Company: RNAC
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001453687-25-000085
Chunk: 69

Company: Cartesian Therapeutics, Inc.
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 1
Chunk 69
---
 programs990 127 863 680 %Research and development employee expenses3,702 3,241 461 14 %Research and development stock-based compensation expense1,275 712 563 79 %Research and development facilities and other expenses1,671 1,615 56 3 %Total research and development expenses$14,674 $9,738 $4,936 51 %

For the three months ended March 31, 2025, our research and development expenses were $14.7 million, compared to $9.7 million for the three months ended March 31, 2024, an increase of $5.0 million. The decrease in expenses for legacy Selecta programs was primarily related to decreased expenses for Xork as a result of the termination of the Astellas Agreement in 2024. 

32

The increase in expenses for Descartes-08 for MG was primarily related to the expenses for the Phase 2b trial and the activities associated with the Phase 3 AURORA trial. The increase in our expenses for early stage programs was primarily related to increased manufacturing operations expenses. The increases in our research and development employee expenses and stock-based compensation expense were primarily a result of headcount growth. 

General and administrative expenses

For the three months ended March 31, 2025, our general and administrative expenses were $8.3 million, compared to $9.5 million for the three months ended March 31, 2024, a decrease of $1.2 million. The decrease in cost was primarily the result of reductions in expenses in professional fees incurred in connection with the Merger.

Interest income

Interest income for the three months ended March 31, 2025 was $2.0 million, compared to $1.2 million for the three months ended March 31, 2024, an increase of $0.8 million. The increase in interest income was due to increased investment balance.

Change in fair value of warrant liabilities

For the three months ended March 31, 2025, we recognized $1.8 million of income from the decrease in the fair value of warrant liabilities, compared to $1.0 million of income from the decrease in the fair value of warrant liabilities for the three months ended March 31, 2024, an increase of $0.8 million. Fair value of warrant liabilities was determined utilizing the Black-Scholes valuation methodology. The decrease in warrant value was