Company: RNAC
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001453687-25-000085
Chunk: 115

Company: Cartesian Therapeutics, Inc.
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 8
Chunk 115
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optionsexercise price ($)(in years)(in thousands)Outstanding at December 31, 20241,706,035 $11.99 7.59$12,025 Granted944,909 $17.46   Exercised(55,690)$3.29   Forfeited(120,231)$18.49   Outstanding at March 31, 20252,475,023 $13.96 8.17$7,376 Vested at March 31, 2025781,188 $6.23 5.67$6,490 Vested and expected to vest at March 31, 20252,181,547 $13.38 8.00$7,376 Restricted Stock UnitsDuring the three months ended March 31, 2025, the Company granted 256,790 restricted stock unit awards with a weighted-average fair value of $16.93 per share based on the closing price of the Company’s common stock on the date of grant under the 2016 Plan, which generally vest over a four-year term. Forfeitures are estimated at the time of grant and are adjusted, if necessary, in subsequent periods if actual forfeitures differ from those estimates. The Company has estimated a forfeiture rate of 10% for restricted stock unit awards based on historical experience.

23

Unrecognized compensation expense related to the restricted stock units was $8.0 million as of March 31, 2025, which is expected to be recognized over a weighted-average period of 3.0 years.The following table summarizes the Company’s restricted stock units under the 2016 Plan and the Old Cartesian Plan: Number of sharesWeighted-averagegrant datefair value ($)Unvested at December 31, 2024444,238 $19.86 Granted256,790 16.93 Vested(113,042)19.66 Forfeited(15,381)17.15 Unvested at March 31, 2025572,605 $18.63 

13. Revenue Arrangements

Collaboration and license revenueAstellas Gene TherapiesLicense and Development AgreementIn January 2023, the Company entered into the License and Development Agreement, or the Astellas Agreement, with Audentes Therapeutics, Inc., or Astellas. Under the Astellas Agreement, the Company granted Astellas an