1. It's like a Gilead or Novartis for autoimmune diseases, but leveraging RNA technology to engineer the cell therapies.

2. It's like Moderna or BioNTech, but applying RNA science to engineer living cells for autoimmune therapies.

• Descartes-08: An RNA-engineered chimeric antigen receptor T-cell therapy (rCAR-T) in Phase IIb clinical development for autoimmune diseases like generalized myasthenia gravis.
• RNA Armory: A proprietary technology platform designed to enable precision control and optimization of engineered cells for diverse cell therapies.

Cartesian Therapeutics (RNAC) is a clinical-stage biopharmaceutical company focused on developing cell therapies. As such, it does not currently have major commercial customers in the traditional sense, as its lead asset, Descartes-08, is still in Phase IIb clinical development and not yet approved for commercial sale.

However, once its therapies are commercialized, the company's products would primarily be administered to individuals (patients) suffering from specific autoimmune diseases. Based on the provided background, the categories of individuals (patients) that Cartesian Therapeutics aims to serve are:

• Individuals diagnosed with generalized myasthenia gravis (MG): Descartes-08, the company's lead asset, is specifically in Phase IIb clinical development for patients with this chronic autoimmune disorder.
• Individuals diagnosed with other autoimmune diseases: The company description indicates that Descartes-08 is in clinical development for "autoimmune diseases, including Myasthenia gravis (MG)," suggesting a broader potential application for their therapies in other autoimmune conditions.

• Lonza Group Ltd. (LONN)

Carsten Brunn, PhD President, Chief Executive Officer, and Chairman, Board of Directors

Carsten Brunn serves as President, Chief Executive Officer, and Chairman of the Board of Directors of Cartesian Therapeutics. Prior to the company's merger with Selecta Biosciences in November 2023, he held the same role at Selecta. Before joining Selecta, he was the President of Pharmaceuticals for the Americas Region at Bayer and a member of the Global Pharmaceutical Executive Committee. He also served as President of Bayer Pharmaceuticals in Japan. Over his 25-year career, he has held senior leadership positions at companies such as Eli Lilly, Novartis, Basilea, and Bausch & Lomb. His career arc has included experience with private equity in Asia.

Blaine Davis Chief Financial Officer

Blaine Davis serves as Chief Financial Officer of Cartesian Therapeutics, bringing over 25 years of executive leadership experience in investor relations, corporate affairs, and sales and marketing within life sciences companies. Before Cartesian's merger with Selecta in November 2023, he was Chief Financial Officer of Selecta. Prior to that, he served as Chief Financial Officer of Protara Therapeutics and as Vice President, Head of Investor Relations and Corporate Communications at Insmed.

Miloš Miljković, MD Chief Medical Officer

Miloš Miljković is the Chief Medical Officer of Cartesian Therapeutics. He is board-certified in hematology, medical oncology, and internal medicine. Previously, he spent over seven years as a Staff Clinician at the National Cancer Institute, where he specialized in early-stage trials in immuno-oncology. Dr. Miljković has served as Principal Investigator on six clinical trials of immunotherapy and targeted agents.

Emily English, PhD Chief Operations Officer

Emily English, PhD, joined Cartesian Therapeutics as Chief Operations Officer in 2021. She is responsible for overseeing the company's Quality Assurance and Quality Control teams and guiding the development and implementation of its Quality Management System. Prior to her role at Cartesian, she was a Venture Partner with a Baltimore family office life science investment firm.

June Seymour Chief Accounting Officer

June Seymour was appointed Chief Accounting Officer of Cartesian Therapeutics, effective October 27, 2025. She brings over 20 years of financial leadership experience in the life sciences sector. Most recently, she served as Senior Vice President of Finance and Accounting at DNAnexus, Inc. Before that, she was Vice President of Finance at Neogene Therapeutics Inc., where she oversaw financial operations during the company's sale to AstraZeneca and subsequent post-acquisition integration. Her experience also includes finance roles at Autolus Ltd. and a senior manager position at Ernst & Young LLP, specializing in U.S. transactions involving European life sciences companies.

Key Risks to Cartesian Therapeutics (RNAC)

1. Clinical Trial Success and Regulatory Approval: Cartesian Therapeutics is a clinical-stage company with its lead asset, Descartes-08, in Phase 3 clinical development for generalized myasthenia gravis and progressing in other autoimmune indications. The company's future success is heavily dependent on the favorable outcomes of these clinical trials and obtaining regulatory approvals from agencies like the FDA. There is no assurance that the positive efficacy and safety results observed in earlier phases will be replicated in larger, late-stage trials, or that the drug will outperform placebo with respect to established primary efficacy endpoints. Delays, unforeseen side effects, or a lack of sufficient efficacy in later trials could significantly impact the company's development timeline and viability. As a biotechnology firm, Cartesian faces inherent risks related to drug development and regulatory approvals.
2. Financial Health and Funding: Cartesian Therapeutics has consistently reported recurring losses from operations and negative cash flows, and has not yet generated any product sales revenue. The company expects to continue incurring significant expenses and operating losses for the foreseeable future. While the company's cash resources are expected to support planned operations into mid-2027, its financial strength is rated as poor, with warning signs like an Altman Z-Score implying a risk of bankruptcy. The ability to fund ongoing and future clinical trials and operational needs relies on securing additional capital, which may be challenging given its current financial position and increasing cash burn.
3. Manufacturing and Commercialization Challenges for RNA Cell Therapies: Cartesian Therapeutics' RNA-engineered chimeric antigen receptor T-cell therapy (rCAR-T) platform, RNA Armory, involves complex biological manufacturing. Scaling up production for commercialization, ensuring stringent quality control, and establishing a robust supply chain for patient-specific therapies like Descartes-08 present substantial risks. The complexity of biological manufacturing, potential for delays and errors, dependency on third-party laboratories, and competition for manufacturing resources could hinder clinical trials and inflate costs. Meeting consistent regulatory requirements throughout scaling efforts is critical for progress towards commercialization. Furthermore, RNA therapies face challenges related to stability, delivery, and potential immunogenicity, and there is a lack of industry-wide standardization in cell and gene therapy manufacturing.

Cartesian Therapeutics (NASDAQ: RNAC) is developing Descartes-08, an RNA-engineered chimeric antigen receptor T-cell therapy (rCAR-T), for the treatment of autoimmune diseases, with a primary focus on generalized myasthenia gravis (MG) and an expanding focus on myositis.

The addressable market for generalized myasthenia gravis (gMG) treatment is substantial. Globally, the generalized myasthenia gravis segment generated approximately USD 1.3 billion in revenue in 2024. The global market for generalized myasthenia gravis management is anticipated to grow from approximately USD 1.53 billion in 2025 to over USD 3.03 billion by 2035.

In the United States, the myasthenia gravis treatment industry (including generalized MG) was valued at approximately USD 733.3 million in 2024, with another source reporting the US myasthenia gravis market was valued at roughly USD 2.9 billion in 2024 (this figure appears to be for the broader MG market).

Additionally, Cartesian Therapeutics is expanding the development of Descartes-08 into myositis, an underserved market. The global myositis treatment market size is projected to reach USD 1.17 billion by 2037.

Share Issuance

• In connection with its reverse merger with Selecta Biosciences, Cartesian Therapeutics issued common stock and Series A Preferred Stock as part of a $60.25 million private investment in public equity (PIPE) transaction, completed on December 5, 2023.
• On July 2, 2024, Cartesian Therapeutics announced a PIPE financing expected to generate approximately $130.0 million in gross proceeds through the sale of common stock and Series B Non-Voting Convertible Preferred Stock at $20.00 per share.
• A 1-for-30 reverse stock split of Cartesian's common stock became effective on April 5, 2024, which reduced the number of issued and outstanding shares.

Inbound Investments

• As part of the reverse merger with Selecta Biosciences completed on November 13, 2023, the combined company secured over $110 million in cash reserves, which included a $60 million private investment led by board member Timothy Springer for Series A Preferred Stock.
• Cartesian Therapeutics secured approximately $130.0 million in gross proceeds from a private investment in public equity (PIPE) financing announced on July 2, 2024, with participation from new and existing investors including HBM Healthcare Investments, Invus, Schooner Capital, Surveyor Capital, and Timothy A. Springer.

Capital Expenditures

• For the twelve months ending approximately September 2025, capital expenditures totaled -$5.67 million.
• Capital expenditures were reported as $8.74 million for the fiscal year ending December 31, 2024.
• The company plans to use its cash resources, which were $214.3 million as of December 31, 2024, to fund operations including capital expenditure requirements into mid-2027, primarily for its pipeline programs and general corporate purposes.