Cartesian Therapeutics, Inc. reported significant financial developments in its latest 10-Q filing for the quarter ending September 30, 2024. The company, which focuses on developing mRNA cell therapies for autoimmune diseases, experienced a notable decline in revenue, reporting $387,000 for the third quarter of 2024, down from $6.6 million in the same period of 2023. However, for the nine months ended September 30, 2024, total revenue increased to $39.7 million, compared to $17.7 million for the same period in 2023, primarily driven by collaboration agreements.

The company's operating expenses for the third quarter decreased to $18.0 million from $19.6 million year-over-year, while total operating expenses for the nine months fell to $56.8 million from $67.8 million in 2023. Despite these reductions, Cartesian reported a net loss of $24.2 million for the third quarter of 2024, compared to a net loss of $9.0 million in the prior year. For the nine-month period, the net loss was $67.2 million, an increase from $42.1 million in 2023. The increase in net loss was attributed to expenses related to the change in the fair value of contingent value rights (CVR) and Series A Preferred Stock forward contract liabilities.

As of September 30, 2024, Cartesian's cash and cash equivalents totaled $220.9 million, a significant increase from $78.3 million at the end of 2023. This increase was bolstered by financing activities, which provided $167.6 million in the nine months ended September 30, 2024, compared to a net cash outflow of $27.2 million in the same period of 2023. The company executed a reverse stock split in April 2024 and completed a private placement in July 2024, raising approximately $130 million.

Strategically, Cartesian underwent a merger with Old Cartesian in November 2023, which resulted in the issuance of Series A Preferred Stock and a restructuring plan that included a significant reduction in workforce, cutting headcount by 90%. The company has also paused development on several product candidates, focusing resources on its lead candidate, Descartes-08, which has shown promise in clinical trials for myasthenia gravis.

The accumulated deficit as of September 30, 2024, stood at $681.8 million, reflecting ongoing challenges in achieving profitability. The company does not anticipate generating product revenue in the near future and plans to finance operations through equity offerings, debt financing, and collaboration agreements.