Cartesian Therapeutics, Inc. Financial Ratios — RNAC Stock

Profitability (USD)

	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Return on Common Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Assets (%)	- -	-77.4	-54.81	-68.61	-89.76	-76.85	-51.98	-15.79	21.72	-93.31	-20.92	-35.63
Return on Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Invested Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Gross Margin (%)	100	100	100	100	100	100	100	100	100	100	100	100
EBITDA Margin (%)	-478.12	-403.59	-419	-30,451.21	-7,092.69	-774.73	-337.93	-3.93	14.29	-326.35	-90.37	-2,994.14
Operating Margin (%)	-506.55	-420.96	-428.92	-30,813.53	-7,200.66	-785.61	-342.36	-5.4	13.12	-329.59	-93.33	-3,099.93
Incremental Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	74.46	- -	- -	- -
Pretax Margin (%)	-423.68	-418.8	-447.98	-31,556.04	-7,235.44	-828.97	-414.99	-11.43	31.39	-917.97	-198.23	-4,987.31
Profit Margin (%)	-423.68	-418.8	-447.98	-31,556.04	-7,235.44	-828.97	-414.99	-30.19	31.94	-844.91	-198.97	-4,658.63
Net Income to Common Margin (%)	-538.55	-420.18	-504.47	-31,556.04	-7,235.44	-828.97	-414.99	-30.19	31.94	-844.91	-198.97	-4,658.63
Effective Tax Rate (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Dvd Payout Ratio (%)	21.33	0.33	11.2	- -	- -	- -	- -	- -	- -	- -	- -	- -
Sustainable Growth Rate (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Credit (USD)

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	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Total Debt	7	12	12	21	21	19	35	35	38	11	14	13
ST Debt	3	- -	4	- -	21	19	1	7	10	2	3	4
LT Debt	5	12	8	21	- -	- -	34	28	28	9	11	9
Total Debt/EBITDA	-0.51	-0.49	-0.36	-0.33	-0.33	-0.37	-0.63	-10.55	2.4	-0.13	-0.4	-0.15
Net Debt/EBITDA	0.63	0.84	1.38	0.79	0.25	1.37	2.03	26.43	-5.07	0.91	6.05	1.49
Total Debt/EBIT	-0.48	-0.47	-0.35	-0.33	-0.33	-0.37	-0.62	-7.67	2.61	-0.13	-0.39	-0.15
Net Debt/EBIT	0.6	0.81	1.34	0.78	0.25	1.35	2	19.23	-5.51	0.9	5.85	1.44
EBITDA to Interest Expense	-26.33	-25.59	-27.03	-52.27	-42.87	-34.05	-36.05	-1.18	5.22	-29.96	- -	- -
EBITDA-CapEx/Interest Expense	-26.74	-26.82	-27.5	-52.87	-43.46	-34.09	-36.57	-1.56	4.82	-30.03	- -	- -
EBIT to Interest Expense	-27.9	-26.69	-27.67	-52.89	-43.52	-34.53	-36.52	-1.62	4.8	-30.25	- -	- -
Interest Expense	1	1	1	1	1	2	2	3	3	3	- -	- -
Common Equity/Total Assets	-377.36	-260.39	-169.73	-214.53	-630.37	-337.2	-244.58	-269.14	-238.07	-201.49	-159.09	-277.44
Long-Term Debt/Equity (%)	- -	- -	14.51	40.61	- -	- -	- -	125.53	29.67	- -	- -	- -
Long-Term Debt/Capital (%)	-6.31	-11.9	-5.72	-10.74	- -	- -	-9.33	-7.16	-7.8	-1.46	-1.64	-1.05
Long-Term Debt/Total Assets (%)	21.7	27.68	8.93	20.81	- -	- -	20.82	17.68	16.78	2.88	2.56	2.88
Total Debt/Equity (%)	-8.43	-10.18	21.92	40.61	-394.7	229.57	-196.31	156.66	40.42	-2.49	-205.59	-10.04
Total Debt/Capital (%)	-9.68	-11.9	-8.63	-10.74	-8.26	-6.09	-9.57	-8.93	-10.62	-1.81	-2.06	-1.57
Total Debt/Total Assets (%)	33.3	27.68	13.49	20.81	48.08	19.36	21.37	22.07	22.86	3.59	3.21	4.28
Net Debt to Equity	10.47	17.58	-84.82	-95.84	295.64	-845.4	632.52	-392.62	-85.45	17.47	3,125.7	99.13
Net Debt/Capital (%)	9.87	15.52	23.52	18.63	5.4	17.47	22.42	17.37	17.3	11.3	23.87	13.39
EBITDA	-15	-24	-34	-63	-64	-52	-56	-3	16	-85	-35	-84
EBITDA-CapEx	-15	-25	-34	-64	-65	-52	-57	-4	15	-85	-44	-89
Operating Income (Loss)	-15	-25	-35	-64	-65	-52	-57	-5	15	-86	-36	-87

Liquidity (USD)

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	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Cash Ratio	1.8	5	6.14	8.81	1.06	2.57	1.7	1.77	5.37	1.13	9.25	8.38
Current Ratio	2.07	5.34	6.33	8.99	1.2	2.77	1.86	2	5.91	1.33	9.43	8.65
Quick Ratio	1.87	5.11	6.15	8.81	1.06	2.72	1.79	1.91	5.76	1.26	9.29	8.45
CFO/Avg Current Liab	- -	-2.72	-1.88	-4.22	-2.57	-1.47	0.6	-0.79	-0.65	-1.1	-0.52	-3.9
Common Equity/Total Assets	-377.36	-260.39	-169.73	-214.53	-630.37	-337.2	-244.58	-269.14	-238.07	-201.49	-159.09	-277.44
Long-Term Debt/Equity (%)	- -	- -	14.51	40.61	- -	- -	- -	125.53	29.67	- -	- -	- -
Long-Term Debt/Capital (%)	-6.31	-11.9	-5.72	-10.74	- -	- -	-9.33	-7.16	-7.8	-1.46	-1.64	-1.05
Long-Term Debt/Total Assets (%)	21.7	27.68	8.93	20.81	- -	- -	20.82	17.68	16.78	2.88	2.56	2.88
Total Debt/Equity (%)	-8.43	-10.18	21.92	40.61	-394.7	229.57	-196.31	156.66	40.42	-2.49	-205.59	-10.04
Total Debt/Capital (%)	-9.68	-11.9	-8.63	-10.74	-8.26	-6.09	-9.57	-8.93	-10.62	-1.81	-2.06	-1.57
Total Debt/Total Assets (%)	33.3	27.68	13.49	20.81	48.08	19.36	21.37	22.07	22.86	3.59	3.21	4.28
CFO/Total Liabilities	-11.53	-14.1	-57.53	-105.56	-118.56	-56.42	19.01	-43.96	-43.9	-6.87	-5.36	-17.49
CFO/CapEx	-55.89	-19.31	-33.72	-70.98	-66.92	-1,094.36	42.8	-55.65	-26.34	-248.35	-2.6	-13.56
Altman's Z-Score	-6.9	-4.57	0.56	-1.6	-12.73	-4.94	-2.95	-1.16	-0.12	-10.17	-3.04	-8.14

Working Capital (USD)

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	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Accounts Receivable Turnover	- -	8.03	15.56	1.49	28.67	2.67	2.72	9.93	13.42	4.17	11.54	2.82
Days Sales Outstanding	- -	45.48	23.46	245.1	12.73	136.66	134.41	36.76	27.2	87.49	31.62	129.65
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Conversion Cycle	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventory to Cash Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Market Capitalization	- -	- -	180	200	60	108	307	373	164	107	309	187
- Cash & Cash Equivalents	17	32	59	71	37	90	139	114	106	77	213	125
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	7	12	12	21	21	19	35	35	38	11	14	13
Enterprise Value	-9	-25	108	125	44	38	203	280	67	41	111	75
Total Capital	-76	-100	-140	-196	-259	-316	-369	-395	-357	-604	-678	-810
Total Debt/Capital (%)	-9.68	-11.9	-8.63	-10.74	-8.26	-6.09	-9.57	-8.93	-10.62	-1.81	-2.06	-1.57
Total Debt / EV	-0.81	-0.48	0.11	0.17	0.49	0.51	0.17	0.13	0.57	0.27	0.13	0.17
EV/Sales	- -	- -	13.35	602.77	48.21	5.66	12.25	3.29	0.6	1.58	2.85	26.74
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	4.23	- -	- -	- -
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	4.6	- -	- -	- -
EV/Cash Flow to Firm	- -	- -	- -	- -	- -	- -	5.58	- -	- -	- -	- -	- -
EV/Free Cash Flow to Firm	- -	- -	- -	- -	- -	- -	5.46	- -	- -	- -	- -	- -
Diluted Market Cap	- -	- -	180	200	60	108	307	373	165	107	311	187
Diluted Enterprise Value	-9	-20	133	151	44	38	203	294	96	41	112	75
EV per Share	- -	- -	308.39	183.27	58.34	24.89	60.27	73.46	13.86	7.92	6.41	2.88
TTM Sales	3	6	8	- -	1	7	17	85	111	26	39	3
TTM EBITDA	-15	-24	-34	-63	-64	-52	-56	-3	16	-85	-35	-84
TTM Operating Income	-15	-25	-35	-64	-65	-52	-57	-5	15	-86	-36	-87
TTM Cash Flow to Firm	-12	-22	-19	-51	-58	-50	36	-53	-29	-49	-24	-74
TTM Free Cash Flow to Firm	-12	-20	-18	-50	-57	-50	37	-52	-27	-48	-15	-68

Multiples (USD)

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	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Price/Free Cash Flow	- -	- -	-9.39	-3.91	-1.02	-2.11	8.59	-6.29	-5.42	-2.1	-21.32	-2.73
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	4.6	- -	- -	- -
Enterprise Value	-9	-25	108	125	44	38	203	280	67	41	111	75
Low Price	- -	- -	307.8	261	78.3	38.4	42.6	80.1	19.41	19.8	11.67	5.98
EV/Sales	- -	- -	13.35	602.77	48.21	5.66	12.25	3.29	0.6	1.58	2.85	26.74
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	4.23	- -	- -	- -
Price/Earnings	- -	- -	- -	- -	- -	- -	- -	- -	4.62	- -	- -	- -
Price/Earnings Average	- -	- -	-4.15	-4.77	-3.63	-1.59	-4.29	-17.48	6.47	-0.86	-4.51	-2.37
Price/Earnings High	- -	- -	-7.21	-7.51	-5.67	-2.75	-7.1	-25.37	13.71	-1.4	-9.34	-4.01
Price/Earnings Low	- -	- -	-2.64	-2.72	-0.89	-1.05	-2.09	-11.88	2.65	-0.47	-2.6	-1.19
Price/Book Value	- -	- -	-1.19	-0.92	-0.21	-0.32	-0.76	-0.87	-0.41	-0.17	-0.45	-0.23
Price/Book Value Average	- -	- -	-1.12	-1.44	-0.85	-0.26	-0.73	-1.04	-0.58	-0.31	-0.5	-0.38
Price/Book Value High	- -	- -	-1.94	-2.26	-1.32	-0.45	-1.21	-1.51	-1.23	-0.5	-1.05	-0.64
Price/Book Value Low	- -	- -	-0.71	-0.82	-0.21	-0.17	-0.36	-0.71	-0.24	-0.17	-0.29	-0.19
Price/Tangible Book Value	- -	- -	3.27	3.87	-10.99	12.91	-17.03	16.55	1.74	-0.17	-1.51	-0.7
Price/Tangible Book Value Average	- -	- -	3.08	6.02	-43.78	10.51	-16.4	19.94	2.44	-0.3	-1.7	-1.15
Price/Tangible Book Value High	- -	- -	5.35	9.47	-68.37	18.12	-27.15	28.94	5.17	-0.48	-3.52	-1.95
Price/Tangible Book Value Low	- -	- -	1.96	3.43	-10.79	6.94	-7.98	13.55	1	-0.16	-0.98	-0.58
Price/Sales	- -	- -	22.27	967.97	65.95	16.24	18.48	4.38	1.48	4.11	7.95	66.95
Price/Sales Average	- -	- -	20.92	1,506.24	262.66	13.22	17.79	5.28	2.07	7.25	8.97	110.28
Price/Sales High	- -	- -	36.35	2,370.09	410.22	22.78	29.45	7.66	4.38	11.87	18.59	186.84
Price/Sales Low	- -	- -	13.32	858.44	64.71	8.73	8.66	3.59	0.85	3.94	5.18	55.53
Price/Cash Flow	- -	- -	-9.11	-3.85	-1.01	-2.11	8.79	-6.17	-5.17	-2.09	-13.07	-2.53
Price/Cash Flow Average	- -	- -	-8.56	-5.99	-4.01	-1.72	8.47	-7.44	-7.24	-3.69	-14.75	-4.17
Price/Cash Flow High	- -	- -	-14.87	-9.43	-6.26	-2.96	14.01	-10.79	-15.33	-6.03	-30.56	-7.07
Price/Cash Flow Low	- -	- -	-5.45	-3.42	-0.99	-1.13	4.12	-5.06	-2.96	-2	-8.52	-2.1
Price/Free Cash Flow Average	- -	- -	-8.82	-6.08	-4.07	-1.72	8.27	-7.57	-7.58	-3.7	-24.06	-4.5
Price/Free Cash Flow High	- -	- -	-15.33	-9.56	-6.36	-2.96	13.69	-10.99	-16.06	-6.06	-49.84	-7.63
Price/Free Cash Flow Low	- -	- -	-5.62	-3.46	-1	-1.13	4.03	-5.15	-3.1	-2.01	-13.89	-2.27
EV/Sales Average	- -	- -	15.15	1,266.36	244.92	2.64	11.57	4.35	1.45	4.72	3.87	70.07
EV/Sales High	- -	- -	30.58	2,130.21	392.48	12.21	23.23	6.73	3.76	9.33	13.49	146.63
EV/Sales Low	- -	- -	7.55	618.56	46.97	- -	2.43	2.66	0.23	1.4	0.08	15.32
EV/EBITDA Average	0.63	0.84	-3.62	-4.16	-3.45	-0.34	-3.42	-110.67	10.14	-1.44	-4.28	-2.34
EV/EBITDA High	0.63	0.84	-7.3	-7	-5.53	-1.58	-6.87	-171.27	26.31	-2.86	-14.92	-4.9
EV/EBITDA Low	0.63	0.84	-1.8	-2.03	-0.66	0.24	-0.72	-67.71	1.59	-0.43	-0.09	-0.51
EV/EBIT Average	0.6	0.81	-3.53	-4.11	-3.4	-0.34	-3.38	-80.53	11.04	-1.43	-4.14	-2.26
EV/EBIT High	0.6	0.81	-7.13	-6.91	-5.45	-1.55	-6.78	-124.62	28.64	-2.83	-14.45	-4.73
EV/EBIT Low	0.6	0.81	-1.76	-2.01	-0.65	0.23	-0.71	-49.27	1.73	-0.42	-0.08	-0.49
Last Price	- -	- -	514.5	294.3	79.8	71.4	90.9	97.8	33.9	20.68	17.91	7.21
High Price	- -	- -	840	720.6	496.35	100.2	144.9	171	100.5	59.7	41.87	20.12
Enterprise Value Average	-9	-20	122	262	221	18	192	370	160	123	151	196
Enterprise Value High	-9	-20	247	441	354	82	385	573	416	243	525	410
Enterprise Value Low	-9	-20	61	128	42	-12	40	226	25	36	3	43

Shares Outstanding	1	1	1	1	1	3	4	4	5	5	26	26
Diluted Weighted Avg Shares	- -	- -	- -	1	1	2	3	4	5	5	17	26
Basic Weighted Avg Shares	- -	- -	- -	1	1	2	3	4	5	5	17	26
Revenue per Share	7.09	14.01	23.11	0.3	1.21	4.4	4.92	22.32	22.96	5.03	2.25	0.11
EBITDA per Share	-33.89	-56.56	-96.82	-92.58	-85.82	-34.07	-16.63	-0.88	3.28	-16.41	-2.04	-3.22
Operating Income per Share	-35.9	-58.99	-99.11	-93.69	-87.12	-34.55	-16.84	-1.21	3.01	-16.58	-2.1	-3.34
Basic EPS, GAAP	-38.17	-58.88	-116.57	-95.94	-87.55	-36.46	-20.42	-6.74	7.33	-42.49	-4.48	-5.02
Basic EPS from Cont Ops	-30.03	-58.69	-103.52	-95.94	-87.55	-36.46	-20.42	-6.74	7.33	-42.49	-4.48	-5.02
Diluted EPS, GAAP	-38.17	-58.88	-116.57	-95.94	-87.55	-36.46	-20.42	-6.74	7.28	-42.49	-4.46	-5.02
Diluted EPS from Cont Ops	-30.03	-58.69	-103.52	-95.94	-87.55	-36.46	-20.42	-6.74	7.28	-42.49	-4.46	-5.02
Dividend per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Flow per Share	-29.57	-52.37	-56.48	-76.42	-79.27	-33.88	10.34	-15.84	-6.56	-9.9	-1.37	-2.85
Free Cash Flow per Basic Share	-30.1	-55.08	-58.16	-77.49	-80.46	-33.91	10.1	-16.13	-6.8	-9.93	-1.9	-3.06
Cash & Equivalents per Share	38.68	85	240.54	141.94	50.12	59.21	41.11	33.6	27.9	14.88	12.31	4.82
Book Value per Share	-195.55	-259.96	-433.32	-318.57	-375.72	-221.13	-119.94	-112.91	-81.84	-118.88	-40.06	-31.66
Tangible Book Value per Share	-204.58	-271.58	157.11	76.1	-7.26	5.53	-5.34	5.91	19.45	-123.58	-11.9	-10.33

Cartesian Therapeutics, Inc.

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