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Sep 30, 2025
Selecta Biosciences Q3 2025 Earnings Report
Selecta Biosciences reported Q3 2025 earnings with modest grant-driven revenue and a wider net loss as R&D spending increased to support the Phase 3 AURORA trial.
Key Takeaways
Cartesian Therapeutics generated $452000 in revenue in Q3 2025, primarily from grant funding, while reporting a net loss of $35902000 as research and development spending increased to support ongoing clinical trials including the Phase 3 AURORA study of Descartes-08.
Revenue totaled $452000 driven entirely by grant funding.
Net loss widened to $35902000 with EPS of -1.38.
Operating loss was $21066000 as R&D and G&A expenses increased to support clinical development.
Cash, cash equivalents and restricted cash totaled $145100000 supporting operations into mid-2027.
Revenue by Segment
Forward Guidance
Management expects current cash resources to support operations into mid-2027 while advancing the Phase 3 AURORA trial of Descartes-08 and initiating additional clinical programs.
Positive Outlook
- Cash runway expected to extend into mid-2027.
- Enrollment progressing in the Phase 3 AURORA trial in myasthenia gravis.
- Preliminary Phase 2 data in systemic lupus erythematosus expected by year-end.
- Phase 2 pediatric basket trial expected to begin by the end of 2025.
- Descartes-08 continues to show promising clinical durability.
Challenges Ahead
- Company remains pre-commercial with minimal revenue.
- Operating losses increased due to higher clinical trial costs.
- Financial performance sensitive to non-cash fair value adjustments.
- Pipeline execution depends on successful clinical outcomes.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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