$RNAC
Cartesian Therapeutics, Inc. Stock $rnac

$rnac Overview Financials Valuation SEC Filings Company Website

2017 Q2 Form 10-Q Financial Statement

#000145368717000032 Filed on May 11, 2017

Income Statement

Concept	2017 Q2	2017 Q1	2016 Q1
Revenue	$26.00K	$137.0K	$2.088M
YoY Change	-98.71%	-93.44%	101.93%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin	$4.900M	$3.880M	$2.380M
YoY Change	102.48%	63.03%	27.27%
% of Gross Profit
Research & Development	$10.99M	$11.04M	$6.648M
YoY Change	83.23%	66.13%	33.76%
% of Gross Profit
Depreciation & Amortization	$200.0K	$200.0K	$178.0K
YoY Change	0.0%	12.36%	-6.32%
% of Gross Profit
Operating Expenses	$15.90M	$14.92M	$9.029M
YoY Change	88.85%	65.23%	31.93%
Operating Profit	-$15.87M	-$14.78M	-$6.941M
YoY Change	147.95%	112.97%
Interest Expense	$279.0K	$300.0K	$310.0K
YoY Change	-10.0%	-3.23%	287.5%
% of Operating Profit
Other Income/Expense, Net	$0.00	$0.00	-$18.00K
YoY Change	-100.0%	-100.0%
Pretax Income	-$15.97M	-$15.13M	-$7.480M
YoY Change	130.78%	102.27%	30.54%
Income Tax			$0.00
% Of Pretax Income
Net Earnings	-$15.97M	-$15.13M	-$7.476M
YoY Change	130.64%	102.43%	30.4%
Net Earnings / Revenue	-61411.54%	-11046.72%	-358.05%
Basic Earnings Per Share
Diluted Earnings Per Share	-$849.0K	-$819.2K	-$882.1K
COMMON SHARES
Basic Shares Outstanding	18.58M shares	18.48M shares
Diluted Shares Outstanding

Balance Sheet

Concept	2017 Q2	2017 Q1	2016 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments	$112.7M	$68.50M	$26.00M
YoY Change	33.37%	163.46%
Cash & Equivalents	$82.63M	$26.64M	$17.05M
Short-Term Investments	$30.00M	$41.90M	$8.900M
Other Short-Term Assets	$1.900M	$2.900M	$2.300M
YoY Change	-24.0%	26.09%
Inventory
Prepaid Expenses
Receivables	$1.000K	$63.00K	$1.600M
Other Receivables	$0.00	$0.00	$0.00
Total Short-Term Assets	$114.6M	$71.49M	$29.90M
YoY Change	28.74%	139.08%
LONG-TERM ASSETS
Property, Plant & Equipment	$2.131M	$2.054M	$2.000M
YoY Change	6.55%	2.7%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets	$0.00	$0.00	$2.800M
YoY Change	-100.0%	-100.0%
Total Long-Term Assets	$2.447M	$2.370M	$4.800M
YoY Change	6.39%	-50.63%
TOTAL ASSETS
Total Short-Term Assets	$114.6M	$71.49M	$29.90M
Total Long-Term Assets	$2.447M	$2.370M	$4.800M
Total Assets	$117.0M	$73.86M	$34.70M
YoY Change	28.18%	112.84%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable	$4.280M	$1.317M	$800.0K
YoY Change	375.56%	64.63%
Accrued Expenses	$8.595M	$5.521M	$2.800M
YoY Change	95.34%	97.18%
Deferred Revenue
YoY Change
Short-Term Debt	$0.00	$0.00	$0.00
YoY Change
Long-Term Debt Due	$4.600M	$4.500M	$700.0K
YoY Change	155.56%	542.86%
Total Short-Term Liabilities	$20.05M	$13.30M	$6.300M
YoY Change	125.31%	111.17%
LONG-TERM LIABILITIES
Long-Term Debt	$5.700M	$6.900M	$11.20M
YoY Change	-43.56%	-38.39%
Other Long-Term Liabilities	$1.250M	$12.60M	$3.200M
YoY Change	-64.29%	293.75%
Total Long-Term Liabilities	$1.250M	$19.50M	$14.40M
YoY Change	-90.81%	35.42%
TOTAL LIABILITIES
Total Short-Term Liabilities	$20.05M	$13.30M	$6.300M
Total Long-Term Liabilities	$1.250M	$19.50M	$14.40M
Total Liabilities	$38.84M	$32.77M	$20.70M
YoY Change	72.64%	58.29%
SHAREHOLDERS EQUITY
Retained Earnings	-$182.7M	-$166.7M
YoY Change
Common Stock	$1.000K	$1.000K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity	$78.18M	$41.09M	$14.00M
YoY Change
Total Liabilities & Shareholders Equity	$117.0M	$73.86M	$34.70M
YoY Change	28.18%	112.84%

Cashflow Statement

Concept	2017 Q2	2017 Q1	2016 Q1
OPERATING ACTIVITIES
Net Income	-$15.97M	-$15.13M	-$7.476M
YoY Change	130.64%	102.43%	30.4%
Depreciation, Depletion And Amortization	$200.0K	$200.0K	$178.0K
YoY Change	0.0%	12.36%	-6.32%
Cash From Operating Activities	-$8.610M	-$15.32M	-$10.17M
YoY Change	53.75%	50.66%	107.47%
INVESTING ACTIVITIES
Capital Expenditures	-$400.0K	$58.00K	$143.0K
YoY Change	566.67%	-59.44%	-219.17%
Acquisitions
YoY Change
Other Investing Activities	$11.09M	-$16.47M	-$3.410M
YoY Change	60.03%	382.99%
Cash From Investing Activities	$10.70M	-$16.53M	-$3.555M
YoY Change	55.75%	365.04%	2862.5%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net		$728.0K	$0.00
YoY Change
Cash From Financing Activities	53.94M	-$292.0K	-$1.677M
YoY Change	-15.97%	-82.59%	698.57%
NET CHANGE
Cash From Operating Activities	-8.610M	-$15.32M	-$10.17M
Cash From Investing Activities	10.70M	-$16.53M	-$3.555M
Cash From Financing Activities	53.94M	-$292.0K	-$1.677M
Net Change In Cash	56.03M	-$32.02M	-$15.40M
YoY Change	-14.41%	107.92%	194.42%
FREE CASH FLOW
Cash From Operating Activities	-$8.610M	-$15.32M	-$10.17M
Capital Expenditures	-$400.0K	$58.00K	$143.0K
Free Cash Flow	-$8.210M	-$15.37M	-$10.31M
YoY Change	48.19%	49.13%	115.67%

Facts In Submission

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CY2016Q4	us-gaap	Operating Leases Future Minimum Payments Due In Two Years OperatingLeasesFutureMinimumPaymentsDueInTwoYears	1291000	USD
CY2016Q1	us-gaap	Operating Leases Rent Expense Net OperatingLeasesRentExpenseNet	400000	USD
CY2017Q1	us-gaap	Operating Leases Rent Expense Net OperatingLeasesRentExpenseNet	500000	USD
CY2016Q4	us-gaap	Other Accrued Liabilities Current OtherAccruedLiabilitiesCurrent	479000	USD
CY2017Q1	us-gaap	Other Accrued Liabilities Current OtherAccruedLiabilitiesCurrent	494000	USD
CY2016Q4	us-gaap	Other Assets Noncurrent OtherAssetsNoncurrent	122000	USD
CY2017Q1	us-gaap	Other Assets Noncurrent OtherAssetsNoncurrent	0	USD
CY2016Q1	us-gaap	Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax	231000	USD
CY2017Q1	us-gaap	Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax	123000	USD
CY2017Q1	us-gaap	Other Comprehensive Income Loss Net Of Tax OtherComprehensiveIncomeLossNetOfTax	138000	USD
CY2016Q1	us-gaap	Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax	0	USD
CY2017Q1	us-gaap	Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax	15000	USD
CY2016Q1	us-gaap	Other Nonoperating Income Expense OtherNonoperatingIncomeExpense	-18000	USD
CY2017Q1	us-gaap	Other Nonoperating Income Expense OtherNonoperatingIncomeExpense	0	USD
CY2017Q1	us-gaap	Other Than Temporary Impairment Losses Investments Availableforsale Securities OtherThanTemporaryImpairmentLossesInvestmentsAvailableforsaleSecurities	0	USD
CY2016Q1	us-gaap	Paid In Kind Interest PaidInKindInterest	41000	USD
CY2017Q1	us-gaap	Paid In Kind Interest PaidInKindInterest	144000	USD
CY2016Q1	us-gaap	Payments Of Stock Issuance Costs PaymentsOfStockIssuanceCosts	1684000	USD
CY2017Q1	us-gaap	Payments Of Stock Issuance Costs PaymentsOfStockIssuanceCosts	0	USD
CY2016Q1	us-gaap	Payments To Acquire Property Plant And Equipment PaymentsToAcquirePropertyPlantAndEquipment	143000	USD
CY2017Q1	us-gaap	Payments To Acquire Property Plant And Equipment PaymentsToAcquirePropertyPlantAndEquipment	58000	USD
CY2016Q1	us-gaap	Payments To Acquire Short Term Investments PaymentsToAcquireShortTermInvestments	3412000	USD
CY2017Q1	us-gaap	Payments To Acquire Short Term Investments PaymentsToAcquireShortTermInvestments	16474000	USD
CY2016Q4	us-gaap	Preferred Stock Par Or Stated Value Per Share PreferredStockParOrStatedValuePerShare	0.0001
CY2017Q1	us-gaap	Preferred Stock Par Or Stated Value Per Share PreferredStockParOrStatedValuePerShare	0.0001
CY2016Q4	us-gaap	Preferred Stock Shares Authorized PreferredStockSharesAuthorized	10000000	shares
CY2017Q1	us-gaap	Preferred Stock Shares Authorized PreferredStockSharesAuthorized	10000000	shares
CY2016Q4	us-gaap	Preferred Stock Shares Issued PreferredStockSharesIssued	0	shares
CY2017Q1	us-gaap	Preferred Stock Shares Issued PreferredStockSharesIssued	0	shares
CY2016Q4	us-gaap	Preferred Stock Shares Outstanding PreferredStockSharesOutstanding	0	shares
CY2017Q1	us-gaap	Preferred Stock Shares Outstanding PreferredStockSharesOutstanding	0	shares
CY2016Q4	us-gaap	Preferred Stock Value PreferredStockValue	0	USD
CY2017Q1	us-gaap	Preferred Stock Value PreferredStockValue	0	USD
CY2016Q4	us-gaap	Prepaid Expense And Other Assets Current PrepaidExpenseAndOtherAssetsCurrent	2382000	USD
CY2017Q1	us-gaap	Prepaid Expense And Other Assets Current PrepaidExpenseAndOtherAssetsCurrent	2820000	USD
CY2016Q1	us-gaap	Proceeds From Stock Options Exercised ProceedsFromStockOptionsExercised	7000	USD
CY2017Q1	us-gaap	Proceeds From Stock Options Exercised ProceedsFromStockOptionsExercised	436000	USD
CY2016Q4	us-gaap	Property Plant And Equipment Gross PropertyPlantAndEquipmentGross	5787000	USD
CY2017Q1	us-gaap	Property Plant And Equipment Gross PropertyPlantAndEquipmentGross	6043000	USD
CY2016Q4	us-gaap	Property Plant And Equipment Net PropertyPlantAndEquipmentNet	2047000	USD
CY2017Q1	us-gaap	Property Plant And Equipment Net PropertyPlantAndEquipmentNet	2054000	USD
CY2016Q1	us-gaap	Realized Investment Gains Losses RealizedInvestmentGainsLosses	0	USD
CY2017Q1	us-gaap	Realized Investment Gains Losses RealizedInvestmentGainsLosses	0	USD
CY2016Q4	us-gaap	Receivable From Shareholders Or Affiliates For Issuance Of Capital Stock ReceivableFromShareholdersOrAffiliatesForIssuanceOfCapitalStock	75000	USD
CY2017Q1	us-gaap	Receivable From Shareholders Or Affiliates For Issuance Of Capital Stock ReceivableFromShareholdersOrAffiliatesForIssuanceOfCapitalStock	70000	USD
CY2016Q1	us-gaap	Repayments Of Long Term Debt RepaymentsOfLongTermDebt	0	USD
CY2017Q1	us-gaap	Repayments Of Long Term Debt RepaymentsOfLongTermDebt	728000	USD
CY2016Q1	us-gaap	Research And Development Expense ResearchAndDevelopmentExpense	6648000	USD
CY2017Q1	us-gaap	Research And Development Expense ResearchAndDevelopmentExpense	11044000	USD
CY2016Q4	us-gaap	Restricted Cash And Cash Equivalents At Carrying Value RestrictedCashAndCashEquivalentsAtCarryingValue	78000	USD
CY2017Q1	us-gaap	Restricted Cash And Cash Equivalents At Carrying Value RestrictedCashAndCashEquivalentsAtCarryingValue	81000	USD
CY2016Q4	us-gaap	Restricted Cash And Investments Noncurrent RestrictedCashAndInvestmentsNoncurrent	316000	USD
CY2017Q1	us-gaap	Restricted Cash And Investments Noncurrent RestrictedCashAndInvestmentsNoncurrent	316000	USD
CY2016Q4	us-gaap	Retained Earnings Accumulated Deficit RetainedEarningsAccumulatedDeficit	-151576000	USD
CY2016Q4	us-gaap	Retained Earnings Accumulated Deficit RetainedEarningsAccumulatedDeficit	-151600000	USD
CY2017Q1	us-gaap	Retained Earnings Accumulated Deficit RetainedEarningsAccumulatedDeficit	-166700000	USD
CY2017Q1	us-gaap	Retained Earnings Accumulated Deficit RetainedEarningsAccumulatedDeficit	-166710000	USD
CY2016Q1	us-gaap	Revenues Revenues	2088000	USD
CY2017Q1	us-gaap	Revenues Revenues	137000	USD
CY2016Q4	us-gaap	Short Term Investments ShortTermInvestments	25485000	USD
CY2017Q1	us-gaap	Short Term Investments ShortTermInvestments	41885000	USD
CY2017Q1	us-gaap	Stock Issued During Period Value Employee Stock Purchase Plan StockIssuedDuringPeriodValueEmployeeStockPurchasePlan	0	USD
CY2017Q1	us-gaap	Stock Issued During Period Value Stock Options Exercised StockIssuedDuringPeriodValueStockOptionsExercised	436000	USD
CY2016Q4	us-gaap	Stockholders Equity StockholdersEquity	54957000	USD
CY2017Q1	us-gaap	Stockholders Equity StockholdersEquity	41090000	USD
CY2016Q2	us-gaap	Stockholders Equity Note Stock Split Conversion Ratio1 StockholdersEquityNoteStockSplitConversionRatio1	0.2564
CY2016Q1	us-gaap	Weighted Average Number Of Share Outstanding Basic And Diluted WeightedAverageNumberOfShareOutstandingBasicAndDiluted	2175037	shares
CY2017Q1	us-gaap	Weighted Average Number Of Share Outstanding Basic And Diluted WeightedAverageNumberOfShareOutstandingBasicAndDiluted	18474227	shares
CY2016Q1	us-gaap	Temporary Equity Accretion To Redemption Value TemporaryEquityAccretionToRedemptionValue	2356000	USD
CY2017Q1	us-gaap	Temporary Equity Accretion To Redemption Value TemporaryEquityAccretionToRedemptionValue	0	USD
CY2016Q1	us-gaap	Temporary Equity Accretion To Redemption Value Adjustment TemporaryEquityAccretionToRedemptionValueAdjustment	2356000	USD
CY2017Q1	us-gaap	Temporary Equity Accretion To Redemption Value Adjustment TemporaryEquityAccretionToRedemptionValueAdjustment	0	USD
CY2017Q1	us-gaap	Temporary Equity Par Or Stated Value Per Share TemporaryEquityParOrStatedValuePerShare	0.0001
CY2014Q4	us-gaap	Temporary Equity Shares Authorized TemporaryEquitySharesAuthorized	28804969	shares
CY2015Q4	us-gaap	Temporary Equity Shares Authorized TemporaryEquitySharesAuthorized	37835623	shares
CY2017Q1	us-gaap	Concentration Risk Credit Risk ConcentrationRiskCreditRisk	<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:16px;padding-top:16px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Concentrations of Credit Risk and Off‑Balance Sheet Risk</font></div><div style="line-height:120%;padding-bottom:16px;padding-top:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Financial instruments that potentially subject the Company to concentration of credit risk consist primarily of cash, cash equivalents, and accounts receivable. Cash and cash equivalents are deposited with federally insured financial institutions in the United States and may, at times, exceed federally insured limits. Management believes that the financial institutions that hold the Company’s deposits are financially credit worthy and, accordingly, minimal risk exists with respect to those balances. Generally, these deposits may be redeemed upon demand and therefore bear minimal interest rate risk. As an integral part of operating its Russian subsidiary, the Company also maintains cash in Russian bank accounts in denominations of both Russian rubles and U.S. dollars. As of </font><font style="font-family:inherit;font-size:10pt;">March 31, 2017</font><font style="font-family:inherit;font-size:10pt;">, the Company maintained approximately </font><font style="font-family:inherit;font-size:10pt;">$2.3 million</font><font style="font-family:inherit;font-size:10pt;"> in Russian bank accounts, of which </font><font style="font-family:inherit;font-size:10pt;">$2.2 million</font><font style="font-family:inherit;font-size:10pt;"> was held in U.S. dollars.</font></div><div style="line-height:120%;padding-bottom:16px;padding-top:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company has minimal credit risk as the majority of accounts receivable relates to amounts due under a government sponsored grant, collaboration with large pharmaceutical companies or grants from well‑known and supported non‑profit organizations. </font></div></div>
CY2017Q1	us-gaap	Use Of Estimates UseOfEstimates	<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:16px;padding-top:16px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Use of Estimates</font><font style="font-family:inherit;font-size:10pt;"> </font></div><div style="line-height:120%;padding-bottom:16px;padding-top:16px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of consolidated financial statements in conformity with U.S. GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. The Company’s management considers many factors in selecting appropriate financial accounting policies and controls, and bases its estimates on historical experience and other market-specific or other relevant assumptions that it believes to be reasonable under the circumstances. In preparing these consolidated financial statements, management used significant estimates in the following areas, among others: revenue recognition, the fair value of common stock and other equity instruments, accounting for stock-based compensation, income taxes, collectability of accounts receivable, useful lives of long-lived assets, accrued expenses, and accounting for project development. The Company assesses the above estimates on an ongoing basis; however, actual results could materially differ from those estimates.</font></div><div style="line-height:120%;padding-bottom:16px;padding-top:16px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company’s management made significant estimates and assumptions in determining the fair value of its common stock for those periods reported prior to the completion of the IPO. The Company utilized various valuation methodologies in accordance with the framework of the 2004 American Institute of Certified Public Accountants’ Technical Practice Aid, Valuation of Privately-Held Company Equity Securities Issued as Compensation, to estimate the fair value of its common stock. Each valuation methodology included estimates and assumptions that require the Company’s judgment. These estimates and assumptions included a number of objective and subjective factors, including external market conditions affecting the biotechnology industry sector, the prices at which the Company sold shares of preferred stock, the superior rights and preferences of securities senior to the Company’s common stock at the time and the likelihood of achieving a liquidity event, such as an initial public offering or sale. Significant changes to the key assumptions used in the valuations could result in different fair values of common stock at each valuation date.</font></div></div>

Files In Submission

Name	View Source	Status
0001453687-17-000032-index-headers.html	Edgar Link	pending
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$RNAC
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2017 Q2 Form 10-Q Financial Statement

#000145368717000032 Filed on May 11, 2017

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2017 Q2 Form 10-Q Financial Statement

#000145368717000032 Filed on May 11, 2017

Income Statement

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$RNAC
Cartesian Therapeutics, Inc. Stock $rnac