Company: RNAC
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001453687-25-000099
Chunk: 29

Company: Cartesian Therapeutics, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 1
Chunk 29
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Equity offering costs(479)— Proceeds from exercise of common warrants— 2,877 Proceeds from issuance of Series A Preferred Stock, gross in private placement— 40,000 Proceeds from exercise of stock options268 274 Payments of contingent value rights distributions(7,754)—                     Net cash (used in) provided by financing activities(7,965)43,151 Effect of exchange rate changes on cash44 9 Net change in cash, cash equivalents, and restricted cash(52,220)10,608 Cash, cash equivalents, and restricted cash at beginning of period214,279 78,288 Cash, cash equivalents, and restricted cash at end of period$162,059 $88,896 Non-cash investing and financing activitiesPurchase of property and equipment not yet paid$688 $2,879 

The accompanying notes are an integral part of these unaudited consolidated financial statements.

9

Cartesian Therapeutics, Inc. and Subsidiaries

Notes to Consolidated Financial Statements

1. Description of the Business

Cartesian Therapeutics, Inc., or the Company (formerly known as Selecta Biosciences, Inc., or Selecta), was incorporated in Delaware on December 10, 2007, and is headquartered in Frederick, Maryland. The Company is a clinical-stage biotechnology company pioneering cell therapy for the treatment of autoimmune diseases leveraging its proprietary technology and manufacturing platform to enhance cell function. The Company believes its cell therapy has the potential to deliver deep, durable clinical benefit to a broad group of patients with autoimmune diseases because they can be administered over a short period of time, in an outpatient setting, and without pre-treatment chemotherapy.On November 13, 2023, the Company acquired, in accordance with the terms of the Agreement and Plan of Merger, or the Merger Agreement, the assets of the Delaware corporation which, immediately prior to the Merger (as defined below), was known as Cartesian Therapeutics, Inc., or Old Cartesian, as disclosed in Note 4 to the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024. The transaction was structured as a stock-for-stock transaction pursuant to which all of Old Cartesian’s outstanding shares of capital stock were exchanged based on a fixed exchange ratio for consideration of 224,099 shares of the common stock, par value $0.0001 per share, of the Company, or