Company: RNAC
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001453687-25-000120
Chunk: 55

Company: Cartesian Therapeutics, Inc.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 1
Chunk 55
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 $0.7 million of stock-

23

compensation expense during the nine months ended September 30, 2025 which is reflected in research and development expenses on the consolidated statements of operations and comprehensive loss.Stock-based compensation expense by classification included within the consolidated statements of operations and comprehensive loss, was as follows (in thousands): Three Months EndedSeptember 30,Nine Months EndedSeptember 30, 2025202420252024Research and development$1,005 $799 $4,090 $2,287 General and administrative1,585 896 4,287 2,430 Total stock-based compensation expense$2,590 $1,695 $8,377 $4,717 Stock OptionsThe estimated grant date fair values of stock option awards granted under the 2016 Plan and the 2018 Inducement Incentive Award Plan were calculated using the Black-Scholes option pricing model based on the following weighted-average assumptions: Three Months EndedSeptember 30,Nine Months EndedSeptember 30, 2025202420252024Risk-free interest rate3.95%4.05%4.42%4.04%Dividend yield— — — — Expected term (in years)6.256.236.206.20Expected volatility93.79%94.98%97.19%95.07%Weighted-average fair value of common stock$12.48 $17.97$16.87 $19.79 The expected term of the Company’s stock options granted has been determined utilizing the “simplified” method for awards that qualify as “plain-vanilla” options. Under the simplified method, the expected term is presumed to be the midpoint between the vesting date and the end of the contractual term. The Company utilizes this method due to lack of historical exercise data and the plain nature of its stock-based awards. Expected volatilities are based on the Company’s historical volatility.The weighted-average grant date fair value of stock options granted during the three months ended September 30, 2025 and 2024 was $9.82 and $14.23, respectively, and $13.54 and $15.75 during the nine months ended September 30, 2025 and 2024, respectively. As of September 30, 2025, total unrecognized compensation expense related to unvested common stock options was $13.7 million, which is expected to