Company: RNAC
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001453687-25-000099
Chunk: 65

Company: Cartesian Therapeutics, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 1
Chunk 65
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. As a result of these measures, the Company implemented a restructuring plan that resulted in an approximate 90% reduction of the Company’s headcount as of April 2023. The following table summarizes the change in the Company’s accrued restructuring balance included in accrued expenses and other current liabilities on its consolidated balance sheets (in thousands):December 31, 2023ChargesCash PaymentsJune 30, 2024Severance liability$3,896 $805 $(4,527)$174 December 31, 2024ChargesCash PaymentsJune 30, 2025Severance liability$80 $— $(80)$— 

The Company recognized restructuring expenses consisting of one-time cash severance payments and other employee-related costs. The Company recorded these restructuring charges based on each employee’s role to the respective research and development and general and administrative operating expense categories on its consolidated statements of operations and comprehensive income (loss). For the six months ended June 30, 2025, the Company recognized no restructuring charges. For the six months ended June 30, 2024, the Company recognized $0.2 million in research and development expenses and $0.6 million in general and administrative expenses. Payments for the restructuring plan were completed in the first quarter of 2025. 

19. Segment Information

The following table presents selected financial information with respect to the Company’s single operating segment for the three and six months ended June 30, 2025 and 2024 (in thousands):Three Months Ended June 30,Six Months Ended June 30,2025202420252024Revenue:Collaboration and license revenue$— $33,271 400$39,111 Grant revenue298 174 998174 Total revenue298 33,445 1,39839,285 LessOperating expenses:Legacy Selecta programs— 3,570 —6,347 Descartes-08 for MG5,035 2,945 12,0714,211 Early stage programs1,715 528 2,705655 Research and development employee expenses4,254 2,184 7,9565,425 Research and development stock-based compensation expense1,810 776 3,0851,488 Research and development facilities and other expenses2,055 2,658 3,7264,273 General and administrative7,240 7,027 15,55516,