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.
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 | 1.48M | 2.8M | 38.91M | 26M | 110.78M | 85.08M | 16.6M | 6.68M | 903K | 207K | 8.08M | 6.01M | 3.04M |
| Revenue Growth % | 43.96% | -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 | -11.32M | 2.8M | 38.91M | 26M | 108.74M | 85.08M | 16.6M | 6.68M | 903K | 207K | 8.08M | 6.01M | 3.04M |
| Gross Margin % | -766.42% | 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 | 87.34M | 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 | 31.75M | 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 | 68.39M | 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 | -98.66M | -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 % | -6679.69% | -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 | -96.03M | -83.75M | -42.75M | -85.57M | 16.57M | -2.88M | -55.09M | -50.43M | -64.05M | -63.03M | -33.87M | -24.26M | -14.54M |
| EBITDA Margin % | -6501.69% | -2994.14% | -109.85% | -329.08% | 14.96% | -3.38% | -331.95% | -755.25% | -7092.69% | -30451.21% | -419% | -403.59% | -478.13% |
| EBITDA Growth % | -12.33% | -95.92% | 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) | 2.63M | 2.96M | 1.15M | 843K | 2.04M | 1.72M | 1.73M | 2.03M | 975K | 750K | 802K | 1.04M | 864K |
| EBIT | -160.23M | -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 | 4.09M | 6.58M | 7.39M | 2.13M | -3.03M | -2.84M | -1.56M | -1.52M | -1.49M | -1.21M | -1.25M | -948K | -552K |
| Interest Income | 4.95M | 6.58M | 7.39M | 4.96M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 852K | 0 | 0 | 2.83M | 3.03M | 2.84M | 1.56M | 1.52M | 1.49M | 1.21M | 1.25M | 948K | 552K |
| Other Income/Expense | -62.42M | -52.79M | -33.24M | -152.29M | 20.23M | -5.12M | -12.05M | -2.9M | -314K | -1.54M | -1.54M | 130K | 2.52M |
| Pretax Income | -161.08M | -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 % | -10906.16% | -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 | -153.94M | -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 % | -10422.48% | -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 % | -324.55% | -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) | -151.89M | -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) | -5.16 | -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 % | -356.61% | -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 | 29.86M | 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 | 29.47M | 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 | - | - | - | - | - | - | - | - | - | - | - | - | - |
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
Clinical trial execution failure
Metrics are mathematically derived from official filings.
Revenue Collapse Reflects Milestone Exhaustion
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.
R&D Dominance Masks Operational Burn
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.
Operating Leverage Constrained by Losses
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.
Sustainability Risks in Clinical Pivot
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.