Company: RNAC
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001453687-25-000099
Chunk: 118

Company: Cartesian Therapeutics, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 8
Chunk 118
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 acquired two operating leases for office and laboratory space in Gaithersburg, Maryland. The leases expire in January 2027 and do not contain any renewal rights. The discount rate of 11.5% was determined based on the Company’s incremental borrowing rate adjusted for the lease term.For the three and six months ended June 30, 2025 and 2024, the components of lease costs were as follows (in thousands):Three Months EndedJune 30,Six Months EndedJune 30,2025202420252024Operating lease cost$571 $956 $1,155 $1,731 Variable lease cost426 352 832 749 Short-term lease cost8 1 19 4 Less: Sublease income— (250)— (760)Total lease cost$1,005 $1,059 $2,006 $1,724 The maturity of the Company’s operating lease liabilities as of June 30, 2025 were as follows (in thousands):June 30,20252025 (remainder)$2,230 20264,538 20274,345 20282,314 20291,409 Thereafter2,188      Total future minimum lease payments17,024 Less: Imputed interest3,675      Total operating lease liabilities$13,349 The supplemental disclosure for the statements of cash flows related to operating leases was as follows (in thousands):Six Months EndedJune 30,20252024Cash paid for amounts included in the measurement of lease liabilities:$1,415 $1,604 Other than the initial recording of the right-of-use assets and lease liabilities for the Frederick Lease Agreement and Amended Frederick Lease Agreement, which were non-cash, the changes in the Company’s right-of-use assets and lease liabilities for the six months ended June 30, 2025 and 2024 are reflected in the non-cash lease expense and accrued expenses and other liabilities, respectively, in the consolidated statements of cash flows.The following summarizes additional information related to operating leases:June 30,20252024Weighted-average remaining lease term4.2 years4.9 yearsWeighted-average discount rate11.8%11.5%

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11. Equity

Equity Financings2024 Private PlacementOn July 2, 2024, the Company and certain institutional and accredited investors, or the Purchasers, entered into the 2024 Securities Purchase Agreement for