Company: RNAC
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001453687-25-000120
Chunk: 113

Company: Cartesian Therapeutics, Inc.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 8
Chunk 113
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 Springer, represented a forward contract. See Note 11, “Convertible Preferred Stock” to the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024. The initial fair value of the forward contract liability on November 13, 2023 was insignificant as the fair value of the underlying Series A Preferred Stock was equal to the purchase price of the Series A Preferred Stock as agreed upon in the 2023 Private Placement. Subsequent measurement of the fair value of the forward contract liability was based on the market price of the Company’s common stock, which represented the redemption and conversion value of the Series A Preferred Stock, less the purchase price, on an as-converted basis. The non-cash settlement of a portion of the liability occurred on December 13, 2023 with the issuance of the first tranche of the Series A Preferred Stock for $14.8 million. The non-cash settlement of the remaining second and third tranches occurred on January 12, 2024 and February 11, 2024, respectively, for a total of $35.2 million.

8. Property and Equipment

Property and equipment consists of the following (in thousands): September 30, 2025December 31, 2024Laboratory equipment$8,283 $7,295 Computer equipment and software417 415 Leasehold improvements4,177 3,427 Furniture and fixtures269 268 Office equipment170 169 Construction in process3,202 695 Total property and equipment16,518 12,269 Less: Accumulated depreciation(4,124)(2,357)Property and equipment, net$12,394 $9,912 

Depreciation expense was $0.6 million and $0.3 million for the three months ended September 30, 2025 and 2024, respectively, and $1.8 million and $0.7 million for the nine months ended September 30, 2025 and 2024, respectively.

9. Accrued Expenses

Accrued expenses consist of the following (in thousands): September 30, 2025December 31, 2024Payroll and employee related expenses$3,060 $3,534 Accrued patent fees126 813 Accrued research and development costs2,078 2,987 Accrued professional and consulting