Company: RNAC
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001453687-25-000085
Chunk: 118

Company: Cartesian Therapeutics, Inc.
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 8
Chunk 118
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 Phase 3 DISSOLVE program that are subject to reimbursement by Sobi. Additionally, as of March 31, 2025 and December 31, 2024, there was no unbilled receivable outstanding. No revenue was recognized during either of the three months ended March 31, 2025 and 2024. Transaction Price Allocated to Future Performance ObligationsRemaining performance obligations represent the transaction price of contracts for which work has not been performed, or has been partially performed. As of March 31, 2025 and December 31, 2024, there were no unsatisfied performance obligations from contracts with customers. Grant revenueNational Institute of Neurological Disorders and Stroke of the National Institutes of HealthIn June 2024, the Company received funding approval from the National Institute of Neurological Disorders and Stroke of the National Institutes of Health, or NINDS, for an award of $1.5 million granted for the budget period, which runs from June 2024 through May 2025. Subject to the availability of funds and satisfactory progress of the project, an additional $1.5 million has been recommended by NINDS to be awarded for the budget period June 2025 through May 2026. The funding was provided by NINDS to further the Company’s use of RNA-based CAR-T cells to combat autoantibody-associated autoimmune disorders. Grant funding is to be used solely for manufacturing of RNA-based CAR-T cells and analysis of samples to inform mechanism of action. The award period runs through May 31, 2026. The Company will recognize grant revenue when expenses reimbursable under the grant have been incurred. 

As of March 31, 2025 and December 31, 2024, the Company recorded a receivable of $1.3 million and $0.6 million, respectively, that is subject to reimbursement by NINDS. The Company recognized grant revenue of $0.7 million during the three months ended March 31, 2025. 

14. Related-Party Transactions

2023 Securities Purchase AgreementOn November 13, 2023, the Company entered into the 2023 Securities Purchase Agreement with (i) Dr. Timothy A. Springer, a member of the Company’s Board of Directors, (ii) TAS Partners LLC, an affiliate of Dr. Springer, and (iii) Seven One Eight Three Four Irrevocable Trust, a trust associated with Dr. Murat Kalayoglu