Cartesian Therapeutics (RNAC)
Develops outpatient mRNA CAR-T candidates for autoimmune diseases, led by Descartes-08.
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Develops mRNA-engineered cell therapies for autoimmune diseases, with Descartes-08 as the lead program in myasthenia gravis and myositis. Revenue is not from approved products yet; the business depends on clinical results, regulatory approval, and manufacturing execution at its Frederick facility.
Develops mRNA-engineered cell therapies for autoimmune diseases, with one operating segment tied to research and development after the Selecta merger. Descartes-08 is the lead autologous anti-BCMA mRNA CAR-T candidate, prioritized in myasthenia gravis and myositis programs.
Operations are concentrated in the United States. Clinical manufacturing is anchored at a wholly owned cGMP facility in Frederick, Maryland, which supports current trials and could transition toward commercial supply if a candidate is approved.
The model is development-stage rather than product-sales-driven. Programs depend on clinical trial execution, regulatory approval, patient-specific autologous manufacturing, and future reimbursement if any therapy reaches market.
Company facts
Target rangeAs of Sep 21, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| May 12, 2026 | H.C. Wainwright | Target | Target: $45 | Target: $25 |
| Mar 9, 2026 | Cantor Fitzgerald | Upgrade | Target: — | Target: $16 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $147.6M · Total debt $63.9M · Total assets $318.6M · Shareholders' equity −$125.2M
- Revenue
- $0
- Operating income
- −$29.2M
- Net income
- $13.7M
No dividends on record.
| Institutions | ≈ 28.84% | 8.73M shares | |
|---|---|---|---|
| 101 holders · as of Jun 30, 2026 · largest filers plus last quarter's tail | |||
| Insiders | 54.58% | 16.51M shares | |
| 16 holders · as of Apr 6, 2026 | |||
| Other | ≈ 16.58% | 5.02M shares | |
| remainder | |||
30.26M company shares as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
This quarter's institutional total failed a plausibility check; shown: the largest filers plus last quarter's remainder.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
Timothy A. Springer1Insiderdirector, 10 percent owner | 32.38% | 9.56M | filed Jan 6, 2026 |
Murat KalayogluInsider10 percent owner | 19.25% | 5.82M | filed Apr 6, 2026 |
Squarepoint Ops LLCInstitution | 7.45% | 2.25M | as of Jun 30, 2026 |
BlackRock, Inc.Institution | 2.71% | 819,239 | as of Jun 30, 2026 |
683 Capital Management, LLCInstitution | 2.15% | 650,000 | as of Jun 30, 2026 |
- Timothy A. Springer's transaction reports restate only vehicles that traded; the 2025 ownership statement (9.56M) plus the 241.5K net shares acquired since is used instead.
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Jan 6, 2026 | Blaine Davis | officer: Chief Financial Officer | −10,591 | $6.82 |
| Jan 6, 2026 | Milos Miljkovic | officer: Chief Medical Officer | −3,573 | $6.82 |
| Jan 6, 2026 | Carsten Brunn | director, officer: President and CEO | −23,766 | $6.82 |
| Dec 4, 2025 | Timothy C. Barabe | director | +30,000 | $6.86 |
- argenx (ADR)
FcRn franchise with broad approved gMG coverage
- AstraZeneca (ADR)
Alexion complement franchise in AChR-positive gMG
- Johnson & Johnson
FcRn blocker for broad antibody-positive gMG
- Kyverna Therapeutics
Autoimmune CAR-T peer with Phase 3 gMG program
- Amgen
CD19 B-cell depletion biologic approved for gMG
- Cabaletta Bio
CD19 CAR-T peer in myositis and MG
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Cartesian Therapeutics | $8.16 | +2.81% | $233.3M | — | — | 157.9 | −45.0% |
| argenx (ADR) | $975.49 | −1.29% | $61.45B | 37.7 | — | 10.2 | +197.0% |
| AstraZeneca (ADR) | $168.41 | +0.18% | $260.70B | 25.2 | 15.8 | 4.2 | +6.4% |
| Johnson & Johnson | $267.82 | −0.61% | $649.40B | 31.2 | 22.6 | 6.6 | +6.6% |
| Kyverna Therapeutics | $7.29 | +2.39% | $432.9M | — | — | — | — |
| Amgen | $407.59 | +3.67% | $212.19B | 24.4 | 17.4 | 5.6 | +9.7% |
| Cabaletta Bio | $2.52 | +2.44% | $401.1M | — | — | — | — |
| Median | 28.2 | 17.4 | 6.1 | +8.1% |