Cartesian reports positive Phase 2b MG data, Q2 net income $13.8M, $130M PIPE

Cartesian Therapeutics, Inc.

2024-Q2 EPS reported -$3.88 revenue$39,285,000

Phase 2b trial of Descartes-08 in MG met primary endpoint: 71% (10/14) of treated patients vs 25% (3/12) placebo had ≥5-point MGC improvement at Month 3 (p=0.018).
Q2 2024 net income of $13.8M ($0.58/share) vs net loss of $11.4M ($2.23/share) in Q2 2023; revenue included $30M milestone from Sobi.
Completed $130M PIPE financing in July 2024; cash and equivalents $88.9M at June 30, 2024, expected to fund Phase 3 MG trial and early commercial prep.
Dosed first SLE patient in Phase 2 trial; IND filing for pediatric basket study expected by year-end 2024; Descartes-15 Phase 1 expected H2 2024.
Appointed Dr. Kemal Malik to board; End-of-Phase 2 FDA meeting expected by year-end 2024.

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