Cartesian Therapeutics, Inc. Quarterly Report for the Period Ended March 31, 2024
Cartesian Therapeutics, Inc. Quarterly Report for the Period Ended March 31, 2024
Cartesian Therapeutics, Inc. has reported a financial update for the quarter ending March 31, 2024. The company’s financial statements, including balance sheets, statements of operations, and cash flows, are provided. Management’s discussion and analysis of financial condition and results of operations are also included. The report also covers legal proceedings, risk factors, unregistered sales of equity securities, defaults on senior securities, mine safety disclosures, and other information.
Overview of Cartesian Therapeutics
Cartesian Therapeutics is a clinical-stage biotechnology company developing cell therapies to treat autoimmune diseases. The company uses its proprietary RNA Armory technology platform to engineer cells with mRNA to enhance their function.
In November 2023, Cartesian merged with Selecta Biosciences. As part of the merger, the combined company was renamed to Cartesian Therapeutics.
Financial Highlights
Revenue: For Q1 2024, Cartesian reported $5.8 million in revenue, compared to $5.9 million in Q1 2023. Revenue consisted of collaboration and license payments.
R&D Expenses: R&D expenses were $9.7 million in Q1 2024, down 48% from $18.6 million in Q1 2023. The decrease reflects reduced spending on preclinical and clinical programs after strategic reprioritization.
G&A Expenses: G&A expenses rose 66% to $9.5 million in Q1 2024, from $5.7 million in Q1 2023. The increase was driven by higher professional fees related to the merger.
Net Loss: Cartesian reported a net loss of $56.8 million for Q1 2024, compared to a $21.7 million loss for Q1 2023. The wider loss was primarily due to non-cash expenses related to the merger.
Cash Position: As of March 31, 2024, Cartesian had $104.8 million in cash and cash equivalents, which it expects will fund operations into the second half of 2026.
Clinical Development Update
Descartes-08, Cartesian’s lead candidate for myasthenia gravis, generated positive Phase 2 data showing durable clinical benefit. The company plans to advance Descartes-08 into Phase 3 development.
Beyond Descartes-08, Cartesian is developing preclinical and clinical-stage programs across three technology platforms: mRNA CAR-T cells, off-the-shelf mRNA engineered MSCs, and in situ vaccination with mRNA.
Business Outlook
Cartesian is focused on advancing its autoimmune disease programs while seeking partners for assets outside its core strategic focus.
The company believes its cash position will fund operations for at least the next 12 months. Cartesian plans to raise additional capital through public or private financings if needed.
Tables
| Revenue (Millions) | Q1 2024 | Q1 2023 |
|---|---|---|
| Collaboration & License | $5.8 | $5.9 |
| Expenses (Millions) | Q1 2024 | Q1 2023 |
|---|---|---|
| R&D | $9.7 | $18.6 |
| G&A | $9.5 | $5.7 |
| Financial Results (Millions) | Q1 2024 | Q1 2023 |
|---|---|---|
| Net Loss | $56.8 | $21.7 |
| Cash Position | $104.8 | n/a |