Company: RNAC
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001453687-25-000120
Chunk: 38

Company: Cartesian Therapeutics, Inc.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 1
Chunk 38
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 of $0.8595 per share, for $2.0 million.In accordance with ASC 810, the Company has a variable interest in Cyrus resulting from its equity investment. The Company will share in Cyrus’ expected losses or receive a portion of its expected returns and absorb the variability associated with changes in the entity’s net assets. However, the Company is not the primary beneficiary as it does not have the power to direct the activities most significant to Cyrus, and therefore it is not required to consolidate Cyrus. The Company has recognized the $2.0 million investment of Cyrus’ Series B Preferred Stock at cost on the purchase date.During the nine months ended September 30, 2025 and the year ended December 31, 2024, there were no observable price changes. Therefore, the carrying value of the investment in Cyrus is $2.0 million on the accompanying consolidated balance sheets. The Company’s maximum exposure to loss related to this variable interest entity is limited to the carrying value of the investment. The Company has not provided financing to Cyrus other than the amount contractually required by the Series B Preferred Stock Purchase Agreement.

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6. Net Loss Per Share Allocable to Common Stockholders

The following table sets forth the computation of basic and diluted net loss per share allocable to common stockholders for the three and nine months ended September 30, 2025 and 2024 (in thousands, except share and per-share data): Three Months EndedSeptember 30,Nine Months EndedSeptember 30, 2025202420252024Numerator:Net loss$(35,902)$(24,183)$(37,726)$(67,171)Denominator:Weighted-average common shares outstanding - basic and diluted26,002,892 21,471,408 25,962,302 14,561,613 Net loss per share allocable to common stockholders:Basic and diluted$(1.38)$(1.13)$(1.45)$(4.61)The following table represents the potential dilutive shares of common stock excluded from the computation of the diluted net loss per share allocable to common stockholders for all periods presented, as the effect would have been anti-dilutive:  Three Months EndedSeptember 30,Nine Months EndedSeptember 30, 2025202420252024Common stock options and restricted stock units2,956,910 2,420,400 2,956,910 2,420,400 Warrants