Cartesian Therapeutics, Inc.
Financial highlights
| Metric | FY 12/31/25 | FY 12/31/24 | FY 12/31/23 | FY 12/31/22 | FY 12/31/21 |
|---|---|---|---|---|---|
| Income Statement | |||||
| Revenue | $2.8M | $38.9M | $26.0M | $110.8M | $85.1M |
| Research and development | $58.0M | $45.1M | $71.3M | $72.4M | $68.7M |
| Operating expenses | $146.2M | $82.8M | $112.4M | $96.2M | $89.7M |
| Operating income | -$143.4M | -$43.9M | -$86.4M | $14.5M | -$4.6M |
| Interest expense | — | $0 | $2.8M | $3.0M | $2.8M |
| Pretax income | -$139.5M | -$77.1M | -$238.7M | $34.8M | -$9.7M |
| Income tax expense | -$9.2M | $287,000 | -$19.0M | -$609,000 | $16.0M |
| Net income | -$130.3M | -$77.4M | -$219.7M | $35.4M | -$25.7M |
| Balance Sheet | |||||
| Cash and equivalents | $125.1M | $212.6M | $76.9M | $106.4M | $114.1M |
| Current assets | $129.3M | $216.6M | $90.7M | $148.1M | $144.4M |
| Total assets | $296.4M | $435.0M | $305.1M | $165.9M | $159.9M |
| Current liabilities | $14.9M | $23.0M | $68.2M | $25.1M | $72.3M |
| Total liabilities | $422.7M | $441.8M | $444.7M | $72.1M | $137.4M |
| Stockholders' equity | -$126.2M | -$6.8M | -$440.2M | $93.8M | $22.5M |
| Cash Flow Statement | |||||
| Cash from operations | -$73.9M | -$23.7M | -$51.2M | -$31.6M | -$60.4M |
| Depreciation and amortization | $2.4M | $1.2M | $700,000 | $700,000 | $600,000 |
| Stock-based compensation | $10.5M | $6.6M | $22.5M | $11.2M | $7.7M |
| Capital expenditure | $5.5M | $9.1M | $206,000 | $1.2M | $1.1M |
| Free cash flow | -$79.4M | -$32.8M | -$51.4M | -$32.8M | -$61.5M |
| Dividends paid | $0 | $0 | $0 | $0 | $0 |
| Impairments | $0 | $7.6M | $710,000 | — | — |
Shares outstanding 29.4M · Free float 5.4%
Annual filing data through FY ended December 31, 2025; float as of July 13, 2026.