A company still losing money with shrinking sales, with elevated risk. Institutions are adding.
Watch out for
About 20 months of cash left at its current burn
Owes more than it owns (negative equity)
Losing money, losses are large next to sales
Money moves
No insider buying or selling in the last 30 days
Institutions added 18% to their holdings in the quarter ending June 2026 (68 bought, 24 sold)
Facts from SEC filings, not a recommendation.
What the price means
Price as of Oct 26
$6.28+1.4% that day
Company value
$190M
Share price times all shares
Price vs sales
128.6x
No profit over the last year, so this compares value with sales instead
Cash vs value
78%
A big cushion: cash is a large part of what the company is worth
From RNAC's last IEX trade and its SEC filings (profits and sales over the last four quarters). A starting point for research, not a verdict.
The business over time
Last 12 quarters, from SEC filings
Sales, Jun '26
$0
Sep '23Tap a barJun '26
Last 12 months: $1.5M. Over 5 years, sales shrank about 30% a year.
What the price assumes
Your guesses, our math
Move the sliders to your own view of RNAC. Starting points are the company's recent numbers (it isn't profitable yet, so the margin starts at a 10% guess).
Sales in 5 years$1M
Profit in 5 years$0M
Price these guesses point to$0.04-99% vs $6.28 todayAbout -64% a year, before dividends
Simple math on your guesses, not a forecast or a price target. Real results depend on many things these sliders leave out.
The checklist Warren Buffett-style investors use. Annual numbers for 2025.
0/5Weak
MissDebt under half of equityNot relying on borrowed money.Owes more than it owns
MissNet margin 10%+Keeps at least 10 cents of profit from each dollar of sales.Losses many times its sales
MissProfitable every yearSteady profits, not one good year.1 of 10 years
MissFree cash flow positiveBrings in more cash than it spends to run and grow.-$79.4M
MissShare count not growingNot diluting owners. Falling means buybacks.+6.8% in 3 years
Revenue
$2.8M
-92.8% vs prior year
5-year growth
-30.0%/yr
revenue, per year
Total debt
None
Current ratio
8.65x
short-term assets / bills due
From annual reports filed with the SEC. Not in this company's SEC data, so not scored: return on equity 15%+, gross margin 40%+. A checklist is a starting point for research, not a verdict.
Latest quarter
Quarter ended Jun 30, 2026
Reported Aug 6
Revenue
$0
-100.0% YoY
EPS
$0.46
vs $0.50
Free cash flow
-$21.4M
Share count
+12.9%
vs a year ago
Insider rating
Last 90 days
No open-market insider buys or sells in the last 90 days.
Weekly insider trend
No trades to chart yet.
Filing buzz
Last 7 days vs normal
0/ 100
This week
0
Normal week
0.3
vs normal
0.0x
SEC filings of any kind. 50 means a normal week.
Institutional ownership
▲Accumulating+18.2%
Institutions added 18.2% to their holdings. 68 bought, 24 sold. 2 quarters of net buying in a row.
Shares held by institutions8.7M
Sep '24Jun '26
Safety check
From SEC filings
Share count growthYearly rate, last 3 years
-41.9%
Cash runwayAt last year's cash burn
24 months
Debt to equityLatest balance sheet: debt compared with what owners have
Owes more than it owns
Shares outstandingLatest reported
30M
Why elevated risk
Losing money, losses are large next to sales
Owes more than it owns (negative equity)
Revenue down 92.8% from the year before
1 offering filing in 6 months (may sell new shares)
Earnings reports
Last 12
Next reportAround Nov 5 (est.)Estimated from the same quarter last year
Results filedAug 6
Results filedApr 30
Results filedMar 9
Results filedNov 6, 2025
Results filedAug 7, 2025
Flags and big holders
Offerings 6 months, flags 12 months, holders 90 days