Investment Thesis
Cartesian Therapeutics exhibits critical fundamental deterioration despite revenue acceleration. Negative stockholders equity of -148.1M, combined with quarterly operating losses of -26.5M against trivial revenue of 78K, indicates technical insolvency and an unsustainable burn rate providing approximately 5 quarters of cash runway at current consumption rates.
Strengths
- Strong short-term liquidity with 118.6M cash and 7.65x current ratio
- Revenue growth of 599.2% YoY suggests early product commercialization or recent approval
- Cash position provides runway for near-term operations and potential inflection
Risks
- Negative stockholders equity of -148.1M indicates technical insolvency and structural financial distress
- Operating losses of -26.5M per quarter with quarterly revenue of only 78K represents unsustainable unit economics
- Cash burn rate of -22.1M quarterly implies ~5-6 quarter runway; requires either profitability inflection or dilutive capital raise
- Net losses deteriorated 68.3% YoY despite revenue growth, indicating expenses scaling faster than commercialization progress
Key Metrics to Watch
- Quarterly revenue trajectory and path to breakeven
- Operating cash burn rate trend and cash runway extension
- Stockholders equity recovery and timeline to positive equity position
Financial Metrics
Revenue
78.0K
Net Income
-39.2M
EPS (Diluted)
$-1.46
Free Cash Flow
-22.2M
Total Assets
288.4M
Cash
118.6M
Profitability Ratios
Gross Margin
N/A
Operating Margin
-33,973.1%
Net Margin
-50,233.3%
ROE
N/A
ROA
-13.6%
FCF Margin
-28,412.8%
Balance Sheet & Liquidity
Current Ratio
7.65x
Quick Ratio
7.65x
Debt/Equity
N/A
Debt/Assets
151.4%
Interest Coverage
N/A
Long-term Debt
N/A
Disclaimer: This analysis is generated by AI based on publicly available SEC EDGAR filings.
It does not include stock price data and should not be considered financial advice.
All fundamental data is sourced from SEC public domain filings.
Always conduct your own research before making investment decisions.
Data Source: SEC EDGAR |
Analysis Date: 2026-05-16T10:10:28.225984 |
Data as of: 2026-03-31 |
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