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RNAC · Cartesian Therapeutics, Inc.

Company guidance, FDA catalysts, dilution risk and cash runway, built from SEC, FDA and ClinicalTrials.gov filings and updated every day.

$147.6M Cash on Hand

20.5mo Cash Runway

13% Short Interest

$33.67 Analyst Target (6)

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📣 What RNAC Says Is Next

1H27 · “Phase 2 TRITON Trial in Myositis Remains on Track with Data from Subset of Patients Expected in 1H27 to Inform Path Forward to Pivotal Trial.”
Company press release, Aug 6, 2026 · SEC filing
second half of 2026 · “This clinical trial is expected to initiate in the second half of 2026 with in-human data expected in the first half of 2027.”
Company press release, Aug 6, 2026 · SEC filing
1H27 · “Announced New Strategic Licensing Agreement with WestGene Intended to Accelerate the Development of In Vivo CAR-T Platform in Autoimmune Diseases; Phase 1 Data Expected in 1H27.”
Company press release, Aug 6, 2026 · SEC filing

Quoted word for word from the company's press releases filed with the SEC. Timing is the company's own guidance, not a BioRadar estimate.

🧪 Trial & FDA Catalysts

Dec 2026 · Phase 2 · Active Trial · Descartes-08 for Patients With Systemic Lupus Erythematosus
Registry primary completion date, not a results date
Dec 2026 · Phase 3 · Active Trial · Investigating an mRNA CAR T-cell Therapy, Known as Descartes-08, as a Potential Approach t
Registry primary completion date, not a results date
Nov 2027 · Phase 2 · Recruiting · Descartes-08 in Autoantibody Myositis
Registry primary completion date, not a results date
Dec 2027 · Phase 1/2 · Recruiting · Descartes-08 for Children, Adolescents, and Young Adults With Autoimmune Disorders
Registry primary completion date, not a results date
Jan 2026 · Phase 2 · Active Trial · Descartes-08 CAR-T Cells in Generalized Myasthenia Gravis (MG)
Registry date passed, readout not confirmed

📊 Drug Pipeline

Drug	Indication	Most advanced trial	Status
Decartes-08	Myasthaenia Gravis	Phase 3 · NCT06799247	Active not recruiting
Autologous Anti-BCMA-CAR-mRNA-transfecte	Myeloma Multiple	Phase 2 · NCT04816526	Terminated
Autologous Anti-BCMA CD8+ CAR T-cells De	Multiple Myeloma	Phase 2 · NCT04436029	Completed
Descartes 30	Acute Respiratory Distress Syndrome	Phase 1 · NCT04524962	Terminated
Descartes-15	Refractory Multiple Myeloma	Phase 1 · NCT06304636	Terminated
Descartes-25	Multiple Myeloma	Phase 1 · NCT05113342	Terminated
Fludarabine	Multiple Myeloma	Phase 1 · NCT03994705	Terminated

Also used in these trials (approved or third-party drugs, not RNAC's own candidates): Cyclophosphamide.

Source: ClinicalTrials.gov trials sponsored by the company, one row per candidate at its most advanced registered trial. FDA approvals: Drugs@FDA. Wrong or missing drug? Report it

💰 Cash Runway & Dilution Risk

RNAC holds $147.6M in cash and short-term investments (as of Jun 30, 2026) and burns about $21.6M/quarter from operations, an estimated runway of 20.5 months at that rate (BioRadar estimate, not company guidance).

Dilution pressure: 40 · Elevated

Cash runway 20 months +8
ATM program on file since Dec 2024 +15
Shelf registration (S-3, Dec 2024) +10
Share count +16% in a year +7

Recent financing filings on SEC EDGAR:

May 26, 2026 · Private placement (8-K Item 3.02) · 8-K
Dec 13, 2024 · Shelf registration with ATM program, up to $100M · S-3
Aug 2, 2024 · S-1 registration · S-1
Jul 2, 2024 · Private placement (8-K Item 3.02) · 8-K
Nov 13, 2023 · Private placement (8-K Item 3.02) · 8-K
Oct 25, 2023 · Shelf registration, up to $200M · S-3

Source: SEC EDGAR (XBRL cash flow and financing filings). Dilution Watch: every company ranked → · Get an alert when RNAC files for a raise →

👥 Who Owns RNAC

Insiders 73.6% Institutions (127 holders) 26.4% Public and other holders 0%

Holder	Type	Shares	% of shares	As of
Timothy A Springer Director, 10% owner · +7,800 options	Insider	9,633,493	31.84%	2026-01-02
Murat Kalayoglu 10% owner · +41,462 options	Insider	5,820,260	19.24%	2026-04-02
Elizabeth Hoge 10% owner · +33,662 options	Insider	5,820,260	19.24%	2026-04-02
Squarepoint Ops LLC	Institution (13G, 5%+)	2,209,601	7.30%	2026-03-09
Barclays PLC	Institution (13G, 5%+)	1,760,326	5.82%	2026-06-30
Blackrock Inc.	Institution (13F)	819,239	2.71%	2026-06-30
683 Capital Management LLC	Institution (13F)	650,000	2.15%	2026-06-30
Vanguard Capital Management LLC	Institution (13F)	555,823	1.84%	2026-06-30
FMR, LLC	Institution (13F)	368,429	1.22%	2026-06-30
Geode Capital Management, LLC	Institution (13F)	356,525	1.18%	2026-06-30
AQR Capital Management, LLC	Institution (13F)	356,456	1.18%	2026-06-30
Carsten Brunn President and CEO, Director · +783,833 options	Insider	323,530	1.07%	2026-01-06

Share count 30,255,352 (latest 10-Q/10-K). Insiders: each officer's, director's and 10% owner's latest Form 3, 4 or 5, direct and indirect shares; options are not counted. 5%+ holders: latest Schedule 13D or 13G of each holder above 5%. Institutions: the total held by all 13F filers (Yahoo Finance); the table lists the largest (13F quarter ending 2026-06-30). Sources have different dates, so the split is approximate. Source: SEC EDGAR.

📈 Recent Insider Activity (Form 4)

Trade date	Insider	Transaction	Shares	Price	Owned after
2026-04-02 filed 2026-04-06	Seven One Eight Three Four I	Option exercise (M)	758,001	–	5,313,261
2026-04-02 filed 2026-04-06	Seven One Eight Three Four I	Option exercise (M)	22,740	–	–
2026-04-02 filed 2026-04-06	Kalayoglu Murat	Option exercise (M)	758,001	–	5,313,261
2026-04-02 filed 2026-04-06	Kalayoglu Murat	Option exercise (M)	22,740	–	–
2026-03-13 filed 2026-03-13	Singer Michael	Gift (G)	6,555	–	49,578

Only open-market purchases (P) and sales (S) are trading decisions. Awards (A), option exercises (M) and tax withholding (F) are compensation mechanics. Source: SEC Form 4.

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Data: SEC EDGAR, FDA, ClinicalTrials.gov, Yahoo Finance • Informational purposes only, not investment advice. • All tracked stocks A–Z