Company: RNAC
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001453687-25-000099
Chunk: 44

Company: Cartesian Therapeutics, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 1
Chunk 44
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 occurred on January 12, 2024 and February 11, 2024, respectively, for a total of $35.2 million.

8. Property and Equipment

Property and equipment consists of the following (in thousands): June 30,December 31,  20252024Laboratory equipment$8,001 $7,295 Computer equipment and software417 415 Leasehold improvements4,150 3,427 Furniture and fixtures269 268 Office equipment170 169 Construction in process2,798 695 Total property and equipment15,805 12,269 Less: Accumulated depreciation(3,520)(2,357)Property and equipment, net$12,285 $9,912 

Depreciation expense was $0.6 million and $0.2 million for the three months ended June 30, 2025 and 2024, respectively, and $1.2 million and $0.4 million for the six months ended June 30, 2025 and 2024, respectively.

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9. Accrued Expenses

Accrued expenses consist of the following (in thousands): June 30,December 31,  20252024Payroll and employee related expenses$2,786 $3,534 Accrued patent fees185 813 Accrued external research and development costs2,135 2,987 Accrued professional and consulting services1,712 3,674 Property and equipment688 782 Other506 286 Accrued expenses$8,012 $12,076 

10. Leases 

7495 New Horizon Way LeasesOn February 28, 2024, the Company entered into a lease agreement with 7495 RP, LLC, or the Landlord, pursuant to which it agreed to lease from the Landlord the manufacturing space located at 7495 New Horizon Way, Frederick, Maryland, or the Frederick Lease Agreement. The space consists of 19,199 leasable square feet of integrated manufacturing and office space. The lease commenced on May 1, 2024 which was the date the Landlord delivered full possession of the premises to the Company. The Frederick Lease Agreement will terminate approximately 7.2 years following the commencement date. The Company will have one option to extend the term of the Frederick Lease Agreement for a period of five years at a cost of 100% of