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Cartesian Therapeutics

RNAC Rare disease Lead: Phase 3 6 Biotech Distilled articles ↓ 20 filings & releases ↓ Cash $123M (Sep 30, 2026) ↓ 6 verdicts ↓ 3 timing quotes ↓
ImmunologyNeurologyOncology Cell

Market cap $230M 30.5M shares (10-Q, Oct 31, 2026) × $7.53 close Nov 6, 2026

Most recent annual filing: 2026-03-09

Catalyst timeline

5 trackedQuarter catalyst calendar →
  1. Cartesian Therapeutics corporate financinglate 2026 or 1H 2027Cartesian Therapeutics corporate financing, late 2026 or 1H 2027, routine
  2. Descartes-08 AURORA topline1Q 2027Descartes-08 AURORA topline, 1Q 2027, thesis-defining
  3. Descartes-08 HELIOS readout1H 2027Descartes-08 HELIOS readout, 1H 2027, notable
  4. Cartesian Therapeutics corporate update2027Cartesian Therapeutics corporate update, 2027, routine
  5. Descartes-08 TRITON pivotal interimmid-to-late 2027Descartes-08 TRITON pivotal interim, mid-to-late 2027, material

Bar width shows how precise the guidance is — a pin is a stated date, a wide band a six-month window. Deeper blue means more of the thesis rides on the event; it is not a view on the stock.

Pipeline (4 active programs)

Technology platforms

tLNP · WestGene BioPharma

Targeted lipid nanoparticle (tLNP) delivery platform developed by WestGene BioPharma for in vivo CAR-T generation; in vitro testing has shown tLNPs generated CAR-T cells in a dose-dependent manner; focus area: autoimmune diseases

Targets: BCMA

tLNPs · WestGene BioPharma

WestGene's proprietary targeted lipid nanoparticles platform for in vivo mRNA delivery; used to deliver Cartesian's mRNA payloads including anti-BCMA CAR constructs for in vivo CAR-T engineering in autoimmune diseases; focus on eliminating ex vivo manufacturing

Targets: BCMA

Discontinued (1)

Capital (as filed)

Cash
$123M cash and cash equivalents · Sep 30, 2026 (10-Q)
Operating cash flow
−$27.7M quarter Jun 30, 2026 → Sep 30, 2026, year-to-date difference (10-Q)
As stated in coverage
$125M cash, runway into 2028 per the update of Nov 5, 2026 — the company's own words as read there, not the filed figure

Cash, investments and operating cash flow are the company's own XBRL facts as filed with the SEC, each shown with its period end and tag. As-stated figures come from the company's own words as read in Biotech Distilled coverage, dated, and routinely count securities and planned financing that a balance sheet does not. Offering rows are the SEC cover pages as filed. Not investment advice. Figures as of Nov 7, 2026.

Biotech Distilled coverage (6)

Articles open on Substack. Some are subscriber-only; those marked ★ Distilled Pro are for Distilled Pro members.

Verdict history (6 calls)

Every verdict Biotech Distilled has published on Cartesian Therapeutics, oldest first — the full history, never a selection. How calls are scored: the track record.

  1. 2026-05-25 Watch Cartesian Therapeutics (RNAC) — Scientific Deep Dive for Descartes-08 and Pipeline Products Differentiated science and near-cash valuation merit tracking, but a near-certain pre-topline dilution event, founder boardroom exit, and absence of dedicated biotech smart money suggest waiting for a dilution-driven pullback or positive AURORA enrollment completion before entering.
  2. 2026-05-27 Buy core UPDATE: Cartesian Therapeutics (RNAC) - The Dilution Gap Just Closed The K2HV non-dilutive debt facility closes the dilution gap that was the primary reason for the Watch List stance, extending runway into 2028 past the 1Q27 AURORA topline, while the scientific thesis is unchanged.
  3. 2026-06-09 Buy core UPDATE: Cartesian Therapeutics (RNAC) - The In Vivo Option Just Got a Clinical Timeline The WestGene tLNP licensing deal converts in vivo optionality into a 1H 2027 readout and widens the post-AURORA payoff, while the core BUY thesis from the dilution gap closure remains intact.
  4. 2026-08-07 Buy core UPDATE: Cartesian Therapeutics (RNAC) - The Quarter That Repriced the Debt The three-part bull case remains intact with $149.3M cash, runway into 2028, and AURORA spend up 104% YoY signaling active enrollment, though the K2HV facility is more expensive than initially modeled and the ATM ran alongside the debt facility.
  5. 2026-09-29 Buy core UPDATE: Cartesian Therapeutics (RNAC) - The Second Dose Works Retreatment data in 5 patients validates the redosability pillar and provides a durability estimate supporting the commercial model, though it does not de-risk the AURORA Month 4 primary endpoint coin flip.
  6. 2026-11-06 Buy core UPDATE: Cartesian Therapeutics (RNAC) - The In Vivo Clock Went Quiet AURORA 1Q27 topline and mid-2027 BLA remain on track with runway into 2028, but the WestGene in vivo program has slipped from a 1H27 clinical catalyst back to preclinical with no IND timeline, reducing the catalyst count from four to three.

Every verdict Biotech Distilled has published on this company, in order, with the post it came from — the full history, never a selection. Position figures are the same ones shown on /track-record, computed by the same method. Editorial opinion, not investment advice.

Timing, in the company's words (3 quotes from 3 filings)

Sentences quoted verbatim from the company's SEC filings, newest filing first. Each sits under the filing it appeared in; the "matched to" tag names the calendar row it was read for.

Timing sentences quoted from the company's own SEC filings, each under the filing it appeared in. The 'matched to' tag is the calendar row the sentence was read for; the filing is the source. Not investment advice.

Filings & releases (20)

SEC filings from EDGAR and press releases captured from the company's investor-relations site, newest first. Releases captured from Aug 6, 2026; filings from March 2026. Summaries come from the BD update that read the document; "BD extracted" counts point at the pipeline table above. All companies →

6 more filings (13G holder notices, S-8, proxy material, SEC correspondence …)