Cartesian Therapeutics, Inc. (RNAC) Balance Sheet
RNAC balance sheet, 2025
December 31, 2025 · U.S. dollars$296.4M assets = $422.7M liabilities + −$126.2M equity
Liabilities exceed assets: shareholders’ equity is negative (−$126.2M).
Both columns are drawn to the same scale: what RNAC owns equals what it owes plus shareholders’ equity. Hover a block for its value.
RNAC financial health
Descriptive bands, not a rating. Fiscal 2025.
RNAC balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $89.3M2016 | $296.4M2025 | +14.3%/yr | |
| Total liabilities | $34.3M2016 | $422.7M2025 | +32.2%/yr | |
| Shareholders’ equity | $55.0M2016 | −$126.2M2025 | — | |
| Cash & short-term investments | $84.1M2016 | $125.1M2025 | +4.5%/yr | |
| Total debt | $12.0M2016 | $12.7M2025 | +0.6%/yr | |
| Net cash (debt) | $72.1M2016 | $112.5M2025 | +$40.4M | |
| Working capital | $73.1M2016 | $114.3M2025 | +$41.2M | |
| Book value per share | −$0.292024 | −$4.862025 | — | |
| Current ratio | 6.332016 | 8.652025 | +2.32 | |
| Debt / equity | 0.222016 | 0.402022 | +0.19 | |
| Shares outstanding | 23.7M2024 | 26.0M2025 | +9.6%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
RNAC assets
RNAC liabilities and equity
RNAC debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
RNAC balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $125.1M | $212.6M | $76.9M | $134.6M | $128.1M | $138.7M | $90.2M | $37.4M | $96.6M | $84.1M |
| Cash & equivalents | $125.1M | $212.6M | $76.9M | $106.4M | $114.1M | $138.7M | $90.2M | $37.4M | $70.7M | $58.7M |
| Short-term investments | — | — | −$1.4M | $28.2M | $14.0M | $0 | — | $0 | $25.9M | $25.5M |
| Receivables | $1.1M | $872,000 | $8.9M | $9.9M | $9.9M | $7.2M | $5.0M | $0 | $63,000 | $215,000 |
| Inventory | $0 | $0 | $0 | $0 | $0 | $1.0M | $0 | $0 | −$2.0M | $0 |
| Other current assets | $3.0M | $3.1M | $5.0M | $3.7M | $6.5M | $4.4M | $1.5M | $4.7M | $4.0M | $2.5M |
| Total current assets | $129.3M | $216.6M | $90.7M | $148.1M | $144.4M | $151.3M | $96.7M | $42.1M | $98.7M | $86.8M |
| Property, plant & equipment (net) | $17.8M | $15.4M | $12.2M | $14.4M | $12.0M | $12.3M | $1.5M | $2.1M | $2.1M | $2.0M |
| Goodwill & intangible assets | $142.1M | $198.8M | $198.8M | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $0 | $2.0M | $2.0M | $2.0M | $2.0M | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $7.3M | $2.2M | $1.4M | $1.3M | $1.5M | $1.7M | $1.4M | $279,000 | $329,000 | $438,000 |
| Total assets | $296.4M | $435.0M | $305.1M | $165.9M | $159.9M | $165.4M | $99.6M | $44.5M | $101.1M | $89.3M |
| Liabilities | ||||||||||
| Accounts payable | $1.3M | $288,000 | $3.1M | $316,000 | $224,000 | $443,000 | $500,000 | $1.1M | $1.6M | $3.9M |
| Short-term debt | $4.2M | $2.9M | $2.2M | $10.1M | $7.0M | $908,000 | $19.3M | $21.4M | $0 | $4.1M |
| Deferred revenue | — | — | $2.3M | $593,000 | $53.9M | $72.0M | $1.7M | $959,000 | $787,000 | $1.8M |
| Total current liabilities | $14.9M | $23.0M | $68.2M | $25.1M | $72.3M | $81.5M | $34.9M | $35.1M | $11.0M | $13.7M |
| Long-term debt | $0 | $0 | $0 | $17.8M | $19.7M | $24.8M | $0 | $0 | $21.0M | $8.0M |
| Lease obligations | $12.7M | $14.0M | $11.0M | $11.7M | $9.6M | $10.6M | $372,000 | — | — | — |
| Other long-term liabilities | $407.7M | $418.8M | $677.0M | $29.2M | $45.4M | $77.1M | $56.2M | $14.8M | $17.3M | $12.7M |
| Total liabilities | $422.7M | $441.8M | $745.2M | $72.1M | $137.4M | $183.4M | $91.2M | $49.9M | $49.3M | $34.3M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $3,000 | $3,000 | $16,000 | $15,000 | $12,000 | $11,000 | $9,000 | $3,000 | $3,000 | $1,000 |
| Retained earnings (deficit) | −$822.4M | −$692.1M | −$614.6M | −$394.9M | −$430.3M | −$404.6M | −$335.8M | −$280.4M | −$216.9M | −$151.6M |
| Treasury stock | — | — | — | — | — | — | — | — | $0 | $0 |
| Accumulated other comprehensive income | −$4.6M | −$4.6M | −$4.6M | −$4.6M | −$4.6M | −$4.6M | −$4.5M | −$4.6M | −$4.4M | −$4.5M |
| Minority interest | — | — | — | — | — | — | — | — | $0 | $0 |
| Total shareholders' equity | −$126.2M | −$6.8M | −$440.2M | $93.8M | $22.5M | −$18.0M | $8.4M | −$5.4M | $51.8M | $55.0M |
| Key figures | ||||||||||
| Total debt | $12.7M | $14.0M | $11.0M | $37.9M | $35.3M | $35.3M | $19.3M | $21.4M | $21.0M | $12.0M |
| Net cash (debt) | $112.5M | $198.6M | $66.0M | $96.7M | $92.8M | $103.3M | $70.9M | $16.0M | $75.6M | $72.1M |
| Working capital | $114.3M | $193.7M | $22.5M | $123.1M | $72.2M | $69.8M | $61.7M | $6.9M | $87.7M | $73.1M |
| Tangible book value | −$268.3M | −$205.6M | −$638.9M | $93.8M | $22.5M | −$18.0M | $8.4M | −$5.4M | $51.8M | $55.0M |
| Book value per share | −$4.86 | −$0.29 | — | — | — | — | — | — | — | — |
| Shares outstanding | 26.0M | 23.7M | — | — | — | — | — | — | — | — |
| Current ratio | 8.65 | 9.43 | 1.33 | 5.91 | 2.00 | 1.86 | 2.77 | 1.20 | 8.99 | 6.33 |
| Quick ratio | 8.45 | 9.29 | 1.26 | 5.76 | 1.91 | 1.79 | 2.72 | 1.06 | 8.81 | 6.15 |
| Debt / equity | — | — | — | 0.40 | 1.57 | — | 2.30 | — | 0.41 | 0.22 |
| Equity / assets | −42.6% | −1.6% | −144.3% | 56.6% | 14.1% | −10.9% | 8.4% | −12.2% | 51.3% | 61.5% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $147.6M | $118.6M | $125.1M | $143.4M | $160.3M | $180.4M | $212.6M | $219.2M | $87.2M | $103.4M | $76.9M | $79.6M |
| Cash & equivalents | $147.6M | $118.6M | $125.1M | $143.4M | $160.3M | $180.4M | $212.6M | $219.2M | $87.2M | $103.4M | $76.9M | $79.6M |
| Short-term investments | — | — | — | — | — | — | — | — | — | — | $0 | $0 |
| Receivables | $196,000 | $261,000 | $1.1M | $722,000 | $354,000 | $1.8M | $872,000 | $5.8M | $35.5M | $4.4M | $8.9M | $6.8M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other current assets | $5.8M | $3.1M | $3.0M | $3.2M | $2.7M | $2.9M | $3.1M | $4.1M | $2.0M | $3.3M | $5.0M | $3.5M |
| Total current assets | $153.6M | $122.0M | $129.3M | $147.3M | $163.4M | $185.1M | $216.6M | $229.1M | $124.8M | $111.1M | $90.7M | $89.9M |
| Property, plant & equipment (net) | $16.4M | $17.0M | $17.8M | $17.4M | $17.4M | $15.5M | $15.4M | $23.7M | $20.5M | $12.0M | $12.2M | $12.8M |
| Goodwill & intangible assets | $142.1M | $142.1M | $142.1M | $198.8M | $198.8M | $198.8M | $198.8M | $198.8M | $198.8M | $198.8M | $198.8M | $0 |
| Long-term investments | $0 | $0 | $0 | $2.0M | $2.0M | $2.0M | $2.0M | $2.0M | $2.0M | $2.0M | $2.0M | $2.0M |
| Other non-current assets | $6.5M | $7.3M | $7.3M | $7.3M | $7.3M | $7.7M | $2.2M | $1.7M | $1.7M | $1.4M | $1.4M | $1.4M |
| Total assets | $318.6M | $288.4M | $296.4M | $372.7M | $388.9M | $409.1M | $435.0M | $455.3M | $347.7M | $325.2M | $305.1M | $106.0M |
| Liabilities | ||||||||||||
| Accounts payable | $1.0M | $1.6M | $1.3M | $2.2M | $454,000 | $2.1M | $288,000 | $517,000 | $2.9M | $2.5M | $3.1M | $375,000 |
| Short-term debt | $4.2M | $4.2M | $4.2M | $3.9M | $3.8M | $3.7M | $2.9M | $2.8M | $2.5M | $2.2M | $2.2M | $1.8M |
| Deferred revenue | — | — | — | — | — | — | — | — | $412,000 | $412,000 | $2.3M | $4.1M |
| Total current liabilities | $20.6M | $15.9M | $14.9M | $13.8M | $12.3M | $15.0M | $23.0M | $21.4M | $26.1M | $36.7M | $68.2M | $19.9M |
| Long-term debt | $52.9M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Lease obligations | $11.0M | $11.9M | $12.7M | $12.6M | $13.3M | $14.1M | $14.0M | $14.7M | $14.9M | $10.5M | $11.0M | $10.5M |
| Other long-term liabilities | $370.5M | $420.6M | $407.7M | $394.7M | $379.2M | $415.9M | $418.8M | $433.2M | $423.1M | $405.4M | $677.0M | $25.8M |
| Total liabilities | $443.9M | $436.5M | $422.7M | $408.5M | $391.4M | $430.9M | $441.8M | $454.6M | $449.2M | $442.0M | $745.2M | $45.7M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $3,000 | $3,000 | $3,000 | $3,000 | $3,000 | $3,000 | $3,000 | $2,000 | $2,000 | $1,000 | $1,000 | $15,000 |
| Retained earnings (deficit) | −$845.8M | −$861.6M | −$822.4M | −$729.8M | −$693.9M | −$709.8M | −$692.1M | −$681.8M | −$657.6M | −$671.5M | −$614.6M | −$437.0M |
| Accumulated other comprehensive income | −$4.6M | −$4.6M | −$4.6M | −$4.6M | −$4.6M | −$4.6M | −$4.6M | −$4.6M | −$4.6M | −$4.6M | −$4.6M | −$4.6M |
| Total shareholders' equity | −$125.2M | −$148.1M | −$126.2M | −$35.8M | −$2.5M | −$21.8M | −$6.8M | $752,000 | −$101.5M | −$116.8M | −$440.2M | $60.3M |
| Key figures | ||||||||||||
| Total debt | $63.9M | $11.9M | $12.7M | $12.6M | $13.3M | $14.1M | $14.0M | $14.7M | $14.9M | $10.5M | $11.0M | $10.5M |
| Net cash (debt) | $83.8M | $106.8M | $112.5M | $130.8M | $147.0M | $166.4M | $198.6M | $204.5M | $72.4M | $93.0M | $66.0M | $69.1M |
| Working capital | $133.1M | $106.1M | $114.3M | $133.5M | $151.1M | $170.1M | $193.7M | $207.7M | $98.7M | $74.5M | $22.5M | $69.9M |
| Tangible book value | −$267.3M | −$290.2M | −$268.3M | −$234.6M | −$201.3M | −$220.6M | −$205.6M | −$198.0M | −$300.2M | −$315.6M | −$638.9M | $60.3M |
| Book value per share | −$4.19 | −$5.52 | −$4.86 | −$1.38 | −$0.10 | −$0.84 | −$0.26 | $0.04 | −$5.70 | — | — | — |
| Shares outstanding | 29.9M | 26.9M | 26.0M | 26.0M | 26.4M | 25.9M | 25.9M | 21.5M | 17.8M | — | — | — |
| Current ratio | 7.48 | 7.65 | 8.65 | 10.67 | 13.33 | 12.34 | 9.43 | 10.70 | 4.78 | 3.03 | 1.33 | 4.51 |
| Quick ratio | 7.19 | 7.46 | 8.45 | 10.44 | 13.11 | 12.15 | 9.29 | 10.51 | 4.70 | 2.94 | 1.26 | 4.33 |
| Debt / equity | — | — | — | — | — | — | — | 19.48 | — | — | — | 0.17 |
| Equity / assets | −39.3% | −51.4% | −42.6% | −9.6% | −0.6% | −5.3% | −1.6% | 0.2% | −29.2% | −35.9% | −144.3% | 56.9% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed March 9, 2026); data from EODHD.
RNAC financial position
At the end of fiscal 2025 (December 31, 2025), Cartesian Therapeutics had total assets of $296.4 million (down 31.9% from a year earlier), total liabilities of $422.7 million and shareholders' equity of -$126.2 million. It held $125.1 million in cash and short-term investments against $12.7 million of debt, a net cash position of $112.5 million. Its current ratio was 8.65. In the latest quarter (ended June 30, 2026) total assets were $318.6 million and equity -$125.2 million.
Related: RNAC income statement, RNAC cash flow statement, RNAC key metrics. See the RNAC stock overview for the latest quote and news.
RNAC balance sheet FAQ
What are Cartesian Therapeutics's total assets?
Cartesian Therapeutics reported total assets of $296.4 million at the end of fiscal 2025 (December 31, 2025), compared with $435.0 million a year earlier.
How much debt does Cartesian Therapeutics have?
Cartesian Therapeutics had $12.7 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was —.
How much cash does Cartesian Therapeutics have?
Cartesian Therapeutics held $125.1 million in cash and short-term investments at the end of fiscal 2025; with $12.7 million of debt that is net cash of $112.5 million.
What is Cartesian Therapeutics's book value?
Cartesian Therapeutics's shareholders' equity (book value) was -$126.2 million at the end of fiscal 2025, or −$4.86 per share.
What is Cartesian Therapeutics's current ratio?
Cartesian Therapeutics had current assets of $129.3 million and current liabilities of $14.9 million, a current ratio of 8.65 (it can cover its short-term obligations).
How much goodwill does Cartesian Therapeutics have?
Cartesian Therapeutics carried $142.1 million of goodwill and intangible assets, 47.9% of total assets, at the end of fiscal 2025.