Cartesian (RNAC) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Sep 8, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 6, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the RNAC SEC filings page.
Cartesian (RNAC) reported $1.5M in revenue over the twelve months to Jun 30, 2026. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 12 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Development-stage spending is overwhelming shrinking revenue, while liabilities exceed assets and financing no longer offsets operating cash consumption.
The business’s reported economics deteriorated more sharply than its cash statement alone suggests: FY2025 operating cash flow was-$73.9M against only$2.8M of revenue, while R&D was$58.0M ; that combination describes a development program with little current sales contribution. Free cash flow was-$79.4M , showing that capital spending added to—not caused—the core cash drain.
Equity shifted from
FY2024 financing inflow of
Financial Health Signals
Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Cartesian's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Cartesian held $125.1M in cash, cash equivalents and investments at the end of fiscal year 2025, and its operations used $73.9M of cash that year. Cash Runway ranks emerging companies on the size of that balance against the outflow behind it, and Cartesian scores 46/100 among other emerging companies.
Cartesian had 27M shares outstanding at the end of fiscal year 2025. Dilution ranks emerging companies on how fast that count has grown over three years, where a slower rise is the better one, and Cartesian scores 91/100 among other emerging companies.
Cartesian spent $58.0M on research and development in fiscal year 2025, which was 39.7% of its operating costs that year. R&D Intensity ranks emerging companies on the share of operating costs that goes into research, and Cartesian scores 70/100 among other emerging companies.
Cartesian reported revenue of $2.8M in fiscal year 2025, against $38.9M in fiscal year 2024. Revenue Progress ranks emerging companies on the three-year path of that line, and Cartesian scores 1/100 among other emerging companies.
Cartesian's operations used $73.9M of cash in fiscal year 2025, against $23.7M used in fiscal year 2024. Burn Trend ranks emerging companies on which way that figure has moved over three years, and Cartesian scores 30/100 among other emerging companies.
Cartesian's cash, cash equivalents and investments came to $125.1M at the end of fiscal year 2025, against $422.7M of total liabilities. Balance Sheet ranks emerging companies on that comparison, and Cartesian scores 33/100 among other emerging companies.
Cartesian scores -4.62, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($270.8M) relative to total liabilities ($422.7M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Cartesian passes 1 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), neither operating efficiency signal passes.
Cartesian reported a net loss of $130.3M while operations used $73.9M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Key Financial Metrics
Earnings & Revenue
Cartesian generated $0 in revenue in Q2 2026. This represents a decrease of 100.0% from the same quarter a year earlier. Against the prior quarter it is down 100.0%.
Cartesian's EBITDA was -$28.1M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 33.7% from the same quarter a year earlier. Against the prior quarter it is down 9.5%.
Cartesian reported $15.8M in net income in Q2 2026. This represents a decrease of 0.7% from the same quarter a year earlier. Against the prior quarter it is up 140.2%.
Cartesian earned $0.46 per diluted share (EPS) in Q2 2026. This represents a decrease of 8.0% from the same quarter a year earlier. Against the prior quarter it is up 131.5%.
Cash & Balance Sheet
Cartesian recorded an outflow of $21.4M in free cash flow in Q2 2026, representing a cash shortfall after capex. This represents a decrease of 6.2% from the same quarter a year earlier. Against the prior quarter it is up 3.6%.
Cartesian held $147.6M in cash against $52.9M in long-term debt as of Q2 2026.
Not reported for Q2 2026.
Margins & Returns
None of these metrics is reported for Q2 2026.
Capital Allocation
Cartesian invested $20.4M in research and development in Q2 2026. This represents an increase of 37.4% from the same quarter a year earlier. Against the prior quarter it is up 5.0%.
Cartesian invested $272K in capex in Q2 2026, funding long-term assets and infrastructure. This represents a decrease of 89.5% from the same quarter a year earlier. Against the prior quarter it is up 907.4%.
Not reported for Q2 2026.
RNAC Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $0-100.0% | $78K-92.9% | $947K | $452K+16.8% | $298K-99.1% | $1.1M-81.2% | N/A | $387K-94.1% |
| R&D Expenses | $20.4M+37.4% | $19.5M+32.6% | $14.7M | $13.8M+21.1% | $14.9M+17.4% | $14.7M+50.7% | N/A | $11.4M-12.3% |
| SG&A Expenses | $8.7M+20.5% | $7.1M-14.4% | $8.2M | $7.7M+17.6% | $7.2M+3.0% | $8.3M-12.0% | N/A | $6.6M-0.8% |
| Operating Income | -$29.2M-33.7% | -$26.5M-21.1% | -$78.6M | -$21.1M-19.9% | -$21.8M-258.5% | -$21.9M-64.0% | N/A | -$17.6M-34.5% |
| EBITDA | -$28.1M-33.7% | -$25.7M-21.6% | -$77.8M | -$20.3M-22.0% | -$21.0M-244.4% | -$21.1M-67.0% | N/A | -$16.6M-32.7% |
| Interest Expense | $852K | N/A | N/A | N/A | $0 | N/A | N/A | $0-100.0% |
| Net Income | $15.8M-0.7% | -$39.2M-121.2% | -$92.6M | -$35.9M-48.5% | $15.9M+14.8% | -$17.7M+68.8% | N/A | -$24.2M-168.6% |
| EPS (Basic) | $0.47-7.8% | -$1.46-114.7% | -$3.57-2846.2% | -$1.38-22.1% | $0.51-12.1% | -$0.68+93.5% | $0.13+109.4% | -$1.13+35.1% |
| EPS (Diluted) | $0.46-8.0% | -$1.46-114.7% | -$3.57-3075.0% | -$1.38-22.1% | $0.50-7.4% | -$0.68 | $0.12 | -$1.13 |
| Diluted Shares (Avg) | 30M+12.9% | 27M+3.7% | N/A | 26M+21.1% | 26M+48.7% | 26M | N/A | 21M |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, Income Tax.
RNAC Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $318.6M-18.1% | $288.4M-29.5% | $296.4M-31.9% | $372.7M-18.2% | $388.9M+11.8% | $409.1M+25.8% | $435.0M+42.6% | $455.3M+329.4% |
| Current Assets | $153.6M-6.0% | $122.0M-34.1% | $129.3M-40.3% | $147.3M-35.7% | $163.4M+30.9% | $185.1M+66.6% | $216.6M+138.8% | $229.1M+155.0% |
| Cash & Equivalents | $147.6M-7.9% | $118.6M-34.2% | $125.1M-41.1% | $143.4M-34.6% | $160.3M+83.8% | $180.4M+74.5% | $212.6M+176.4% | $219.2M+175.4% |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Accounts Receivable | $196K-44.6% | $261K-85.2% | $1.1M+27.9% | $722K-85.0% | $354K-98.9% | $1.8M-12.0% | $872K-85.1% | $4.8M-1.4% |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill | $48.2M0.0% | $48.2M0.0% | $48.2M0.0% | $48.2M0.0% | $48.2M0.0% | $48.2M0.0% | $48.2M0.0% | $48.2M |
| Total Liabilities | $443.9M+13.4% | $436.5M+1.3% | $422.7M-4.3% | $408.5M-10.1% | $391.4M-12.9% | $430.9M-2.5% | $441.8M-40.7% | $454.6M+894.6% |
| Current Liabilities | $20.6M+67.7% | $15.9M+6.3% | $14.9M-35.0% | $13.8M-35.5% | $12.3M-53.1% | $15.0M-59.1% | $23.0M-66.3% | $21.4M+7.4% |
| Non-Current Liabilities | $423.3M+11.6% | $420.6M+1.1% | $407.7M-2.7% | $394.7M-8.9% | $379.2M-10.4% | $415.9M+2.6% | $418.8M-38.1% | $433.2M+1581.1% |
| Long-Term Debt | $52.9M | N/A | $0 | N/A | N/A | N/A | N/A | N/A |
| Total Equity | -$125.2M-4855.5% | -$148.1M-579.8% | -$126.2M-1755.9% | -$35.8M-4866.5% | -$2.5M+97.5% | -$21.8M+81.3% | -$6.8M+98.5% | $752K-98.8% |
| Retained Earnings | -$845.8M-21.9% | -$861.6M-21.4% | -$822.4M-18.8% | -$729.8M-7.0% | -$693.9M-5.5% | -$709.8M-5.7% | -$692.1M-12.6% | -$681.8M-56.0% |
Not reported in any period shown, so not listed: Inventory.
RNAC Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$21.1M-20.3% | -$22.1M+4.2% | -$17.7M | -$15.6M-213.9% | -$17.5M-21.3% | -$23.1M-45.2% | N/A | $13.7M+248.6% |
| Depreciation & Amortization | $1.0M+32.4% | $835K+6.5% | $815K | $792K-16.9% | $787K-1.7% | $784K+10.1% | N/A | $953K+77.8% |
| Stock-Based Compensation | $2.1M-36.5% | $2.4M-3.4% | N/A | $2.6M+52.8% | $3.3M+106.1% | $2.5M+75.3% | N/A | $1.7M-27.0% |
| Capital Expenditures | $272K-89.5% | $27K-97.5% | $492K | $1.3M-79.2% | $2.6M+63.5% | $1.1M+78.6% | N/A | $6.2M |
| Free Cash Flow | -$21.4M-6.2% | -$22.2M+8.4% | -$18.2M | -$16.9M-325.5% | -$20.1M-25.5% | -$24.2M-46.4% | N/A | $7.5M+181.3% |
| Investing Cash Flow | -$272K+89.5% | -$27K+97.5% | -$492K | -$1.3M+79.2% | -$2.6M-63.5% | -$1.1M-78.6% | N/A | -$6.2M |
| Financing Cash Flow | $50.3M+83806.7% | $15.7M+295.3% | -$52K | -$38K-100.0% | $60K-50.0% | -$8.0M-118.6% | N/A | $124.5M+602.2% |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
RNAC Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Margin | N/A | -33973.1% | -8304.0% | -4660.6% | -7319.1% | -1989.9% | N/A | -4541.3% |
| Net Margin | N/A | -50233.3% | -9775.7% | -7942.9% | 5330.9% | -1610.0% | N/A | -6248.8% |
| Return on Equity | N/A | N/A | N/A | N/A | N/A | N/A | N/A | -3215.8%-3200.9pp |
| Return on Assets | 5.0%+0.9pp | -13.6%-9.3pp | -31.2% | -9.6%-4.3pp | 4.1%+0.1pp | -4.3%+13.1pp | N/A | -5.3%+3.2pp |
| Current Ratio | 7.48-5.9x | 7.65-4.7x | 8.65-0.8x | 10.670.0x | 13.33+8.6x | 12.34+9.3x | 9.43+8.1x | 10.70+6.2x |
| Debt-to-Equity | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 604.47+603.7x |
| Asset Turnover | 0.000.0x | 0.000.0x | 0.00 | 0.000.0x | 0.00-0.1x | 0.000.0x | N/A | 0.00-0.1x |
| FCF Margin | N/A | -28412.8% | -1922.3% | -3737.2% | -6750.3% | -2198.5% | N/A | 1935.9% |
Not reported in any period shown, so not listed: Gross Margin.
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin, FCF Margin.
Note: Shareholder equity is negative (-$126.2M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Cartesian RNAC | FY2025 | $2.8M | -$130.3M | N/A | $270.8M | 45/100 |
| Candel Therapeutics, Inc. CADL | FY2025 | N/A | -$38.2M | N/A | $977.9M | — |
| Omeros OMER | FY2025 | N/A | N/A | N/A | $1.4B | — |
| Dbv Technologies S A DBVT | FY2025 | $5.6M | -$146.9M | N/A | $846.5M | 45/100 |
| Neumora Therapeutics Inc NMRA | FY2025 | N/A | $236.9M | N/A | $246.1M | — |
| Atea Pharmaceuticals, Inc. AVIR | FY2025 | N/A | -$158.0M | N/A | $467.6M | — |
Where Cartesian Ranks
Frequently Asked Questions
What is Cartesian's annual revenue?
Cartesian (RNAC) reported $2.8M in total revenue for fiscal year 2025. This represents a -92.8% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Cartesian's revenue growing?
Cartesian (RNAC) revenue declined by 92.8% year-over-year, from $38.9M to $2.8M in fiscal year 2025.
Is Cartesian profitable?
No, Cartesian (RNAC) reported a net income of -$130.3M in fiscal year 2025.
What is Cartesian's EBITDA?
Cartesian (RNAC) had EBITDA of -$140.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Cartesian have?
As of fiscal year 2025, Cartesian (RNAC) had $125.1M in cash and equivalents against $0 in long-term debt.
What is Cartesian's free cash flow?
Cartesian (RNAC) recorded an outflow of $79.4M in free cash flow during fiscal year 2025. This represents a -142.3% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Cartesian's operating cash flow?
Cartesian (RNAC) recorded an outflow of $73.9M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Cartesian's total assets?
Cartesian (RNAC) had $296.4M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Cartesian's capital expenditures?
Cartesian (RNAC) invested $5.5M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Cartesian spend on research and development?
Cartesian (RNAC) invested $58.0M in research and development during fiscal year 2025.
What is Cartesian's current ratio?
Cartesian (RNAC) had a current ratio of 8.65 as of fiscal year 2025, which is generally considered healthy.
What is Cartesian's return on assets (ROA)?
Cartesian (RNAC) had a return on assets of -44.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Cartesian's P/E ratio?
Cartesian (RNAC) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (trailing 12 months to June 30, 2026). The market capitalization is $270.8M as of Sep 8, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Cartesian's price-to-sales ratio?
Cartesian (RNAC) trades at 183x sales, its market capitalization divided by revenue of $1.5M revenue, trailing 12 months to June 30, 2026. The market capitalization is $270.8M as of Sep 8, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
How does Cartesian's liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, Cartesian (RNAC) held $125.1M in cash, cash equivalents and investments, and reported an operating cash outflow of $73.9M over that year. Dividing the one by the other, the reported balance equals about 20 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
Why is Cartesian's debt-to-equity ratio negative or not reported?
Cartesian (RNAC) has negative shareholder equity of -$126.2M as of fiscal year 2025, so no debt-to-equity ratio is reported: dividing debt by equity that is not positive produces a number that cannot be read as leverage. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.
What is Cartesian's Altman Z-Score?
Cartesian (RNAC) has an Altman Z-Score of -4.62, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Cartesian's Piotroski F-Score?
Cartesian (RNAC) has a Piotroski F-Score of 1 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Cartesian's earnings high quality?
Cartesian (RNAC) reported a net loss of $130.3M while operations used $73.9M of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Cartesian?
Cartesian (RNAC) scores 45 out of 100 on our Financial Health Score, indicating moderate standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.