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Sep 30, 2024
Selecta Biosciences Q4 2024 Earnings Report
Cartesian Therapeutics reported its full year 2024 financial results and provided a business update.
Key Takeaways
Cartesian Therapeutics reported a net loss of $(77.4) million for the full year ended December 31, 2024, with total revenue of $38.913 million. The company ended the year with approximately $214.3 million in cash, cash equivalents, and restricted cash, which is expected to support operations into mid-2027.
Phase 3 AURORA trial of Descartes-08 in myasthenia gravis is on track to commence in 1H25.
Deep and durable responses were maintained over 12 months in Descartes-08-treated participants in the Phase 2b trial.
Phase 2 trial of Descartes-08 in systemic lupus erythematosus is ongoing with expected data readout in 2H25.
The company expects to initiate a Phase 2 pediatric basket trial of Descartes-08 in select autoimmune indications in 2H25.
Revenue by Segment
Forward Guidance
Cartesian Therapeutics is focused on advancing its pipeline, with key milestones including the commencement of the Phase 3 AURORA trial for Descartes-08 in MG, preliminary data from the Phase 2 SLE trial, and initiation of a Phase 2 pediatric basket trial.
Positive Outlook
- Phase 3 AURORA trial of Descartes-08 in MG on track to commence in 1H25.
- Phase 2 trial of Descartes-08 in systemic lupus erythematosus ongoing with expected data readout in 2H25.
- Company expects to initiate Phase 2 pediatric basket trial of Descartes-08 in select autoimmune indications in 2H25.
- Dosing underway in first-in-human Phase 1 trial of Descartes-15.
- Approximately $214.3 million cash, cash equivalents and restricted cash as of December 31, 2024 expected to support planned operations into mid-2027.
Challenges Ahead
- No specific negative forward guidance was provided in the report.
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