RNAC Stock — Cartesian Therapeutics Inc.: Cash, EV, Pipeline

Share price

$8.03

Market cap

$243.0M

Cash

$147.6M

Enterprise value

$148.2M

Balance sheet

Cash	$147.6M
Debt	$52.9M
Net cash	$94.8M
Enterprise value	$148.2M
Basic shares	30.0M shares
Fully diluted shares	43.7M shares
Fully diluted market cap	$351.1M
Cash per share	$4.92

Cash figures as of 2026-06-30. Database snapshot: 2026-09-21.

Price history

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Upcoming catalysts

Expected	Drug	Phase	Indication	Mgmt guide
Jan 12 - Feb 23	Descartes-08	Phase 2	Systemic Lupus Erythematosus (SLE)	—
Feb 10 - Mar 24	Decartes-08	Phase 3	Myasthaenia Gravis	—
Dec 13, 2027 - Jan 24, 2028	Descartes-08	Phase 2	Antisynthetase Syndrome	—
Jan 12 - Feb 23	Descartes-08	Phase 1/2	Childhood-onset Systemic Lupus Erythematous; ANCA-Associated Vasculitis (AAV); Juvenile Myasthenia Gravis	—

Estimated readout windows: registry primary-completion date + 6-12 weeks. Windows already open are shown from "Now". Drug names link to ClinicalTrials.gov.

Full readout calendar →

Pipeline assets

Descartes-08

Phase 3 · Active Modality: autologous mRNA CAR-T cell therapy (no preconditioning chemotherapy, no genomic integration)

Target BCMA

Partnerships WestGene Biopharma Co., Ltd.: non-exclusive license (June 2026) for in vivo CAR-T technology for autoimmune diseases

Indications

Myasthenia gravis (MG) (Phase 3)
Myositis (moderate to severe multi-refractory dermatomyositis and antisynthetase syndrome) (Phase 2)
Pediatric autoimmune basket including juvenile dermatomyositis (JDM) (Phase 2)
Systemic lupus erythematosus (SLE) (Phase 2)

Catalysts

— May 2025
— November 2025

Status note Lead candidate targeting BCMA. Phase 3 AURORA in AChR Ab+ MG (approx 100 pts, 1:1 vs placebo) initiated May 2025. Phase 2 TRITON in myositis (up to 50 pts). Phase 2 pediatric basket trial initiated January 2026. SLE program discontinued (Nov 2025 pause, then decision to no longer pursue). Orphan Drug and RMAT designations for MG; Rare Pediatric Disease designation for JDM.

Descartes-15

Phase 1 · Active Modality: autologous mRNA CAR-T cell therapy

Target BCMA

Indications

Multiple myeloma (Phase 1)

Catalysts

— November 2025

Status note Next-generation anti-BCMA mRNA CAR-T; reported Phase 1 dose-escalation results (Nov 2025) with no dose-limiting toxicities. Further development paused to prioritize Descartes-08 in MG and myositis.

Per-asset detail extracted from the 10-Q filed 2026-08-06. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.

Pipeline

Lead drug	Decartes-08
Lead indication	Myasthaenia Gravis
Lead phase	Phase 3
Active trials	5

Active clinical trials

Trial	Phase	Status	Role	Sponsor	BP	Condition(s)	Mgmt guide
NCT06799247	Phase 3	Active, not recruiting	Sponsor	Cartesian Therapeutics	—	Myasthaenia Gravis	—
NCT06038474	Phase 2	Active, not recruiting	Sponsor	Cartesian Therapeutics	—	Systemic Lupus Erythematosus (SLE)	—
NCT07391605	Phase 2	Recruiting	Sponsor	Cartesian Therapeutics	—	Antisynthetase Syndrome	—
NCT04146051	Phase 2	Active, not recruiting	Sponsor	Cartesian Therapeutics	—	Myasthenia Gravis, Generalized	—
NCT07089121	Phase 1/2	Recruiting	Sponsor	Cartesian Therapeutics	—	Childhood-onset Systemic Lupus Erythematous; ANCA-Associated Vasculitis (AAV); Juvenile Myasthenia Gravis	—

Sponsor-matched active trials from ClinicalTrials.gov (5 as sponsor, 0 as collaborator); "Sponsor" = company is the lead sponsor, "Collaborator" = company is a collaborator. The BP column flags big-pharma involvement as lead sponsor or collaborator (excluding the company itself). The Mgmt guide column shows what management guided for readout timing when a guided program matches the trial (hover for the quote, click for the source). Trial listings are not a company pipeline slide.

View all 5 active trials for Cartesian Therapeutics on ClinicalTrials.gov

Institutional holders

Fund	Shares	Q/Q change	% of portfolio	Filing
ADAR1 Capital Management	98,877	+98,877	0.05%	2026-08-14
Ikarian Capital	20,807	no change	0.04%	2026-08-14

Institutional holder positions from 13F filings. Q/Q change is vs the prior quarter's filing; % of portfolio is the fund's own reported portfolio weight.

RNAC — Cartesian Therapeutics Inc.