Financial Performance - The net loss for the year ended December 31, 2024, was (4.48) net loss per share, compared to a net loss of (49.76) net loss per share in 2023[10]. - Total revenue for the year ended December 31, 2024, was 26,004,000 in 2023[19]. - The operating loss narrowed to 86,416,000 in 2023, reflecting a reduction of approximately 49%[19]. - The company reported a change in fair value of contingent value right liability of (18,300,000) in 2023, indicating increased liability[19]. Expenses - Research and development expenses for the year ended December 31, 2024, were 71.3 million in 2023, primarily due to restructuring and strategic reprioritization[9]. - General and administrative expenses decreased to 40.5 million in 2023, attributed to reductions in stock compensation and professional fees related to the merger[9]. - Research and development expenses decreased to 71,260,000 in 2023, a reduction of approximately 37%[19]. - General and administrative expenses also decreased to 40,450,000 in 2023, a decline of about 26%[19]. Cash and Assets - As of December 31, 2024, Cartesian Therapeutics reported approximately 212,610,000 as of December 31, 2024, compared to 435,023,000 in 2024 from 22,976,000 in 2024 from $68,209,000 in 2023, a reduction of approximately 66%[17]. Clinical Trials and Developments - The Phase 3 AURORA trial of Descartes-08 in myasthenia gravis is set to commence in the first half of 2025, with a primary endpoint assessing improvement in MG Activities of Daily Living (MG-ADL) score[4][3]. - Preliminary data from the ongoing Phase 2 trial of Descartes-08 in systemic lupus erythematosus is expected in the second half of 2025[8]. - The Phase 2 pediatric basket trial of Descartes-08 in select autoimmune diseases is anticipated to initiate in the second half of 2025[8]. - The Phase 2b trial of Descartes-08 in myasthenia gravis showed an average MG-ADL reduction of 5.5 at Month 4, with 80% of evaluable participants maintaining a clinically meaningful response through Month 12[5][4]. - Dosing is currently underway in the first-in-human Phase 1 trial of Descartes-15, a next-generation mRNA CAR-T therapy targeting multiple myeloma[8]. - Cartesian Therapeutics has received written agreement from the FDA under the Special Protocol Assessment process for the Phase 3 AURORA trial design, indicating a clear path toward potential approval[4][3]. Shareholder Information - The weighted-average common shares outstanding increased to 17,276,822 in 2024 from 5,170,319 in 2023, reflecting a significant increase in share issuance[19].
Cartesian Therapeutics(RNAC) - 2024 Q4 - Annual Results