Cartesian Therapeutics (RNAC) Q3 2026 earnings summary

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.