Cartesian Therapeutics, Inc. (RNAC) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy
Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Jun 28, 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.
F · Poor — capital at risk
Forensic grade
Distress
Financial health
-10.1
Altman Z-score
Watch
Earnings quality
3
Forensic signals
-3215.8%
ROE
$277M
Market cap
Cartesian Therapeutics, Inc. earns a F (Poor — capital at risk) forensic quality grade, and its Altman Z-score is -10.1, 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 DSOReceivables vs revenue.Days sales outstanding moved from 8 to 146 days FY2024→FY2025 (receivables +28% vs revenue -93%). Receivables are outrunning sales — a flag for aggressive revenue recognition or slipping collections.
-72%Return on invested capital.Return on invested capital is -72% and slipping from 42% — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.
376% of revStock-based comp load.Stock-based compensation ran 376% of revenue in FY2025 — about $0.41 per diluted share. Meaningful — reported free cash flow flatters the economics, since SBC is a real cost paid in shares.
Key fundamentals
Net Margin-4658.6%
Free Cash Flow$-79.4M
Latest Revenue$2.8M
Revenue Growth YoY-92.8%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on Cartesian Therapeutics, Inc.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about RNAC's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown