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Cartesian Therapeutics Inc. (RNAC-3.86%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The company reported a net loss of $77.4 million for the year ended December 31, 2024, compared to a net loss of $219.7 million for the previous year. The decrease in net loss was primarily due to a reduction in research and development expenses, which decreased by $26.2 million from 2023 to 2024.
Cartesian Therapeutics is focused on developing mRNA cell therapy for autoimmune diseases. Their lead product candidate, Descartes-08, is undergoing clinical trials for the treatment of myasthenia gravis (MG) and systemic lupus erythematosus (SLE). Descartes-08 has shown promising results in a Phase 2b clinical trial for MG, achieving its primary endpoint with statistical significance.
The company has entered into several key agreements, including a non-exclusive license agreement with Biogen to research and develop products for autoimmune diseases. Cartesian also has a license agreement with the National Cancer Institute for the development of anti-BCMA CAR-T cell products for MG and other diseases.
Cartesian's financial operations have been primarily funded through public offerings, private placements, research grants, and collaboration agreements. In 2024, the company recognized $38.3 million in collaboration and license revenue, an increase of $12.3 million from the previous year.
The company completed a merger with Old Cartesian in November 2023, resulting in the issuance of common stock and Series A Preferred Stock. This merger was followed by a private placement in July 2024, generating gross proceeds of approximately $130.0 million.
Cartesian's cash, cash equivalents, and restricted cash were $214.3 million as of December 31, 2024, which is expected to fund operations into mid-2027. The company plans to continue to grow its manufacturing capabilities and resources to support the development and commercialization of its product candidates.
The company has not yet generated any product sales revenue. It is in the early stages of clinical development for most of its product candidates and expects to continue incurring significant expenses and operating losses for the foreseeable future.
Cartesian faces several risks including the potential for increased costs and delays in clinical trials, challenges in obtaining regulatory approvals, and competition from other biotechnology and pharmaceutical companies. Additionally, the company is subject to various U.S. and international regulations, which could impact its operations and financial condition.
The company is also involved in several legal proceedings, including stockholder litigation related to the merger with Old Cartesian and other legal matters.
Cartesian's management is focused on retaining key executives and attracting qualified personnel to drive the company's growth strategy. The company has implemented various measures to protect its intellectual property and is involved in collaborations and licensing agreements to develop and commercialize its product candidates.
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. annual 10-K report dated March 13, 2025. To report an error, please email earnings@qz.com.