Cartesian Therapeutics (RNAC) Q4 2025 earnings summary

Executive summary

• Enrollment is progressing in the Phase 3 AURORA trial for Descartes-08 in myasthenia gravis, with approximately 100 patients targeted and primary endpoint focused on MG-ADL improvement at Month 4.

• Phase 2 TRITON trial in myositis is set to begin in 1H26, following FDA acceptance of the IND; interim analysis planned after 10 patients reach the primary endpoint.

• Phase 1/2 HELIOS pediatric trial in juvenile dermatomyositis is actively enrolling, with Descartes-08 granted Rare Pediatric Disease Designation.

• Descartes-08's mechanism and 12-month Phase 2b data in MG were highlighted in Nature Medicine, showing deep and durable responses.

• Cash and equivalents of $126.9 million as of December 31, 2025, expected to fund operations into mid-2027, including completion of key trials.

Financial highlights

• Research and development expenses rose to $58.0 million in 2025 from $45.1 million in 2024, mainly due to increased trial activity and headcount.

• General and administrative expenses increased to $31.5 million in 2025 from $30.1 million in 2024, driven by higher facilities and stock-based compensation costs.

• Net loss widened to $130.3 million ($5.02 per share) in 2025 from $77.4 million ($4.48 per share) in 2024.

• Total revenues dropped sharply to $2.8 million in 2025 from $38.9 million in 2024.

• Impairment charges on intangible and long-lived assets increased significantly to $56.7 million in 2025 from $7.6 million in 2024.

Outlook and guidance

• Cash runway is expected to support planned operations, including completion of the AURORA and initiation of the TRITON trials, into mid-2027.

• Focus remains on clinical execution and advancing Descartes-08 across multiple autoimmune indications in 2026.