Cartesian Therapeutics Inc. Common Stock (RNAC)

FairStock Score: 21/100 — RISKY

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

Viewed through a Graham-and-Buffett lens, Cartesian is not a business I can underwrite on current financials. It is a clinical-stage biotech with no approved product and a lead mRNA CAR-T candidate, Descartes-08, in Phase 2b autoimmune trials. In fiscal FY2025, the year ended 2025-12-31, filed revenue was only $400,000 and the net loss was $130.3 million, or diluted EPS -$5.02. FY2024 had revenue of $38.3 million and a net loss of $77.4 million, while FY2023 had revenue of $26.0 million and a net loss of $219.7 million. The revenue line is tiny and erratic, and the losses are large relative to the $190.0 million market cap at the 2026-10-26 close. Trailing free cash flow was -$78.6 million, a -41.4% FCF yield by FairStock's calculation, so the company is consuming cash. FairStock's Piotroski score is 2/9 and Altman Z-score is -3.24, which signal weak financial health. A positive fiscal Q2 2026 net income of $15.8 million, or $0.46 per diluted share, for the quarter ended 2026-06-30 is encouraging but does not offset the fiscal Q1 2026 net loss of $39.2 million and EPS of -$1.46. The moat is unproven: value depends on clinical success and eventual commercialization, not present earnings. The FairStock P/E is -1.07 and FairStock Score is 21/100. I see a speculative clinical option, not a margin-of-safety bargain.

In plain English: Cartesian Therapeutics is a small healthcare company trying to develop new cell treatments for autoimmune diseases; it has no approved product and very little revenue. The business looks weak today because it is losing large amounts of money and using cash, with filed revenue of only $0.4 million in the year ended 2025-12-31. At the $6.28 close on 2026-10-26, the price does not look cheap against current profits and cash use because there are no stable profits; it depends on future trial success.

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Data as of 2026-10-26 close · note generated 2026-10-28 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer