Cartesian Therapeutics, Inc. reported its financial results for the second quarter ended June 30, 2025. The company's total revenue for the quarter was $0.3 million, a significant decrease from $33.4 million in the prior-year period, primarily due to the absence of collaboration milestone payments.
Despite the revenue decline, the company reported a net income of $15.9 million for Q2 2025, compared to $13.8 million in Q2 2024. This net income was largely influenced by non-cash income from favorable changes in the fair value of the contingent value right (CVR) liability, which contributed $35.3 million.
Research and development expenses increased by 17% to $14.9 million in Q2 2025, reflecting intensified efforts in advancing the clinical pipeline, particularly the Phase 3 AURORA trial. As of June 30, 2025, the company held $162.1 million in cash, cash equivalents, and restricted cash, which is expected to fund operations into mid-2027.
The company also confirmed the enrollment of the first participant in its Phase 3 AURORA trial for Descartes-08 in myasthenia gravis. Additionally, preliminary data from the Phase 2 trial of Descartes-08 in systemic lupus erythematosus and the initiation of a Phase 2 pediatric basket trial are both anticipated in the second half of 2025.
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