Company: RNAC
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001453687-25-000085
Chunk: 130

Company: Cartesian Therapeutics, Inc.
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 8
Chunk 130
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(in thousands, except percentages)Revenue:Collaboration and license revenue$400 $5,840 $(5,440)(93)%Grant revenue700 — 700 100 %Total revenue1,100 5,840 (4,740)(81)%Operating expenses:Research and development14,674 9,738 4,936 51 %General and administrative8,315 9,450 (1,135)(12)%Total operating expenses22,989 19,188 3,801 20 %Operating loss(21,889)(13,348)(8,541)64 %Interest income2,015 1,164 851 73 %Change in fair value of warrant liabilities1,818 1,042 776 74 %Change in fair value of contingent value right liability346 (39,300)39,646 (101)%Change in fair value of forward contract liabilities— (6,890)6,890 (100)%Other income, net— 508 (508)(100)%Net loss$(17,710)$(56,824)$39,114 (69)%

Collaboration and license revenue

During the three months ended March 31, 2025, we recognized $0.4 million of collaboration and license revenue, compared to $5.8 million for the three months ended March 31, 2024, a decrease of $5.4 million. The decrease was primarily due to a recognition of the remaining deferred revenue under the License and Development Agreement, or the Astellas Agreement, with Audentes Therapeutics, Inc., or Astellas, upon notice of termination during the three months ended March 31, 2024.

Grant revenue

During the three months ended March 31, 2025, we recognized $0.7 million of grant revenue. We received funding approval from NINDS during the three months ended June 30, 2024, and as such there was no grant revenue during the three months ended March 31, 2024.

Research and development expenses

The following is a comparison of research and development expenses for the three months ended March 31, 2025 and 2024 (in thousands, except percentages):

Three Months Ended March 31,Increase (Decrease)20252024Legacy Selecta programs$— $2,777 $(2,777)(100)%Descartes-08 for MG7