Company: RNAC
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001453687-25-000099
Chunk: 123

Company: Cartesian Therapeutics, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 8
Chunk 123
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 modification resulted in the recognition of $0.7 million of stock-compensation expense during the three and six months ended June 30, 2025 which is reflected in research and development expenses on the consolidated statements of operations and comprehensive income (loss).

22

Stock-based compensation expense by classification included within the consolidated statements of operations and comprehensive income (loss), was as follows (in thousands): Three Months EndedJune 30,Six Months EndedJune 30, 2025202420252024Research and development$1,810 $776 $3,085 $1,488 General and administrative1,469 815 2,702 1,534 Total stock-based compensation expense$3,279 $1,591 $5,787 $3,022 Stock OptionsThe estimated grant date fair values of stock option awards granted under the 2016 Plan and the 2018 Inducement Incentive Award Plan were calculated using the Black-Scholes option pricing model based on the following weighted-average assumptions: Three Months EndedJune 30,Six Months EndedJune 30, 2025202420252024Risk-free interest rate4.05%4.53%4.42%4.04%Dividend yield— — — — Expected term (in years)6.156.186.206.20Expected volatility95.12%93.57%97.21%95.09%Weighted-average fair value of common stock$11.80 $22.08 $16.89 $20.14 The expected term of the Company’s stock options granted has been determined utilizing the “simplified” method for awards that qualify as “plain-vanilla” options. Under the simplified method, the expected term is presumed to be the midpoint between the vesting date and the end of the contractual term. The Company utilizes this method due to lack of historical exercise data and the plain nature of its stock-based awards. Expected volatilities are based on the Company’s historical volatility.The weighted-average grant date fair value of stock options granted during the three months ended June 30, 2025 and 2024 was $9.32 and $17.40, respectively, and $13.56 and $16.05 during the six months ended June 30, 2025 and 2024, respectively. As of June 30, 2025, total unrecognized compensation expense related to unvested common stock