The Q2 report is a non-event for the stock as the headline net income is entirely non-cash. The key catalysts are the Phase 3 AURORA data readout in Q1 2027 and the Phase 1 in vivo data in H1 2027. Monitor for any enrollment updates or safety signals from the ongoing trials.
Price Chart
Executive Summary
Cartesian Therapeutics reported Q2 2026 GAAP net income of $15.8M ($0.47 basic EPS), compared to net income of $15.9M ($0.51 basic EPS) in Q2 2025. The headline net income was driven by a $49.2M non-cash gain on the change in fair value of contingent value rights liability, masking a core operating loss of $29.2M. The company highlighted a strengthened cash position of $149.3M, extended runway into 2028 via a $50M non-dilutive credit facility draw, and a new strategic partnership with WestGene for in vivo CAR-T development. The filing is neutral as the reported net income is a non-cash accounting artifact, while the underlying business remains a pre-revenue clinical-stage biotech with no change in fundamental risk profile.
Key Financial Metrics
Key Facts
- Cash, cash equivalents and restricted cash as of June 30, 2026 was $149.3M, up from $120.4M at March 31, 2026.
- Net income was $15.8M for Q2 2026, compared to net income of $15.9M for Q2 2025.
- Net income per share (basic) was $0.47 for Q2 2026, vs $0.51 for Q2 2025.
- Operating loss was $29.2M for Q2 2026, compared to $21.8M for Q2 2025.
- Research and development expenses were $20.4M for Q2 2026, up from $14.9M in Q2 2025.
- The company secured a $50M term loan from K2 HealthVentures in May 2026, with up to $150M available.
- A strategic licensing agreement with WestGene BioPharma was announced to develop an in vivo CAR-T platform.
- Phase 3 AURORA trial of Descartes-08 in myasthenia gravis continues; data expected in Q1 2027, BLA filing planned for mid-2027.
Financial Impact
Net income of $15.8M driven by a $49.2M non-cash gain on contingent value rights; core operating loss of $29.2M. Cash balance increased to $149.3M.
Risk Factors
- Clinical trial failure (Phase 3 AURORA, Phase 2 TRITON, Phase 1/2 HELIOS).
- Dilution risk from the ATM program ($19.3M raised YTD).
- Dependence on the K2HV credit facility, which has milestone-contingent tranches.
- Pre-revenue company with no approved products and a history of operating losses.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001453687-26-000100 |
| Document: 0001453687-26-000100-index-headers.html | 0001453687-26-000100 |
| Document: 0001453687-26-000100-index.html | 0001453687-26-000100 |
| Document: 0001453687-26-000100.txt | 0001453687-26-000100 |
| 8-K Data (Synthetic) | 0001453687-26-000100 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 29, 2026 27d ago | 8-K | $7.24 $7.21 | ▼ −0.41% | ▼ −0.21% | $6.18 (−14.64%) |
Aug 6, 2026 11w ago | 8-K | $8.76 $8.85 | ▲ +1.03% | ▲ +0.42% | $6.18 (−29.45%) |
May 26, 2026 21w ago | 8-K | $5.84 $5.86 | ▲ +0.34% | ▲ +0.12% | $6.18 (+5.82%) |
May 26, 2026 21w ago | Press Release | $6.45 $6.93 | ▲ +7.44% | ▲ +7.43% | $6.18 (−4.19%) |
US Market Status
Subscribe to SecBot
Get Real-Time SEC Filing Intelligence
Comprehensive SEC filing analysis delivered the moment filings hit EDGAR. Sentiment scoring, impact analysis, and actionable insights for every material event.
Create a free account Live analysis, Telegram alerts, watchlists and the MCP server for subscribers