Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Sep 25, 2026
Cartesian Therapeutics, Inc. (RNAC)
A forensic read on Cartesian Therapeutics, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Distress
Financial health
-9.1
Distress distance
Watch
Earnings quality
3
Forensic signals
-1.6
P / E (ttm)
$255M
Market cap
0.00%
Dividend yield
-92.8%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence, going concern, valuation). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Cartesian Therapeutics, Inc. earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads -9.1, placing it in the Distress zone. 3 forensic signals were flagged in its latest SEC filings, led by receivables vs revenue.
What the filings flag
146d DSO
FY2024→FY2025
Receivables vs revenue.Days sales outstanding moved from 8 to 146 days FY2024→FY2025 (receivables +28% vs revenue -93%). Receivables are creeping up relative to sales. Across FY2023–FY2025 the day count ran 82 → 8 → 146 days, so the latest reading sits on top of a record that was flat or falling before it — one year's move, not a direction the business has been travelling in. Both figures are measured on period-end balances rather than the beginning-plus-ending average, because averaging needs the balance a year before every reading — FY2024's opening balance is on file, but across the 3 fiscal years read here (FY2023–FY2025) the average yields only 2 day counts (1 step), too few to tell a climb from one year's move.
n/m (stock split)
FY2023–FY2025
Share count (stock split).Diluted share count changed +402% over the last 2 years to FY2025, but that includes a large one-time change around FY2024 consistent with a stock split or reverse split, not gradual buybacks or issuance — a split changes the count with NO effect on any holder's proportional ownership, so the raw +124.1%/yr figure isn't a real buyback/dilution read here.
376% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 376% of revenue in FY2025 — about $0.41 per diluted share. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 49.6% a year, above the level at which the count is a material claim on a stake, and only one year's change is on file — enough to state what a holder gave up, not enough to say whether the rate is climbing or coming down. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.
Key fundamentals
Latest Revenue$2.8M
Revenue Growth YoY-92.8%
Revenue CAGR (2yr)-67.2%
Net Margin-4658.6%
Free Cash Flow-$79.4M
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Cartesian Therapeutics, Inc.'s actual 10-K/10-Q/8-K filings?