Company: RNAC
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001453687-25-000099
Chunk: 144

Company: Cartesian Therapeutics, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 8
Chunk 144
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29.5 million, compared to $22.4 million for the six months ended June 30, 2024, an increase of $7.1 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. The increase in expenses for Descartes-08 for MG was primarily related to the expenses for the ongoing Phase 3 AURORA 

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trial. The increase in our expenses for early stage programs was primarily related to increased discovery expenses and 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 six months ended June 30, 2025, our general and administrative expenses were $15.6 million compared to $16.5 million for the six months ended June 30, 2024, a decrease of $0.9 million. The decrease in cost was primarily the result of expenses incurred for professional fees incurred in connection with the Merger.

Interest income

Interest income for the six months ended June 30, 2025 was $3.8 million, compared to $2.4 million for the six months ended June 30, 2024. The increase in interest income was due to increased cash and cash equivalents balance.

Change in fair value of warrant liabilities

For the six months ended June 30, 2025, we recognized $2.5 million of income from the decrease in the fair value of warrant liabilities, compared to $2.9 million charge from the increase in the fair value of warrant liabilities for the six months ended June 30, 2024, an increase of $5.4 million. Fair value of warrant liabilities was determined utilizing the Black-Scholes valuation methodology. The decrease in warrant value was primarily driven by a decrease in the per-share price of our common stock.

Change in fair value of contingent value right liability

For the six months ended June 30, 2025, we recognized $35.6 million of income from the decrease in the fair value of the CVR liability, compared to $36.8 million charge from the increase in the fair value of the CVR liability for the six months ended June 30, 2024, an increase of $72.4 million. The fair value of the CVR liability was determined utilizing a Monte Carlo simulation model. The increase in the fair value of