 2.3x SG&A, expense discipline will hinge almost entirely on program-level prioritization rather than overhead trimming.
2024Q2 an Isolated Profitable Peak
The 2024Q2 quarter stands out as the singular inflection point, with $33.4 million of revenue producing $13.8 million of operating income and a 41.1% operating margin — a level Cartesian has not approached in the nine quarters since, per its income statement history.
That quarter's economics were structurally different from everything before or after it: zero COGS on $33.4M of revenue implies a milestone, licensing, or collaboration recognition event rather than a product business. Its isolation is the key analytical signal — subsequent quarters reverted to losses immediately, so the 2024Q2 result appears to have been non-recurring rather than the start of an upswing. Any thesis that rests on returning to that margin profile would need a disclosed, contractually-backed revenue source, which the provided data does not show.
The Case a Short Seller Would Build
A short-seller would note that Cartesian reported zero revenue in 2026Q2 against $20.4 million of R&D and $8.7 million of SG&A, while the positive $0.46 EPS appears to rest on non-operating gains rather than anything repeatable in the business.
The bear framing: the operating line has deteriorated for nine straight quarters, the one profitable operating quarter (2024Q2) has never been replicated, and the 2025Q3 negative gross margin hints at unanticipated program costs. The 2025Q4 print of -$92.6M net loss also suggests large non-operating charges that cut both ways and warrant investigation. Investors should weigh that the swings could equally reflect legitimate milestone timing, but the burden of proof sits with the company to show a durable revenue mechanism, and the reported figures do not yet establish one.