Cartesian Therapeutics, Inc.
RNAC evidence brief
What we can confirm
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 is a clinical-stage biotechnology company developing RNA-engineered cell therapies, with its lead candidate Descartes-08 in Phase 3 for myasthenia gravis and Phase 2 for myositis, and no approved products or product revenue to date.
Key risk: No product revenue or approvals
BioSniper Score
Based on 5 of 6 signals
Market Cap
$290.5M
Cash Runway
21.4 moLead Asset
descartes-08 (Phase 1/Phase 2)Next Catalyst
Phase2_Topline · Dec 31, 2026Financial data as of Jun 30, 2026.
Tracking 1 pipeline candidate · 7 clinical trials · 2 catalysts for Cartesian Therapeutics, Inc..
Cartesian Therapeutics is a clinical-stage biotechnology company developing RNA-engineered cell therapies, with its lead candidate Descartes-08 in Phase 3 for myasthenia gravis and Phase 2 for myositis, and no approved products or product revenue to date.
- No products approved for sale; no product revenue generated as of June 30, 2026 [sec_mda · as of 2026-08-06].
- Lead candidate Descartes-08 is in Phase 3 development for myasthenia gravis (MG) and Phase 2 development for myositis [sec_mda · as of 2026-08-06].
- Cash and equivalents of $149.3M as of June 30, 2026 [sec].
- Net loss of $23.4M for the six months ended June 30, 2026; accumulated deficit of $845.8M as of that date [sec_mda · as of 2026-08-06].
- Expects to need substantial additional funding to continue operations and execute strategy [sec_mda · as of 2026-08-06].
What works
- Lead candidate Descartes-08 has advanced to Phase 3 for myasthenia gravis, indicating clinical progress toward a potential approval [sec_mda · as of 2026-08-06].
- Cash position of $149.3M as of June 30, 2026 provides near-term runway to support ongoing trials [sec].
- The company is also expanding Descartes-08 into myositis (Phase 2), diversifying its pipeline [sec_mda · as of 2026-08-06].
What to weigh
- No approved products or product revenue; the company has never generated product sales and expects continued operating losses [sec_mda · as of 2026-08-06].
- Accumulated deficit of $845.8M as of June 30, 2026, reflecting years of R&D spending without commercial revenue [sec_mda · as of 2026-08-06].
- Substantial additional funding will be required; if not obtained on favorable terms, the company may need to curtail or discontinue programs [sec_mda · as of 2026-04-30].
- Net loss of $23.4M for the six months ended June 30, 2026, with losses expected to increase as development progresses [sec_mda · as of 2026-08-06].
From the filings
Quoted directly from source documents.
No products approved for sale and no product revenue generated.
“We do not have any products approved for sale and have not generated any product sales.”
SEC MD&A · August 6, 2026
Lead candidate Descartes-08 is in Phase 3 for myasthenia gravis and Phase 2 for myositis.
“continue to advance Descartes-08 for myasthenia gravis, or MG, through Phase 3 development; • advance Descartes-08 for myositis into Phase 2 development”
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
Net loss of $23.4 million for the six months ended June 30, 2026.
“We incurred net losses of $23.4 million and $1.8 million for the six months ended June 30, 2026 and 2025, respectively.”
SEC MD&A · August 6, 2026
Catalyst timeline
- 2026-12-31 · Phase2_Topline · descartes-08 — Phase 2 Readout: descartes-08 — Topline results from the Phase 2 trial of Descartes-08 in myasthenia gravis are expected by the end of 2026.
- 2027-09-30 · Phase3_Topline · descartes-08 — Phase 3 Topline: A Randomized, Double-Blind, Placebo-Controlled Phase 3 Trial of Descartes-08 in Patients With Genera — Topline results from the Phase 3 trial of Descartes-08 in myasthenia gravis are expected in 2027.
Risks & what to watch (4)›
Key risks
- No product revenue or approvals — No approved products or product revenue; company has never generated product sales [sec_mda · as of 2026-08-06].
- Substantial additional funding needed — Expects to need substantial additional funding; if not obtained, may curtail or discontinue programs [sec_mda · as of 2026-04-30].
- Continued operating losses — Net loss of $23.4M for six months ended June 30, 2026; accumulated deficit $845.8M [sec_mda · as of 2026-08-06].
- Clinical and regulatory uncertainty — Descartes-08 is in Phase 3; outcomes, delays, or regulatory hurdles could affect timeline [sec_mda · as of 2026-08-06].
What to watch
- Phase 2 topline data for Descartes-08 in myasthenia gravis expected by end of 2026 [catalyst].
- Phase 3 topline data for Descartes-08 in myasthenia gravis expected in 2027 [catalyst].
- Any updates on financing or partnership to extend cash runway beyond current $149.3M [sec].
- Progress of Descartes-08 into Phase 2 for myositis [sec_mda · as of 2026-08-06].
Sources: SEC MD&A · Generated August 28, 2026 · How we verify sources →
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Evidence & data
Score breakdownBased on 5 of 6 signals · derived from public data
21.4 months
OCF -$21M · Net income $16M
Lead: Phase 1/Phase 2
1 candidate
2 upcoming, next in ~123d
No insider transactions in the last 180 days
Runway
Catalysts
Pipeline
Regulatory
Financials
Institutional Holdings
Source: SEC Form 13F · as of Mar 2026Institutional holders
80
Total value held
$30.2M
| Holder | Shares | Value |
|---|---|---|
| vanguard capital management llc | 815,194 | $5.0M |
| fmr llc | 799,743 | $4.9M |
| blackrock, inc. | 599,108 | $3.7M |
| 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 |
| state street corp | 200,337 | $1.2M |
| two sigma investments, lp | 167,313 | $1.0M |
| ubs group ag | 136,840 | $842K |
Showing top 10 of 80 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 is a clinical-stage biotechnology company developing RNA-engineered cell therapies, with its lead candidate Descartes-08 in Phase 3 for myasthenia gravis and Phase 2 for myositis, and no approved products or product revenue to date.
What is Cartesian Therapeutics, Inc.'s lead drug candidate?
Cartesian Therapeutics, Inc.'s most advanced tracked candidate is descartes-08 (Phase 1/Phase 2) for Antisynthetase Syndrome; Myasthenia Gravis, Generalized; Systemic Lupus Erythematosus (SLE).
What is Cartesian Therapeutics, Inc.'s next catalyst?
Cartesian Therapeutics, Inc.'s next tracked catalyst is a Phase2_Topline event — "Phase 2 Readout: descartes-08" — expected December 31, 2026.
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.
The AI overview and BioSniper Score are neutral, data-derived signals built from public SEC filings, ClinicalTrials.gov and FDA records — not investment advice.