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Cartesian Therapeutics Inc. (RNAC) fair value: what the stock is really worth

As of Nov 10, 2026: fair value (intrinsic value) of Cartesian Therapeutics Inc. stock $3.25, price $6.89, that is 52.8% below the price, quality 13 out of 100. Rating: strongly overvalued. The value is an estimate: none of our valuation models currently carries, it draws on revenue and assets compared with similar companies. Updated daily.

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Healthcare US

CT Cartesian Therapeutics Inc. logo Thin data Nov 10, 2026

Cartesian Therapeutics Inc.

RNAC · US
Very expensive, weak quality

Our calculation puts a fair price 53% below what the stock costs today.

Negative equity (buybacks among others)
Fair value $3.25 · Strongly overvalued
Quality 13/100
Weak Growth (revenue 5y −30.0 %/yr in USD)
Negative free cash flow
Trails peers (0/4)
Narrow moat 23/100 · thin data
Thin data
Estimate
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26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

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Price vs Fair Value

$138.60 $5.84 Fair Value $3.25 Aug 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 10, 2026.

How to read this chart

60‑month range $5.84 – $138.60 · fair‑value band $2.44 – $4.07 · the $6.89 price screens above the $3.25 fair value. As of Nov 10, 2026.

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Company profile

Cartesian Therapeutics, Inc., a clinical-stage biotechnology company, provides mRNA cell therapies for the treatment of autoimmune diseases.

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The company's lead product candidate is Descartes-08, an autologous mRNA chimeric antigen receptor T-cell cell therapy (CAR-T) directed against the B cell maturation antigen (BCMA), which is in Phase 2b clinical trials for the treatment of autoimmune diseases, generalized myasthenia gravis, and systemic lupus erythematosus, as well as rare pediatric disease designation for the treatment of juvenile dermatomyositis.

It is also developing Descartes-15, which is in phase 1 trials, an autologous autologous B cell maturation antigen (BCMA) directed mRNA CAR-T to treat patients with multiple myeloma. The company is headquartered in Frederick, Maryland.

Stock analysis

Cartesian Therapeutics Inc. (RNAC) currently trades at $6.89, while our estimate is $3.25, 53% below the price, so the stock looks overvalued today.

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Valuation

None of our valuation models currently carries for this company, usually because of losses or heavy investment. The estimate draws on revenue and assets compared with similar companies and is less precise than a model-based fair value.

Scenario range: $2.44 (bear) to $4.07 (bull), the price of $6.89 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 13/100 (below-average quality), in the Healthcare sector.

Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.

Cartesian Therapeutics Inc. reported revenue of $2.8M in FY2025 versus $85.1M in FY2021, a compound −57.4%/yr. Reported net income was −$130M in FY2025.

Key figures

Market cap $210M Micro · EPS (TTM) $−4.78 · Return on equity −7,029% · Return on assets (EBIT) −12.4% (5-year average) · Operating margin −10,009% · Revenue (TTM) $1.0M · Revenue growth (YoY) −92.9% · EPS growth (YoY) −8.0%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 23 out of 100 (low confidence).

What moves the price

The share trades about 35% below its 52-week high and 18% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Healthcare peers we cover trades at −7% fair-value upside, at −53%, RNAC screens richer than that median.

Fair Value

Bear $2.44 Fair Value $3.25 Bull $4.07
Price $6.89 · Downside -52.8%
Estimate. None of our valuation models currently carries for this company, usually because of losses or heavy investment. The estimate draws on revenue and assets compared with similar companies and is less precise than a model-based fair value.

Quality Score breakdown

Overall quality 13/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 0
How much profit the company makes from its sales and capital
Quality Growth 12
Are margins and returns getting better?
Cashflow 2
Do the profits arrive as real cash?
Financial strength 33
Debt, balance sheet and risk of trouble
Investment 33
Does it invest with discipline instead of growing at any price?
Low Volatility 40
How calm the share price moves, does not count
Price momentum 19
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 21
Distance to the 52-week high, does not count
New shares 0
Buys back shares or issues new ones?

Open the full quality analysis →

Insider trades

In the last 6 months, no officer or director bought or sold shares on the open market.

  • SaleBlaine DavisChief Financial Officer10,591 shares at $6.82$72,231Jan 6, 2026
  • SaleMilos MiljkovicChief Medical Officer3,573 shares at $6.82$24,368Jan 6, 2026
  • SaleCarsten BrunnPresident and CEO, Director23,766 shares at $6.82$162,084Jan 6, 2026
  • BuyTimothy C BarabeDirector30,000 shares at $6.86$205,800Dec 4, 2025

Sales are often planned (taxes, diversification, 10b5-1 plans). Purchases with their own money are seen as the stronger sign. For information only: not part of the quality score or Fair Value.

Source: SEC Form 4, as of Nov 10, 2026. All filings at the SEC ↗

Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 0/100
Revenue is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 1 year
−92.8%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−70.7%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−30.0%
Start year 2020 (pandemic). Over 10 years: −7.4% a year
Revenue growth 11 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−0.8%
Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
−342.4% (2020) → −3,099.9% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed

RNAC screens overvalued: fair value 53% below the price. Compare with Vertex Pharmaceuticals Incorporated →

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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Biotechnology · 849 stocks

Beats the industry median on 0/4 measures
Overall it trails its industry peers.
Valuation
Quality Score 13 · Bottom 25%
Fair Value upside −52.8% · Bottom 25%
Profitability
Return on equity (12 months) Negative equity ⓘThe company's equity is below zero, for example after large share buybacks. A ratio to negative equity has no meaning, so we show no number here and do not rank it against the peer group.
Return on assets −44.0% · Below median
Growth and dividend
Revenue growth (quarter YoY) −92.9% · Bottom 25%
Balance sheet
Debt / equity Negative equity ⓘThe company's equity is below zero, for example after large share buybacks. A ratio to negative equity has no meaning, so we show no number here and do not rank it against the peer group.

Valuation Multiplesvs Biotechnology median · lower = cheaper

P/B Negative equity ⓘThe company's equity is below zero, for example after large share buybacks. A ratio to negative equity has no meaning, so we show no number here and do not rank it against the peer group.

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Biotechnology stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Regeneron Pharmaceuticals, Inc REGN $916.06 $1,275 +39% vs RNAC
Samsung Biologics Co 207940 1,468,000 KRW 1,661,000 KRW +13% vs RNAC
Vertex Pharmaceuticals Incorporated VRTX $547.89 $601.80 +10% vs RNAC
Genmab A/S GMAB kr 3,581 kr 3,880 +8% vs RNAC
argenx SE ARGX $971.55 $908.40 −7% vs RNAC
CSL Limited CSL A$201.68 A$181.40 −10% vs RNAC
Moderna, Inc MRNA $250.83 $158.70 −37% vs RNAC
BeOne Medicines AG 6160 HK$252.20 HK$152.80 −39% vs RNAC
Celltrion, Inc 068270 203,000 KRW 74,945 KRW −63% vs RNAC
Royalty Pharma plc RPRX $69.45 $19.01 −73% vs RNAC

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Cartesian Therapeutics Inc.: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "Cartesian Therapeutics Inc. Fair Value". https://www.fairvalue-calculator.com/stock/RNAC

Frequently asked questions

Is Cartesian Therapeutics Inc. (RNAC) overvalued or undervalued?
As of Nov 10, 2026, our estimate of fair value is $3.25 versus a price of $6.89, about 53% lower (overvalued).
What is the fair value of RNAC?
Our estimate for Cartesian Therapeutics Inc. is $3.25 (as of Nov 10, 2026), built from audited fundamentals. The current price: $6.89.
What is the quality score of RNAC?
Cartesian Therapeutics Inc. has a Quality Score of 13/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Cartesian Therapeutics Inc. (RNAC)?
Our calculated price target is the estimate of $3.25 (as of Nov 10, 2026). Cautious scenario $2.44, optimistic scenario $4.07. It is an estimate from revenue and assets compared with similar companies, because none of our valuation models currently carries, not an analyst target.
What is the Cartesian Therapeutics Inc. stock forecast for 2026?
Our estimate puts fair value at $3.25, about 53% lower versus a price of $6.89 (overvalued). Cautious scenario $2.44, optimistic scenario $4.07. The calculation is refreshed regularly with new filings.
What is the revenue of Cartesian Therapeutics Inc. (RNAC)?
Cartesian Therapeutics Inc. reported trailing-twelve-month revenue of about $1.0M (latest available figure, as of Nov 10, 2026).
What is the intrinsic value of Cartesian Therapeutics Inc. (RNAC)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Cartesian Therapeutics Inc. it is $3.25 per share (as of Nov 10, 2026), against a price of $6.89.
Is Cartesian Therapeutics Inc. stock overvalued or undervalued in 2026?
As of Nov 10, 2026, RNAC trades above its calculated fair value: price $6.89, fair value $3.25, a gap of about −53% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of RNAC?
No. The price is what the market pays today ($6.89); the fair value is what the company's own numbers justify ($3.25). For Cartesian Therapeutics Inc. the two are $3.64 per share apart. That gap is exactly why we show both numbers side by side.
How much is Cartesian Therapeutics Inc. worth?
The market values Cartesian Therapeutics Inc. at about $210M (market capitalisation, as of Nov 10, 2026). Per share that is $6.89; our models calculate a fair value of $3.25 per share.
What do the bullish and bearish scenarios say about RNAC?
Our models span a range for Cartesian Therapeutics Inc.: cautious scenario $2.44, base $3.25, optimistic $4.07 per share (as of Nov 10, 2026, price $6.89). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Cartesian Therapeutics Inc. (RNAC)?
Balance-sheet figures for Cartesian Therapeutics Inc. (as of Nov 10, 2026): negative equity, so no return on equity and no debt-to-equity ratio. They feed the Quality Score of 13/100, which measures business quality independently of the share price.
How far is RNAC from its 52-week high?
Cartesian Therapeutics Inc. trades at $6.89, about 35% below its 52-week high of $10.59 and 18% above the low of $5.84 (as of Nov 10, 2026). Distance from the high says nothing about value: that is what the fair value of $3.25 is for.
Which stocks are comparable to Cartesian Therapeutics Inc.?
From the same area (Healthcare) we also value Vertex Pharmaceuticals Incorporated, Moderna, Inc, Regeneron Pharmaceuticals, Inc, CSL Limited, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Cartesian Therapeutics Inc. stock attractive at the current price?
The data as of Nov 10, 2026: price $6.89, calculated fair value $3.25 (−53%), Quality Score 13/100. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
Is it still worth investing in stocks now?
The global stock market currently sits 15.1% above its aggregate fair value. Cartesian Therapeutics Inc. itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Cartesian Therapeutics Inc. (RNAC)?
The closing price on Nov 10, 2026 was $6.89. Our estimate is $3.25, about 53% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Cartesian Therapeutics Inc. right now?
The price sits above even our optimistic bull case ($4.07). The favourable scenario is already priced in. Weak quality (13/100) and above fair value at the same time, the margin of safety is missing on both counts. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.

Key figures of Cartesian Therapeutics Inc.

How large is the market capitalisation of Cartesian Therapeutics Inc. (RNAC)?
The market capitalisation of Cartesian Therapeutics Inc. is $210M. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What are the earnings per share of Cartesian Therapeutics Inc. (RNAC)?
Earnings per share at Cartesian Therapeutics Inc. are $−4.78. Earnings per share over the last twelve months: total profit spread across every single share.
What is the return on equity of Cartesian Therapeutics Inc. (RNAC)?
The return on equity (ROE) of Cartesian Therapeutics Inc. is −7,029% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Cartesian Therapeutics Inc. (RNAC)?
On an EBIT basis the return on assets of Cartesian Therapeutics Inc. is −12.4% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Cartesian Therapeutics Inc. (RNAC)?
The operating margin of Cartesian Therapeutics Inc. is −10,009% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Cartesian Therapeutics Inc. (RNAC)?
Revenue at Cartesian Therapeutics Inc. is growing −92.9% versus a year earlier (3y avg −70.7%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Cartesian Therapeutics Inc. (RNAC)?
Earnings per share at Cartesian Therapeutics Inc. are growing −8.0% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Cartesian Therapeutics Inc. (RNAC) generate?
The free cash flow of Cartesian Therapeutics Inc. is −$79.4M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net cash does Cartesian Therapeutics Inc. (RNAC) hold?
Cartesian Therapeutics Inc. holds more cash than debt, $112M net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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