Company: RNAC
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001453687-25-000099
Chunk: 140

Company: Cartesian Therapeutics, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 8
Chunk 140
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 fair value of warrant liabilities654 (3,908)4,562 (117)%Change in fair value of contingent value right liability35,300 2,500 32,800 1,312 %Other (expense) income, net(5)292 (297)(102)%Net income$15,886 $13,836 $2,050 15 %

Collaboration and license revenue

During the three months ended June 30, 2025, we recognized no collaboration and license revenue, compared to $33.3 million for the three months ended June 30, 2024, a decrease of $33.3 million. The decrease was primarily due to revenue recognized under the Sobi License resulting from the $30.0 million unconstrained development milestone recognized during the three months ended June 30, 2024.

Grant revenue

During the three months ended June 30, 2025, we recognized $0.3 million of grant revenue, compared to $0.2 million for the three months ended June 30, 2024, an increase of $0.1 million. The increase was primarily due to increased expenses reimbursable under the grant from the National Institute of Neurological Disorders and Stroke of the National Institutes of Health, or NINDS, incurred during the three months ended June 30, 2025, for which we received funding approval during the three months ended June 30, 2024.

Research and development expenses

The following is a comparison of research and development expenses for the three months ended June 30, 2025 and 2024 (in thousands, except percentages):

Three Months Ended June 30,Increase (Decrease)20252024Legacy Selecta programs$— $3,570 $(3,570)(100)%Descartes-08 for MG5,035 2,945 2,090 71 %Early stage programs1,715 528 1,187 225 %Research and development employee expenses4,254 2,184 2,070 95 %Research and development stock-based compensation expense1,810 776 1,034 133 %Research and development facilities and other expenses2,055 2,658 (603)(23)%Total research and development expenses$14,869 $12,661 $2,208 17 %

For the three months ended June 30, 2025, our research and