v3.25.4

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 125,139	$ 212,610
Accounts receivable	1,115	872
Prepaid expenses and other current assets	3,022	3,144
Total current assets	129,276	216,626
Property and equipment, net	12,185	9,912
Right-of-use assets, net	5,601	5,535
In-process research and development assets	93,900	150,600
Goodwill	48,163	48,163
Long-term restricted cash	1,735	1,669
Investment	0	2,000
Long-term prepaid expenses and other assets	5,551	518
Total assets	296,411	435,023
Current liabilities:
Accounts payable	1,288	288
Accrued expenses and other current liabilities	9,498	12,076
Lease liabilities	4,151	2,851
Contingent value right liability	0	7,761
Total current liabilities	14,937	22,976
Lease liabilities, net of current portion	8,525	11,133
Warrant liability	141	3,836
Contingent value right liability, net of current portion	392,100	387,739
Deferred tax liabilities, net	6,948	16,141
Total liabilities	422,651	441,825
Commitments and contingencies (Note 18)
Stockholders’ deficit:
Preferred stock, value, issued	0	0
Common stock, $0.0001 par value; 350,000,000 shares authorized as of December 31, 2025 and 2024; 26,011,106 and 25,767,369 shares issued and outstanding as of December 31, 2025 and 2024, respectively	3	3
Additional paid-in capital	700,706	689,887
Accumulated deficit	(822,373)	(692,071)
Accumulated other comprehensive loss	(4,576)	(4,621)
Total stockholders’ deficit	(126,240)	(6,802)
Total liabilities and stockholders’ deficit	296,411	435,023
Series A Preferred Stock
Stockholders’ deficit:
Preferred stock, value, issued	0	0
Series B Preferred Stock
Stockholders’ deficit:
Preferred stock, value, issued	$ 0	$ 0

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Cartesian Therapeutics, Inc. 10-K