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Cartesian Therapeutics, Inc. key statistics and ratios

In fiscal 2025, Cartesian Therapeutics, Inc. had an operating margin of -5127.1% and a current ratio of 8.65. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2014Dec 20142015Dec 20152016Dec 20162017Dec 20172018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMJun 2026
Operating margin−506.5%−421.0%−428.9%<−999%<−999%−785.6%−342.4%−5.4%13.1%−332.3%−112.8%<−999%<−999%
Net margin−423.7%−418.8%−448.0%<−999%<−999%−829.0%−415.0%−30.2%31.9%−844.9%−199.0%<−999%<−999%
Free-cash-flow margin−424.8%−393.0%−251.7%<−999%<−999%−771.0%205.3%−72.2%−29.6%−197.5%−84.2%<−999%<−999%
Return on equity———−120.3%————60.8%————
Return on assets—−58.8%−54.8%−68.6%−89.8%−76.8%−52.0%−15.8%21.7%−93.3%−20.9%−35.6%−49.4%
Asset turnover—0.140.120.000.010.090.130.520.680.110.110.010.00
Current ratio—5.346.338.991.202.771.862.005.911.339.438.657.48
Debt to equity——0.0%——0.0%—0.0%0.0%————
Interest cover (operating income ÷ interest)n/mn/mn/mn/mn/mn/mn/mn/m4.8xn/m———
Effective tax rate————————−1.8%————
R&D as % of revenue344.9%382.3%367.5%>999%>999%640.2%328.4%80.8%65.3%274.0%115.9%>999%>999%
Capital spending as % of revenue7.5%19.3%7.2%354.1%97.9%0.7%4.9%1.3%1.1%0.8%23.4%195.0%141.0%
Free cash flow ÷ net income————————−92.8%————

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

3 of 5 checks passed · June 30, 2026
What it owns · $319m
Short-term assets $154mLonger-term assets $165m
What it owes, and who funded it · $444m
Short-term liabilities $21mLonger-term liabilities $423mShareholders' equity $-125m
  • Short-term assets cover short-term liabilities $154m of assets due within a year against $21m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $154m short-term assets against $423m of longer-dated liabilities.
  • More cash than debt $148m of cash against $53m of debt.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt −$77m of operating cash flow against $53m of debt.
  • Operating profit covers interest at least five times over No material interest expense reported.

From Cartesian Therapeutics, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

9 /100

Weak moat

How hard Cartesian Therapeutics's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Net income has been a median -46.4% of total assets over 10 years.

  • Durability 10 / 20

    Operating margin has been a median -1075.1%; its worst year was -153893.2%.

  • Cash conversion 1 / 20

    Free cash flow was positive in 1 of 10 years, at a median -707.0% of revenue.

  • Discipline 0 / 20

    The diluted share count rose 1018.4% over five years; stock-based pay has been a median 78.0% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (14 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Compare with peers

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Figures from Cartesian Therapeutics, Inc.'s SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Cartesian Therapeutics, Inc.