Cartesian Therapeutics, Inc. announced full year 2025 financial results, reporting a net loss of $130.3 million and $5.02 net loss per share, with $126.9 million in cash expected to fund operations into mid-2027. The company provided updates on progressing Phase 3 AURORA trial enrollment in myasthenia gravis and upcoming trial initiations.
Key takeaways
Cash, cash equivalents and restricted cash of $126.9 million as of December 31, 2025, expected to support operations into mid-2027
Net loss of $130.3 million or $5.02 per share for year ended December 31, 2025 vs $77.4 million or $4.48 per share in 2024
R&D expenses $58.0 million in 2025 vs $45.1 million in 2024
G&A expenses $31.5 million in 2025 vs $30.1 million in 2024
Enrollment progressing in Phase 3 AURORA trial of Descartes-08 in myasthenia gravis, targeting ~100 patients
Phase 2 TRITON trial in dermatomyositis and antisynthetase syndrome expected to initiate in 1H26
Adrian Bot appointed to Board of Directors in December 2025
Carsten Brunn named Chairman of the Board in October 2025