Financial Performance - Total revenue for the three months ended June 30, 2024, was $33.445 million, a significant increase from $5.249 million for the same period in 2023, representing a growth of 536%[13] - Operating income for the three months ended June 30, 2024, was $13.757 million, compared to an operating loss of $18.638 million for the same period in 2023[13] - Net income for the three months ended June 30, 2024, was $13.836 million, a turnaround from a net loss of $11.387 million in the same period last year[13] - Basic net income per share for the three months ended June 30, 2024, was $0.58, compared to a loss of $2.23 per share for the same period in 2023[13] Expenses - Research and development expenses for the three months ended June 30, 2024, were $12.661 million, down from $17.782 million for the same period in 2023, indicating a reduction of 29%[13] - General and administrative expenses increased to $7.027 million for the three months ended June 30, 2024, compared to $6.105 million for the same period in 2023, reflecting a rise of 15%[13] - The company reported stock-based compensation expense of $3.022 million for the second quarter of 2024, compared to $6.059 million in the same quarter of 2023, reflecting a 50% decrease[21] - Total stock-based compensation expense for the three months ended June 30, 2024, was $1.591 million, compared to $3.022 million for the same period in 2023, representing a decrease of 47.4%[77] Cash Flow and Liquidity - Cash used in operating activities for the second quarter of 2024 was $30.363 million, up from $18.660 million in the second quarter of 2023, indicating a 62% increase in cash outflow[21] - The company reported a total cash, cash equivalents, and restricted cash balance of $88.896 million at the end of June 2024, down from $115.004 million at the end of June 2023[21] - As of June 30, 2024, the Company had cash, cash equivalents, and restricted cash totaling $88.9 million, with an additional $124.4 million raised from a Private Placement in July 2024[26] - The Company reported total outstanding receivables of $31.7 million, representing billings for the Phase 3 DISSOLVE program[92] Mergers and Acquisitions - The company completed a private placement in November 2023, raising approximately $60.25 million through the issuance of 149,330.115 shares of Series A Preferred Stock[23] - The company acquired the assets of Old Cartesian in November 2023, exchanging shares based on a fixed ratio, resulting in the issuance of 224,099 shares of common stock and 384,930.724 shares of Series A Preferred Stock[23] - The total consideration for the merger with Old Cartesian was valued at $168.5 million, which included $155.3 million for Series A Preferred Stock and $10.4 million for stock options[34] - The Company recorded goodwill of $48.2 million related to the merger, primarily attributable to the assembled workforce and deferred tax liabilities[35] Future Outlook and Growth - The company anticipates potential growth opportunities in its market size and product pipeline, although specific projections were not detailed in the report[8] - The company is focused on maximizing the value of its product candidates and expanding its manufacturing capabilities to support future growth[8] - The Company is developing mRNA cell therapies for autoimmune diseases, with ongoing preclinical and clinical development efforts[23] - The Company is in the early stages of product candidate development and has not completed any product candidates to date[26] Risks and Challenges - The company is subject to significant risks typical of the biotechnology industry, including the need for substantial capital for research and development[24] - The Company has not recorded any U.S. federal or state income tax benefits due to uncertainty in realizing future benefits from net losses and credits[110] - The Company may need to seek additional funding sooner than expected if actual results differ from management's estimates[26] Stock and Equity - Weighted-average common shares outstanding for the three months ended June 30, 2024, were 16,723,479, compared to 5,114,747 for the same period in 2023, showing an increase of 227%[13] - The Company has authorized shares of common stock for future issuance totaling 12,794,858, which includes 975,132 shares from warrants and 5,544,719 shares from Series A Preferred Stock[74] - The Reverse Stock Split on April 4, 2024, consolidated every 30 shares of common stock into one share, effective on the Nasdaq Global Market under the symbol "RNAC"[73] - The Series B Preferred Stock will automatically convert into common stock upon stockholder approval, subject to certain beneficial ownership limitations[115] Revenue Recognition - Revenue recognized from the Astellas Agreement during the three months ended June 30, 2024, was $0.5 million, compared to $0.8 million in the same period of 2023[88] - The Company recognized revenue of $32.8 million related to the Sobi License during the three and six months ended June 30, 2024, including a $30.0 million development milestone[92] - The Company received a one-time upfront payment of $75.0 million from Sobi for the exclusive license to develop SEL-212[91] Contractual Obligations - The Company is obligated to pay tiered royalties to Ginkgo and Genovis based on annual net sales of collaboration products, ranging from low-single digit to high-single digit percentages[102][104] - The Company has paid an aggregate of $7 million in upfront and milestone payments under the 3SBio License as of June 30, 2024[109] - The Company plans to terminate the Genovis Agreement effective September 13, 2024, and the AskBio Collaboration Agreement effective December 13, 2023[104][108]

TABLE OF CONTENTS As filed with the Securities and Exchange Commission on August 2, 2024 Registration No. 333- UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Cartesian Therapeutics, Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) (Primary Standard Industrial Delaware 2834 26-1622110 (I.R.S. Employer Identification No.) 704 Quince Orchard Road Ga ...

GAITHERSBURG, Md., July 08, 2024 (GLOBE NEWSWIRE) -- Cartesian Therapeutics, Inc. (NASDAQ: RNAC) (the "Company"), a clinical-stage biotechnology company developing mRNA cell therapies for the treatment of autoimmune diseases, today announced the granting of inducement awards to new employees. On July 1, 2024, the Company issued to these employees options to purchase an aggregate of 35,198 shares of the Company's common stock with an exercise price of $24.27, the closing trading price of the Company's common ...

GAITHERSBURG, Md., July 08, 2024 (GLOBE NEWSWIRE) -- Cartesian Therapeutics, Inc. (NASDAQ: RNAC) (the "Company"), a clinical-stage biotechnology company developing mRNA cell therapies for the treatment of autoimmune diseases, today announced the granting of inducement awards to new employees. On July 1, 2024, the Company issued to these employees options to purchase an aggregate of 35,198 shares of the Company's common stock with an exercise price of $24.27, the closing trading price of the Company's common ...

GAITHERSBURG, Md., July 02, 2024 (GLOBE NEWSWIRE) -- Cartesian Therapeutics, Inc. (NASDAQ: RNAC) (the "Company"), a clinical-stage biotechnology company pioneering mRNA cell therapy for autoimmune diseases, today announced the appointment of Kemal Malik, MBBS to its Board of Directors. Dr. Malik brings to Cartesian over 30 years of global development, regulatory, and commercial expertise at leading pharmaceutical organizations. "We are thrilled to welcome Dr. Malik, a proven leader and industry veteran, to ...

Cartesian Therapeutics is a clinical-stage company pioneering mRNA cell therapies for the treatment of autoimmune diseases. The Company's lead asset, Descartes-08, is a potential first-in-class mRNA CAR-T in Phase 2b clinical development for patients with generalized myasthenia gravis and Phase 2 development for systematic lupus erythematosus, with a Phase 2 basket trial planned in additional autoimmune indications. The Company's clinical-stage pipeline also includes Descartes-15, a next-generation, autolog ...

Pursuant to the terms of the securities purchase agreement, the Company is selling an aggregate of 3,563,247 shares of its common stock ("Common Stock"), and 2,937,903 shares of its Series B Non-Voting Convertible Preferred Stock ("Series B Preferred Stock"), each at a purchase price of $20.00 per share. Each share of Series B Preferred Stock is convertible into one share of Common Stock, subject to Cartesian stockholder approval thereof and certain beneficial ownership limitations set by the purchasers of ...

GAITHERSBURG, Md., July 02, 2024 (GLOBE NEWSWIRE) -- Cartesian Therapeutics, Inc. (NASDAQ: RNAC) (the "Company"), a clinical-stage biotechnology company pioneering mRNA cell therapy for autoimmune diseases, today announced that it has entered into a securities purchase agreement for a private investment in public equity ("PIPE") financing that is expected to result in gross proceeds of approximately $130.0 million to the Company, before deducting placement agent fees and other offering expenses. The PIPE fi ...

Company expects to hold End-of-Phase 2 meeting with the FDA by year-end "We believe the positive data presented today demonstrate clinical proof-of-concept of our novel mRNA platform and highlight the potential of Descartes-08 to provide deep and durable improvements for patients with MG," said Carsten Brunn, Ph.D., President and Chief Executive Officer of Cartesian. "Our recently granted RMAT designation supports the continued development of Descartes-08 in collaboration with the FDA, with plans to hold an ...

GAITHERSBURG, Md., June 06, 2024 (GLOBE NEWSWIRE) -- Cartesian Therapeutics, Inc. (NASDAQ: RNAC) (the "Company"), a clinical-stage biotechnology company developing mRNA cell therapies for the treatment of autoimmune diseases, today announced the granting of an inducement award to a new employee. On June 3, 2024, the Company issued to this employee an option to purchase 11,000 shares of the Company's common stock with an exercise price of $36.00, the closing trading price of the Company's common stock on the ...