Cartesian Therapeutics (NASDAQ:RNAC), a clinical-stage biotechnology company focused on pioneering mRNA cell therapies for autoimmune diseases, today released its financial results for the full year ended December 31, 2024, alongside recent corporate and clinical updates.
The company highlighted significant progress in its lead candidate, Descartes-08, an mRNA-based cell therapy.
The Phase 3 AURORA trial for Descartes-08 in myasthenia gravis (MG) remains on track to begin in the first half of 2025.
This follows encouraging results from the Phase 2b trial, where treated participants maintained deep and durable responses for over 12 months.
Additionally, a Phase 2 trial of Descartes-08 in systemic lupus erythematosus (SLE) is ongoing, with data expected in the second half of 2025.
Cartesian also plans to launch a Phase 2 pediatric basket trial for Descartes-08 targeting select autoimmune indications in the latter half of 2025.
In another milestone, the company has initiated dosing in a first-in-human Phase 1 trial of Descartes-15, marking further expansion of its clinical pipeline.
Financially, Cartesian reported a net loss of $77.4 million, or $4.48 per share (basic), for 2024—a substantial improvement from the $219.7 million net loss, or $49.76 per share (basic), recorded in 2023.
Research and development expenses decreased to $45.1 million in 2024 from $71.3 million in 2023, reflecting streamlined operations.
As of December 31, 2024, the company held $214.3 million in cash, cash equivalents, and restricted cash, which is projected to fund planned operations—including the completion of the Phase 3 AURORA trial—into mid-2027.