Company: RNAC
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001453687-25-000099
Chunk: 72

Company: Cartesian Therapeutics, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 1
Chunk 72
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 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 development expenses were $14.9 million, compared to $12.7 million for the three months ended June 30, 2024, an increase of $2.2 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 License and Development Agreement, or the Astellas Agreement, with Audentes Therapeutics, Inc., doing business as Astellas Gene Therapies, or  

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Astellas in 2024. The increase in expenses for Descartes-08 for MG was primarily related to the expenses for the ongoing Phase 3 AURORA 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 three months ended June 30, 2025, our general and administrative expenses were $7.2 million, compared to $7.0 million for the three months ended June 30, 2024, an increase of $0.2 million. The increase in cost was primarily the result of increased facilities expenses.

Interest income

Interest income for the three months ended June 30, 2025 was $1.7 million, compared to $1.2 million for the three months ended June 30, 2024, an increase of $0.5 million. The increase in interest income was due to increased cash and cash equivalents balance