Cartesian Therapeutics (NASDAQ: RNAC) adds $150M credit line and extends cash runway
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Cartesian Therapeutics entered a senior secured Loan and Security Agreement providing up to $150.0 million in term loans from K2 HealthVentures, with an initial $50.0 million tranche funded and additional tranches tied to clinical, approval and sales milestones or lender discretion.
The debt matures on June 1, 2030, bears interest at the greater of 8.95% or the prime rate plus 2.20%, and includes minimum cash and future revenue covenants as the company advances Descartes-08 through late-stage trials.
Lenders may convert up to $15.0 million of principal into common stock at $8.2526 per share or qualifying financing prices, subject to ownership caps. The company expects the initial funding to extend its cash runway into 2028 while it targets key data readouts and a planned BLA filing in 2027. Chief Medical Officer Milos Miljkovic, M.D., is resigning effective May 31, 2026, with severance consistent with his employment agreement.
Positive
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Negative
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Insights
Large credit facility extends runway into 2028 but adds covenants and leverage.
Cartesian Therapeutics secured up to $150.0 million in senior secured term loans from K2 HealthVentures, with $50.0 million funded at signing and three additional tranches contingent on clinical, approval, sales and discretionary conditions. The facility’s maturity in 2030 and interest at the greater of 8.95% or prime plus 2.20% create a meaningful long-term liability profile.
The agreement includes minimum unrestricted cash and, from January 1, 2029, a trailing three‑month net product revenue covenant of $40.0 million, tying future balance sheet flexibility to successful commercialization of Descartes‑08. A conversion feature allows up to $15.0 million of principal to convert into equity at $8.2526 per share or qualifying financing prices, capped at 19.99% of shares outstanding as of closing.
Management indicates current cash of about $120 million plus the new facility should support operations into 2028, spanning multiple planned data readouts and a targeted BLA filing in mid‑2027. The planned departure of the Chief Medical Officer is attributed to personal reasons, while the Head of R&D is expected to oversee completion of ongoing trials, which may help maintain clinical continuity.
8-K Event Classification
6 items: 1.01, 2.03, 3.02, 5.02, 7.01, 9.01
6 items
Item 1.01
Entry into a Material Definitive Agreement
Business
The company signed a significant contract such as a merger agreement, credit facility, or major partnership.
Item 2.03
Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement
Financial
The company incurred a new significant debt or off-balance-sheet obligation.
Item 3.02
Unregistered Sales of Equity Securities
Securities
The company sold equity securities in a private placement or other unregistered transaction.
Item 5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers
Governance
Key personnel changes including departures, elections, or appointments of directors and executive officers.
Item 7.01
Regulation FD Disclosure
Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Credit facility size: $150.0 million term loans
Initial tranche funded: $50.0 million
Second tranche window: $25.0 million
+5 more
8 metrics
Credit facility size
$150.0 million term loans
Aggregate principal under K2 HealthVentures Loan and Security Agreement
Initial tranche funded
$50.0 million
First tranche term loan funded on May 22, 2026 closing date
Second tranche window
$25.0 million
Available January 1, 2027 to December 1, 2027 on clinical and financing milestones
Third tranche window
$25.0 million
Available January 1, 2028 to June 1, 2028 on approval and sales milestones
Interest rate
Greater of 8.95% or prime + 2.20%
Variable annual interest on senior secured term loans
Convertible principal
$15.0 million
Maximum loan principal amount convertible into equity at $8.2526 per share or qualifying prices
Revenue covenant
$40.0 million
Minimum trailing three‑month net product revenue from January 1, 2029, tested quarterly
Cash position
Approximately $120 million
Cash, cash equivalents and restricted cash as of March 31, 2026, before K2 facility
Key Terms
Loan and Security Agreement, senior secured term loans, beneficial ownership cap, minimum unrestricted cash covenant, +2 more
6 terms
Loan and Security Agreement financial
"entered into a Loan and Security Agreement (the “Loan Agreement”) with certain financial institutions"
A loan and security agreement is a legal contract that sets out the amount, repayment schedule, interest and the rules a borrower must follow, and it names specific assets a lender can claim if the borrower fails to pay. Think of it like a mortgage or car loan where the lender holds a claim on collateral until the debt is repaid. Investors care because it determines a company’s repayment priorities, borrowing costs, operational limits and how easily creditors can seize assets in distress, all of which affect equity value and credit risk.
senior secured term loans financial
"The Loan Agreement provides for senior secured term loans in an aggregate principal amount of up to $150.0 million"
A senior secured term loan is a long‑term bank-style loan that a company must repay on a set schedule and that is backed by specific assets as collateral; “senior” means it gets paid before other debts if the borrower runs into trouble. For investors, these loans matter because their collateral and priority typically reduce the risk of loss compared with unsecured or junior debt, while the fixed repayment plan and contract terms influence a company’s cash flow, interest burden and financial flexibility—think of it like a mortgage on a business asset that lenders can claim first if payments stop.
beneficial ownership cap financial
"The Lenders’ conversion right is subject to a beneficial ownership cap of 9.985% outstanding at such time"
A beneficial ownership cap is a rule that limits how much of a company a single investor or related group can effectively control, even if legal ownership could be higher. Think of it as a speed limit for ownership that prevents any one party from accumulating a controlling stake; it matters to investors because it affects takeover risk, voting power, dilution, and potential returns by shaping who can influence corporate decisions.
minimum unrestricted cash covenant financial
"a minimum unrestricted cash covenant tested at all times when the Company’s market capitalization is less than $750.0 million"
Regenerative Medicine Advanced Therapy Designation regulatory
"Granted U.S. FDA orphan and RMAT designations for generalized myasthenia gravis"
A U.S. regulatory designation that expedites development and review of certain cell, gene and tissue-based therapies designed to repair, replace or restore damaged tissue or organ function. It matters to investors because receiving the designation can shorten the path to approval, increase interaction with regulators, and make a program more attractive to partners or buyers — like giving a promising product a VIP pass through regulatory traffic, reducing time and risk to potential revenue.
Rare Pediatric Disease Designation regulatory
"Rare Pediatric Disease Designation to Descartes-08 for the treatment of JDM"
A rare pediatric disease designation is an official regulatory status given to a drug or therapy that targets a serious or life‑threatening condition primarily affecting children and is uncommon in the population. It matters to investors because the status often brings financial and development perks — such as tax credits, reduced fees, faster review and periods of market protection — which can lower costs, speed approval and improve the commercial outlook; think of it as a VIP pass that makes bringing a scarce, child‑focused treatment to market easier and potentially more profitable.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 22, 2026
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||||||||
(Address of principal executive offices)(Zip Code)
(301 ) 348-8698
Registrant’s telephone number, including area code
N/A
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
| Securities registered pursuant to Section 12(b) of the Act: | ||||||||
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company o
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Item 1.01. Entry into a Material Definitive Agreement.
Loan and Security Agreement
On May 22, 2026, Cartesian Therapeutics, Inc. (the “Company”) and its wholly-owned subsidiary, Cartesian Bio, LLC, as borrowers (“Borrowers”), entered into a Loan and Security Agreement (the “Loan Agreement”) with certain financial institutions party thereto as lenders (the “Lenders”), K2 HealthVentures LLC, as administrative agent (in such capacity, the “Administrative Agent”) and Ankura Trust Company, LLC, as collateral trustee (in such capacity, the “Collateral Trustee”). The Loan Agreement provides for senior secured term loans in an aggregate principal amount of up to $150.0 million (the “Term Loans”), comprised of: (i) a first tranche term loan in an aggregate principal amount of $50.0 million, funded on the closing date; (ii) a second tranche term loan in an aggregate principal amount of $25.0 million, available to be drawn between January 1, 2027 and December 1, 2027 subject to the Company’s achievement of specified clinical and financing milestones on or prior to December 1, 2027; (iii) a third tranche term loan in an aggregate principal amount of $25.0 million, available to be drawn between January 1, 2028 and June 1, 2028 subject to the Company’s achievement of specified approval and sales milestones on or prior to June 1, 2028; and (iv) a fourth tranche term loan in an aggregate principal amount of up to $50.0 million, available in the Lenders’ sole discretion.
The Term Loans are senior secured obligations maturing on June 1, 2030 (the “Maturity Date”). Commencing on July 1, 2029, the Borrowers are required to make consecutive monthly amortization payments of equal principal and interest on the Term Loans. The Term Loans bear interest at a variable annual rate equal to the greater of (i) 8.95% and (ii) the prime rate plus 2.20%. Interest is payable monthly in arrears on the first calendar day of each month.
The Borrowers may prepay, at their option, all of the Term Loans then outstanding plus the accrued and unpaid interest on the portion of principal so repaid, subject to a prepayment premium and an end of term fee. The Lenders may elect, at any time prior to repayment of the Term Loans, to convert up to $15.0 million of the outstanding principal amount of the Term Loans into shares of the Company’s common stock, par value $0.0001 per share (the “Common Stock”), and/or certain other securities issued in a qualifying financing (any such Common Stock or other securities, the “Conversion Shares”), at a conversion price equal to: (i) if the relevant Conversion Shares are Common Stock, $8.2526 per share of Common Stock; (ii) if the relevant Conversion Shares are shares of Common Stock or other securities issued in a qualifying financing, the lowest effective price per security at which the Company issues such securities in such qualifying financing; provided, that to the extent such securities issued in a qualifying financing are convertible securities, the conversion price shall equal $1.00 for each $1.00 of notional principal represented by such convertible securities. Conversions by the Lenders prior to the first anniversary of the closing date of the Loan Agreement are limited to $5.0 million in the aggregate. The Lenders’ conversion right is subject to a beneficial ownership cap of 9.985% outstanding at such time, waivable at the Lenders’ election, and an aggregate cap of 19.99% of the Common Stock outstanding as of the closing date of the Loan Agreement. No prepayment premium will be payable for any principal amount converted into Conversion Shares.
The Borrowers’ obligations under the Loan Agreement are secured by a first priority security interest in substantially all of the assets of the Borrowers, excluding intellectual property, subject to customary exceptions and permitted liens. The Loan Agreement contemplates that the Borrowers’ existing and future material domestic subsidiaries will be required to become co-borrowers or guarantors and to grant a security interest in their assets to secure the obligations under the Loan Agreement.
The Loan Agreement contains customary affirmative, negative and reporting covenants binding on the Borrowers and their subsidiaries, including covenants limiting the ability of the Borrowers and their subsidiaries to, among other things, incur additional indebtedness, grant liens, make investments, dispose of assets, pay dividends, repurchase equity, enter into transactions with affiliates, undergo a change of control or engage in mergers or acquisitions, in each case subject to customary exceptions. The financial covenants in the Loan Agreement include (i) commencing April 1, 2027, a minimum unrestricted cash covenant tested at all times when the Company’s market capitalization is less than $750.0 million, requiring the Borrowers to maintain unrestricted cash equal to at least 80% (or, following achievement of the second tranche milestones, 50%, provided that the minimum unrestricted cash requirement will return to 80% if the third tranche milestones are not achieved) of the Borrowers’ outstanding obligations to the Lenders, and (ii) commencing January 1, 2029, a minimum trailing three-month net product revenue covenant of $40.0 million, tested as of the last day of each calendar quarter, with required quarter-over-quarter growth. The Loan Agreement also includes customary events of default.
In connection with the Loan Agreement, the Company has agreed, following receipt of a written request by the Administrative Agent, to file a registration statement with the U.S. Securities and Exchange Commission covering the resale of the shares of Common Stock issuable upon conversion of the Term Loans, on the terms set forth in the Loan Agreement.
The foregoing description of the Loan Agreement is qualified in its entirety by reference to the full text of the Loan Agreement, a copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K.
Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The information set forth in Item 1.01 of this Current Report on Form 8-K is incorporated by reference into this Item 2.03.
Item 3.02. Unregistered Sales of Equity Securities.
The information set forth in Item 1.01 of this Current Report on Form 8-K is incorporated by reference into this Item 3.02. The issuance of any Conversion Shares underlying the outstanding principal amount of the Term Loans will be made in reliance upon the exemption from registration contained in Section 4(a)(2) of the Securities Act of 1933, as amended, and/or Rule 506 of Regulation D thereunder.
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On May 22, 2026, Milos Miljkovic, M.D., the Company’s Chief Medical Officer, delivered a notice of resignation to the Company. In connection therewith, the Company expects to enter into a separation agreement and release (the “Separation Agreement”) with Dr. Miljkovic on or about May 31, 2026 (the “Execution Date”), pursuant to which Dr. Miljkovic’s employment with the Company will cease May 31, 2026.
Pursuant to the Separation Agreement, Dr. Miljkovic is expected to agree to release the Releasees (as such term is defined in the Separation Agreement) from any matters of any kind, whether presently known or unknown, suspected or unsuspected, that Dr. Miljkovic may possess against any of the Releasees arising from any omissions, acts, facts, or damages that have occurred up until and including the eighth day following the Execution Date, in consideration for receipt from the Company of certain severance payments and benefits described in the employment agreement, dated March 26, 2024, by and between the Company and Dr. Miljkovic (the “Miljkovic Employment Agreement”), including payment of six-months’ salary, eligibility for a pro-rated bonus and direct payment of, or reimbursement for, continued medical, dental and/or vision coverage pursuant to COBRA for up to six months. The Miljkovic Employment Agreement was filed as Exhibit 10.1 to the Company’s Quarterly Report on Form 8-K for the quarter ended March 31, 2026 and is incorporated herein by reference.
A copy of the Separation Agreement is expected to be filed with the Company’s Quarterly Report on Form 10-Q for the quarter ending June 30, 2026.
Item 7.01 Regulation FD Disclosure.
On May 26, 2026, the Company issued a press release regarding the Loan Agreement, a copy of which is attached as Exhibit 99.1 to this Current Report on Form 8-K. Additionally, the Company from time to time presents and/or distributes to the investment community at various industry and other conferences slide presentations to provide updates and summaries of its business. A copy of its current corporate slide presentation is attached to this Current Report on Form 8-K as Exhibit 99.2. The information in Item 7.01 of this Form 8-K, including Exhibits 99.1 and 99.2 attached hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing. The Company undertakes no obligation to update, supplement or amend the materials attached hereto as Exhibits 99.1 or 99.2, except as required by law.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
| Exhibit No. | Exhibit Description | |||||||
| 10.1*# | Loan and Security Agreement, dated as of May 22, 2026, among Cartesian Therapeutics, Inc. and Cartesian Bio, LLC, as borrowers, the lenders party thereto, K2 HealthVentures LLC, as administrative agent, and Ankura Trust Company, LLC, as collateral trustee. | |||||||
| 99.1 | Press release of Cartesian Therapeutics, Inc. issued on May 26, 2026. | |||||||
| 99.2 | Corporate slide presentation of Cartesian Therapeutics, Inc. dated May 2026. | |||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |||||||
| * The schedules and exhibits to this Exhibit have been omitted. The Company agrees to furnish a copy of the omitted schedules and exhibits to the Securities and Exchange Commission on a supplemental basis upon its request. | ||||||||
| # Pursuant to Item 601(b)(10)(iv) of Regulation S-K promulgated by the SEC, certain portions of this exhibit have been redacted because the Company customarily and actually treats such omitted information as private or confidential and because such omitted information is not material. | ||||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| CARTESIAN THERAPEUTICS, INC. | ||||||||
| Date: May 26, 2026 | By: | /s/ Carsten Brunn, Ph.D. | ||||||
| Carsten Brunn, Ph.D. | ||||||||
| President, Chief Executive Officer and Chairman of the Board | ||||||||
Cartesian Therapeutics Secures up to $150 Million of Non-Dilutive Financing from K2 HealthVentures and Expects Topline Data from the Phase 3 AURORA Trial in First Quarter 2027
Secured up to $150 million of non-dilutive financing from K2 HealthVentures; funding of $50 million from initial tranche extends cash runway into 2028
Financing strengthens Cartesian’s financial flexibility, further supporting advancement of multiple clinical programs to data read out including myasthenia gravis and myositis, while also accelerating pre-launch activities
Topline data from Phase 3 AURORA trial of Descartes-08 in myasthenia gravis expected in 1Q27; BLA filing planned for mid-2027
Data from subset of patients in Phase 2 TRITON trial of Descartes-08 in myositis expected in 1H27
Data from Phase 1/2 HELIOS pediatric trial of Descartes-08 in juvenile dermatomyositis expected in 1H27
FREDERICK, Md., May 26, 2026 (GLOBE NEWSWIRE) -- Cartesian Therapeutics, Inc. (NASDAQ: RNAC) (the “Company”), a clinical-stage biotechnology company pioneering cell therapy for autoimmune diseases, today announced that it has entered into an agreement with K2 HealthVentures LLC (“K2HV”), an alternative investment firm that provides flexible, long-term financing solutions in life sciences, to provide a credit facility of up to $150 million including an initial $50 million tranche. The proceeds from the initial tranche under the credit facility are expected to allow the Company to accelerate the ongoing investment in the commercial launch preparation activities for Descartes-08 in myasthenia gravis (MG) and myositis and to extend cash runway into 2028. The Company also announced progress across its pipeline, including updated timelines for all ongoing trials of Descartes-08, an autologous anti-B cell maturation antigen (BCMA) mRNA chimeric antigen receptor T-cell therapy (CAR-T).
“We are very excited to partner with K2 HealthVentures for this financing, which we expect to provide us with access to the additional capital necessary to help support our continued growth. With this additional financing, we believe we are now fully funded beyond anticipated timelines for achievement of three near-term clinical catalysts, including topline data from our Phase 3 AURORA trial in MG in the first quarter of 2027, data from our Phase 2 TRITON trial in myositis and data from our Phase 1/2 HELIOS trial in JDM,” said Carsten Brunn, Ph.D., President and Chief Executive Officer of Cartesian. “Descartes-08 remains the only CAR-T in autoimmune disease that we are aware of that is designed for outpatient administration without preconditioning chemotherapy, and our prior data demonstrate deep and durable responses after a single course of therapy. We look forward to advancing Descartes-08 toward registration and commercial launch in MG.”
Cash Runway and Credit Facility
Under the Company’s credit facility with K2HV, the first $50 million term loan was funded upon signing of the agreement. The second $25 million term loan is expected to be available to be drawn between January 1, 2027 and December 1, 2027, subject to the Company’s achievement of specified clinical and financing milestones and the third $25 million term loan is expected to be available to be drawn between January 1, 2028 and June 1, 2028, subject to the Company’s achievement of specified approval and sales milestones. An additional $50 million tranche is available for draw at Cartesian's option subject K2 HealthVentures’ discretion. Morgan Stanley served as sole structuring agent for the transaction.
The Company now anticipates current cash resources to support planned operations into 2028, including three clinical data readouts and accelerated investment in precommercial activities.
Multiple Clinical Catalysts Expected over the Next 12 Months
•Phase 3 AURORA data in MG expected in 1Q27; biologics license application (BLA) filing planned for mid-2027
•Phase 2 TRITON data in myositis expected in 1H27
•Phase 1/2 HELIOS data in juvenile dermatomyositis (JDM) expected in 1H27
Phase 3 AURORA Trial in MG
•The Company anticipates reporting topline data from the Phase 3 AURORA trial in the first quarter of 2027 with BLA filing planned for mid-2027.
•The randomized, double-blind, placebo-controlled 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 patients with acetylcholine receptor autoantibody positive (AChR Ab+) MG. The primary endpoint will assess the proportion of Descartes-08 participants with an improvement in MG Activities of Daily Living (MG-ADL) score of three points or more at Month 4 compared to placebo (a two-point reduction in MG-ADL is considered clinically meaningful).
•In January 2026, the Company published a peer-reviewed journal article in Nature Medicine outlining the 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 MG-ADL at Month 12. The deepest and most compelling sustained responses were 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.
Phase 2 TRITON Trial in Myositis
•Cartesian expects to evaluate clinical data from a subset of patients from the trial in the first half of 2027 to determine the path to a pivotal trial in these indications with significant unmet need.
•The Phase 2 TRITON trial of Descartes-08 was initiated in April 2026, and enrollment continues to progress well. The randomized, double-blind, placebo-controlled trial in myositis is designed to assess Descartes-08 versus placebo (1:1 randomization) administered as six once-weekly outpatient infusions without preconditioning chemotherapy in patients with moderate to severe multi-refractory dermatomyositis and antisynthetase syndrome. The primary endpoint is expected to assess safety and efficacy of Descartes-08 compared to placebo added to standard of care in participants with myositis at Week 24.
Phase 1/2 HELIOS Trial in JDM
•Clinical data from the Phase 1/2 HELIOS pediatric trial is expected in the first half of 2027.
•The Phase 1/2 HELIOS trial of Descartes-08 in JDM was initiated in January 2026 and is designed to assess the safety, tolerability and efficacy of Descartes-08 in children, adolescents and young adults with childhood-onset autoimmune diseases, including JDM. The U.S. Food and Drug
Administration (FDA) previously granted Rare Pediatric Disease Designation to Descartes-08 for the treatment of JDM.
Corporate Updates
Chief Medical Officer (CMO), Miloš Miljković, has informed the Company that he intends to step down from his role for personal reasons to return to practicing medicine. Dr. Miljković has helped support the development of both Descartes-08 and Cartesian through the Company’s transition from an early-stage research and development company to a late-stage clinical company.
Peter Traber, MD, Cartesian’s Head of R&D, who assisted in directing the Company’s clinical trials over the past year, is expected to continue supporting Cartesian through the full completion of the Company’s ongoing clinical trials and the preparation for BLA filing of Descartes-08 in MG in mid-2027. Dr. Traber brings more than three decades of leadership spanning academic medicine and biotechnology. He previously served as CMO of Selecta Biosciences, CEO of Galectin Therapeutics and CMO at GlaxoSmithKline. In previous academic roles, he served as the President of the Baylor College of Medicine and Chairman of Medicine and CEO of the University of Pennsylvania Health System.
About Descartes-08
Descartes-08, Cartesian’s lead cell therapy candidate, is an autologous CAR-T product targeting BCMA in clinical development for generalized MG and myositis, specifically dermatomyositis and antisynthetase syndrome. 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 Cartesian Therapeutics
Cartesian Therapeutics is a late clinical-stage company pioneering cell therapy for the treatment of autoimmune diseases. The Company’s lead asset, Descartes-08, is a CAR-T in Phase 3 clinical development for patients with generalized myasthenia gravis, in Phase 2 clinical development in myositis, specifically dermatomyositis and antisynthetase syndrome, and in Phase 1/2 clinical development of juvenile dermatomyositis. For more information, please visit www.cartesiantherapeutics.com or follow the Company on LinkedIn or X.
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 availability and use of funds under the Company’s credit facility with K2HV, 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 or any of the Company’s other product candidates to treat myasthenia gravis, juvenile myasthenia gravis, juvenile dermatomyositis, myositis, multi-refractory dermatomyositis, antisynthetase syndrome, or any other disease, the anticipated timing or the outcome of ongoing and planned clinical trials, studies and data readouts, including the ongoing Phase 3 AURORA trial of Descartes-08 in myasthenia gravis, the ongoing Phase 2 HELIOS pediatric basket trial of Descartes-08 in juvenile dermatomyositis, juvenile systemic lupus erythematosus, juvenile myasthenia gravis, and anti-neutrophil cytoplasmic antibody-associated vasculitis, the ongoing Phase 2 trial of Descartes-08 in systemic lupus erythematosus, and the ongoing Phase 2 TRITON trial of Descartes-08 in myositis, the anticipated timing or the outcome of the FDA’s
review of the Company’s regulatory filings, including the number of trials that may be necessary in order to obtain marketing approval, 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, enrollment in the Company’s clinical trials, and changes in the Company’s scientific and medical personnel 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.
Investor Contact
Megan LeDuc
Associate Director of Investor Relations
megan.leduc@cartesiantx.com
Media Contact
David Rosen
Argot Partners
david.rosen@argotpartners.com
Pioneering mRNA Cell Therapy for Autoimmunity May 2026
Disclosures For the purposes of this notice, the “presentation” that follows shall mean and include the slides that follow, the oral presentation of the slides by members of management of Cartesian Therapeutics, Inc. (the “Company”) or any person on their behalf, any question-and-answer session that follows such oral presentation, hard copies of this document and any materials distributed at, or in connection with, such oral presentation. Information in this presentation (including market data and statistical information) has been obtained from various sources (including third-party sources) and the Company does not guarantee the accuracy or completeness of such information. All projections, valuations and statistical analyses are provided for informational purposes only. 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Use or discussion of the Company’s product candidates is limited to the context of clinical research and free scientific exchange of information and is not intended for the general public, as medical advice, nor as any suggestion or indication that the Company’s product candidates have been found by the FDA to be safe or effective or approved for use outside of clinical trials. Forward-looking Statements Any statements in this presentation about the future expectations, plans and prospects of the Company, including without limitation, statements about the Company’s expected cash resources and cash runway, statements regarding 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 the Company’s product candidates to treat myasthenia gravis, juvenile myasthenia gravis, myositis, juvenile systemic lupus erythematosus, juvenile dermatomyositis, or any other disease, the anticipated timing or the outcome of ongoing and planned clinical trials, studies and data readouts, the anticipated timing or the outcome of the FDA’s review of the Company’s regulatory filings, including the number of trials that may be necessary in order to obtain marketing approval, the Company’s ability to conduct its clinical trials and preclinical studies, the timing or making of any regulatory filings, estimates regarding potential market sizes for the Company's product candidates, 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, enrollment in the Company’s clinical trials, expectations regarding manufacturing 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, whether results of early clinical trials will be indicative of the results of later clinical trials and whether results observed in certain patient subgroups will be indicative of the results in such subgroups in later clinical trials or are reflective of a product candidate's overall characteristics, 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 and pandemics 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 presentation 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 presentation, except as required by law. Forward-looking statements 2 PIONEERING mRNA CELL THERAPY FOR AUTOIMMUNITY
Executive summary 3 Cartesian’s lead asset, Descartes-08, delivers deep and durable responses in MG through 12 months following a single course of therapy—administered outpatient without lymphodepletion—positioning it to transform the current treatment landscape. The Phase 3 AURORA trial positions Descartes-08 to capture a $1B+ market opportunity in MG*, with Phase 3 data expected in 1Q27 and BLA filing in mid-2027 US-based in-house manufacturing supports commercial readiness for MG launch with potential biologic-like margins and full supply chain control – ongoing process optimization creates opportunity for further margin expansion. Data from the Phase 1/2 HELIOS trial in pediatric autoimmune diseases, including JDM, expected in 4Q26 Phase 2 TRITON trial in myositis initiated, positioning Descartes-08 to address a multi-billion dollar market opportunity due to the significant unmet need, with data expected in 1H27 *Internal company projectionsPIONEERING mRNA CELL THERAPY FOR AUTOIMMUNITY MG, myasthenia gravis JDM, juvenile dermatomyositis Cash runway into 2028 • ~-==------==----=================================================-----==-----==~7 ·~================================7
4 Late-stage clinical company pioneering mRNA cell therapy specifically designed to expand the reach of cell therapy to autoimmunity • mRNA cell therapy designed to be dosed reliably and safely in an outpatient setting without lymphodepletion • Descartes-08: Investigational mRNA CAR T-cell (CAR-T) with deep and durable responses through 12 months observed in randomized, double-blind, placebo-controlled Phase 2b trial in patients with myasthenia gravis (MG) • US-based in-house manufacturing supports commercial readiness with potential for biologic- like margins *As of March 31, 2026; includes cash, cash equivalents and restricted cash; excludes cash obtained or committed through non-dilutive financing deal with K2 HealthVentures SLE, Systemic Lupus Erythematosus CAR, Chimeric antigen receptor • Phase 3 AURORA trial data expected in 1Q27; positions Descartes-08 to potentially access $1B+1 market opportunity in MG • Phase 2 TRITON trial in myositis data expected in 1H27; positions Descartes-08 to address a multi-billion dollar market opportunity due to significant unmet medical need2 • Data from Phase 1/2 HELIOS pediatric trial in children and young adults with autoimmune diseases, including JDM, expected in 4Q26 DESCARTES-08 RECENT AND PLANNED ACTIVITY • Strong balance sheet with approximately $120 million* • Secured up to $150 million of non-dilutive financing from K2 HealthVentures; funding of $50 million from initial tranche received in May 2026 • Expected to support planned operations into 2028 CASH RESOURCES 1. Internal company projections 2. Kronzer et al., 2021; Coffey et al., 2021; Marotta et al., 2020; OCTAGAM efficacy data PIONEERING mRNA CELL THERAPY FOR AUTOIMMUNITY
PIONEERING mRNA CELL THERAPY FOR AUTOIMMUNITY5 Cartesian’s mRNA approach is designed to expand the reach of potent cell therapy products to address autoimmunity No Lymphodepletion No associated cytopenia, secondary malignancies, or other chemotherapy toxicities Administered Outpatient Convenient dosing schedule Delivered at Therapeutic Levels Administered at therapeutic doses without uncontrollable proliferation Transient Cell Modification Does not carry risk of genomic integration
Asset Indications Discovery/Preclinical Phase 1 Phase 2 Phase 3 Descartes-08 Autologous mRNA CAR-T Myasthenia Gravis Myositis (Dermatomyositis & Antisynthetase Syndrome) Juvenile Dermatomyositis Wholly-owned pipeline targets autoimmune disease 6 PIONEERING mRNA CELL THERAPY FOR AUTOIMMUNITY
Engineered by transfection of autologous CD8+ T cells with mRNA encoding anti-BCMA CAR Granted U.S. FDA orphan and RMAT designations for generalized myasthenia gravis, and RPDD for juvenile dermatomyositis Typical lot processed for infusion within as little as ~3 weeks RMAT, Regenerative Medicine Advanced Therapy RPDD, Rare Pediatric Disease Designation PIONEERING mRNA CELL THERAPY FOR AUTOIMMUNITY7 Descartes-08 is an mRNA CAR T-cell therapy in clinical development for autoimmune disease FDA, U.S. Food and Drug Administration BCMA, B-cell maturation antigen Autoreactive Tn, cell Activated \l Bcell Neuromuscular junction Plasma cell
8 Descartes-08 in Myasthenia Gravis PIONEERING mRNA CELL THERAPY FOR AUTOIMMUNITY
9 Myasthenia gravis is a rare, progressive autoimmune disease with significant unmet need Characterized by debilitating fatigue and muscle weakness Limbs Respiratory Ocular Facial 106,000+ Patients in the U.S.1 Current treatments require chronic or frequent administration and have limited durability Significant Unmet Need Remains • Highly heterogenous disease biology makes a standardized treatment approach ineffective2 • Limited durability from current therapies requires patients to rely on chronic immunosuppression and dosing3 • Suboptimal depth and durability of response leaves white space for long-lasting remission3 • Achievement of minimal symptom expression over time remains a key treatment goal for physicians4 1. Rodrigues et al. 2023 2. DOI: 10.1080/1744666X.2021.1936500 3. VYVGART label 4. Company neurologist ad-board PIONEERING mRNA CELL THERAPY FOR AUTOIMMUNITY =) Cartesian. {= therapeutics
10 AURORA: Randomized double-blind, placebo-controlled Phase 3 trial of Descartes-08 in AChR Ab+ gMG with data expected in 1Q27 WK1 Masked Dosing Six weekly doses of Descartes-08 or placebo PRIMARY ENDPOINT • Proportion of participants with MG-ADL improvement of ≥3 points at Month 4, relative to placebo • Proportion of participants with MGC improvement of ≥4 points at Month 4 WK6 WK8 WK12 WK16 Masked Follow-Up Month 1, Month 2, Month 3, Month 4 Primary Endpoint Assessment Optional Descartes-08 infusions Follow-Up Month 5, Month 6, Month 9, Month 12 Follow-Up Month 5, Month 6, Month 9, Month 12Descartes-08 Placebo ~100 Participants 1:1 INCLUSION CRITERIA • AChR Ab+ • MGFA Class II-IV • MG-ADL ≥6 • On stable doses of immunosuppressants Single infusion MG-ADL, Myasthenia Gravis Activities of Daily Living scale gMG, Generalized myasthenia gravis MGFA, Myasthenia Gravis Foundation of America MGC, Myasthenia Gravis Composite MG QMG, Quantitative MG Scores MG QoL 15R, MG Quality of Life 15-revised AChR Ab+, Acetylcholine receptor autoantibody positive KEY SECONDARY ENDPOINTS • MG-ADL and MGC change from baseline to Month 4 • Quantify clinical effect of Descartes-08 over 1 year PIONEERING mRNA CELL THERAPY FOR AUTOIMMUNITY I :x:. :. .................. , I C . . . . : ................... aurora TRIAL
Deepening responses observed in participants treated with Descartes-08 11 • Average MG-ADL reduction of 5.5 (±1.1) points at Month 4, maintained through Month 12 (4.8±1.4) • Average QMG reduction of 4.8 (±1.7) points at Month 4, deepened through Month 12 (6.0±2.1) • 83% of participants reaching Month 12 maintained clinically meaningful response Primary Efficacy Dataset Month 3 (n=15), Month 4 to Month 12 (n=12*) *Three participants lost to follow-up Descartes-08 Placebo Clinically meaningful decrease Clinically meaningful decrease PIONEERING mRNA CELL THERAPY FOR AUTOIMMUNITY 33% of participants achieved minimum symptom expression at Month 6 and maintained it through Month 12 D1M1M2M3M4 M6 M9 M12 0 -1 Q) L.. 8 -2 .............................................................................................. . en .....I 0 <( -3 I (9 ~ -4 -5 -6 ■ ■ D1 M1 M2 M3 M4 -1 Q) -2 L.. 0 (.) M6 M9 M12 (/') -3 ..................................................................................................... .. (9 ~ 0 -4 -5 -6
Deep responses observed in participants with no prior exposure to complement or FcRn inhibitors 12 • Average MG-ADL reduction of 6.6 (±1.5) points at Month 4, maintained through Month 12 (7.1±1.9) • Average QMG reduction of 6.0 (±2.3) points at Month 4, deepened through Month 12 (9.4±2.3) • 100% of participants maintained clinically meaningful response at Month 12 Primary Efficacy Dataset (No Prior Biologics) Month 3 (n=9), Month 4 (n=7*), Month 6 (n=7), Month 9 (n=7), Month 12 (n=7) *Two participants lost to follow-up Descartes-08 Clinically meaningful decrease Clinically meaningful decrease 57% of participants achieved minimum symptom expression at Month 6 and maintained it through Month 12 PIONEERING mRNA CELL THERAPY FOR AUTOIMMUNITY D1M1M2M3M4 M6 M9 M12 0 Q) -2 ..... ........ .. .... .. .... .. .... ... ..... ............... .. .... .. ..... ...... .. ... .. .... .. .... .. .... . ~ 0 (.) Cl) _J ~ -4 I (9 ~ -6 -8 ■ D1 M M2 M3 M4 M6 M9 M12 0 -2 ~ 0 -4 (.) Cl) (9 ~ -6 a -8 -10 =)_ Cartesian. {= therapeutics
13 Safety profile supports outpatient administration with no AEs reported after Month 3 through final follow-up Descartes-08 (n=20) Placebo (n=16) Grade 1 Grade 2 Grade 3 Grade 1 Grade 2 Grade 3 Headache 7 (35%) 4 (20%) 2 (13%) 3 (19%) Chills 8 (40%) 4 (20%) Nausea 3 (15%) 6 (30%) 1 (6%) 2 (13%) Fever 7 (35%) 4 (20%) 1 (5%) Fatigue 4 (20%) 1 (5%) 1 (6%) Myalgia 4 (20%) 2 (10%) Infusion related reaction 1 (5%) 2 (10%) 1 (5%) 1 (6%) Muscle weakness 1 (5%) 1 (5%) 1 (6%) Arthralgia 1 (5%) 1 (5%) 1 (6%) Tachycardia 3 (15%) Upper respiratory infection 1 (5%) 1 (6%) Herpes simplex reactivation 1 (5%) 1 (5%) Dysgeusia 3 (15%) Diarrhea 1 (5%) 1 (6%) Sweating 1 (5%) 1 (6%) Limb edema 1 (5%) 1 (5%) Flushing 2 (10%) Dyspnea 1 (5%) 1 (5%) Insomnia 2 (10%) Vomiting 2 (10%) 1 (5%) Tremor 2 (10%) • Most commonly observed AEs through Month 3 include: headache, chills, nausea and fever, all of which typically resolved within 24 hours of infusion • No AEs reported after Month 3 • No hypogammaglobulinemia or increased infections reported • No difference in vaccine titers between Descartes-08 and placebo Total AEs reported through Month 12 for Descartes-08-treated patients and through Month 3 for placebo-treated patients Safety dataset comprises all subjects who received at least one dose of Descartes-08 (n=20) or placebo (n=16) All Grade 1–2 adverse events deemed possibly, probably or definitely related to the study drug with a cumulative incidence ≥10% and all Grade 3 adverse events deemed possibly, probably or definitely related to the study drug are reported. There were no Grade 4 adverse events PIONEERING mRNA CELL THERAPY FOR AUTOIMMUNITY
Phase 2a trial update: Descartes-08 retreatment continues to elicit deep and durable responses Nature Medicine publication can be found here • Three participants retreated to date, two of whom maintain minimum symptom expression 2 years after initial treatment • Third participant’s response deepened from a 4-point MG-ADL reduction at Month 2 to a 9-point improvement in MG-ADL at Month 12 following retreatment 14 Participant 1 Participant 2 PIONEERING mRNA CELL THERAPY FOR AUTOIMMUNITY Descartes-08 infusions 25 Q) 20 .... 0 ~ 15 (_) ('.) 10 ::?! 5 0 M4 Descartes-08 infusions 20 Q) o 15 (.) en u 10 ('.) ::?! 5 0 M4 M6 M9 M6 M9 Descartes-08 retreatment M12 l ll lll M12 M15 M15 M18 M21 Descartes-08 retreatment M18 M21 JI I I I I M24 M24
15 Current gMG market lacks disease modifying treatments creating the potential to access a $1B+ market opportunity for Descartes-08 in the US Estimated US Patient Population: 106,0001 AChR+: ~85%2 RNAC US Potential Addressable Market: ~$1B+3 Significant reduction in MG-ADL of 7.1 at Month 124 with a single course of therapy 57% of patients achieved minimal symptom expression at Month 6 and maintained it through Month 124 Safety profile supports biologic-like outpatient administration Significant unmet need remains given current treatment options, creating a potential $1B opportunity 1. Rodrigues et al. 2023 2. Lazaridis et al., 2020 3. Company internal projections, inclusive of opportunity to retreat patients 4. Metrics reflective of results from biologic naïve population DESCARTES-08 OBSERVATIONS PIONEERING mRNA CELL THERAPY FOR AUTOIMMUNITY
Descartes-08 is optimally designed for autoimmune diseases Key Characteristics for a Differentiated Therapy Designed for Patient Adoption in MG Durability of Response Descartes-08 delivers deep and durable responses through 12 months after a single course of therapy Single Course of Therapy Unlike current biologic therapies requiring chronic dosing and immunosuppression, Descartes-08 delivers deep and durable responses after a single course of therapy through a precision immune reset Outpatient Administration mRNA cell therapy enables reliable and safe outpatient dosing without lymphodepletion, avoiding the risks of CRS and ICANS Redosing Optionality The favorable safety profile of mRNA cell therapy enables repeat dosing if needed, providing flexibility PIONEERING mRNA CELL THERAPY FOR AUTOIMMUNITY CRS, Cytokine release syndrome ICANS, Immune effector cell-associated neurotoxicity syndrome
17 Descartes-08 Expansion into Myositis PIONEERING mRNA CELL THERAPY FOR AUTOIMMUNITY
18 Expansion into myositis provides new opportunity in an area with significant unmet need and compelling market Characterized by debilitating muscle weakness and skin rashes2 Limbs Respiratory Rashes Swallowing 80,000+ Patients in the U.S.1 60% of Patients Eligible for a 3L+ Treatment3 Residual Unmet Needs in Myositis4-5 Refractory, moderate-to-severe myositis patients likely to remain underserved despite new drug developments Treatment options have limited efficacy in broader organ involvement and refractory patients Better tolerated therapies desired given concern over infusion-related reactions Highly heterogenous disease leads to suboptimal speed and accuracy of diagnosis 1. Kronzer et al., 2021; Coffey et al., 2021; Marotta et al., 2020 2. HSS - Myositis 3. OCTAGAM efficacy data 4. Gupta et al. 2023; 5. Meyer et al. 2019; PIONEERING mRNA CELL THERAPY FOR AUTOIMMUNITY =) Cartesian. {= therapeutics
19 Strong mechanistic alignment with existing clinical data in MG and SLE underscores a potential multi-billion-dollar opportunity in myositis for Descartes-08 Estimated US Patient Population: 80,0001 3L+ Treatment ~60%2 RNAC US Potential Addressable Market: Multi-billion- dollar3 Descartes-08 opportunity represented by 60% of patients remaining underserved Treated Population 40%Refractory Patients 60% 1. Kronzer et al., 2021; Coffey et al., 2021; Marotta et al., 2020 2. OCTAGAM efficacy data 3. Internal company projections, inclusive of opportunity to retreat patientsPIONEERING mRNA CELL THERAPY FOR AUTOIMMUNITY
20 Myositis seamless clinical trial design provides potential opportunity for single pivotal trial with data expected in 1H27 Screening Days -60 to -18 Leukapheresis & Cell Processing Days -59 to -17 ~3 Weeks Vein-to-Vein Time Descartes-08 Day 1, 8, 15, 22, 29, 36 Follow-Up Visits Weeks 8, 12, 16 Primary Endpoint Assessment Week 24 Placebo Day 1, 8, 15, 22, 29, 36 ~3 Weeks Vein-to-Vein Time 1:1 randomization Days -7 to -3 Evaluate the first 10 patients to determine the path to a pivotal trial INCLUSION CRITERIA • Adults with moderate to severe multi-refractory dermatomyositis and antisynthetase syndrome PRIMARY OBJECTIVE • Assess safety and efficacy of Descartes-08 compared to placebo added to standard of care in patients with myositis at Week 24 SAMPLE SIZE • 10 participants prior to interim analysis • Up to 50 participants total treated (25 each arm) ■■■■ triton TRIAL • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • ■■■■ ■■■■
PIONEERING mRNA CELL THERAPY FOR AUTOIMMUNITY21 Phase 1/2 trial of Descartes-08 in children and young adults with autoimmune diseases initiated with data expected in 4Q26 • Rare Pediatric Disease Designation for DC-08 in juvenile dermatomyositis granted in September 2024 • Trial initiation announced on January 9, 2026 • Data expected in 4Q26 DL, Dose level DLT, Dose limiting toxicity Dose escalation (n=3) Week 1: DL 1 Week 2: DL 2 Week 3: DL 3 Weeks 4–6: DL 3 (if no DLTs) Juvenile Dermatomyositis Expansion (n=10) Weeks 1–6: MTD once-weekly • No lymphodepleting chemotherapy • No integrating vectors • Fully outpatient treatment with 1hr post-infusion monitoring • No observed CRS or ICANS DC-08’s observed safety profile combined with significant unmet need in pediatric autoimmune disease supports clinical development plan Anticipated Pediatric Basket Trial Timeline MTD, Maximum tolerated dose ICANS, Immune effector cell-associated neurotoxicity syndrome CRS, Cytokine release syndrome helios TRIAL
22 Manufacturing PIONEERING mRNA CELL THERAPY FOR AUTOIMMUNITY
23 Wholly-owned, in-house, US-based manufacturing FUTURE GROWTH Clinical and commercial manufacturing scale capabilities support maturing pipeline and future growth QUICK TO ADAPT Continuous process optimization creates opportunity for progressive margin expansion WHOLLY-OWNED Ownership of quality control and production timelines COST EFFICIENT Supports commercial readiness for MG launch with potential for biologic-like margins Facility located in Frederick, MD Over 35,000 sq. ft. state- of-the-art cGMP facility PIONEERING mRNA CELL THERAPY FOR AUTOIMMUNITY cGMP, current good manufacturing practice • • • . . • =) Cartesian. {= therapeutics
24 FINANCIAL POSITION: Current Cash and Cash Equivalents Expected to Support Pipeline Through Key Milestones All metrics as of 3/31/26; excludes cash obtained or obtained through non-dilutive financing deal with K2 HealthVentures *Includes Series A Non-Voting Convertible Preferred Stock and Series B Non-Voting Convertible Preferred Stock that remain subject to beneficial ownership limitations that are convertible into shares of common stock and includes outstanding options, RSUs and warrants. $120.4M ~75 FULL TIME EMPLOYEES Based in Gaithersburg, MD and Frederick, MD 28.5M Basic shares outstanding 38.0M Fully diluted shares outstanding* In cash, cash equivalents and restricted cash PIONEERING mRNA CELL THERAPY FOR AUTOIMMUNITY
PIONEERING mRNA CELL THERAPY FOR AUTOIMMUNITY25 Our team | Management Carsten Brunn, PhD PRESIDENT AND CEO Blaine Davis CHIEF FINANCIAL OFFICER Emily English, PhD CHIEF OPERATIONS OFFICER Matthew Bartholomae GENERAL COUNSEL, SECRETARY Peter Traber HEAD OF R&D
Key takeaways 26 Cartesian’s lead asset, Descartes-08, delivers deep and durable responses in MG through 12 months following a single course of therapy—administered outpatient without lymphodepletion—positioning it to transform the current treatment landscape. The Phase 3 AURORA trial positions Descartes-08 to capture a $1B+ market opportunity in MG*, with Phase 3 data expected in 1Q27 and BLA filing in mid-2027 US-based in-house manufacturing supports commercial readiness for MG launch with potential biologic-like margins and full supply chain control – ongoing process optimization creates opportunity for further margin expansion. Data from the Phase 1/2 HELIOS trial in pediatric autoimmune diseases, including JDM, expected in 4Q26 Phase 2 TRITON trial in myositis initiated, positioning Descartes-08 to address a multi-billion dollar market opportunity due to the significant unmet need, with data expected in 1H27 *Internal company projectionsPIONEERING mRNA CELL THERAPY FOR AUTOIMMUNITY MG, myasthenia gravis JDM, juvenile dermatomyositis Cash runway into 2028 • ~-==------==----=================================================-----==-----==~7 ·~================================7
27 Appendix PIONEERING mRNA CELL THERAPY FOR AUTOIMMUNITY
Descartes-08 is designed for dual action, precisely targeting two key BCMA+ cell populations involved in a spectrum of autoimmune diseases 28 Several autoimmune disease segments involve pathogenic contributions from both PCs/plasmablasts and pDCs, including rheumatology, nephrology, neurology, and others Selectively deleting PCs/plasmablasts and pDCs, if successful, may create a differentiated cell therapy platform • Descartes-08 is designed to target BCMA, a surface antigen expressed on plasma cells/plasmablasts and plasmacytoid dendritic cells PLASMA CELLS (PCs) AND PLASMABLASTS • PCs, plasmablasts and proliferating B cells targeted by Descartes-08 represent a tiny fraction of B cells • These cells are entirely responsible for secreting pathogenic autoantibodies • During autoimmunity, autoantibodies attack host tissue and drive inflammation PLASMACYTOID DENDRITIC CELLS (pDCs) • pDCs, which Descartes-08 is designed to target, are a rare subset of antigen-presenting cells • These cells secrete high levels of cytokines (i.e., type I interferons) that cause inflammation and tissue damage during many human autoimmune diseases • pDCs are increased in patients with autoimmunity and interfere with optimal treatment PIONEERING mRNA CELL THERAPY FOR AUTOIMMUNITY Plasma cell Attack of disease-specific host tissues Ab-bound nuclear antigen pDC activation type I interferons Cytokine driven Inflammation and tissue damage
PIONEERING mRNA CELL THERAPY FOR AUTOIMMUNITY29 Meaningful reductions in MG-ADL at Month 3 were sustained through Month 12 with Descartes-08 in AChR+ gMG There was a significant and clinically meaningful reduction in mean [SD] MG-ADL score at Month 3 for the Descartes-08 AChR+ group versus placebo (-3.4 [2.8] vs -0.6 [2.9], p=0.0409), which was sustained through Month 121 Visit 8 11 8 11 8 10 8 11 0 8 0 8 0 7 0 7 Placebo Descartes-08 Clinically meaningful decrease D1 D29 D57 D85 D113 M6 M9 M12 2.5 0.0 -2.5 -5.0 Treatment Placebo Descartes-08 M G -A D L sc or e ' ~ . .1' ✓• ~ -------- ~----·--- ~ . -------- ... - ----- ------- --------------~ -- - -; ~ /·------. ' ' • • ___. ........ -.... ·- -----........., ' ' • -•-. . . -•-.
PIONEERING mRNA CELL THERAPY FOR AUTOIMMUNITY30 Descartes-08 focuses the T-cell repertoire and selectively alters the autoreactome, showing clear biological activity Descartes-08 focuses the T-cell repertoire in a manner that correlates with clinical effect p=0.048 (Wilcoxon signed rank test) TCR Diversity D57 vs D1 Data show Clinical Score and TCR Sequencing TCR Diversity (Downsampled Rearrangements) in Phase 2a samples analyzed at Adaptive Biotechnologies (R06 dataset). For certain subjects where TCR sequencing sample data was unavailable, D1 data was imputed from Screen, and D57 data was imputed from D85. Samples from one re-treated patient were analyzed as indicated. P-value is provided for Wilcoxon matched-pairs signed rank test on all primary-treatment data pairs from D1 vs D57. Descartes-08 selectively alters the self-reactive branch of the antibody repertoire (i.e., autoreactome1) 1Bodansky et al., Journal of Clinical Investigation 2024, doi: 10.1101/2023.12.19.23300188. Serum analysis of 2Myasthenia gravis patients receiving Rituximab targeting CD20+ B cells, 3lymphoma patients receiving conventional CD19 DNA CAR-T, or 4gMG patients following infusion with DC-08. Data compare D85 to D1 for MG open label cohort (N=13). Pe ar so n R- Va lu e 0.00 0.10 0.20 0.30 0.40 0.50 0.60 0.70 0.80 0.90 1.00 051015 0 20000 40000 60000 80000 100000 Clinical Score (MG-ADL) TC R di ve rs ity (C lo no ty pe s/ 10 0K ) D1 D57 Timepoint Retreatment Minimal change in autoreactivity Pe ar so n R- Va lu e 0.00 0.10 0.20 0.30 0.40 0.50 0.60 0.70 0.80 0.90 1.00 R = 0.887 3CD-19 CAR-T (Lymp) Pe ar so n R- Va lu e 0.00 0.10 0.20 0.30 0.40 0.50 0.60 0.70 0.80 0.90 1.00 R = 0.850 4DC-08 BCMA CAR-T (MG) R = 0.493 2Rituximab/CD-20 (MG)T cell Repertoire vs. clinical score (MG-ADL) Large change in autoreactivity TCR, T-cell receptor • • 0 I
31 Baseline characteristics: Patients in open-label Phase 2 SLE trial Participant Sex Age SLE Duration (years) Baseline SLEDAI- 2K Prior Rx Ongoing Rx Patient A F 44 19 8 MMF MMF, HCQ Patient B F 42 23 12 - Prednisone 2.5mg, HCQ, MMF Patient C F 54 15 8 Prednisone 20mg, HCQ, Leflunomide, Benlysta Prednisone 2.5mg, MTX, Sulfasalazine Patient D F 26 13 13 - Prednisone 5mg, HCQ, MMF MMF: Mycophenolate mofetil, MTX: methotrexate HCQ: hydroxychloroquinePIONEERING mRNA CELL THERAPY FOR AUTOIMMUNITY
FAQ
What is Cartesian Therapeutics’ new credit facility with K2 HealthVentures?
Cartesian Therapeutics entered a senior secured Loan and Security Agreement providing up to $150.0 million in term loans. An initial $50.0 million tranche funded at signing, with additional tranches tied to specified clinical, approval, sales milestones and lender discretion through 2028.
What are the key terms of the K2 HealthVentures loan to Cartesian Therapeutics (RNAC)?
The term loans mature on June 1, 2030 and bear interest at the greater of 8.95% or the prime rate plus 2.20%. Beginning in July 2029, Cartesian must make equal monthly principal and interest payments, with optional prepayment subject to a premium and end-of-term fee.
How can the K2 HealthVentures loan convert into Cartesian Therapeutics equity?
Lenders may elect to convert up to $15.0 million of outstanding principal into common stock or certain qualifying financing securities. Common stock conversions use a price of $8.2526 per share, subject to 9.985% beneficial ownership and 19.99% aggregate caps based on closing-date shares.
What financial covenants are included in Cartesian Therapeutics’ new loan agreement?
From April 1, 2027, Cartesian must maintain unrestricted cash equal to at least 80% of outstanding obligations, which can drop to 50% after second tranche milestones. Starting January 1, 2029, it must achieve minimum trailing three‑month net product revenue of $40.0 million each quarter.
How long does Cartesian Therapeutics expect its cash runway to last after this financing?
With approximately $120 million in cash, cash equivalents and restricted cash as of March 31, 2026, plus the initial $50.0 million loan tranche, Cartesian states it now anticipates funding planned operations, data readouts and precommercial activities into 2028.
What leadership change did Cartesian Therapeutics disclose in this 8-K filing?
Cartesian reported that Chief Medical Officer Milos Miljkovic, M.D., delivered his resignation effective May 31, 2026. A separation agreement is expected to provide six months of salary, pro‑rated bonus eligibility and up to six months of COBRA coverage, consistent with his employment agreement.
What upcoming clinical milestones did Cartesian Therapeutics highlight for Descartes-08?
Cartesian expects topline Phase 3 AURORA data in myasthenia gravis in 1Q27 with a planned BLA filing in mid‑2027, Phase 2 TRITON myositis data in 1H27, and Phase 1/2 HELIOS pediatric data, including juvenile dermatomyositis, in 1H27, supporting a late-stage development path.