Company: RNAC
Filing Date: 2025-03-13
Form Type: 10-K
Source: 0001453687-25-000060
Chunk: 156

Company: Cartesian Therapeutics, Inc.
Filing Date: 2025-03-13
Form: 10-K
Item: Item 7
Chunk 156
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 (85)(12)%Loss before income taxes(77,137)(238,710)161,573 (68)%Income tax (expense) benefit(287)19,000 (19,287)(102)%Net loss$(77,424)$(219,710)$142,286 (65)%

Collaboration and license revenue

During the year ended December 31, 2024, we recognized $38.3 million of collaboration and license revenue, compared to $26.0 million for the year ended December 31, 2023, an increase of $12.3 million. The increase was primarily due to an increase in revenue recognized under the Sobi License resulting from the $30.0 million unconstrained development milestone recognized during the year ended December 31, 2024 and recognition of the remaining deferred revenue under the License and Development Agreement, or the Astellas Agreement, with Audentes Therapeutics, Inc., or Astellas, upon notice of termination during the year ended December 31, 2024.

Grant revenue

During the year ended December 31, 2024, we recognized $0.6 million of grant revenue. We received funding approval from the National Institute of Neurological Disorders and Stroke of the National Institutes of Health, or NINDS, during the year ended December 31, 2024, and there was no grant revenue during the year ended December 31, 2023.

59

Research and development expenses

The following is a comparison of research and development expenses for the years ended December 31, 2024 and 2023 (in thousands, except percentages):

Year Ended December 31,Increase (Decrease)20242023Legacy Selecta programs$6,150 $31,826 $(25,676)(81)%Descartes-08 for MG12,142 343 11,799 3440 %Early stage programs1,028 595 433 73 %Research and development employee expenses11,952 18,363 (6,411)(35)%Research and development stock-based compensation expense3,217 12,985 (9,768)(75)%Research and development facilities and other expenses10,616 7,148 3,468 49 %Total research and development expenses$45,105 $71,260 $(26,155)(37)%

 For the year ended December 31, 2024, our research and development expenses were