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Dec 31, 2025
Selecta Biosciences Q4 2025 Earnings Report
Cartesian Therapeutics reported Q4 2025 results with limited revenue and a continued net loss as the company advanced clinical programs for Descartes-08.
Key Takeaways
Cartesian Therapeutics reported approximately $947000 in revenue in Q4 2025, derived primarily from grant funding and collaboration revenue. The company posted an estimated net loss of about $36098000 for the quarter with EPS of -1.39, reflecting continued investment in clinical development including the Phase 3 AURORA trial.
Q4 revenue was approximately 947000 based primarily on grant funding and collaboration income.
EPS for the quarter was -1.39 as the company continued heavy clinical investment.
Operations remain focused on advancing the Phase 3 AURORA trial of Descartes-08.
Year-end cash totaled about 126900000 expected to fund operations into mid-2027.
Forward Guidance
Cartesian expects its current cash resources to fund operations into mid-2027 while advancing Descartes-08 through Phase 3 development in myasthenia gravis and expanding into additional autoimmune indications.
Positive Outlook
- Cash runway expected to support operations into mid-2027.
- Phase 3 AURORA trial enrollment continues to progress.
- Phase 2 TRITON trial in myositis expected to start in the first half of 2026.
- HELIOS pediatric trial in juvenile dermatomyositis actively enrolling.
- Descartes-08 has shown durable responses in earlier trials.
Challenges Ahead
- Company remains pre-commercial with minimal revenue.
- Large quarterly losses continue due to R&D spending.
- Clinical trial outcomes remain uncertain.
- Execution risks remain for ongoing and planned trials.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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