Cartesian Therapeutics, Inc. reported its financial results for the full year ended December 31, 2024, alongside a business update. The company announced total revenue of US$38.9 million, representing a 50% increase from the prior fiscal year.
A notable achievement was the substantial reduction in net loss, which narrowed to $77.4 million in 2024 from $219.7 million in 2023. This improvement reflects the company's efforts in managing expenses and focusing on its core pipeline.
As of December 31, 2024, Cartesian Therapeutics maintained a strong liquidity position with approximately $214.3 million in cash, cash equivalents, and restricted cash. This capital is expected to fund planned operations, including the completion of the Phase 3 AURORA trial, into mid-2027.
The company also reiterated that its Phase 3 AURORA trial for Descartes-08 in myasthenia gravis remains on track to commence in the first half of 2025. Additionally, the Phase 2 systemic lupus erythematosus trial of Descartes-08 is ongoing with data expected in the second half of 2025, and a Phase 2 pediatric basket trial is planned for the same period.
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