Cartesian Therapeutics, Inc.

cartesiantherapeutics.com

What Do They Do?

Develops mRNA-based cell therapy candidates for people with autoimmune diseases, including myasthenia gravis and myositis.

How Do They Make Money?

Partners pay upfront and when development or regulatory milestones are reached, may owe royalties on product sales, and reimburse research costs; grants fund specified research and development work.

FY2025 revenue

Who Are Their Customers?

Cartesian works under collaboration and license agreements with strategic collaborators; research grants fund specified research and development services.

Do Revenues Turn Into Profits?

No. It lost $130.3M in FY2025.

Operating income, FY2025

−5127% of revenue

▲ +227% (Loss) vs FY2024 (−$43.9M, −113%)

Net income, FY2025

−4659% of revenue

▲ +68% (Loss) vs FY2024 (−$77.4M, −199%)

Free cash flow, FY2025

−2839% of revenue

▲ +142% (Loss) vs FY2024 (−$32.8M, −84%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▼ −100%; vs $298K in Q2 FY2025
Net income: ▼ −1%; vs $15.9M in Q2 FY2025

Jun 9, 2026 Partners with WestGene to develop in vivo CAR-T therapies Cartesian will test its Descartes-08 mRNA payload delivered through WestGene’s targeted lipid nanoparticles in patients with myasthenia gravis.

Shrinking. Revenue fell 97% in 4 years, from $85.1M in FY2021 to $2.8M in FY2025, about 57% a year.

From ImmTOR to mRNA cell therapy The older report centered on ImmTOR-based tolerogenic therapies for biologic and gene-therapy use and autoimmune disease; the latest describes mRNA-modified cell therapies for autoimmune conditions as its core business.

Who Do They Compete With?

Competes with Amgen, Argenx, UCB, Johnson & Johnson, AstraZeneca, Kyverna Therapeutics, Cabaletta Bio, Novartis, Gilead Sciences, and Bristol-Myers Squibb

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