SELECTA BIOSCI(US:SELB)2026-03-09 11:03Financial Performance - The company experienced a net loss of $130.3 million for the year ended December 31, 2025, compared to a net loss of $77.4 million for the previous year, representing a 68% increase in losses[8] - Total revenues for 2025 were $2,797,000, a decrease of 92.8% from $38,913,000 in 2024[13] - Total operating expenses rose significantly to $146,202,000 in 2025, compared to $82,810,000 in 2024, marking an increase of 76.7%[13] - The net loss for 2025 was $130,302,000, compared to a net loss of $77,424,000 in 2024, reflecting an increase of 68.2%[13] - Basic net loss per share for 2025 was $5.02, compared to $4.48 in 2024, indicating a decline in shareholder value[13] - Total comprehensive loss for 2025 was $130,257,000, compared to $77,445,000 in 2024, indicating a worsening financial position[13] Research and Development - Research and development expenses increased to $58.0 million in 2025 from $45.1 million in 2024, primarily due to costs associated with the ongoing Phase 3 AURORA trial[8] - The Phase 3 AURORA trial of Descartes-08 in myasthenia gravis is on track to enroll approximately 100 patients, with a primary endpoint assessing improvement in MG Activities of Daily Living score[3] - The Phase 2 TRITON trial of Descartes-08 in myositis is anticipated to initiate in the first half of 2026, with plans to enroll up to 50 patients[3] - The Phase 1/2 HELIOS pediatric trial of Descartes-08 in juvenile dermatomyositis is actively enrolling participants[1] - Research and development expenses increased to $58,034,000 in 2025, up 28.6% from $45,105,000 in 2024[13] Assets and Liabilities - Cartesian's total assets decreased to $296.4 million as of December 31, 2025, down from $435.0 million in 2024[11] - The company's accumulated deficit increased to $822.4 million as of December 31, 2025, compared to $692.1 million in 2024[11] - The company reported an impairment of indefinite-lived intangible and long-lived assets amounting to $56,700,000 in 2025, a significant increase from $7,579,000 in 2024[13] Shareholder Information - The weighted-average common shares outstanding increased to 25,973,329 in 2025 from 17,276,822 in 2024, reflecting a dilution of shares[13] Other Financial Metrics - Interest income for 2025 was $6,579,000, a slight decrease from $7,386,000 in 2024[13] - The company experienced a loss on change in fair value of contingent value right liability of $4,354,000 in 2025, compared to a loss of $36,900,000 in 2024[13] - Cartesian's lead product, Descartes-08, has received Orphan Drug Designation and Regenerative Medicine Advanced Therapy Designation from the FDA for the treatment of myasthenia gravis[6]