Company: RNAC
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001453687-25-000120
Chunk: 4

Company: Cartesian Therapeutics, Inc.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 2
Chunk 4
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easured 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.

Results of Operations

Comparison of the Three Months Ended September 30, 2025 and 2024

Three Months Ended September 30,Increase (Decrease)20252024(in thousands, except percentages)Revenue:Grant revenue$452 $387 $65 17 %Total revenue452 387 65 17 %Operating expenses:Research and development13,802 11,400 2,402 21 %General and administrative7,716 6,562 1,154 18 %Total operating expenses21,518 17,962 3,556 20 %Operating loss(21,066)(17,575)(3,491)20 %Interest income1,548 2,573 (1,025)(40)%Gain on change in fair value of warrant liabilities516 5,669 (5,153)(91)%Loss on change in fair value of contingent value right liability(16,900)(15,100)(1,800)12 %Other income, net— 250 (250)(100)%Net loss$(35,902)$(24,183)$(11,719)48 %

Grant revenue

During the three months ended September 30, 2025, we recognized $0.5 million of grant revenue, compared to $0.4 million for the three months ended September 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 September 30, 2025.

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Research and development expenses

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

Three Months Ended September 30,Increase