Cartesian Therapeutics Reports Q2 2025 Revenue Decline to $298,000 Amid Increased Operating Expenses

Cartesian Therapeutics, Inc. reported its financial results for the second quarter of 2025, revealing a total revenue of $298,000, a significant decrease from $33.4 million in the same period last year. The decline is attributed primarily to the absence of collaboration and license revenue, which had included a $30 million milestone payment from Sobi in the previous year. Grant revenue, however, saw a slight increase to $298,000 from $174,000, reflecting ongoing funding from the National Institute of Neurological Disorders and Stroke.

The company's operating expenses for the second quarter rose to $22.1 million, compared to $19.7 million in the prior year, driven by increased research and development costs associated with the ongoing Phase 3 trial of its lead product candidate, Descartes-08. The net income for the quarter was reported at $15.9 million, a notable increase from $13.8 million in the same quarter of 2024, largely due to favorable changes in the fair value of contingent value rights and warrant liabilities.

In terms of strategic developments, Cartesian Therapeutics completed a merger with Old Cartesian in November 2023, which resulted in the company rebranding and restructuring its operations. The merger has positioned the company to focus on its proprietary cell therapy technology aimed at treating autoimmune diseases. As of June 30, 2025, the company had cash, cash equivalents, and restricted cash totaling $162.1 million, which it believes will fund operations into mid-2027.

Operationally, Cartesian Therapeutics has made significant strides in its research and development efforts, particularly with Descartes-08, which has shown promising results in clinical trials. The company has also expanded its facilities, including a new manufacturing space in Frederick, Maryland, to support its growing operational needs. The employee headcount has increased as well, reflecting the company's commitment to advancing its clinical programs.

Looking ahead, Cartesian Therapeutics anticipates continued operating losses as it invests in the development of its product candidates. The company plans to seek additional funding through equity offerings and collaborations to support its operations and research initiatives. Management remains optimistic about the potential of its pipeline and the long-term prospects for its innovative therapies in the autoimmune disease space.