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Cartesian Therapeutics Reports Full Year 2024 Financial Results and Provides Business Update

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Cartesian Therapeutics (NASDAQ: RNAC) has reported its full year 2024 financial results and provided key business updates. The company maintains a strong financial position with $214.3 million in cash and equivalents, expected to fund operations into mid-2027.

Key pipeline developments include:

  • Phase 3 AURORA trial of Descartes-08 for myasthenia gravis set to begin in 1H25, supported by FDA Special Protocol Assessment agreement
  • Positive Phase 2b trial results showing durable responses over 12 months in Descartes-08-treated participants
  • Ongoing Phase 2 trial of Descartes-08 for systemic lupus erythematosus with data expected in 2H25
  • Planned Phase 2 pediatric basket trial initiation in 2H25

Financial results show R&D expenses decreased to $45.1 million from $71.3 million in 2023, while G&A expenses reduced to $30.1 million from $40.5 million. Net loss for 2024 was $(77.4) million, or $(4.48) per share, compared to $(219.7) million in 2023.

Cartesian Therapeutics (NASDAQ: RNAC) ha riportato i risultati finanziari per l'intero anno 2024 e fornito aggiornamenti chiave sull'attività. L'azienda mantiene una solida posizione finanziaria con 214,3 milioni di dollari in contante e equivalenti, previsti per finanziare le operazioni fino a metà 2027.

Le principali novità nel pipeline includono:

  • Inizio della fase 3 dello studio AURORA su Descartes-08 per la miastenia gravis previsto per la prima metà del 2025, supportato dall'accordo di valutazione del protocollo speciale della FDA
  • Risultati positivi della fase 2b che mostrano risposte durature per oltre 12 mesi nei partecipanti trattati con Descartes-08
  • Studio di fase 2 in corso su Descartes-08 per il lupus eritematoso sistemico, con dati attesi nella seconda metà del 2025
  • Inizio previsto di uno studio pilota di fase 2 pediatrico nella seconda metà del 2025

I risultati finanziari mostrano che le spese per R&D sono diminuite a 45,1 milioni di dollari rispetto ai 71,3 milioni del 2023, mentre le spese generali e amministrative sono scese a 30,1 milioni di dollari rispetto ai 40,5 milioni. La perdita netta per il 2024 è stata di $(77,4) milioni, ovvero $(4,48) per azione, rispetto a $(219,7) milioni nel 2023.

Cartesian Therapeutics (NASDAQ: RNAC) ha reportado sus resultados financieros del año completo 2024 y ha proporcionado actualizaciones clave del negocio. La compañía mantiene una sólida posición financiera con 214.3 millones de dólares en efectivo y equivalentes, que se espera financien las operaciones hasta mediados de 2027.

Los principales desarrollos en la pipeline incluyen:

  • Inicio del ensayo de fase 3 AURORA de Descartes-08 para la miastenia gravis programado para la primera mitad de 2025, respaldado por un acuerdo de Evaluación de Protocolo Especial de la FDA
  • Resultados positivos del ensayo de fase 2b que muestran respuestas duraderas durante más de 12 meses en participantes tratados con Descartes-08
  • Ensayo de fase 2 en curso de Descartes-08 para lupus eritematoso sistémico, con datos esperados en la segunda mitad de 2025
  • Inicio planeado de un ensayo de fase 2 pediátrico en la segunda mitad de 2025

Los resultados financieros muestran que los gastos en I+D disminuyeron a 45.1 millones de dólares desde 71.3 millones en 2023, mientras que los gastos generales y administrativos se redujeron a 30.1 millones de dólares desde 40.5 millones. La pérdida neta para 2024 fue de $(77.4) millones, o $(4.48) por acción, en comparación con $(219.7) millones en 2023.

Cartesian Therapeutics (NASDAQ: RNAC)는 2024년 전체 재무 결과를 발표하고 주요 비즈니스 업데이트를 제공했습니다. 이 회사는 2억 1,430만 달러의 현금 및 현금성 자산을 보유하고 있으며, 이는 2027년 중반까지 운영 자금을 지원할 것으로 예상됩니다.

주요 파이프라인 개발 사항은 다음과 같습니다:

  • FDA 특별 프로토콜 평가 계약을 지원받아 2025년 상반기에 시작될 예정인 중증 근무력증을 위한 Descartes-08의 3상 AURORA 시험
  • Descartes-08 치료를 받은 참가자에서 12개월 이상 지속적인 반응을 보여주는 긍정적인 2b상 시험 결과
  • 2025년 하반기에 데이터가 예상되는 전신성 홍반성 루푸스에 대한 Descartes-08의 2상 시험 진행 중
  • 2025년 하반기에 계획된 2상 소아 바스켓 시험 시작

재무 결과에 따르면 R&D 비용은 2023년 7,130만 달러에서 4,510만 달러로 감소했으며, 일반 관리 비용은 4,050만 달러에서 3,010만 달러로 줄어들었습니다. 2024년 순손실은 $(7,740만 달러)로, 주당 $(4.48)이며, 2023년의 $(2억 1,970만 달러)와 비교됩니다.

Cartesian Therapeutics (NASDAQ: RNAC) a publié ses résultats financiers pour l'année complète 2024 et a fourni des mises à jour clés sur ses activités. L'entreprise maintient une solide position financière avec 214,3 millions de dollars en liquidités et équivalents, prévus pour financer ses opérations jusqu'à mi-2027.

Les principaux développements de son pipeline incluent :

  • Début de l'essai de phase 3 AURORA de Descartes-08 pour la myasthénie grave prévu pour le premier semestre 2025, soutenu par un accord d'évaluation de protocole spécial de la FDA
  • Résultats positifs de l'essai de phase 2b montrant des réponses durables pendant plus de 12 mois chez les participants traités avec Descartes-08
  • Essai de phase 2 en cours de Descartes-08 pour le lupus érythémateux systémique, avec des données attendues au second semestre 2025
  • Début prévu d'un essai pédiatrique de phase 2 au second semestre 2025

Les résultats financiers montrent que les dépenses de R&D ont diminué à 45,1 millions de dollars contre 71,3 millions en 2023, tandis que les dépenses générales et administratives ont été réduites à 30,1 millions de dollars contre 40,5 millions. La perte nette pour 2024 s'est élevée à $(77,4) millions, soit $(4,48) par action, par rapport à $(219,7) millions en 2023.

Cartesian Therapeutics (NASDAQ: RNAC) hat seine finanziellen Ergebnisse für das gesamte Jahr 2024 veröffentlicht und wichtige Geschäftsupdates bereitgestellt. Das Unternehmen hat eine starke finanzielle Position mit 214,3 Millionen Dollar in Bar- und liquiden Mitteln, die voraussichtlich die Betriebe bis Mitte 2027 finanzieren werden.

Wichtige Entwicklungen in der Pipeline umfassen:

  • Beginn der Phase-3-Studie AURORA zu Descartes-08 für Myasthenia gravis, die in der ersten Hälfte von 2025 beginnen soll, unterstützt durch eine Vereinbarung zur speziellen Protokollbewertung der FDA
  • Positive Ergebnisse der Phase-2b-Studie, die dauerhafte Reaktionen über 12 Monate bei mit Descartes-08 behandelten Teilnehmern zeigen
  • Laufende Phase-2-Studie zu Descartes-08 für systemischen Lupus erythematodes, mit Daten, die in der zweiten Hälfte von 2025 erwartet werden
  • Geplanter Beginn einer Phase-2-Pädiatrie-Studie in der zweiten Hälfte von 2025

Die finanziellen Ergebnisse zeigen, dass die F&E-Ausgaben auf 45,1 Millionen Dollar von 71,3 Millionen Dollar im Jahr 2023 gesenkt wurden, während die allgemeinen und administrativen Ausgaben auf 30,1 Millionen Dollar von 40,5 Millionen Dollar gesenkt wurden. Der Nettoverlust für 2024 betrug $(77,4) Millionen, oder $(4,48) pro Aktie, im Vergleich zu $(219,7) Millionen im Jahr 2023.

Positive
  • Strong cash position of $214.3M providing runway into mid-2027
  • FDA Special Protocol Assessment agreement received for Phase 3 AURORA trial
  • Positive Phase 2b trial results showing 80% response durability at 12 months
  • Significant reduction in net loss from $219.7M in 2023 to $77.4M in 2024
Negative
  • Continued net loss of $77.4 million in 2024
  • Phase 3 trial results and potential approval still pending
  • Multiple clinical programs requiring substantial ongoing investment

Insights

Cartesian Therapeutics has achieved significant clinical and regulatory momentum with Descartes-08, their autologous mRNA CAR-T therapy for autoimmune diseases. The FDA Special Protocol Assessment (SPA) agreement for their Phase 3 AURORA trial in myasthenia gravis substantially de-risks their regulatory pathway, indicating FDA's endorsement of their trial design. This is particularly valuable given the novel approach of using CAR-T in autoimmunity rather than oncology.

The Phase 2b data shows encouraging efficacy with an average MG-ADL reduction of 5.5 points at Month 4, which exceeds the clinically meaningful threshold. More compelling is the durability through Month 12 in 4 of 5 evaluable patients. This durability profile could potentially position Descartes-08 as a transformative therapy in MG, where current treatments often provide inadequate or temporary relief.

Cartesian's technological differentiation lies in their outpatient administration approach without lymphodepleting chemotherapy—a significant advantage over traditional CAR-T therapies that typically require hospitalization and intensive preconditioning. The expansion into SLE and pediatric autoimmune indications creates multiple value-driving opportunities and validates their platform technology's broader applicability.

The advancement of Descartes-15, their next-generation CAR-T, suggests pipeline depth beyond their lead asset. With multiple data readouts anticipated in 2025, including the Phase 2 SLE trial results, Cartesian has several potential catalysts ahead while maintaining sufficient financial runway to reach these milestones.

Cartesian's financial position shows considerable strength with $214.3 million in cash providing runway into mid-2027, comfortably supporting their planned Phase 3 AURORA trial completion. This runway eliminates near-term financing pressure—a significant advantage for clinical-stage biotechs advancing capital-intensive cell therapy programs.

The company's operational efficiency has improved, with R&D expenses decreasing 36.7% year-over-year ($45.1 million vs. $71.3 million) and G&A expenses decreasing 25.7% ($30.1 million vs. $40.5 million). While partly attributable to post-merger restructuring and one-time costs in 2023, this disciplined spending approach extends their cash runway while still advancing multiple clinical programs.

The net loss of $77.4 million for 2024 represents a 64.8% improvement compared to 2023's $219.7 million loss. At the current burn rate of approximately $75 million annually, their cash position indeed supports operations into 2027 without additional financing needs, assuming no major expansion beyond announced programs.

Cartesian's strategic focus on outpatient delivery without preconditioning chemotherapy creates a potential economic advantage in the CAR-T space by reducing administration costs and expanding accessibility. This could translate to broader market potential and potentially stronger reimbursement positioning compared to traditional CAR-T therapies that require hospitalization. With multiple clinical milestones anticipated in 2025-2026, Cartesian maintains multiple opportunities for value creation while operating from a solid financial foundation.

Phase 3 AURORA trial of Descartes-08 in myasthenia gravis on track to commence in 1H25; Deep and durable responses maintained over 12 months in Descartes-08-treated participants in Phase 2b trial

Phase 2 trial of Descartes-08 in systemic lupus erythematosus ongoing with expected data readout in 2H25

Company expects to initiate Phase 2 pediatric basket trial of Decartes-08 in select autoimmune indications in 2H25

Dosing underway in first-in-human Phase 1 trial of Descartes-15

Approximately $214.3 million cash, cash equivalents and restricted cash as of December 31, 2024 expected to support planned operations into mid-2027, including completion of planned Phase 3 AURORA trial

FREDERICK, Md., March 13, 2025 (GLOBE NEWSWIRE) -- Cartesian Therapeutics, Inc. (NASDAQ: RNAC) (the “Company”), a clinical-stage biotechnology company pioneering mRNA cell therapy for autoimmune diseases, today reported financial results for the full year ended December 31, 2024, and outlined recent corporate updates.

“Following a year marked by tremendous progress, we remain committed to advancing our pipeline of mRNA cell therapies designed to be dosed in the convenient outpatient setting, without the need for preconditioning chemotherapy,” said Carsten Brunn, Ph.D., President and Chief Executive Officer of Cartesian. “Notably, we remain on track to commence our planned Phase 3 AURORA trial of Descartes-08 in patients with myasthenia gravis (MG) in the first half of this year. Supported by positive results from our Phase 2b trial demonstrating deep and durable improvements for Descartes-08-treated participants, along with our Special Protocol Assessment (SPA) agreement with U.S. Food and Drug Administration (FDA), we are confident that we have a clear path toward potential approval of this promising new therapy.”

Dr. Brunn continued, “Beyond MG, we remain on track to report preliminary data from our ongoing Phase 2 open-label trial of Descartes-08 in patients with systemic lupus erythematosus (SLE) and expect to initiate our Phase 2 pediatric basket trial of Descartes-08 in select autoimmune diseases in the second half of this year. With these anticipated milestones, along with our strong balance sheet, we believe we are well-positioned to deliver on our mission to expand the reach of cell therapy to autoimmunity.”

Recent Pipeline Progress and Anticipated Milestones

  • Phase 3 AURORA Trial of Descartes-08 in MG on Track to Commence in the First Half of 2025. 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 Activities of Daily Living (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) mRNA-engineered chimeric antigen receptor T-cell therapy (mRNA CAR-T).

    In January 2025, Cartesian announced that it has received written agreement from the FDA under the SPA process on the overall design of the planned Phase 3 AURORA trial. The SPA agreement indicates that the FDA has determined that the proposed trial design is acceptable to support a future Biologics License Application for Descartes-08 in MG, subject to the ultimate outcome of the trial.
  • Announced Positive Updated Results from Phase 2b Trial of Descartes-08 in Participants with MG, with Deepening Response Observed Over Time, Durable Through Month 12. In December 2024, the Company announced updated efficacy and safety data from the Phase 2b trial of Descartes-08 in participants with MG. Participants included in the primary efficacy dataset (n=12)1 experienced an average MG-ADL reduction of 5.5 (±1.1) at Month 4. Responses were observed to be durable through Month 12, with 80% (4/5) of evaluable participants from the primary efficacy dataset maintaining a clinically meaningful response, defined as a reduction in MG-ADL score of at least 2 points. Descartes-08 continues to be observed as well-tolerated, supporting outpatient administration without the need for lymphodepleting chemotherapy.

  • Dr. Tuan Vu, one of Cartesian’s Clinical Advisors, will Present at the American Academy of Neurology Annual Meeting on April 9, 2025 at 1:12 pm PT. The presentation and abstract are titled, “The 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.”

  • 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 (ANCA) 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 Ongoing 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 mRNA 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.

Corporate Updates

  • Emily English Promoted to Chief Operations Officer. Emily English, formerly Cartesian’s Senior Vice President and Head of Manufacturing Operations, was promoted to Chief Operations Officer in January 2025. Emily’s significant contributions, including her leadership in the expansion of the new, state-of-the-art current good manufacturing practice (cGMP) facility in Frederick, Maryland, have been instrumental in Cartesian’s progress as the Company continues to advance its pipeline.

Full Year 2024 Financial Results

  • Cash, cash equivalents and restricted cash as of December 31, 2024 was $214.3 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 $45.1 million for the year ended December 31, 2024, compared to $71.3 million for the year ended December 31, 2023. The decrease was primarily a result of the Company’s restructuring in 2023 prior to the merger between Cartesian and Selecta Biosciences, including reductions in expenses for preclinical and clinical programs due to the strategic reprioritization, stock compensation in connection with the Selecta Biosciences/ Cartesian Therapeutics merger, and higher expenses in 2023 compared to 2024 due to one-time cash charges related to salaries and benefits.

  • General and administrative expenses were $30.1 million for the year ended December 31, 2024, compared to $40.5 million for the year ended December 31, 2023. The decrease in expense for the year ended December 31, 2024 was primarily the result of reductions in expenses incurred for stock compensation and professional fees in connection with the merger between Cartesian and Selecta Biosciences.

  • Net loss was $(77.4) million, or $(4.48) net loss per share (basic), for the year ended December 31, 2024, compared to net loss of $(219.7) million, or $(49.76) net loss per share (basic), for the year ended December 31, 2023.

About Descartes-08

Descartes-08, Cartesian’s lead mRNA cell therapy candidate, is an autologous mRNA-engineered chimeric antigen receptor T-cell therapy (mRNA 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, mRNA 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 mRNA 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 mRNA cell therapy for the treatment of autoimmune diseases. The Company’s lead asset, Descartes-08, is an mRNA 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 mRNA 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, multiple myeloma, or any other disease, the amount and occurrence of any payments to holders of the Company’s contingent value rights, 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 other conditions, 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 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 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)
    
 December 31, 2024 December 31, 2023
Assets   
Current assets:   
Cash and cash equivalents$212,610  $76,911 
Accounts receivable 872   5,870 
Unbilled receivables    2,981 
Prepaid expenses and other current assets 3,144   4,967 
Total current assets 216,626   90,729 
Non-current assets:   
Property and equipment, net 9,912   2,113 
Right-of-use asset, net 5,535   10,068 
In-process research and development assets 150,600   150,600 
Goodwill 48,163   48,163 
Long-term restricted cash 1,669   1,377 
Investments 2,000   2,000 
Other assets 518    
Total assets$435,023  $305,050 
Liabilities, convertible preferred stock, and stockholders’ deficit   
Current liabilities:   
Accounts payable$288  $3,150 
Accrued expenses and other current liabilities 12,076   15,572 
Lease liability 2,851   2,166 
Deferred revenue    2,311 
Warrant liabilities    720 
Contingent value right liability 7,761   15,983 
Forward contract liabilities    28,307 
Total current liabilities 22,976   68,209 
Non-current liabilities:   
Lease liability, net of current portion 11,133   8,789 
Deferred revenue, net of current portion    3,538 
Warrant liabilities, net of current portion 3,836   5,674 
Contingent value right liability, net of current portion 387,739   342,617 
Deferred tax liabilities, net 16,141   15,853 
Total liabilities 441,825   444,680 
Series A Preferred Stock, $0.0001 par value; no and 548,375 shares authorized as of December 31, 2024 and December 31, 2023, respectively; no and 435,120.513 shares issued and outstanding as of December 31, 2024 and December 31, 2023, respectively    296,851 
Options for Series A Preferred Stock    3,703 
Stockholders’ deficit:   
Series A Preferred Stock, $0.0001 par value; 134,904.563 and no shares authorized as of December 31, 2024 and December 31, 2023, respectively; 120,790.402 and no shares issued and outstanding as of December 31, 2024 and December 31, 2023, respectively     
Series B Preferred Stock, $0.0001 par value; 437,927 and no shares authorized as of December 31, 2024 and December 31, 2023, respectively; 437,927 and no shares issued and outstanding as of December 31, 2024 and December 31, 2023, respectively     
Preferred stock, $0.0001 par value; 9,427,168.437 and 9,451,625 shares authorized as of December 31, 2024 and December 31, 2023, respectively; no shares issued and outstanding as of December 31, 2024 and December 31, 2023     
Common stock, $0.0001 par value; 350,000,000 shares authorized as of December 31, 2024 and December 31, 2023; 25,767,369 and 5,397,597 shares issued and outstanding as of December 31, 2024 and December 31, 2023, respectively 3   1 
Additional paid-in capital 689,887   179,062 
Accumulated deficit (692,071)  (614,647)
Accumulated other comprehensive loss (4,621)  (4,600)
Total stockholders’ deficit (6,802)  (440,184)
Total liabilities, convertible preferred stock, and stockholders’ deficit$435,023  $305,050 
        


Cartesian Therapeutics, Inc. and Subsidiaries

 Consolidated Statements of Operations and Comprehensive Loss

(Amounts in thousands, except share and per share data)
  
 Twelve Months Ended
December 31,
  2024   2023 
    
  
Revenue:   
Collaboration and license revenue$38,275  $26,004 
Grant revenue 638    
Total revenue 38,913   26,004 
Operating expenses:   
Research and development 45,105   71,260 
General and administrative 30,126   40,450 
Impairment of long-lived assets 7,579   710 
Total operating expenses 82,810   112,420 
Operating loss (43,897)  (86,416)
Interest income 7,386   4,964 
Foreign currency transaction, net    38 
Interest expense    (2,833)
Change in fair value of warrant liabilities 2,558   12,746 
Change in fair value of contingent value right liability (36,900)  (18,300)
Change in fair value of forward contract liabilities (6,890)  (149,600)
Other income, net 606   691 
Loss before income taxes (77,137)  (238,710)
Income tax (expense) benefit (287)  19,000 
Net loss$(77,424) $(219,710)
    
Other comprehensive loss:   
Foreign currency translation adjustment (21)  (53)
Unrealized gain on marketable securities    11 
Total comprehensive loss$(77,445) $(219,752)
    
Net loss per share allocable to common stockholders:   
Basic$(4.48) $(49.76)
Diluted$(4.49) $(49.76)
Weighted-average common shares outstanding:   
Basic 17,276,822   5,170,319 
Diluted 17,357,943   5,170,319 
    

Investor Contact

Megan LeDuc
Associate Director of Investor Relations
megan.leduc@cartesiantx.com 

Media Contact
David Rosen
Argot Partners
david.rosen@argotpartners.com 


1 Primary efficacy dataset consisted of a modified intent-to-treat population of all subjects enrolled at academic medical centers who received at least one dose of Descartes-08 and completed at least one post-Month 3 MG-ADL score follow-up assessment.


FAQ

What were the key Phase 2b trial results for RNAC's Descartes-08 in myasthenia gravis?

Participants showed an average MG-ADL reduction of 5.5 at Month 4, with 80% maintaining clinically meaningful response through Month 12, demonstrating both deep and durable improvements.

How long will RNAC's current cash position support operations?

The $214.3 million cash position is expected to support planned operations into mid-2027, including completion of the Phase 3 AURORA trial.

What is the timeline for RNAC's Phase 3 AURORA trial?

The Phase 3 AURORA trial is scheduled to commence in the first half of 2025, with approximately 100 participants in a randomized, double-blind, placebo-controlled study.

How did RNAC's financial performance in 2024 compare to 2023?

RNAC reduced its net loss to $77.4 million in 2024 from $219.7 million in 2023, with decreased R&D expenses ($45.1M vs $71.3M) and G&A expenses ($30.1M vs $40.5M).
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