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 in all participants at nine 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, changing its name and structure.

Financial performance and metrics

• In July 2024, raised approximately $130 million through a private placement of common and Series B preferred stock.

• As of September 30, 2024, 23,896,525 shares of common stock, 166,341.592 shares of Series A Preferred Stock, and 437,927 shares of Series B Preferred Stock were outstanding.

• Additional shares are reserved for conversion of preferred stock, exercise of options and warrants, and vesting of restricted stock units.

Use of proceeds and capital allocation

• No proceeds will be received from the resale of shares by selling stockholders; all proceeds go to the selling stockholders.

• Company will bear costs related to registration, including legal and accounting fees, but not selling commissions or certain other expenses.