Cartesian Therapeutics(RNAC) - 2025 Q3 - Quarterly Results

Financial Position - As of September 30, 2025, Cartesian Therapeutics reported cash, cash equivalents, and restricted cash of $145.1 million, expected to support operations into mid-2027[1] - The total assets as of September 30, 2025, were $372.7 million, down from $435.0 million as of December 31, 2024[12] - The total stockholders' deficit increased to $35.8 million as of September 30, 2025, compared to $6.8 million as of December 31, 2024[12] Revenue and Expenses - Total revenue for the three months ended September 30, 2025, was $452,000, compared to $387,000 for the same period in 2024, representing a 16.8% increase[14] - Collaboration and license revenue for the nine months ended September 30, 2025, was $400 million, a significant increase from $39.111 million in the same period of 2024[14] - Research and development expenses for Q3 2025 were $13.8 million, up from $11.4 million in Q3 2024, primarily due to increased costs associated with the Phase 3 AURORA trial[9] - General and administrative expenses increased to $7.7 million in Q3 2025 from $6.6 million in Q3 2024, driven by higher facilities and stock-based compensation expenses[9] - Total operating expenses for the nine months ended September 30, 2025, were $66.616 million, compared to $56.838 million in 2024, marking a 17.1% increase[14] Net Loss - The net loss for Q3 2025 was $35.9 million, or $1.38 per share, compared to a net loss of $24.2 million, or $1.13 per share, in Q3 2024[9] - The net loss for the three months ended September 30, 2025, was $35.902 million, compared to a net loss of $24.183 million in the same period of 2024, indicating a 48.3% increase in losses[14] - Basic and diluted net loss per share for the three months ended September 30, 2025, was $(1.38), compared to $(1.13) for the same period in 2024[14] - The total comprehensive loss for the three months ended September 30, 2025, was $35.912 million, compared to $24.198 million in 2024, reflecting a 48.3% increase[14] Trials and Designations - The Phase 3 AURORA trial of Descartes-08 in myasthenia gravis is on track, with approximately 100 participants enrolled[3] - Preliminary data from the ongoing Phase 2 trial of Descartes-08 in systemic lupus erythematosus is expected by the end of 2025[2] - A Phase 2 pediatric basket trial of Descartes-08 in select autoimmune diseases is anticipated to initiate by the end of 2025[3] - Descartes-08 has received Orphan Drug Designation and Regenerative Medicine Advanced Therapy Designation from the FDA for the treatment of myasthenia gravis[5] Other Financial Metrics - Interest income for the three months ended September 30, 2025, was $1.548 million, down from $2.573 million in the same period of 2024, a decrease of 39.8%[14] - Grant revenue for the nine months ended September 30, 2025, was $1.450 million, compared to $561,000 in the same period of 2024, representing a 158.3% increase[14] - The weighted-average common shares outstanding for the three months ended September 30, 2025, were 26,002,892, compared to 21,471,408 in 2024, an increase of 21.0%[14]