RNAC · Cartesian Therapeutics, Inc.

Cartesian Therapeutics reported a significant widening in its net loss for the first quarter of 2026, reaching $39.2 million compared to $17.7 million in the same period last year. While operating losses increased moderately due to higher clinical trial expenses, the primary driver of the bottom-line deterioration was a non-cash loss of $13.8 million related to the change in fair value of the contingent value right liability, contrasting with a gain in the prior year period. Operationally, the company is aggressively advancing its lead asset, Descartes-08, across multiple indications. Research and development expenses rose to $19.5 million, largely attributed to the Phase 3 AURORA trial in myasthenia gravis, though this was partially offset by the strategic decision to discontinue development in systemic lupus erythematosus. General and administrative expenses decreased to $7.1 million due to lower professional fees. The company maintains a solid liquidity position with $120.4 million in cash and restricted cash, bolstered by $14.6 million raised through its ATM program during the quarter. Management indicated this capital runway extends into mid-2027 and is sufficient to complete the pivotal Phase 3 AURORA trial. Clinical momentum is evident with the initiation of the Phase 2 TRITON trial for dermatomyositis and antisynthetase syndrome, and ongoing enrollment in the Phase 1/2 HELIOS pediatric trial for juvenile dermatomyositis.