Company: RNAC
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001453687-25-000120
Chunk: 66

Company: Cartesian Therapeutics, Inc.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 1
Chunk 66
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 in accrued expenses and other current liabilities on its consolidated balance sheets (in thousands):

29

December 31, 2024ChargesCash PaymentsSeptember 30, 2025Severance liability$80 $— $(80)$— December 31, 2023ChargesCash PaymentsSeptember 30, 2024Severance liability$3,896 $777 $(4,586)$87 

The Company recognized restructuring expenses consisting of one-time cash severance payments and other employee-related costs. The Company recorded these restructuring charges based on each employee’s role to the respective research and development and general and administrative operating expense categories on its consolidated statements of operations and comprehensive loss. For the nine months ended September 30, 2025, the Company recognized no restructuring charges. For the nine months ended September 30, 2024, the Company recognized $0.2 million in research and development expenses and $0.6 million in general and administrative expenses. Payments for the restructuring plan were completed in the first quarter of 2025. 

19. Segment Information

The following table presents selected financial information with respect to the Company’s single operating segment for the three and nine months ended September 30, 2025 and 2024 (in thousands):Three Months Ended September 30,Nine Months Ended September 30,2025202420252024Revenue:Collaboration and license revenue$— $— $400 $39,111 Grant revenue452 387 1,450561 Total revenue452 387 1,85039,672 LessOperating expenses:Legacy Selecta programs— 297 —6,644 Descartes-08 for MG5,431 4,377 17,5028,588 Early stage programs1,523 571 4,2281,226 Research and development employee expenses3,971 2,947 11,9278,372 Research and development stock-based compensation expense1,005 799 4,0902,287 Research and development facilities and other expenses1,872 2,409 5,5986,682 General and administrative7,716 6,562 23,27123,039 Other expense (income), net (1)14,836 6,608 (27,040)50,005 Net loss$(35,902)$(24,183)$(37,726)$(67,171)(