Company: RNAC
Filing Date: 2025-03-13
Form Type: 10-K
Source: 0001453687-25-000060
Chunk: 155

Company: Cartesian Therapeutics, Inc.
Filing Date: 2025-03-13
Form: 10-K
Item: Item 7
Chunk 155
---
 income 

Interest income consists primarily of income earned on our cash, cash equivalents and marketable securities.

Interest expense

Interest expense consists of interest expense on amounts borrowed under our credit facilities and loss on extinguishment of debt.

Other income, net

Other income, net consists of non-operating income and non-operating expenses. 

Change in fair value of warrant liabilities

Common warrants classified as liabilities are remeasured quarterly at fair value with the change in fair value recognized as a component of earnings.

Change in fair value of contingent value right liability

The contingent value right liability is remeasured quarterly at fair value with the change in fair value recognized as a component of earnings.

Change in fair value of forward contract liabilities

The forward contract liabilities associated with the delayed issuance of the Series A Preferred Stock related to the Merger and 2023 Private Placement are remeasured quarterly and upon settlement at fair value with the change in fair value recognized as a component of earnings.

58

Results of Operations

Comparison of the Years Ended December 31, 2024 and 2023

Year Ended December 31,Increase (Decrease)20242023(in thousands, except percentages)Revenue:Collaboration and license revenue$38,275 $26,004 $12,271 47 %Grant revenue638 — 638 100 %Total revenue38,913 26,004 12,909 50 %Operating expenses:Research and development45,105 71,260 (26,155)(37)%General and administrative30,126 40,450 (10,324)(26)%Impairment of long-lived assets7,579 710 6,869 967 %Total operating expenses82,810 112,420 (29,610)(26)%Operating loss(43,897)(86,416)42,519 (49)%Interest income7,386 4,964 2,422 49 %Foreign currency transaction, net— 38 (38)(100)%Interest expense— (2,833)2,833 (100)%Change in fair value of warrant liabilities2,558 12,746 (10,188)(80)%Change in fair value of contingent value right liability(36,900)(18,300)(18,600)102 %Change in fair value of forward contract liabilities(6,890)(149,600)142,710 (95)%Other income, net606 691