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Cartesian Therapeutics (RNAC) investor relations material
Cartesian Therapeutics Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary7 Aug, 2025
Executive summary
Clinical-stage biotech advancing Descartes-08 for myasthenia gravis into Phase 3, with strong durability of response observed in Phase 2b and first participant enrolled in May 2025.
Preliminary Phase 2 data for Descartes-08 in systemic lupus erythematosus expected in 2H25; pediatric basket trial to start in 2H25.
Dosing ongoing in Phase 1 trial of Descartes-15 for multiple myeloma, with plans to expand to autoimmune indications.
Completed a merger in November 2023, rebranding and integrating assets, and executed significant private placements to strengthen the balance sheet.
No product sales to date; revenue is from collaboration, license, and grant agreements, with a focus on R&D and pipeline expansion.
Financial highlights
Net income for Q2 2025 was $15.9M, up from $13.8M in Q2 2024; basic EPS was $0.51; research and development expenses rose 17% year-over-year to $14.9M.
Cash, cash equivalents, and restricted cash totaled $162.1M as of June 30, 2025, supporting operations into mid-2027.
General and administrative expenses increased to $7.2M in Q2 2025 from $7.0M in Q2 2024.
Total revenue for Q2 2025 was $0.3M, down from $33.4M in Q2 2024 due to the absence of milestone payments; six-month revenue was $1.4M, down from $39.3M year-over-year.
Weighted-average shares outstanding for Q2 2025: 25.98M basic, 26.45M diluted.
Outlook and guidance
Cash position expected to fund operations, including completion of the Phase 3 AURORA trial, into mid-2027.
Anticipates continued operating losses as R&D and G&A expenses increase to support clinical and preclinical pipeline.
Preliminary data from the Phase 2 SLE trial and initiation of the pediatric basket trial anticipated in the second half of 2025.
What is the source of Q2 2025 collaboration revenue?
How does Phase 3 enrollment address biologic-naive MG?
What is Descartes-15's long-term role in autoimmune?
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Next Cartesian Therapeutics earnings date
Q3 20256 Nov, 2025
Next Cartesian Therapeutics earnings date
Q3 20256 Nov, 2025
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Frequently asked questions
Cartesian Therapeutics Inc is a clinical-stage biopharmaceutical company focused on developing cell therapies for the treatment of autoimmune diseases and cancer. The company uses its proprietary RNA cell therapy platform to engineer immune cells with therapeutic potential. Cartesian’s therapies are designed to target specific disease pathways, aiming to provide more effective treatments with fewer side effects compared to traditional approaches. The company is headquartered in Gaithersburg, Maryland, and its shares are listed on the NASDAQ.
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