Company: RNAC
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001453687-25-000099
Chunk: 39

Company: Cartesian Therapeutics, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 1
Chunk 39
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088 $— $— Total assets$39,088 $39,088 $— $— Liabilities:     Warrant liabilities$3,836 $— $— $3,836      Contingent value right liability$395,500 $— $— $395,500 Total liabilities$399,336 $— $— $399,336 

14

There were no transfers within the fair value hierarchy during the six months ended June 30, 2025 or the year ended December 31, 2024.Cash, Cash Equivalents, and Restricted CashAs of June 30, 2025 and December 31, 2024, money market funds were classified as cash and cash equivalents on the accompanying consolidated balance sheets as they mature within 90 days from the date of purchase.As of June 30, 2025, the Company had restricted cash balances relating to secured letters of credit in connection with its real estate leases. The Company’s consolidated statements of cash flows include the following as of June 30, 2025 and 2024 (in thousands):June 30,20252024Cash and cash equivalents$160,324 $87,227 Long-term restricted cash1,735 1,669 Total cash, cash equivalents, and restricted cash$162,059 $88,896 Warrants to Purchase Common StockIn December 2019, the Company issued warrants to purchase common stock in connection with a private placement, or the 2019 Warrants. The outstanding 2019 Warrants expired on December 23, 2024 in accordance with their terms. Pursuant to the terms of the 2019 Warrants, the Company could have been required to settle the 2019 Warrants in cash in the event of certain acquisitions of the Company and, as a result, the 2019 Warrants were required to be measured at fair value and reported as a liability on the balance sheet. On December 20, 2022, the Company amended the terms of the outstanding 2019 Warrants held by certain members of the Board of Directors, or the Amended 2019 Warrants, to remove the cash settlement provision. As a result, the Amended 2019 Warrants were remeasured at fair value on December 20, 2022 and reclassified from a liability to equity on the balance sheet.In April 202