Cartesian Therapeutics (RNAC) Registration Filing summary

Company overview and business model

• Clinical-stage biotechnology company developing mRNA cell therapies for autoimmune diseases, leveraging proprietary technology to introduce mRNA into cells for enhanced function.

• Lead product candidate, Descartes-08, showed durable clinical benefit in a Phase 2 trial for myasthenia gravis, with sustained improvements at 9 and 12 months.

• mRNA CAR-T modality personalizes therapy by collecting patient T-cells and using mRNA to introduce a CAR, targeting pathogenic self-reactive cells.

• mRNA in situ modality delivers mRNA into lymph nodes to generate CAR-T cells and other proteins targeting autoimmunity.

• Company underwent a merger in November 2023 and changed its name to Cartesian Therapeutics, Inc.

Financial performance and metrics

• As of September 30, 2024, 23,896,525 shares of common stock and 604,268.592 shares of preferred stock were outstanding.

• Net tangible book value as of September 30, 2024, was approximately $(198.0) million, or $(8.29) per share.

• After a $100 million offering at $20.12 per share, as adjusted net tangible book value would be $(101.2) million, or $(3.51) per share, resulting in immediate dilution of $23.63 per share to new investors.

Use of proceeds and capital allocation

• Net proceeds from securities sales will be used for working capital and general corporate purposes, including advancement of the product candidate pipeline.

• Pending use, proceeds will be invested in capital preservation instruments such as short- and long-term interest-bearing instruments, investment-grade securities, and U.S. government obligations.