Cartesian Therapeutics Reports $130.3 Million Net Loss for 2025, Revenue Drops to $2.8 Million

Cartesian Therapeutics, Inc. (RNAC) reported a net loss of $130.3 million for the year ended December 31, 2025, compared to a net loss of $77.4 million in 2024. The company's total revenues decreased significantly from $38.9 million in 2024 to $2.8 million in 2025, primarily due to a substantial decrease in collaboration and license revenue from $38.3 million to $0.4 million. This decrease was attributed to the recognition of revenue under the Sobi License in the prior year, coupled with the recognition of remaining deferred revenue under the Astellas Agreement upon its termination in 2024. Grant revenue, however, increased from $0.6 million to $2.4 million due to increased expenses reimbursable under a grant from the National Institutes of Health.

Operating expenses for Cartesian Therapeutics increased by 77% to $146.2 million in 2025 from $82.8 million in 2024. Research and development expenses rose by 29% to $58.0 million, driven by increased spending on the Descartes-08 program for myasthenia gravis (MG), particularly related to the Phase 3 AURORA trial, as well as higher employee expenses and manufacturing costs. General and administrative expenses also saw a slight increase of 4% to $31.5 million. A significant factor contributing to the increased operating expenses was the recognition of a $56.7 million impairment charge related to the Descartes-08 program for systemic lupus erythematosus (SLE), following the company's decision to discontinue its development.

Despite the increased operating expenses, the company's other income, net, improved significantly from an expense of $33.2 million in 2024 to an income of $3.9 million in 2025. This was primarily due to a smaller loss on the change in fair value of the contingent value right (CVR) liability, decreasing from $36.9 million to $4.4 million, and the absence of a loss on the change in fair value of forward contract liabilities, which was $6.9 million in 2024. Interest income decreased slightly from $7.4 million to $6.6 million.

Looking ahead, Cartesian Therapeutics anticipates continued operating losses as it progresses the development of Descartes-08 for MG and myositis, advances its preclinical and clinical-stage product candidates, and seeks regulatory approvals. The company believes its existing cash, cash equivalents, and restricted cash of $126.9 million as of December 31, 2025, will be sufficient to fund operations for at least the next 12 months. The company may pursue additional funding through equity or debt financings, collaborations, or monetization of potential royalty and milestone payments. As of February 28, 2026, the company had 26,509,024 shares of common stock outstanding.