Cartesian Therapeutics Inc. (RNAC) Quarterly 10-Q Report

Cartesian Therapeutics, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.

The filing details the company's financial position, reporting a net loss of $24.2 million for the quarter, compared to a net loss of $9.0 million in the same quarter of the previous year. This increase in net loss is attributed to changes in fair value of contingent value right liability and decreased revenue.

Cartesian reported collaboration and license revenue of $39.1 million for the nine months ended September 30, 2024, compared to $17.7 million in the same period of the previous year. The increase is primarily due to revenue recognized under the Sobi (BIOVF0.00%) License and the Astellas (ALPMY-0.93%) Agreement.

Research and development expenses for the quarter were $11.4 million, down from $13.0 million in the previous year, primarily due to reductions in clinical expenses.

General and administrative expenses remained consistent at $6.6 million for the quarter.

Investment income increased to $2.6 million from $1.3 million in the previous year, due to increased investment balance.

The company reported a change in fair value of warrant liabilities, resulting in income of $5.7 million, compared to $3.8 million in the previous year.

Cartesian's cash, cash equivalents, and restricted cash totaled $220.9 million as of September 30, 2024, which is expected to fund operations for at least the next 12 months.

The company continues to focus on the development of its product candidates, including Descartes-08 for myasthenia gravis, and plans to advance it into Phase 3 development.

Cartesian anticipates operating losses to continue for the foreseeable future due to costs related to research and development and administrative expenses.

This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Cartesian Therapeutics Inc. quarterly 10-Q report dated November 7, 2024. To report an error, please email earnings@qz.com.