Company: RNAC
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001453687-25-000085
Chunk: 99

Company: Cartesian Therapeutics, Inc.
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 8
Chunk 99
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389,418  December 31, 2024TotalLevel 1Level 2Level 3Assets:     Money market funds (included in cash equivalents)$39,088 $39,088 $— $— 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 There were no transfers within the fair value hierarchy during the three months ended March 31, 2025 or the year ended December 31, 2024.

14

Cash, Cash Equivalents, and Restricted CashAs of March 31, 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 March 31, 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 March 31, 2025 and 2024 (in thousands):March 31,20252024Cash and cash equivalents$180,434 $103,418 Long-term restricted cash1,669 1,377 Total cash, cash equivalents, and restricted cash$182,103 $104,795 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