Company: RNAC
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001453687-25-000120
Chunk: 50

Company: Cartesian Therapeutics, Inc.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 1
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 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.

20

For the three and nine months ended September 30, 2025 and 2024, the components of lease costs were as follows (in thousands):Three Months EndedSeptember 30,Nine Months EndedSeptember 30,2025202420252024Operating lease cost$557 $1,058 $1,712 $2,789 Variable lease cost438 380 1,270 1,129 Short-term lease cost131 1 150 5 Less: Sublease income— (250)— (1,010)Total lease cost$1,126 $1,189 $3,132 $2,913 The maturity of the Company’s operating lease liabilities as of September 30, 2025 were as follows (in thousands):September 30, 20252025 (remainder)$1,118 20264,538 20274,345 20282,314 20291,409 Thereafter2,188 Total future minimum lease payments15,912 Less: Imputed interest3,309 Total operating lease liabilities$12,603 The supplemental disclosure for the statements of cash flows related to operating leases was as follows (in thousands):Nine Months EndedSeptember 30,20252024Cash paid for amounts included in the measurement of lease liabilities:$2,527 $2,548 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 nine months ended September 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:September 30,20252024Weighted-average remaining lease term4.0 years4.7 yearsWeighted-average discount rate11.9%11.6%

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 the 2024 Private Placement. Pursuant to the 2024