Segment Reporting

Factors used in determining the reportable segment include the nature of the Company’s operating activities, the organizational and reporting structure and the type of information reviewed by the CODM to allocate resources and evaluate financial performance. The accounting policies of the segment are the same as those described in Note 3.

The following table presents selected financial information with respect to the Company’s single operating segment for the years ended December 31, 2024 and 2023 (in thousands):


	Year Ended December 31,
	2024		2023
Revenue:
Collaboration and license revenue	$	38,275	$	26,004
Grant revenue	638		—
Total revenue	38,913		26,004
Less
Operating expenses:
Legacy Selecta programs	6,150		31,826
Descartes-08 for MG	12,142		343
Early stage programs	1,028		595
Research and development employee expenses	11,952		18,363
Research and development stock-based compensation expense	3,217		12,985
Research and development facilities and other expenses	10,616		7,148
General and administrative	30,126		40,450
Impairment of long-lived assets	7,579		710
Other expense, net (1)	33,527		133,294
Net loss	$	(77,424)	$	(219,710)

(1) Includes impairment of long-lived assets, interest income, foreign currency transaction, net, interest expense, change in fair value of warrant liabilities, change in fair value of contingent value right liability, change in fair value of forward contract liabilities, other income, net, and income tax (expense) benefit.

About Segments Disclosures

Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.

Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.

Cartesian Therapeutics, Inc. Segments Disclosure

About Segments Disclosures

Other Available Disclosures