Company: RNAC
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001453687-25-000099
Chunk: 74

Company: Cartesian Therapeutics, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 1
Chunk 74
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Revenue:Collaboration and license revenue$400 $39,111 $(38,711)(99)%Grant revenue998 174 824 474 %Total revenue1,398 39,285 (37,887)(96)%Operating expenses:Research and development29,543 22,399 7,144 32 %General and administrative15,555 16,477 (922)(6)%Total operating expenses45,098 38,876 6,222 16 %Operating (loss) income(43,700)409 (44,109)(10,785)%Interest income3,763 2,359 1,404 60 %Change in fair value of warrant liabilities2,472 (2,866)5,338 (186)%Change in fair value of contingent value right liability35,646 (36,800)72,446 (197)%Change in fair value of forward contract liabilities— (6,890)6,890 (100)%Other (expense) income, net(5)800 (805)(101)%Net loss$(1,824)$(42,988)$41,164 (96)%

Collaboration and license revenue

During the six months ended June 30, 2025, we recognized $0.4 million of collaboration and license revenue, compared to $39.1 million for the six months ended June 30, 2024, a decrease of $38.7 million. The decrease was primarily due to a decrease in revenue recognized under the Sobi License resulting from the $30.0 million unconstrained development milestone recognized during the six months ended June 30, 2024 and a decrease for revenue recognized under the Astellas Agreement upon notice of termination during the six months ended June 30, 2024.

Grant revenue

During the six months ended June 30, 2025, we recognized $1.0 million of grant revenue, compared to $0.2 million for the six months ended June 30, 2024, an increase of $0.8 million. The increase was primarily due to increased expenses reimbursable under the grant from NINDS incurred during the six months ended June 30, 2025, for which we received funding approval during the six months ended June 30, 2024.

Research and development expenses

The following is a comparison of research and development expenses for the six months ended June