Cartesian Therapeutics, Inc. RNAC
The Company (formerly known as Selecta Biosciences, Inc., or Selecta) was incorporated in Delaware on December 10, 2007, and is headquartered in Frederick, Maryland. On November 13, 2023, the Company and the Delaware corporation which, immediately prior to the Merger (as defined below), was known as Cartesian Therapeutics, Inc., or Old Cartesian, entered into an Agreement and Plan of Merger, or the Merger Agreement, by and among the Company, Sakura Merger Sub I, Inc., a Delaware corporation and a wholly owned subsidiary of the Company, or First Merger Sub, Sakura Merger Sub II, LLC, a Delaware limited liability company and wholly owned subsidiary of the Company, or Second Merger Sub, and Old Cartesian. Pursuant to the Merger Agreement, and simultaneously with execution thereof, (i) First Merger Sub merged with and into Old Cartesian, pursuant to which Old Cartesian was the surviving corporation, or the First Step Surviving Corporation, and became a wholly owned subsidiary of the Company, or the First Merger, and (ii) immediately following the First Merger, Old Cartesian (as the First Step Surviving Corporation) merged with and into Second Merger Sub, pursuant to which Second Merger Sub was the surviving company, or the Surviving Company, and continued under the name "Cartesian Bio, LLC", or the Second Merger and, together with the First Merger, the Merger. In connection with the Merger and pursuant to the Merger Agreement, the Company (which was known as Selecta Biosciences, Inc. until immediately prior to the Merger) changed its corporate name to Cartesian Therapeutics, Inc.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $400.0K | $38.3M | $26.0M | $110.8M | $85.1M | $16.6M | $6.7M | $903.0K | $207.0K | $8.1M |
| R&D | $58.0M | $45.1M | $71.3M | $72.4M | $68.7M | $54.5M | $42.7M | $47.7M | $45.2M | $29.7M |
| SG&A | $31.5M | $30.1M | $40.5M | $23.9M | $20.9M | $18.9M | $16.4M | $18.2M | $18.8M | $13.1M |
| Total operating expenses | $146.2M | $82.8M | $112.4M | $96.2M | $89.7M | $73.4M | $59.1M | $65.9M | $64.0M | $42.8M |
| Operating income | -$143.4M | -$43.9M | -$86.4M | $14.5M | -$4.6M | -$56.8M | -$52.5M | -$65.0M | -$63.8M | -$34.7M |
| Interest expense | — | $0 | $2.8M | $3.0M | $2.8M | $1.6M | $1.5M | $1.5M | $1.2M | $1.3M |
| Pre-tax income | -$139.5M | -$77.1M | -$238.7M | $34.8M | -$9.7M | -$68.9M | -$55.4M | — | — | — |
| Income tax | $9.2M | $287.0K | $19.0M | $609.0K | $16.0M | $0 | $0 | — | — | — |
| Net income | -$130.3M | -$77.4M | -$219.7M | $35.4M | -$25.7M | -$68.9M | -$55.4M | -$65.3M | -$65.3M | -$36.2M |
| EPS, basic | -5.02 | -4.48 | -49.76 | 0.24 | -0.22 | -0.68 | -1.22 | — | — | — |
| EPS, diluted | -5.02 | -4.49 | -49.76 | 0.10 | -0.22 | -0.68 | -1.22 | -2.92 | -3.20 | -3.89 |
| Shares, diluted (wtd. avg.) | 26.0M | 17.4M | 5.2M | 145.9M | 114.3M | 101.2M | 45.5M | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $125.1M | $212.6M | $78.3M | $108.0M | $114.1M | $140.1M | $91.6M | $37.7M | $71.0M | $59.0M |
| Short-term investments | — | — | $0 | $28.2M | $14.0M | $0 | — | — | — | $25.5M |
| Receivables | $1.1M | $872.0K | $5.9M | $6.6M | $9.9M | $7.2M | $5.0M | $0 | — | $215.0K |
| Total current assets | $129.3M | $216.6M | $90.7M | $148.1M | $144.4M | $151.3M | $96.7M | $42.1M | — | $86.8M |
| Property, plant and equipment | $12.2M | $9.9M | $2.1M | $2.8M | $2.1M | $1.4M | $1.2M | $2.1M | — | $2.0M |
| Goodwill | $48.2M | $48.2M | $48.2M | $0 | — | — | — | — | — | — |
| Total assets | $296.4M | $435.0M | $305.1M | $165.9M | $159.9M | $165.4M | $99.6M | $44.5M | — | $89.3M |
| Accounts payable | $1.3M | $288.0K | $3.1M | $316.0K | $224.0K | $443.0K | $500.0K | $1.1M | — | $3.9M |
| Total current liabilities | $14.9M | $23.0M | $68.2M | $25.1M | $72.3M | $81.5M | $34.9M | $35.1M | — | $13.7M |
| Total liabilities | $422.7M | $441.8M | $444.7M | $72.1M | $137.4M | $183.4M | $91.2M | $49.9M | — | $34.3M |
| Retained earnings | -$822.4M | -$692.1M | -$614.6M | -$394.9M | -$430.3M | -$404.6M | -$335.8M | -$280.4M | — | -$151.6M |
| Total equity | -$126.2M | -$6.8M | -$440.2M | $93.8M | $22.5M | -$18.0M | $8.4M | -$5.4M | $51.8M | $55.0M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$73.9M | -$23.7M | -$51.2M | -$31.6M | -$60.4M | $34.9M | -$51.4M | -$59.2M | -$52.0M | -$19.8M |
| Depreciation and amortisation | $2.4M | $1.2M | $700.0K | $700.0K | $600.0K | $600.0K | $700.0K | $1.0M | $750.0K | $802.0K |
| Stock-based compensation | $10.5M | $6.6M | $22.5M | $11.2M | $7.7M | $5.4M | $5.2M | $5.7M | $4.1M | — |
| Capital expenditure | $5.5M | $9.1M | $206.0K | $1.2M | $1.1M | $815.0K | $47.0K | $884.0K | $733.0K | $586.0K |
| Investing cash flow | -$5.5M | -$8.7M | $34.6M | -$15.0M | -$17.1M | -$741.0K | $229.0K | $25.3M | -$2.1M | -$22.1M |
| Financing cash flow | -$8.1M | $168.4M | -$13.1M | $39.2M | $52.9M | $14.4M | $105.0M | $697.0K | $66.0M | $67.7M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001453687-26-000072.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $8.1M | $207.0K | $903.0K | $6.7M | $16.6M | $85.1M | $110.8M | $26.0M | $38.3M | $400.0K |
| Gross profit | — | — | — | — | — | — | — | — | — | — |
| Net income | -$36.2M | -$65.3M | -$65.3M | -$55.4M | -$68.9M | -$25.7M | $35.4M | -$219.7M | -$77.4M | -$130.3M |
Recent filings and events
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
- Unregistered share sale Shares issued outside a registered offering. Dilution, and for a small company often the way it is funded. Item 3.02
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Regulation FD disclosure Item 7.01
- Results announced Item 2.02
- Officer or director change Item 5.02
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
- Results announced Item 2.02
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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