Cartesian Therapeutics, Inc. (RNAC) Stock

Cartesian Therapeutics, Inc. (RNAC) is a Healthcare stock trading at $10.04 (as of 2026-08-21), with a market capitalization of $294.84M. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Selecta 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.

Understand Cartesian Therapeutics, Inc.: how it makes money

Cartesian Therapeutics is a clinical-stage biopharmaceutical company developing nanoparticle immunomodulatory drugs, with its lead gene therapy SEL-302 in Phase I and biologic programs such as SEL-212 in Phase III, and it makes money mainly through license and collaboration revenue.

The profit model is driven by development-stage execution rather than ongoing product sales, so revenue is limited and results hinge on clinical trial progress across programs like SEL-302 (Phase I) and SEL-212 (Phase III).

Revenue by segment (latest quarter)
Collab & License$0.0B

Business quality (Weak): Clinical-stage focus with negative operating economics in the latest quarter, and performance visibility tied to specific trial programs and operating signals like license and collaboration revenue.

Bull case

  • Defined clinical-stage pipeline across programs: SEL-302 is in Phase I, and SEL-212 is in Phase III, giving investors multiple points in the development timeline to monitor.
  • Some non-core revenue exists via partnerships: Latest-quarter segment candidate revenue shows License and Collaboration Revenue, indicating collaborations can provide limited cash inflows while programs advance.

Bear case

  • Operating losses are extreme in the latest quarter: The latest quarter operating margin is highly negative (-33973.1), consistent with heavy development spend before meaningful product revenue.
  • Trial outcome uncertainty: Key programs are in clinical trials (SEL-302 Phase I and SEL-212 Phase III), so efficacy and safety outcomes could materially affect the development path.
Valuation — source: SEC EDGAR (first-party)
Price$10.04
Market Cap$294.84M
Price / Sales152.93
FCF Yield-51.5%
Profitability & Growth — source: SEC EDGAR
Revenue (TTM)$2.80M
Net Margin-4658.6%
Revenue Growth (YoY)-92.8%
EPS Growth (YoY)12.1%
FCF Growth (YoY)142.3%
Financial Health — source: SEC EDGAR
Altman Z-Score-4.63 (distress)
Valuation vs Sector & Industry
Sector P/E (Healthcare)21.7
Industry P/E (Pharmaceutical Products)17.2
Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional HolderSquarepoint Ops LLC ($13.77M)
Institutional Holders Tracked10
Company
SectorHealthcare
IndustryPharmaceutical Products
CEOCarsten Brunn
Employees66
CountryUS
IPO Date2016-06-22

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Data as of 2026-08-21.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.