Company: RNAC
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001453687-25-000085
Chunk: 4

Company: Cartesian Therapeutics, Inc.
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 2
Chunk 4
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 currently expect will be required for the completion of clinical development of a product candidate, or if we experience significant delays in enrollment in any of our clinical trials, we could be required to expend significant additional financial resources and time to complete any clinical development.

General and administrative

General and administrative expenses consist primarily of salaries and related benefits, including stock-based compensation, related to our executive, finance, business development and support functions. Other general and administrative expenses include facility-related costs not otherwise allocated to research and development expenses, travel expenses for our general and administrative personnel and professional fees for auditing, tax and corporate legal services, including intellectual property-related legal services.

Impairment of long-lived assets

Impairment of long-lived assets consists of impairment charges on our long-lived assets.

Interest income 

Interest income consists primarily of income earned on our cash, cash equivalents and marketable securities.

Other income, net

Other income, net consists of non-operating income and non-operating expenses.

Change in fair value of warrant liabilities

Common warrants classified as liabilities are remeasured quarterly at fair value with the change in fair value recognized as a component of earnings.

Change in fair value of contingent value right liability

The contingent value right liability is remeasured quarterly at fair value with the change in fair value recognized as a component of earnings.

Change in fair value of forward contract liabilities

The forward contract liabilities associated with the delayed issuance of the Series A Preferred Stock related to the Merger and 2023 Private Placement are remeasured quarterly and upon settlement at fair value with the change in fair value recognized as a component of earnings.

31

Results of Operations

Comparison of the Three Months Ended March 31, 2025 and 2024

Three Months Ended March 31,Increase (Decrease)20252024(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