Company: RNAC
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001453687-25-000099
Chunk: 112

Company: Cartesian Therapeutics, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 8
Chunk 112
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,754)     Change in fair value(35,646)Fair value as of June 30, 2025$352,100 Forward Contract Liabilities The Company entered into a contract for the issuance of 149,330.115 shares of Series A Preferred Stock as part of the 2023 Private Placement which was settled in multiple tranches. The Company determined the obligation to issue 148,710.488 shares of Series A Preferred Stock to Dr. Timothy A. Springer, a member of the Company’s Board of Directors, and TAS Partners LLC, an affiliate of Dr. Springer, represented a forward contract. See Note 11 to the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024. The initial fair value of the forward contract liability on November 13, 2023 was insignificant as the fair value of the underlying Series A Preferred Stock was equal to the purchase price of the Series A Preferred Stock as agreed upon in the 2023 Private Placement. Subsequent measurement of the fair value of the forward contract liability was based on the market price of the Company’s common stock, which represented the redemption and conversion value of the Series A Preferred Stock, less the purchase price, on an as-converted basis. The non-cash settlement of a portion of the liability occurred on December 13, 2023 with the issuance of the first tranche of the Series A Preferred Stock for $14.8 million. The non-cash settlement of the remaining second and third tranches occurred on January 12, 2024 and February 11, 2024, respectively, for a total of $35.2 million.

8. Property and Equipment

Property and equipment consists of the following (in thousands): June 30,December 31,  20252024Laboratory equipment$8,001 $7,295 Computer equipment and software417 415 Leasehold improvements4,150 3,427 Furniture and fixtures269 268 Office equipment170 169 Construction in process2,798 695 Total property and equipment15,805 12,269 Less: Accumulated depreciation(3,520)(2,357)Property and equipment, net$12,285 $9,912 

Depreciation expense was $0.6 million and $0.2 million for the three months ended June 30, 2025 and 2024,