Company: RNAC
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001453687-25-000085
Chunk: 14

Company: Cartesian Therapeutics, Inc.
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 2
Chunk 14
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 cash used in operating activities for the three months ended March 31, 2025 was $23.1 million compared to $15.9 million for the three months ended March 31, 2024. The increase in cash used in operating activities of $7.2 million was primarily due to $16.0 million of net loss, adjusted for non-cash items, and $7.1 million of cash used in changes in operating assets and liabilities, in each case during the three months ended March 31, 2025 compared to $9.5 million of net loss, adjusted for non-cash items, and $6.4 million of cash used in changes in operating assets and liabilities during the three months ended March 31, 2024.

Investing activities

Net cash used in investing activities for the three months ended March 31, 2025 was $1.1 million compared to $0.6 million in the same period in 2023, a decrease of $0.5 million. The net cash used in investing activities for the three months ended March 31, 2025 and 2024 consisted primarily of purchases of property and equipment. 

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Financing activities

Net cash used in financing activities for the three months ended March 31, 2025 was $8.0 million compared to net cash provided by financing activities of $43.0 million for the three months ended March 31, 2024, a decrease of $51.0 million. The net cash used in financing activities in the three months ended March 31, 2025 was primarily the result of payments for the CVR distribution. The net cash provided by financing activities in the three months ended March 31, 2024 was primarily the result of proceeds of the 2023 Private Placement. 

Recent Accounting Pronouncements

For a discussion of recently adopted or issued accounting pronouncements refer to Note 3 to our unaudited consolidated financial statements included elsewhere in this Quarterly Report.

Off-Balance Sheet Arrangements

As of March 31, 2025, we did not have any off-balance sheet arrangements as defined in the rules and regulations of the SEC.

Critical Accounting Policies and Use of Estimates

Our management’s discussion and analysis of our financial condition and results of operations is based on our consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States of America, or U.S. GAAP. The preparation of these consolidated financial statements requires us