Company: RNAC
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001453687-25-000085
Chunk: 62

Company: Cartesian Therapeutics, Inc.
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 1
Chunk 62
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 methylmalonic acidemia, and conducting a targeted headcount reduction. On August 17, 2023, the Company announced additional steps to extend cash runway and maximize value for stockholders by continuing to prioritize development of the Company’s product candidate, SEL-212, and support of its collaboration with Astellas for Xork, and pausing further development of all of the Company’s other clinical and preclinical product candidates that it was no longer actively advancing. As a result of these measures, the Company implemented a restructuring plan that resulted in an approximate 90% reduction of the Company’s headcount as of April 2023. The following table summarizes the change in the Company’s accrued restructuring balance included in accrued expenses and other current liabilities on its consolidated balance sheets (in thousands):As ofAs ofDecember 31, 2023ChargesCash PaymentsMarch 31, 2024Severance liability$3,896 $292 $(3,320)$868 As ofAs ofDecember 31, 2024ChargesCash PaymentsMarch 31, 2025Severance liability$80 $— $(80)$— 

The Company recognized restructuring expenses consisting of one-time cash severance payments and other employee-related costs. The Company recorded these restructuring charges based on each employee’s role to the respective research and development and general and administrative operating expense categories on its consolidated statements of operations and comprehensive loss. For the three months ended March 31, 2025, the Company recognized no restructuring charges. For the three months ended March 31, 2024, the Company recognized $0.2 million in research and development expenses and $0.1 million in general and administrative expenses. Payments for the restructuring plan were completed by March 31, 2025. 

19. Segment Information

The following table presents selected financial information with respect to the Company’s single operating segment for the three months ended March 31, 2025 and 2024 (in thousands):Three Months Ended March 31,20252024Revenue:Collaboration and license revenue$400 $5,840 Grant revenue700 — Total revenue1,100 5,840 LessOperating expenses:Legacy Selecta programs— 2,777 Descartes-08 for MG7,036 1,266 Early stage programs990 127 Research and development employee expenses3,702 3,241 Research and development stock-based compensation expense1,275 712