Cartesian Therapeutics (RNAC) Q2 2026 earnings summary

Executive summary

• Late clinical-stage biotech advancing Descartes-08 in Phase 3 for myasthenia gravis, with data expected in 1Q27 and BLA filing planned for mid-2027, and in Phase 2 for dermatomyositis and myositis, with data expected in 1H27.

• Entered a strategic licensing agreement with WestGene Biopharma to accelerate in vivo CAR-T platform development, with a Phase 1 trial in MG patients to start in 2H26.

• No product sales to date; revenue is from collaboration, license, and grant agreements.

• Cash, cash equivalents, and restricted cash of $149.3M as of June 30, 2026, expected to fund operations through 2028.

Financial highlights

• Total revenue for Q2 2026 was $0.3M, with six-month revenue at $0.1M, both down year-over-year.

• Research and development expenses rose to $20.4M for Q2 2026 and $39.9M for the six months, mainly due to increased Phase 3 trial costs.

• General and administrative expenses increased to $8.7M for Q2 2026 and $15.8M for the six months.

• Net income for Q2 2026 was $15.8M, or $0.47 per basic share, driven by a $49.2M gain from the decrease in fair value of contingent value rights liability.

• Net loss for the six months ended June 30, 2026 was $23.4M, compared to $1.8M in the prior year period.

Outlook and guidance

• Cash resources are expected to support operations through 2028, including four anticipated clinical data readouts and precommercial investments.

• Additional capital will be sought through equity, debt, or collaboration agreements as needed.

• Operating losses are expected to continue due to ongoing R&D and administrative costs.