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Jun 30, 2025
Selecta Biosciences Q2 2025 Earnings Report
Selecta Biosciences reported Q2 2025 earnings with sharply lower revenue but positive net income driven by non-operating gains.
Key Takeaways
Cartesian Therapeutics reported $298000 in revenue in Q2 2025, a significant decline from the prior year due to the absence of collaboration milestone payments. Despite the drop in revenue and an operating loss, the company recorded net income of $15900000, primarily driven by changes in the fair value of contingent value right liabilities. The company ended the quarter with $162100000 in cash, cash equivalents and restricted cash to support clinical programs including the Phase 3 AURORA trial.
Revenue declined to $298000 as collaboration milestone revenue was absent in the quarter.
Operating loss was $21800000 due to continued investment in R&D and corporate operations.
Net income reached $15900000 with EPS of 0.51 driven by non-operating gains.
Cash, cash equivalents and restricted cash totaled $162100000 supporting operations into mid-2027.
Revenue by Segment
Forward Guidance
Cartesian Therapeutics expects existing cash resources to fund operations into mid-2027 while advancing the Phase 3 AURORA trial of Descartes-08 and continuing development across autoimmune disease indications.
Positive Outlook
- Cash runway expected to extend into mid-2027.
- Phase 3 AURORA trial for Descartes-08 initiated with first patient enrolled.
- Phase 2 lupus trial data expected in the second half of 2025.
- Pediatric basket trial in autoimmune indications planned for late 2025.
- Strong clinical durability signals observed in Phase 2b MG data.
Challenges Ahead
- Revenue declined significantly due to absence of collaboration milestone payments.
- Operating losses continue as R&D spending increases.
- Financial results are sensitive to non-cash fair value adjustments.
- Company remains pre-commercial with minimal recurring revenue.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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