Company: RNAC
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001453687-25-000120
Chunk: 7

Company: Cartesian Therapeutics, Inc.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 2
Chunk 7
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$400 $39,111 $(38,711)(99)%Grant revenue1,450 561 889 158 %Total revenue1,850 39,672 (37,822)(95)%Operating expenses:Research and development43,345 33,799 9,546 28 %General and administrative23,271 23,039 232 1 %Total operating expenses66,616 56,838 9,778 17 %Operating loss(64,766)(17,166)(47,600)277 %Interest income5,311 4,932 379 8 %Gain on change in fair value of warrant liabilities2,988 2,803 185 7 %Gain (loss) on change in fair value of contingent value right liability18,746 (51,900)70,646 (136)%Loss on change in fair value of forward contract liabilities— (6,890)6,890 (100)%Other (expense) income, net(5)1,050 (1,055)(100)%Net loss$(37,726)$(67,171)$29,445 (44)%

Collaboration and license revenue

During the nine months ended September 30, 2025, we recognized $0.4 million of collaboration and license revenue, compared to $39.1 million for the nine months ended September 30, 2024, a decrease of $38.7 million. The decrease was primarily due to a decrease in revenue recognized under the Sobi License resulting from the $30.0 million unconstrained development milestone recognized during the nine months ended September 30, 2024 and a decrease for revenue recognized under the Astellas Agreement upon notice of termination during the nine months ended September 30, 2024.

Grant revenue

During the nine months ended September 30, 2025, we recognized $1.5 million of grant revenue, compared to $0.6 million for the nine months ended September 30, 2024, an increase of $0.9 million. The increase was primarily due to increased expenses reimbursable under the grant from NINDS incurred during the nine months ended September 30, 2025, for which we received funding approval during the nine months ended September 30, 2024.

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Research and development expenses

The following is a comparison of research and development expenses for the nine months ended