Company: RNAC
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001453687-25-000099
Chunk: 139

Company: Cartesian Therapeutics, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 8
Chunk 139
---
 for the completion of clinical development of a product candidate, or if we experience significant delays in enrollment in any of our clinical trials, we could be required to expend significant additional financial resources and time to complete any clinical development.

General and administrative

General and administrative expenses consist primarily of salaries and related benefits, including stock-based compensation, related to our executive, finance, business development and support functions. Other general and administrative expenses include facility-related costs not otherwise allocated to research and development expenses, travel expenses for our general and administrative personnel and professional fees for auditing, tax and corporate legal services, including intellectual property-related legal services.

Impairment of long-lived assets

Impairment of long-lived assets consists of impairment charges on our long-lived assets.

Interest income 

Interest income consists primarily of income earned on our cash, cash equivalents and marketable securities.

Other (expense) income, net

Other (expense) income, net consists of non-operating income and non-operating expenses.

Change in fair value of warrant liabilities

Common warrants classified as liabilities are remeasured quarterly at fair value with the change in fair value recognized as a component of earnings.

Change in fair value of contingent value right liability

The contingent value right liability is remeasured quarterly at fair value with the change in fair value recognized as a component of earnings.

Change in fair value of forward contract liabilities

The forward contract liabilities associated with the delayed issuance of the Series A Preferred Stock related to the Merger and 2023 Private Placement are remeasured quarterly and upon settlement at fair value with the change in fair value recognized as a component of earnings.

31

Results of Operations

Comparison of the Three Months Ended June 30, 2025 and 2024

Three Months Ended June 30,Increase (Decrease)20252024(in thousands, except percentages)Revenue:Collaboration and license revenue$— $33,271 $(33,271)(100)%Grant revenue298 174 124 71 %Total revenue298 33,445 (33,147)(99)%Operating expenses:Research and development14,869 12,661 2,208 17 %General and administrative7,240 7,027 213 3 %Total operating expenses22,109 19,688 2,421 12 %Operating (loss) income(21,811)13,757 (35,568)(259)%Interest income1,748 1,195 553 46 %Change in