Company: RNAC
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001453687-25-000120
Chunk: 128

Company: Cartesian Therapeutics, Inc.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 8
Chunk 128
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 receivables of $0.1 million, representing billings for the Phase 3 DISSOLVE program that are subject to reimbursement by Sobi. Additionally, as of September 30, 2025 and December 31, 2024, there was no unbilled receivable outstanding. No revenue was recognized during the three and nine months ended September 30, 2025 or the three months ended September 30, 2024. Revenue of $32.8 million, inclusive of the $30.0 million development milestone, related to the Sobi License was recognized during the nine months ended September 30, 2024.Transaction Price Allocated to Future Performance ObligationsRemaining performance obligations represent the transaction price of contracts for which work has not been performed, or has been partially performed. As of September 30, 2025 and December 31, 2024, there were no unsatisfied performance obligations from contracts with customers. Grant revenueNational Institute of Neurological Disorders and Stroke of the National Institutes of HealthIn June 2024, the Company received funding approval from the National Institute of Neurological Disorders and Stroke of the National Institutes of Health, or NINDS, for an award of $1.5 million granted for the budget period, which ran from June 2024 through May 2025. In June 2025, the Company received funding approval from NINDS for an additional award of $1.5 million granted for the budget period that runs from June 2025 through May 2026. The funding was provided by NINDS to further the Company’s use of RNA-based CAR-T cells to combat autoantibody-associated autoimmune disorders. Grant funding is to be used solely for manufacturing of RNA-based CAR-T cells and analysis of samples to inform mechanism of action. The award period runs through May 31, 2026. The Company will recognize grant revenue when expenses reimbursable under the grant have been incurred. As of September 30, 2025 and December 31, 2024, the Company recorded a receivable of $0.5 million and $0.6 million, respectively, that is subject to reimbursement by NINDS. The Company recognized grant revenue of $0.5 million and $1.4 million during the three and nine months ended September 30, 2025, respectively. The Company recognized grant revenue of $0.4 million and $0.6 million during the three and