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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Cartesian Therapeutics
Cartesian Therapeutics (RNAC) investor relations material
Cartesian Therapeutics Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary5 Nov, 2026
Executive summary
Descartes-08 is advancing in Phase 3 AURORA for myasthenia gravis (MG), with a 1Q27 data readout targeted and a BLA filing planned for mid-2027; Phase 2 TRITON is evaluating myositis.
Cash, cash equivalents and restricted cash totaled $124.7M at September 30, 2026, and are expected to fund planned operations into 2028, including completion of AURORA.
Q3 net loss narrowed to $11.5M from $35.9M, chiefly reflecting non-cash fair-value gains on CVR and derivative liabilities, while trial spending increased.
Financial highlights
Q3 revenue was $0 versus $0.5M in Q3 2025; 9M revenue was $0.1M versus $1.85M, reflecting lower grant revenue and no collaboration or license revenue.
Q3 operating expenses were $25.0M, up 16% YoY; R&D was $15.6M versus $13.8M and G&A was $9.4M versus $7.7M.
Q3 operating loss was $25.0M versus $21.1M; 9M operating loss was $80.7M versus $64.8M.
Q3 net loss was $11.5M versus $35.9M; 9M net loss was $34.9M versus $37.7M. Q3 included $10.7M CVR and $3.3M derivative fair-value gains.
9M operating cash use was $70.9M versus $56.2M; investing cash use was $0.7M versus $5.0M.
Outlook and guidance
AURORA data readout is targeted for 1Q27, followed by a BLA filing planned for mid-2027.
TRITON subset data and HELIOS data are expected in 1H27; TRITON results are intended to inform the potential path to a pivotal myositis trial.
Current cash resources are expected to support planned operations into 2028.
Operating losses and R&D and G&A expenses are expected to continue increasing; product-sales revenue is not expected for at least several years, and profitability may never be achieved.
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Latest events from Cartesian Therapeutics
- Q2 2026 net income was $15.8M, with a six-month net loss of $23.4M and cash runway into 2028.RNAC
Q2 2026 - Directors elected and all proposals passed with strong support; no stockholder questions submitted.RNACAGM 2026
- Q1 2026 net loss rose to $39.2M as R&D and CVR liability increased; cash at $120.4M.RNACQ1 2026
- Virtual annual meeting to vote on directors, pay, and auditor ratification June 12, 2026.RNACProxy filing
- 2026 proxy covers director elections, executive pay, auditor ratification, and governance priorities.RNACProxy filing
- Descartes-08 delivers durable, outpatient mRNA cell therapy for autoimmune diseases, targeting major US markets.RNACCorporate presentation
- Net loss rose to $130.3M in 2025 as pivotal Descartes-08 trials advanced; cash runway extends to mid-2027.RNACQ4 2025
- Up to $400M in securities, including $100M at-the-market stock, to fund mRNA autoimmune pipeline.RNACRegistration Filing
- Over 11 million shares registered for resale as mRNA cell therapy pipeline advances.RNACRegistration Filing
Next Cartesian Therapeutics earnings date
Q4 20268 Mar, 2027
Cartesian Therapeutics
Next Cartesian Therapeutics earnings date
Q4 20268 Mar, 2027
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Frequently asked questions
Cartesian Therapeutics Inc is a clinical-stage biopharmaceutical company focused on developing cell therapies for the treatment of autoimmune diseases and cancer. The company uses its proprietary RNA cell therapy platform to engineer immune cells with therapeutic potential. Cartesian’s therapies are designed to target specific disease pathways, aiming to provide more effective treatments with fewer side effects compared to traditional approaches. The company is headquartered in Gaithersburg, Maryland, and its shares are listed on the NASDAQ.