RNAC Expands Into In Vivo CAR-T Through Partnership

Research evidence excerpt

RNAC Expands Into In Vivo CAR-T Through Partnership

June 9, 2026

Valuation

We use a probability-adjusted DCF analysis to value RNAC shares and model cash flows

out to 2035E. We assume a discount rate of 15% and 0% terminal value. The total NPV is

$917M, which includes cash. This leads us to a 12-month price target of $16/share. Our

calculation includes estimated cash and shares outstanding at the end of 1Q27E.

Risks

Cartesian Therapeutics is a clinical-stage company, and investment is subject to risk. These

risks include, but are not limited to:

Clinical trial risk: Clinical development is a risky enterprise that could result in a negative

outcome. Failure to demonstrate statistical and clinical significance or a compelling drug

efficacy/safety profile could lead to rejection of regulatory approval. Furthermore, only

early clinical data are available for Cartesian's Descartes-08 rCAR-T. CAR-T therapy is

associated with serious adverse events.

Regulatory risk: As with any company whose main business is drug development,

Cartesian is subject to the very stringent regulatory requirements of the FDA and other

international regulatory agencies to have its new drugs and new indications for them

approved. Promotion of its approved drug products is also stringently regulated by the

FDA and related agencies throughout the world. The FDA may deny approval or require

additional studies for review if it does not believe the submission satisfactorily addresses

the safety, efficacy, and manufacturability of a drug candidate.

Commercial/Competitive risk: There are multiple programs commercialized or in

development for lead indication, Myasthenia Gravis (MG), as well as other autoimmune

diseases the company is investigating. This could dilute the market potential if Cartesian's