Company: RNAC
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001453687-25-000120
Chunk: 125

Company: Cartesian Therapeutics, Inc.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 8
Chunk 125
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 31, 20241,706,035 $11.99 7.59$12,025 Granted1,055,709 $16.87   Exercised(82,944)$3.29   Forfeited(245,144)$17.74   Outstanding at September 30, 20252,433,656 $13.83 7.25$5,087 Vested at September 30, 2025895,577 $7.76 4.83$4,698 Vested and expected to vest at September 30, 20252,189,301 $13.40 7.18$5,085 

24

Restricted Stock UnitsDuring the nine months ended September 30, 2025, the Company granted 256,790 restricted stock unit awards with a weighted-average fair value of $16.93 per share based on the closing price of the Company’s common stock on the date of grant under the 2016 Plan, which generally vest over a four-year term. Forfeitures are estimated at the time of grant and are adjusted, if necessary, in subsequent periods if actual forfeitures differ from those estimates. The Company has estimated a forfeiture rate of 10% for restricted stock unit awards based on historical experience.Unrecognized compensation expense related to the restricted stock units was $5.9 million as of September 30, 2025, which is expected to be recognized over a weighted-average period of 2.5 years.The following table summarizes the Company’s restricted stock units under the 2016 Plan and the Old Cartesian Plan: Number of sharesWeighted-averagegrant datefair value ($)Unvested at December 31, 2024444,238 $19.86 Granted256,790 16.93 Vested(153,293)19.86 Forfeited(24,481)17.07 Unvested at September 30, 2025523,254 $18.55 

13. Revenue Arrangements

Collaboration and license revenueAstellas Gene TherapiesLicense and Development AgreementIn January 2023, the Company entered into the License and Development Agreement, or the Astellas Agreement, with Audentes Therapeutics, Inc., or Astellas. Under the Astellas Agreement, the Company granted Astellas an exclusive license to the Company’s IdeXork technology arising from Xork, to develop