Cartesian Therapeutics (NASDAQ: RNAC) is a late clinical-stage biotechnology company developing mRNA-based cell therapies for autoimmune diseases. The company has not generated product revenue and funds operations through equity financings and, historically, collaboration and license agreements. Cartesian was formed through the November 13, 2023 merger of Selecta Biosciences with private Cartesian Therapeutics, Inc. Its lead program, Descartes-08, is an mRNA-engineered cell therapy designed to be dosed repeatedly in an outpatient setting without pre-treatment chemotherapy. As of the 10-K filed March 9, 2026, Descartes-08 is in Phase 2 trials for myasthenia gravis, systemic lupus erythematosus, and, following an IND amendment filed December 2024, a pediatric basket trial including juvenile dermatomyositis. The FDA granted Descartes-08 Rare Pediatric Disease Designation for juvenile dermatomyositis, a condition affecting approximately 4,000 people in the United States. The company reported an accumulated deficit and net cash used in operating activities for both fiscal years ended December 31, 2025 and December 31, 2024.

Revenue model

Pre-commercial stage with no product revenue. Historical revenue came from collaboration and license agreements, including a $10.0 million upfront payment from Astellas under a January 2023 sublicense of Xork (terminated June 6, 2024). The company funds operations through equity capital raises, including private placements of Series A and Series B Preferred Stock.

Products and services

Descartes-08: mRNA-engineered cell therapy in Phase 2 for myasthenia gravis, systemic lupus erythematosus, and juvenile dermatomyositis (pediatric basket trial initiated January 2026). Xork: bacterial IgG protease sublicensed to Astellas in January 2023 for use in Pompe disease; that agreement was terminated effective June 6, 2024.

Customers and end markets

End markets are autoimmune disease patients, specifically those with myasthenia gravis, systemic lupus erythematosus, and juvenile dermatomyositis. No commercial customers as of the filing date. Prior collaboration partner Astellas was the sole disclosed paying customer; that agreement was terminated June 6, 2024.

Value-chain role

Drug developer and manufacturer operating a proprietary mRNA delivery and cell therapy manufacturing platform. Cartesian conducts research, clinical development, and cell therapy manufacturing internally. It has entered patent license agreements with the National Cancer Institute/NIH (dated September 16, 2019), Biogen MA, Inc. (dated September 8, 2023), and Swedish Orphan Biovitrum AB (dated June 11, 2020, amended October 31, 2023).

Geographic exposure

Incorporated in Delaware, United States. No geographic revenue breakdown disclosed in the excerpts.

Source: SEC 10-K, filed 2026-03-09

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