Cartesian Therapeutics, Inc. (RNAC) Income Statement
RNAC 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsRNAC revenue and net income
Where RNAC's revenue goes
2025Each bar shows an amount and its share of revenue. RNAC kept −4,658.6% of revenue as net income.
RNAC profit margins
RNAC growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | −92.8% | −70.7% | −30.0% | −7.4% |
| Gross profit | −92.8% | −70.5% | −30.0% | −7.4% |
| Operating income | — | — | — | — |
| Net income | — | — | — | — |
| EPS (diluted) | — | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
RNAC quarterly EPS vs estimates
Cartesian Therapeutics beat the analyst EPS estimate in 5 of the last 8 quarters. Next report: November 5, 2026 (estimate $-1.02).
RNAC income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.8M | $38.9M | $26.0M | $110.8M | $85.1M | $16.6M | $6.7M | $903,000 | $207,000 | $8.1M |
| Cost of revenue | $0 | $0 | $1.6M | $2.0M | $0 | $0 | $42.7M | $47.7M | $45.2M | $15.3M |
| Gross profit | $2.8M | $38.9M | $26.0M | $108.7M | $85.1M | $16.6M | $6.7M | $903,000 | $207,000 | $8.1M |
| Research & development | $58.0M | $45.1M | $71.3M | $72.4M | $68.7M | $54.5M | $42.7M | $47.7M | $45.2M | $29.7M |
| Sales, general & admin | $31.5M | $30.1M | $40.5M | $23.9M | $20.9M | $18.9M | $16.4M | $18.2M | $18.8M | $13.1M |
| Total operating expenses | $89.5M | $82.8M | $112.4M | $94.2M | $89.7M | $73.4M | $59.1M | $65.0M | $63.2M | $42.0M |
| Operating income | −$86.7M | −$43.9M | −$86.4M | $14.5M | −$4.6M | −$56.8M | −$52.5M | −$65.0M | −$63.8M | −$34.7M |
| Interest income | $6.6M | $7.4M | $5.0M | $980,000 | $2.8M | $1.2M | $834,000 | $1.1M | $617,000 | $234,000 |
| Interest expense | — | $0 | $2.8M | $3.0M | $2.8M | $1.6M | $1.5M | $1.5M | $1.2M | $1.3M |
| Income before taxes | −$139.5M | −$77.1M | −$238.7M | $34.8M | −$9.7M | −$68.9M | −$55.4M | −$65.3M | −$65.3M | −$36.2M |
| Income taxes | −$9.2M | $287,000 | −$19.0M | −$609,000 | $16.0M | $1.6M | $1.9M | $1 | $304,000 | $455,000 |
| Net income | −$130.3M | −$77.4M | −$219.7M | $35.4M | −$25.7M | −$68.9M | −$55.4M | −$65.3M | −$65.3M | −$36.2M |
| EBITDA | −$136.5M | −$76.0M | −$235.0M | $39.1M | −$5.6M | −$66.6M | −$51.8M | −$62.9M | −$63.4M | −$34.2M |
| EPS (diluted) | −$3.59 | −$1.17 | −$0.34 | $0.28 | −$0.31 | −$0.69 | −$1.24 | −$2.91 | −$3.18 | −$3.95 |
| Gross margin | 100.0% | 100.0% | 100.0% | 98.2% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| Operating margin | −3,099.9% | −112.8% | −332.3% | 13.1% | −5.4% | −342.4% | −785.6% | −7,200.7% | −30,813.5% | −428.9% |
| Net margin | −4,658.6% | −199.0% | −844.9% | 31.9% | −30.2% | −415.0% | −829.0% | −7,235.4% | −31,556.0% | −448.0% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0 | $78,000 | $947,000 | $452,000 | $298,000 | $1.1M | $0 | $387,000 | $33.4M | $5.8M | $8.3M | $6.6M |
| Cost of revenue | — | $0 | $0 | $12.8M | $0 | $0 | $759,000 | $286,000 | $196,000 | $183,000 | $122,000 | $13.0M |
| Gross profit | — | $78,000 | $947,000 | −$12.3M | $298,000 | $1.1M | −$759,000 | $387,000 | $33.4M | $5.8M | $8.3M | −$6.5M |
| Research & development | $20.4M | $19.5M | $14.7M | $13.8M | $14.9M | $14.7M | $11.3M | $11.4M | $12.7M | $9.7M | $22.4M | $13.0M |
| Sales, general & admin | $8.7M | $7.1M | $8.2M | $6.6M | $7.2M | $8.3M | $7.1M | $6.6M | $7.3M | $9.7M | $22.2M | $5.6M |
| Total operating expenses | $29.2M | $26.6M | $22.9M | $8.7M | $22.1M | $23.0M | $26.0M | $18.0M | $19.7M | $19.2M | $44.6M | $6.6M |
| Operating income | −$29.2M | −$26.5M | −$21.9M | −$21.1M | −$21.8M | −$21.9M | −$26.7M | −$17.6M | $13.8M | −$13.3M | −$36.3M | −$13.1M |
| Interest income | $1.1M | — | $1.3M | $1.5M | $1.7M | — | — | $2.6M | $1.2M | — | — | — |
| Interest expense | $852,000 | — | — | — | $0 | — | $0 | $0 | $0 | $0 | $0 | $1.3M |
| Income before taxes | $15.8M | −$39.2M | −$101.8M | −$35.9M | $15.9M | −$17.7M | −$10.0M | −$24.2M | $13.8M | −$56.8M | −$196.7M | −$9.0M |
| Income taxes | — | — | −$9.2M | — | — | — | $287,000 | — | $139,724 | $139,724 | −$19.0M | $1.5M |
| Net income | $13.7M | −$39.2M | −$92.6M | −$35.9M | $15.9M | −$17.7M | −$10.3M | −$24.2M | $13.8M | −$56.8M | −$177.7M | −$9.0M |
| EBITDA | $17.4M | −$38.6M | −$101.2M | −$35.3M | $16.5M | −$16.6M | −$9.5M | −$23.9M | $14.0M | −$56.6M | −$196.4M | −$7.5M |
| EPS (diluted) | $0.46 | −$0.95 | −$2.71 | −$0.73 | $0.50 | −$0.65 | −$0.59 | −$0.42 | $0.64 | −$0.80 | −$0.07 | −$0.06 |
| Gross margin | — | 100.0% | 100.0% | −2,731.2% | 100.0% | 100.0% | — | 100.0% | 100.0% | 100.0% | 100.0% | −98.5% |
| Operating margin | — | −33,973.1% | −2,316.7% | −4,660.6% | −7,319.1% | −1,989.9% | — | −4,541.3% | 41.1% | −228.6% | −439.5% | −199.4% |
| Net margin | — | −50,233.3% | −9,775.7% | −7,942.9% | 5,330.9% | −1,610.0% | — | −6,248.8% | 41.4% | −973.0% | −2,149.3% | −137.4% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in RNAC's financial statements (latest annual report filed March 9, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
RNAC financial results
In fiscal year 2025 (ended December 31, 2025), Cartesian Therapeutics reported revenue of $2.8 million, down 92.8% from the year before. It had a net loss of $130.3 million, a net profit margin of −4,658.6%. Diluted earnings per share came to −$3.59. Over five years revenue grew at an average rate of −30.0% a year.
See the RNAC stock overview for the latest quote and news, or the RNAC chart for price history and technical indicators.
RNAC income statement FAQ
What is Cartesian Therapeutics's annual revenue?
Cartesian Therapeutics reported total revenue of $2.8 million for fiscal year 2025, which ended on December 31, 2025. That was down 92.8% from $38.9 million the previous year.
Is Cartesian Therapeutics profitable?
No. Cartesian Therapeutics reported a net loss of $130.3 million in fiscal 2025, a net profit margin of −4,658.6%; its operating margin was −3,099.9%.
What is Cartesian Therapeutics's gross margin?
Cartesian Therapeutics's gross margin was 100.0% in fiscal 2025: for every $100 of revenue, Cartesian Therapeutics kept $100 after the direct cost of its products and services.
How much does Cartesian Therapeutics spend on research and development?
Cartesian Therapeutics spent $58.0 million on research and development in fiscal 2025, 2,074.9% of revenue.
How fast is Cartesian Therapeutics growing?
Revenue grew −30.0% a year on average over the last five fiscal years, from $16.6 million to $2.8 million.
What are Cartesian Therapeutics's earnings per share?
Cartesian Therapeutics earned $-3.59 per diluted share in fiscal 2025, compared with $-1.17 a year earlier.
When will Cartesian Therapeutics report its next earnings?
Cartesian Therapeutics is expected to report results for the quarter ending September 30, 2026 on November 5, 2026 before the market opens.
When does Cartesian Therapeutics's fiscal year end?
Cartesian Therapeutics's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on March 9, 2026.