Cartesian Therapeutics, Inc.
RNAC evidence brief
What we can confirm
- Market Cap:
- $247.8M
What it means
What to watch
Prepared research question
What matters most for RNAC—catalysts, financial risk and supporting evidence?
Traceable citations · Unknowns marked
BioSniper AI · RNAC
Cartesian Therapeutics (RNAC) is a late clinical-stage biotech company developing autologous CAR-T cell therapies for autoimmune diseases, with its lead asset Descartes-08 in Phase 3 for generalized myasthenia gravis and no approved products or product revenue to date.
Key risk: No product revenue
Market Cap
$247.8M
Cash Runway
—
Lead Asset
—
Next Catalyst
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Financial data as of Jun 30, 2026.
Tracking 7 clinical trials for Cartesian Therapeutics, Inc..
Cartesian Therapeutics (RNAC) is a late clinical-stage biotech company developing autologous CAR-T cell therapies for autoimmune diseases, with its lead asset Descartes-08 in Phase 3 for generalized myasthenia gravis and no approved products or product revenue to date.
- Lead asset Descartes-08 is an autologous anti-BCMA CAR-T in Phase 3 for generalized myasthenia gravis and Phase 1/2 for juvenile dermatomyositis [sec · filed 2026-04-28].
- Cash & equivalents were $147.6M as of 2026-06-30, with zero total revenue and net income of $15.8M [sec].
- Accumulated deficit was $845.8M as of June 30, 2026 [sec_mda · as of 2026-08-06].
- The company has no approved products and has never generated product sales [sec_mda · as of 2026-08-06].
- Descartes-08 has received Orphan Drug, RMAT, and Rare Pediatric Disease regulatory designations [pipeline].
What works
- Descartes-08 is in Phase 3 for generalized myasthenia gravis, a large market with existing complement and FcRn inhibitors, suggesting a clear regulatory path [pipeline].
- The company has secured regulatory designations (Orphan Drug, RMAT, Rare Pediatric Disease) that may provide development and commercial advantages [pipeline].
- A partnership with Sobi includes a $75M upfront payment and potential milestone payments up to $630M, providing non-dilutive funding [sec_mda · as of 2026-08-06].
What to weigh
- The company has no approved products and no product revenue, relying entirely on external financing [sec_mda · as of 2026-08-06].
- Accumulated deficit was $845.8M as of June 30, 2026, with net losses of $23.4M in the first half of 2026 [sec_mda · as of 2026-08-06].
- Substantial additional funding will be needed to continue operations, and failure to obtain it could force program curtailment or discontinuation [sec_mda · as of 2026-08-06].
- Shareholders' equity was negative (-$125.2M) as of 2026-06-30, indicating liabilities exceed assets [sec].
From the filings
Quoted directly from source documents.
Descartes-08 is in Phase 3 for generalized myasthenia gravis
“Our lead asset, Descartes-08, is an autologous anti-B cell maturation antigen chimeric antigen receptor T-cell therapy in Phase 3 clinical development for patients with generalized myasthenia gravis”
SEC filings · April 28, 2026
No products approved and no product sales
“We do not have any products approved for sale and have not generated any product sales.”
SEC MD&A · August 6, 2026
Accumulated deficit of $845.8 million as of June 30, 2026
“As of June 30, 2026, we had an accumulated deficit of $845.8 million.”
SEC MD&A · August 6, 2026
Catalyst timeline
- 2025-05-06 · Phase3_Start: A Randomized, Double-Blind, Placebo-Controlled Phase 3 Trial of Descartes-08 in Patients With Generalized Myasthenia Gravis (MG) — This pivotal trial is the key value driver; its outcome will determine the path to potential approval.
- 2025-11-30 · Trial_Readout: Durability of Response to B-Ce — This readout will provide data on the durability of response, critical for long-term efficacy assessment.
Risks & what to watch (4)›
Key risks
- No product revenue — Company has no approved products and has never generated product sales; relies entirely on external financing [sec_mda · as of 2026-08-06].
- High accumulated deficit — Accumulated deficit of $845.8M as of June 30, 2026, with ongoing net losses [sec_mda · as of 2026-08-06].
- Negative shareholders' equity — Shareholders' equity was -$125.2M as of 2026-06-30, indicating liabilities exceed assets [sec].
- Funding dependency — Substantial additional funding needed; failure to obtain could force program delays or discontinuation [sec_mda · as of 2026-08-06].
What to watch
- Phase 3 trial results for Descartes-08 in generalized myasthenia gravis, which began in May 2025 [catalyst].
- Initiation of Phase 2 trial for Descartes-08 in myositis (dermatomyositis and antisynthetase syndrome) planned for first half of 2026 [sec · filed 2026-04-28].
- Ability to secure additional financing given the accumulated deficit and negative equity [sec_mda · as of 2026-08-06].
- Retreatment data from Descartes-08 presented in September 2026 showing mean MG-ADL reduction of 6.6 points at Month 12 [news · published 2026-09-29].
Sources: Catalysts · News · Pipeline · SEC filings · SEC MD&A · Generated October 9, 2026 · How we verify sources →
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Evidence & data
Regulatory
Financials
Institutional Holdings
Source: SEC Form 13F · as of Mar 2026Institutional holders
83
Total value held
$43.7M
| Holder | Shares | Value |
|---|---|---|
| squarepoint ops llc | 2,238,486 | $13.8M |
| fmr llc | 799,743 | $4.9M |
| blackrock, inc. | 599,108 | $3.7M |
| vanguard capital management llc | 407,597 | $2.5M |
| 683 capital management, llc | 330,000 | $2.0M |
| millennium management llc | 284,317 | $1.7M |
| geode capital management, llc | 263,694 | $1.6M |
| marshall wace, llp | 251,115 | $1.5M |
| erste asset management gmbh | 221,705 | $1.3M |
| state street corp | 200,337 | $1.2M |
Showing top 10 of 83 institutional holders of Cartesian Therapeutics, Inc.. Open the full 13F history after sign-in.
Short Interest
as of May 22, 2026- % of float
- 16.7%
- Days to cover
- 13.1
- Shares short
- 2,169,081
- Daily short volume
- -
Short percent of float and days-to-cover reflect reported short positioning. Daily short volume is the exchange-reported short share of a single day's trading volume and is noisier. See the most-shorted biotech ranking →
RNAC short interestGovernance
Frequently asked questions
What is the AI investment thesis for Cartesian Therapeutics, Inc.?
Cartesian Therapeutics (RNAC) is a late clinical-stage biotech company developing autologous CAR-T cell therapies for autoimmune diseases, with its lead asset Descartes-08 in Phase 3 for generalized myasthenia gravis and no approved products or product revenue to date.
Who is the CEO of Cartesian Therapeutics, Inc.?
Dr. Carsten Brunn Ph.D. is the chief executive officer of Cartesian Therapeutics, Inc. (RNAC).
Where is Cartesian Therapeutics, Inc. headquartered?
Cartesian Therapeutics, Inc. (RNAC) is headquartered in Frederick, MD, United States.
What therapeutic areas does Cartesian Therapeutics, Inc. focus on?
Cartesian Therapeutics, Inc. develops therapies across Oncology, Gene Therapy, Neurology, Immunology, Dermatology.
The AI overview and BioSniper Score are neutral, data-derived signals built from public SEC filings, ClinicalTrials.gov and FDA records — not investment advice.