Cartesian Therapeutics, Inc. — Earnings Quality Grade F
RNAC · Healthcare
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO surged by 137 days (8 → 146)
Small-cap context: DSO swings on a small revenue base are more often quarterly customer-mix effects than red flags.
AR growth 27.9% exceeds revenue growth -92.8%
Revenue -92.8%, CFFO -212.3%. Cash follows revenue
Expense Quality
No material inventory
CapEx growth -40.0% vs revenue -92.8%. Normal
Insufficient data
Insufficient data
Cash Flow Quality
CFFO < Net Income for 3 consecutive years
Small-cap context: Small-cap CFFO/NI often diverges from working-capital swings, not necessarily manipulation.
FCF is negative ($-0.1B)
Accruals ratio = -19.0%. Low accruals
Cash $0.1B covers debt $0.0B
Balance Sheet Health
Goodwill+Intangibles $0.1B = -113% of equity. Manageable
Debt/EBITDA = -0.2x. Healthy
Other assets grew 233.2% vs revenue -92.8%
No write-off data
Acquisition Risk
FCF after acquisitions negative for 3 years
Small-cap context: A single acquisition on a small balance sheet can trip serial-acquirer logic.
Goodwill+Intangibles change -29% YoY. Normal
Manipulation Score
Insufficient data
Portfolio monitoring
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Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25