Cartesian Therapeutics Terminates Material Agreement
Ticker: RNAC · Form: 8-K · Filed: Mar 14, 2024 · CIK: 1453687
| Field | Detail |
|---|---|
| Company | Cartesian Therapeutics, Inc. (RNAC) |
| Form Type | 8-K |
| Filed Date | Mar 14, 2024 |
| Risk Level | medium |
| Pages | 2 |
| Reading Time | 2 min |
| Key Dollar Amounts | $0.0001, $10.0 million, $340.0 million |
| Sentiment | neutral |
Sentiment: neutral
Topics: agreement-termination, material-agreement
TL;DR
Cartesian Therapeutics terminated a key deal, watch for fallout.
AI Summary
Cartesian Therapeutics, Inc. announced on March 8, 2024, the termination of a material definitive agreement. The company, formerly known as Selecta Biosciences Inc., is incorporated in Delaware and headquartered in Gaithersburg, MD.
Why It Matters
The termination of a material definitive agreement can significantly impact a company's operations, partnerships, and financial standing, requiring careful investor scrutiny.
Risk Assessment
Risk Level: medium — Termination of a material definitive agreement often signals underlying issues or strategic shifts that could pose risks to the company's future performance.
Key Numbers
- 001-37798 — SEC File Number (Identifier for the company's filings)
- 26-1622110 — IRS Employer Identification No. (Tax identification number)
Key Players & Entities
- Cartesian Therapeutics, Inc. (company) — Registrant
- Selecta Biosciences Inc. (company) — Former company name
- March 8, 2024 (date) — Date of earliest event reported
- Delaware (jurisdiction) — State of incorporation
- Gaithersburg, MD (location) — Address of principal executive offices
FAQ
What was the specific material definitive agreement that was terminated?
The filing does not specify the exact agreement that was terminated, only that a material definitive agreement was terminated as of March 8, 2024.
What are the reasons behind the termination of this agreement?
The filing does not provide the reasons for the termination of the material definitive agreement.
When was the agreement originally entered into?
The filing does not disclose the original date of the terminated agreement.
What is the impact of this termination on Cartesian Therapeutics' ongoing business operations?
The filing does not detail the specific impact of the termination on the company's ongoing business operations.
Does this termination involve any financial penalties or obligations for Cartesian Therapeutics?
The filing does not mention any financial penalties or obligations resulting from the termination.
Filing Stats: 605 words · 2 min read · ~2 pages · Grade level 12.5 · Accepted 2024-03-14 07:55:09
Key Financial Figures
- $0.0001 — ich registered Common Stock (Par Value $0.0001) RNAC The Nasdaq Stock Market LLC Ind
- $10.0 million — Agreement, Astellas paid the Company a $10.0 million upfront payment upon signing of the Agr
- $340.0 million — e Company was entitled to receive up to $340.0 million in future additional payments over the
Filing Documents
- rnac-20240308.htm (8-K) — 27KB
- 0001453687-24-000039.txt ( ) — 148KB
- rnac-20240308.xsd (EX-101.SCH) — 2KB
- rnac-20240308_lab.xml (EX-101.LAB) — 21KB
- rnac-20240308_pre.xml (EX-101.PRE) — 12KB
- rnac-20240308_htm.xml (XML) — 3KB
02 Termination of a Material Definitive Agreement
Item 1.02 Termination of a Material Definitive Agreement. On March 8, 2024, Cartesian Therapeutics, Inc. (the "Company") received notice from Audentes Therapeutics, Inc. ("Astellas") of Astellas' termination of the License and Development Agreement, dated January 8, 2023, by and between the Company and Astellas (the "Agreement"). Such termination will become effective on June 6, 2024. Following the effectiveness of the termination, the Company will have no remaining financial commitments or liabilities related to the Company's Xork product candidate. Under the Agreement, the Company had granted Astellas an exclusive license to the Company's IdeXork technology arising from Xork, to develop and commercialize Xork for use in Pompe disease in combination with an Astellas gene therapy investigational or authorized product. Pursuant to the Agreement, Astellas paid the Company a $10.0 million upfront payment upon signing of the Agreement, and the Company was entitled to receive up to $340.0 million in future additional payments over the course of the partnership that were contingent on the achievement of various development and regulatory milestones and, if commercialized, sales thresholds for annual net sales where Xork is used as a pre-treatment for an Astellas investigational or authorized product. The Company was also eligible for tiered royalty payments ranging from low to high single digits. Any proceeds received from milestone payments or royalties relating to Xork would have been required to be distributed to holders of the Company's contingent value rights, net of certain deductions. The Company did not incur any early termination penalties as a result of Astellas' termination of the Agreement.
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. CARTESIAN THERAPEUTICS, INC. Date: March 14, 2024 By: /s/ Carsten Brunn, Ph.D. Carsten Brunn, Ph.D. President and Chief Executive Officer