Cartesian Therapeutics Reports First Quarter 2025 Financial Results and Provides Business Update
Cartesian Therapeutics (NASDAQ: RNAC) reported its Q1 2025 financial results and provided significant pipeline updates. The company's lead candidate Descartes-08 showed promising Phase 2b results in myasthenia gravis (MG), with sustained benefits through 12 months after a single course of therapy. Notably, patients without prior biologic exposure showed an average 7.1-point reduction in MG-ADL, with 57% maintaining minimum symptoms at Month 12.
The company plans to initiate the Phase 3 AURORA trial for Descartes-08 in MG in Q2 2025. Additional milestones expected in H2 2025 include preliminary data from a Phase 2 trial in systemic lupus erythematosus and initiation of a pediatric basket trial. Financially, Cartesian reported $182.1 million in cash and equivalents as of March 31, 2025, expected to fund operations into mid-2027. Q1 2025 net loss was $(17.7) million, or $(0.68) per share.
Cartesian Therapeutics (NASDAQ: RNAC) ha comunicato i risultati finanziari del primo trimestre 2025 e ha fornito aggiornamenti importanti sul proprio pipeline. Il candidato principale dell'azienda, Descartes-08, ha mostrato risultati promettenti nella Fase 2b per la miastenia grave (MG), con benefici duraturi fino a 12 mesi dopo un singolo ciclo di terapia. In particolare, i pazienti senza precedenti trattamenti biologici hanno registrato una riduzione media di 7,1 punti nel MG-ADL, con il 57% che ha mantenuto sintomi minimi al mese 12.
L'azienda prevede di avviare la Fase 3 dello studio AURORA per Descartes-08 nella MG nel secondo trimestre 2025. Altri traguardi attesi nella seconda metà del 2025 includono dati preliminari da uno studio di Fase 2 sul lupus eritematoso sistemico e l'avvio di uno studio basket pediatrico. Dal punto di vista finanziario, Cartesian ha riportato 182,1 milioni di dollari in liquidità e equivalenti al 31 marzo 2025, sufficienti a finanziare le operazioni fino a metà 2027. La perdita netta nel primo trimestre 2025 è stata di 17,7 milioni di dollari, ovvero 0,68 dollari per azione.
Cartesian Therapeutics (NASDAQ: RNAC) informó sus resultados financieros del primer trimestre de 2025 y proporcionó actualizaciones importantes sobre su cartera de proyectos. El candidato principal de la compañía, Descartes-08, mostró resultados prometedores en la Fase 2b para miastenia gravis (MG), con beneficios sostenidos hasta 12 meses después de un solo ciclo de tratamiento. Cabe destacar que los pacientes sin exposición previa a biológicos experimentaron una reducción promedio de 7.1 puntos en MG-ADL, con un 57% manteniendo síntomas mínimos en el mes 12.
La empresa planea iniciar el ensayo de Fase 3 AURORA para Descartes-08 en MG en el segundo trimestre de 2025. Otros hitos esperados en la segunda mitad de 2025 incluyen datos preliminares de un ensayo de Fase 2 en lupus eritematoso sistémico y el inicio de un ensayo basket pediátrico. En términos financieros, Cartesian reportó 182.1 millones de dólares en efectivo y equivalentes al 31 de marzo de 2025, lo que se espera financie las operaciones hasta mediados de 2027. La pérdida neta del primer trimestre de 2025 fue de 17.7 millones de dólares, o 0.68 dólares por acción.
Cartesian Therapeutics (NASDAQ: RNAC)는 2025년 1분기 재무 실적을 발표하고 주요 파이프라인 업데이트를 제공했습니다. 회사의 주력 후보물질인 Descartes-08은 중증 근무력증(MG)에서 2b상에서 유망한 결과를 보였으며, 단일 치료 코스 후 12개월 동안 지속적인 효과를 나타냈습니다. 특히, 이전에 생물학적 제제에 노출되지 않은 환자들은 MG-ADL 점수가 평균 7.1점 감소했으며, 57%는 12개월째 최소 증상을 유지했습니다.
회사는 2025년 2분기에 MG에 대한 Descartes-08의 3상 AURORA 임상시험을 시작할 계획입니다. 2025년 하반기에는 전신성 홍반성 루푸스에 대한 2상 임상 예비 데이터와 소아 대상 바스켓 임상 시작이 기대됩니다. 재무적으로는 2025년 3월 31일 기준 1억 8,210만 달러의 현금 및 현금성 자산을 보유하고 있으며, 이는 2027년 중반까지 운영 자금으로 충분할 것으로 예상됩니다. 2025년 1분기 순손실은 1,770만 달러, 주당 손실은 0.68달러였습니다.
Cartesian Therapeutics (NASDAQ : RNAC) a publié ses résultats financiers du premier trimestre 2025 et a fourni d'importantes mises à jour sur son pipeline. Le principal candidat de la société, Descartes-08, a présenté des résultats prometteurs en phase 2b dans la myasthénie grave (MG), avec des bénéfices durables jusqu'à 12 mois après un seul traitement. Notamment, les patients sans exposition préalable aux biologiques ont montré une réduction moyenne de 7,1 points au score MG-ADL, 57 % d'entre eux maintenant des symptômes minimes au mois 12.
La société prévoit de lancer l'essai de phase 3 AURORA pour Descartes-08 dans la MG au deuxième trimestre 2025. D'autres étapes importantes attendues au second semestre 2025 incluent des données préliminaires d'un essai de phase 2 sur le lupus érythémateux systémique et le lancement d'un essai basket pédiatrique. Sur le plan financier, Cartesian a déclaré disposer de 182,1 millions de dollars en liquidités et équivalents au 31 mars 2025, ce qui devrait financer ses opérations jusqu'au milieu de 2027. La perte nette du premier trimestre 2025 s'est élevée à 17,7 millions de dollars, soit 0,68 dollar par action.
Cartesian Therapeutics (NASDAQ: RNAC) berichtete über seine Finanzergebnisse für das erste Quartal 2025 und gab wichtige Updates zu seiner Pipeline bekannt. Der Hauptkandidat des Unternehmens, Descartes-08, zeigte vielversprechende Ergebnisse in Phase 2b bei Myasthenia gravis (MG) mit anhaltenden Vorteilen bis zu 12 Monate nach einer einzigen Therapiekur. Besonders bemerkenswert war, dass Patienten ohne vorherige biologische Behandlung eine durchschnittliche Reduktion von 7,1 Punkten im MG-ADL aufwiesen, wobei 57 % der Patienten nach 12 Monaten minimale Symptome beibehielten.
Das Unternehmen plant, im zweiten Quartal 2025 die Phase-3-Studie AURORA für Descartes-08 bei MG zu starten. Weitere Meilensteine in der zweiten Jahreshälfte 2025 umfassen vorläufige Daten aus einer Phase-2-Studie bei systemischem Lupus erythematodes sowie den Start einer pädiatrischen Basket-Studie. Finanzseitig meldete Cartesian zum 31. März 2025 182,1 Millionen US-Dollar an liquiden Mitteln und Äquivalenten, die voraussichtlich den Betrieb bis Mitte 2027 finanzieren werden. Der Nettoverlust im ersten Quartal 2025 betrug 17,7 Millionen US-Dollar bzw. 0,68 US-Dollar pro Aktie.
- Strong cash position of $182.1M expected to fund operations into mid-2027
- Positive Phase 2b results showing sustained benefits through 12 months in MG patients
- Significant 7.1-point reduction in MG-ADL for biologic-naive patients
- Multiple potential value-creating milestones expected in 2025
- Decreased net loss from $(56.8M) in Q1 2024 to $(17.7M) in Q1 2025
- Increased R&D expenses from $9.7M to $14.7M year-over-year
- Phase 3 AURORA trial results still pending
- Continued net loss of $(17.7M) in Q1 2025
Insights
Cartesian's Descartes-08 shows promising 12-month durability in myasthenia gravis with convenient outpatient administration, supporting upcoming Phase 3 trial.
Cartesian's Phase 2b data for Descartes-08 in myasthenia gravis (MG) demonstrates impressive durability, with sustained responses through 12 months after just a single treatment course. The average 4.8-point reduction in the MG-ADL scale at the 12-month mark suggests meaningful improvement in patients' daily functioning. Particularly striking is the 7.1-point average reduction in biologic-naive patients, with 57% maintaining minimal symptom expression at one year.
This durability profile is noteworthy because current MG treatments typically require continuous administration to maintain efficacy. The potential for a single course of therapy to provide year-long benefits represents a paradigm shift in treatment approach. Furthermore, Descartes-08's outpatient administration without preconditioning chemotherapy addresses significant limitations of traditional CAR-T therapies, which typically require hospitalization and can cause serious toxicities from pretreatment.
The expansion into systemic lupus erythematosus (SLE) and pediatric autoimmune conditions demonstrates scientific confidence in the platform's mechanism. SLE affects approximately 1.5 million Americans and has limited treatment options, representing a substantial market opportunity. The Rare Pediatric Disease Designation for juvenile dermatomyositis suggests regulatory recognition of the significant unmet need.
With the Phase 3 AURORA trial initiating in Q2 2025, we'll see a pivotal test of this therapy with a focused primary endpoint measuring the proportion of patients achieving a clinically meaningful 3-point improvement in MG-ADL. This straightforward endpoint aligns well with regulatory expectations for approval pathways in MG.
Cartesian reports $182.1M cash position extending runway into mid-2027, supporting Phase 3 trial completion with significantly reduced net loss year-over-year.
Cartesian's $182.1 million cash position provides a substantial runway into mid-2027, comfortably covering the crucial Phase 3 AURORA trial and upcoming catalysts. This financial cushion is essential for clinical-stage biotechs navigating capital-intensive late-stage development without revenue streams.
Q1 financial metrics reveal strategic resource allocation, with R&D expenses increasing 51% year-over-year to $14.7 million, reflecting appropriate investment in advancing clinical programs. Meanwhile, G&A expenses decreased by 12.6% to $8.3 million, indicating disciplined operational management following their 2023 merger integration.
The company's net loss of $17.7 million (
The projected cash runway aligns well with their clinical development timeline, particularly supporting the Phase 3 AURORA trial completion. With multiple clinical readouts expected in 2025, including preliminary SLE data and the initiation of the pediatric basket trial, the company has adequately resourced its pipeline advancement strategy.
The focus on multiple autoimmune indications creates pipeline diversification, potentially reducing clinical development risk. With CAR-T therapies commanding premium pricing in oncology, successful translation to autoimmune diseases could yield similar pricing power, particularly if the one-time treatment provides durable benefits as suggested by the Phase 2b data.
Initiation of Phase 3 AURORA trial of Descartes-08 in myasthenia gravis expected in 2Q25; deep and sustained benefits observed through Month 12 after a single course of therapy in Phase 2b trial
Preliminary data from Phase 2 trial of Descartes-08 in systemic lupus erythematosus expected in 2H25
Initiation of Phase 2 pediatric basket trial of Descartes-08 in select autoimmune indications expected in 2H25
Approximately
FREDERICK, Md., May 08, 2025 (GLOBE NEWSWIRE) -- Cartesian Therapeutics, Inc. (NASDAQ: RNAC) (the “Company”), a clinical-stage biotechnology company pioneering cell therapy for autoimmune diseases, today reported financial results for the first quarter ended March 31, 2025, and outlined recent corporate updates.
“We are off to a strong start in what we expect to be a productive year marked by several potential value-creating milestones across our pipeline,” said Carsten Brunn, Ph.D., President and Chief Executive Officer of Cartesian. “This includes the recent presentation of updated data from our Phase 2b trial of Descartes-08 in participants with myasthenia gravis (MG), in which we observed deep and sustained benefits at Month 12 following a single course of therapy, particularly in participants without exposure to prior biologic therapies. These data underscore the potential of Descartes-08, which is designed to be dosed conveniently in an outpatient setting without the need for preconditioning chemotherapy, to truly transform the current treatment paradigm, and we look forward to commencing our Phase 3 AURORA trial by the end of this quarter.”
Dr. Brunn continued, “In addition, progress continues across the balance of our pipeline, with preliminary data from our ongoing Phase 2 trial of Descartes-08 in patients with systemic lupus erythematosus (SLE), as well as the initiation of a pediatric basket trial in select autoimmune diseases, expected in the second half of this year.”
Recent Pipeline Progress and Anticipated Milestones
- Announced Positive Updated Long-Term Results from Phase 2b Trial of Descartes-08 in Participants with MG, with Sustained Benefits Observed Through 12 Months After a Single Course of Therapy. In April 2025, the Company announced updated efficacy and safety data from the Phase 2b trial of Descartes-08 in participants with MG. After a single course of therapy, Descartes-08-treated participants were observed to sustain deep responses through long-term follow-up, with an average 4.8-point reduction in the MG Activities of Daily Living Scale (MG-ADL) at Month 12. The deepest and most compelling sustained responses observed in Descartes-08-treated participants who did not have prior exposure to biologic therapies, with an average 7.1-point reduction in MG-ADL and
57% of patients in this subgroup maintaining minimum symptom expression at Month 12. The safety profile of Descartes-08 was consistent with previously reported data and continues to support outpatient administration.
An encore presentation of the data, which were originally shared at the 2025 American Academy of Neurology Annual Meeting, will be featured during the 15th International Conference on Myasthenia Gravis and Related Disorders being held May 13-15, 2025, in The Hague, Netherlands. The presentation, titled “Efficacy and safety of autologous BCMA-directed mRNA CAR T-cell therapy in generalized myasthenia gravis: Results from a phase 2b randomized placebo-controlled trial”, will be delivered by James (Chip) F. Howard, Jr., M.D., Cartesian Clinical Advisor and Professor of Neurology, Medicine, and Allied Health at the University of North Carolina School of Medicine, on May 15, 2025 during the 8:25 am CEST session.
- Initiation of Phase 3 AURORA Trial of Descartes-08 in MG on Track for 2Q25. The randomized, double-blind, placebo-controlled Phase 3 AURORA trial is designed to assess Descartes-08 versus placebo (1:1 randomization) administered as six once-weekly outpatient infusions without preconditioning chemotherapy in approximately 100 participants with acetylcholine receptor autoantibody positive (AChR Ab+) MG. The primary endpoint will assess the proportion of Descartes-08 participants with an improvement in MG-ADL score of three points or more at Month 4 compared to placebo. Descartes-08, Cartesian’s lead product candidate, is an autologous anti-B cell maturation antigen (BCMA) chimeric antigen receptor T-cell therapy (CAR-T).
- Preliminary Data from Ongoing Phase 2 Open-Label Trial of Descartes-08 in Patients with SLE Expected in the Second Half of 2025. The trial is designed to assess the safety, tolerability and clinical activity of outpatient Descartes-08 administration without preconditioning chemotherapy in patients with SLE. SLE is an incurable autoimmune disease marked by systemic inflammation that affects multiple organ systems and impacts approximately 1.5 million people in the United States.
- Phase 2 Pediatric Basket Trial of Descartes-08 in Select Autoimmune Diseases Expected to Initiate in the Second Half of 2025. This pediatric basket trial will target juvenile SLE, juvenile MG, juvenile dermatomyositis (JDM) and anti-neutrophil cytoplasmic antibody associated vasculitis. The FDA previously granted Rare Pediatric Disease Designation to Descartes-08 for the treatment of JDM, which is a rare pediatric autoimmune disorder.
- Dosing Continues in First-in-Human Phase 1 Clinical Trial of Descartes-15. The Phase 1 dose escalation trial of Cartesian’s next-generation, autologous anti-BCMA CAR-T cell therapy, is designed to assess the safety and tolerability of outpatient Descartes-15 administration in patients with multiple myeloma. Following the Phase 1 dose escalation trial, the Company expects to subsequently assess Descartes-15 in autoimmune indications.
First Quarter 2025 Financial Results
- Cash, cash equivalents and restricted cash as of March 31, 2025 was
$182.1 million and is expected to support planned operations, including completion of planned Phase 3 AURORA trial for Descartes-08 in MG, into mid-2027. - Research and development expenses were
$14.7 million for the three months ended March 31, 2025, compared to$9.7 million for the three months ended March 31, 2024. The increase in expenses was primarily a result of increased expenses for the Phase 2b trial and the activities associated with the Phase 3 AURORA trial for Descartes-08 for MG. - General and administrative expenses were
$8.3 million for the three months ended March 31, 2025, compared to$9.5 million for the three months ended March 31, 2024. The decrease in expenses was primarily the result of reductions in professional fees incurred in connection with the 2023 merger. - Net loss was
$(17.7) million , or$(0.68) net loss per share (basic), for the three months ended March 31, 2025, compared to net loss of$(56.8) million , or$(10.50) net loss per share (basic), for the three months ended March 31, 2024.
About Descartes-08
Descartes-08, Cartesian’s lead cell therapy candidate, is an autologous chimeric antigen receptor T-cell therapy (CAR-T) product targeting B-cell maturation antigen (BCMA) in clinical development for generalized myasthenia gravis (MG) and systemic lupus erythematosus. In contrast to conventional DNA-based CAR T-cell therapies, Cartesian’s CAR-T administration is designed to not require preconditioning chemotherapy, can be administered in the outpatient setting, and does not carry the risk of genomic integration associated with cancerous transformation. Descartes-08 has been granted Orphan Drug Designation and Regenerative Medicine Advanced Therapy Designation by the U.S. Food and Drug Administration for the treatment of MG, and Rare Pediatric Disease Designation for the treatment of juvenile dermatomyositis.
About Descartes-15
Descartes-15 is a next-generation, autologous anti-BCMA CAR-T cell therapy. In preclinical studies, Descartes-15 has been observed to achieve an approximately ten-fold increase in CAR expression and selective target-specific killing, relative to Descartes-08. Similar to Descartes-08, Descartes-15 is designed to be administered without preconditioning chemotherapy and does not use integrating vectors.
About Cartesian Therapeutics
Cartesian Therapeutics is a clinical-stage company pioneering cell therapy for the treatment of autoimmune diseases. The Company’s lead asset, Descartes-08, is a CAR-T entering Phase 3 clinical development for patients with generalized myasthenia gravis and Phase 2 development for systemic lupus erythematosus, with a Phase 2 basket trial planned in additional autoimmune indications. A Phase 3 trial of Descartes-08 in patients with generalized myasthenia gravis has received written agreement from the FDA under the Special Protocol Assessment process. The Company’s clinical-stage pipeline also includes Descartes-15, a next-generation, autologous anti-BCMA CAR-T currently being evaluated in a Phase 1 trial in patients with multiple myeloma. For more information, please visit www.cartesiantherapeutics.com or follow the Company on LinkedIn or X, formerly known as Twitter.
Forward Looking Statements
Any statements in this press release about the future expectations, plans and prospects of the Company, including without limitation, statements regarding the Company’s expected cash resources and cash runway, the ability of the Company’s product candidates to be administered in an outpatient setting or without the need for preconditioning lymphodepleting chemotherapy, the potential of Descartes-08, Descartes-15, or any of the Company’s other product candidates to treat myasthenia gravis, juvenile myasthenia gravis, systemic lupus erythematosus, juvenile systemic lupus erythematosus, juvenile dermatomyositis, anti-neutrophil cytoplasmic antibody-associated vasculitis, multiple myeloma, or any other disease, the anticipated timing or the outcome of ongoing and planned clinical trials, studies and data readouts, including the planned Phase 3 AURORA trial of Descartes-08 in myasthenia gravis, the planned Phase 2 pediatric basket trial of Descartes-08 in juvenile dermatomyositis, juvenile systemic lupus erythematosus, juvenile myasthenia gravis, and anti-neutrophil cytoplasmic antibody-associated vasculitis, and the ongoing Phase 2 trial of Descartes-08 in systemic lupus erythematosus, the anticipated timing or the outcome of the FDA’s review of the Company’s regulatory filings, the Company’s ability to conduct its clinical trials and preclinical studies, the timing or making of any regulatory filings, the anticipated timing or outcome of selection of developmental product candidates, the novelty of treatment paradigms that the Company is able to develop, the potential of any therapies developed by the Company to fulfill unmet medical needs, and enrollment in the Company’s clinical trials and other statements containing the words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “hypothesize,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “would,” and similar expressions, constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including, but not limited to, the following: the uncertainties inherent in the initiation, completion and cost of clinical trials including proof of concept trials, including uncertain outcomes, the availability and timing of data from ongoing and future clinical trials and the results of such trials, whether preliminary results from a particular clinical trial will be predictive of the final results of that trial and whether results of early clinical trials will be indicative of the results of later clinical trials, the ability to predict results of studies performed on human beings based on results of studies performed on non-human subjects, the unproven approach of the Company’s technology, potential delays in enrollment of patients, undesirable side effects of the Company’s product candidates, political uncertainty, the Company’s reliance on third parties to conduct its clinical trials, the Company’s inability to maintain its existing or future collaborations, licenses or contractual relationships, its inability to protect its proprietary technology and intellectual property, potential delays in regulatory approvals, the availability of funding sufficient for its foreseeable and unforeseeable operating expenses and capital expenditure requirements, the Company’s recurring losses from operations and negative cash flows, substantial fluctuation in the price of the Company’s common stock, risks related to geopolitical conflicts, pandemics, and macroeconomic impacts, and other important factors discussed in the “Risk Factors” section of the Company’s most recent Annual Report on Form 10-K and subsequently filed Quarterly Reports on Form 10-Q, and in other filings that the Company makes with the Securities and Exchange Commission. In addition, any forward-looking statements included in this press release represent the Company’s views only as of the date of its publication and should not be relied upon as representing its views as of any subsequent date. The Company specifically disclaims any intention to update any forward-looking statements included in this press release, except as required by law.
| Cartesian Therapeutics, Inc. and Subsidiaries | |||||||
| Consolidated Balance Sheets | |||||||
| (Amounts in thousands, except share data and par value) | |||||||
| March 31, 2025 | December 31, 2024 | ||||||
| (Unaudited) | |||||||
| Assets | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 180,434 | $ | 212,610 | |||
| Accounts receivable | 1,765 | 872 | |||||
| Prepaid expenses and other current assets | 2,921 | 3,144 | |||||
| Total current assets | 185,120 | 216,626 | |||||
| Non-current assets: | |||||||
| Property and equipment, net | 10,174 | 9,912 | |||||
| Right-of-use asset, net | 5,351 | 5,535 | |||||
| In-process research and development assets | 150,600 | 150,600 | |||||
| Goodwill | 48,163 | 48,163 | |||||
| Long-term restricted cash | 1,669 | 1,669 | |||||
| Investments | 2,000 | 2,000 | |||||
| Other assets | 6,053 | 518 | |||||
| Total assets | $ | 409,130 | $ | 435,023 | |||
| Liabilities, convertible preferred stock, and stockholders’ deficit | |||||||
| Current liabilities: | |||||||
| Accounts payable | $ | 2,097 | $ | 288 | |||
| Accrued expenses and other current liabilities | 9,197 | 12,076 | |||||
| Lease liability | 3,704 | 2,851 | |||||
| Contingent value right liability | — | 7,761 | |||||
| Total current liabilities | 14,998 | 22,976 | |||||
| Non-current liabilities: | |||||||
| Lease liability, net of current portion | 10,362 | 11,133 | |||||
| Warrant liabilities, net of current portion | 2,018 | 3,836 | |||||
| Contingent value right liability, net of current portion | 387,400 | 387,739 | |||||
| Deferred tax liabilities, net | 16,141 | 16,141 | |||||
| Total liabilities | 430,919 | 441,825 | |||||
| Stockholders’ deficit: | |||||||
| Series A Preferred Stock, | — | — | |||||
| Series B Preferred Stock, | — | — | |||||
| Preferred stock, | — | — | |||||
| Common stock, | 3 | 3 | |||||
| Additional paid-in capital | 692,578 | 689,887 | |||||
| Accumulated deficit | (709,781 | ) | (692,071 | ) | |||
| Accumulated other comprehensive loss | (4,589 | ) | (4,621 | ) | |||
| Total stockholders’ deficit | (21,789 | ) | (6,802 | ) | |||
| Total liabilities, convertible preferred stock, and stockholders’ deficit | $ | 409,130 | $ | 435,023 | |||
| Cartesian Therapeutics, Inc. and Subsidiaries | |||||||
| Consolidated Statements of Operations and Comprehensive Loss | |||||||
| (Amounts in thousands, except share and per share data) | |||||||
| Three Months Ended March 31, | |||||||
| 2025 | 2024 | ||||||
| (Unaudited) | |||||||
| Revenue: | |||||||
| Collaboration and license revenue | $ | 400 | $ | 5,840 | |||
| Grant revenue | 700 | — | |||||
| Total revenue | 1,100 | 5,840 | |||||
| Operating expenses: | |||||||
| Research and development | 14,674 | 9,738 | |||||
| General and administrative | 8,315 | 9,450 | |||||
| Total operating expenses | 22,989 | 19,188 | |||||
| Operating loss | (21,889 | ) | (13,348 | ) | |||
| Interest income | 2,015 | 1,164 | |||||
| Change in fair value of warrant liabilities | 1,818 | 1,042 | |||||
| Change in fair value of contingent value right liability | 346 | (39,300 | ) | ||||
| Change in fair value of forward contract liabilities | — | (6,890 | ) | ||||
| Other income, net | — | 508 | |||||
| Net loss | $ | (17,710 | ) | $ | (56,824 | ) | |
| Other comprehensive loss: | |||||||
| Foreign currency translation adjustment | 32 | (5 | ) | ||||
| Total comprehensive loss | $ | (17,678 | ) | $ | (56,829 | ) | |
| Net loss per share allocable to common stockholders: | |||||||
| Basic and diluted | $ | (0.68 | ) | $ | (10.50 | ) | |
| Weighted-average common shares outstanding: | |||||||
| Basic and diluted | 25,902,650 | 5,414,020 | |||||
Investor Contact
Megan LeDuc
Associate Director of Investor Relations
megan.leduc@cartesiantx.com
Media Contact
David Rosen
Argot Partners
david.rosen@argotpartners.com
FAQ
What were the key Phase 2b trial results for Cartesian's Descartes-08 in myasthenia gravis?
What is RNAC's cash runway and financial position as of Q1 2025?
When will Cartesian Therapeutics start the Phase 3 AURORA trial for Descartes-08?
What was RNAC's net loss per share in Q1 2025?
What upcoming milestones does Cartesian Therapeutics (RNAC) expect in 2025?
