Company: RNAC
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001453687-25-000099
Chunk: 71

Company: Cartesian Therapeutics, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 1
Chunk 71
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 as a component of earnings.

31

Results of Operations

Comparison of the Three Months Ended June 30, 2025 and 2024

Three Months Ended June 30,Increase (Decrease)20252024(in thousands, except percentages)Revenue:Collaboration and license revenue$— $33,271 $(33,271)(100)%Grant revenue298 174 124 71 %Total revenue298 33,445 (33,147)(99)%Operating expenses:Research and development14,869 12,661 2,208 17 %General and administrative7,240 7,027 213 3 %Total operating expenses22,109 19,688 2,421 12 %Operating (loss) income(21,811)13,757 (35,568)(259)%Interest income1,748 1,195 553 46 %Change in fair value of warrant liabilities654 (3,908)4,562 (117)%Change in fair value of contingent value right liability35,300 2,500 32,800 1,312 %Other (expense) income, net(5)292 (297)(102)%Net income$15,886 $13,836 $2,050 15 %

Collaboration and license revenue

During the three months ended June 30, 2025, we recognized no collaboration and license revenue, compared to $33.3 million for the three months ended June 30, 2024, a decrease of $33.3 million. The decrease was primarily due to revenue recognized under the Sobi License resulting from the $30.0 million unconstrained development milestone recognized during the three months ended June 30, 2024.

Grant revenue

During the three months ended June 30, 2025, we recognized $0.3 million of grant revenue, compared to $0.2 million for the three months ended June 30, 2024, an increase of $0.1 million. The increase was primarily due to increased expenses reimbursable under the grant from the National Institute of Neurological Disorders and Stroke of the National Institutes of Health, or NINDS, incurred during the three months ended June 30, 2025, for which we received funding approval during the three months ended June 30, 2024.

Research and development expenses

The following is a comparison of research and development expenses for