Cartesian Therapeutics (RNAC) investor relations material

Executive summary

• Clinical-stage biotech focused on cell therapy for autoimmune diseases, with lead candidate Descartes-08 in Phase 3 for myasthenia gravis showing durable clinical benefit in Phase 2b trials and enrollment progressing as planned in the AURORA trial.

• Preliminary Phase 2 data for Descartes-08 in systemic lupus erythematosus expected by year-end; Phase 2 pediatric basket trial initiation also targeted by year-end.

• Descartes-15 Phase 1 trial ongoing in multiple myeloma, assessing safety and tolerability.

• Completed a merger in November 2023, resulting in a new corporate structure and significant goodwill and intangible assets.

• No product sales to date; operations funded by equity offerings, private placements, grants, and collaborations.

Financial highlights

• Net loss for the quarter ended September 30, 2025 was $35.9 million ($1.38 per share), up from $24.2 million ($1.13 per share) in the same quarter last year.

• Net loss for the nine months ended September 30, 2025 was $37.7 million, down from $67.2 million in the prior year period.

• Revenue for the quarter was $0.5 million (grant revenue only), compared to $0.4 million in the prior year quarter.

• Cash, cash equivalents, and restricted cash totaled $145.1 million as of September 30, 2025, expected to fund operations into mid-2027.

• Accumulated deficit reached $729.8 million as of September 30, 2025.

Outlook and guidance

• Cash position expected to support planned operations, including completion of the Phase 3 AURORA trial, into mid-2027.

• Anticipates continued operating losses and increased R&D and G&A expenses as clinical programs advance.

• Plans to seek additional capital through equity, debt, or strategic collaborations as needed.

• Preliminary data from SLE Phase 2 trial and initiation of pediatric basket trial anticipated by end of 2025.