--- title: "Cartesian Therapeutics signs up to $150.0 million senior secured term loans" url: "https://aibio.space/news/cartesian-therapeutics-signs-up-150-0-million-senior-secured-term/" publisher: "aibio.space (Biotech Investor Relations News)" date: "2026-05-22" section: "Debt Financing" tickers: "NASDAQ:RNAC" source: "https://www.sec.gov/Archives/edgar/data/0001453687/000145368726000087/rnac-20260522.htm" summary: "The loans carry a variable rate of at least 8.95% and mature on June 1, 2030. Only the first $50.0 million was funded at closing, and the two later tranche" --- By the aibio.space news desk. Sources - [Cartesian Therapeutics, Inc. (2026-05-26)](https://www.sec.gov/Archives/edgar/data/0001453687/000145368726000087/rnac-20260522.htm) [RNAC](https://aibio.space/companies/cartesian-therapeutics/) 2026-05-22 # Cartesian Therapeutics signs up to $150.0 million senior secured term loans Tickers [RNAC](https://aibio.space/companies/cartesian-therapeutics/) The loans carry a variable rate of at least 8.95% and mature on June 1, 2030. Only the first $50.0 million was funded at closing, and the two later tranches depend on milestones. ## Key facts - **Company**: Cartesian Therapeutics, Inc. (NASDAQ: RNAC) - **News type**: Debt Financing - **Primary source**: [Cartesian Therapeutics, Inc. (2026-05-26)](https://www.sec.gov/Archives/edgar/data/0001453687/000145368726000087/rnac-20260522.htm) *Trading screens with price charts. CC0, via rawpixel. The picture shows the field, not the companies named.* ## The loan and its tranches Cartesian Therapeutics, Inc. and its wholly owned subsidiary, Cartesian Bio, LLC, entered into a Loan and Security Agreement on May 22, 2026, according to an 8-K. K2 HealthVentures LLC is administrative agent, and Ankura Trust Company, LLC is collateral trustee. The lenders are certain financial institutions party to the agreement. The agreement provides up to $150.0 million of senior secured term loans in four tranches. The first, $50.0 million, was funded at closing. The second, $25.0 million, may be drawn between January 1, 2027 and December 1, 2027, if the company meets clinical and financing milestones. The third, $25.0 million, may be drawn between January 1, 2028 and June 1, 2028, subject to approval and sales milestones. The fourth, up to $50.0 million, is available only at the lenders' sole discretion. Interest is variable at the greater of 8.95% and the prime rate plus 2.20%, payable monthly. From July 1, 2029, the borrowers must make monthly payments of equal principal and interest. The borrowers may prepay, subject to a prepayment premium and an end of term fee. The lenders may elect to convert up to $15.0 million of the principal into common stock at $8.2526 per share. Conversions in the first year are limited to $5.0 million in total. The lenders' conversion right carries a beneficial ownership cap of 9.985%, which the lenders can waive, and an overall cap of 19.99% of the common stock outstanding at closing. No prepayment premium is payable on principal that is converted. Conversion into securities issued in a qualifying financing is at the lowest effective price of that financing. The company must file a resale registration statement for the conversion shares when the administrative agent asks. The filing names no placement agent or advisor for the loans. ## Covenants and security The loans are senior secured by a first priority security interest in substantially all of the borrowers' assets, excluding intellectual property. Existing and future material domestic subsidiaries must become co-borrowers or guarantors and pledge their assets. From April 1, 2027, the borrowers must keep unrestricted cash of at least 80% of their obligations to the lenders whenever market capitalization is below $750.0 million. That falls to 50% after the second tranche milestones, and returns to 80% if the third tranche milestones are missed. From January 1, 2029, trailing three-month net product revenue must reach at least $40.0 million, tested each quarter with growth required. The agreement also limits debt, liens, investments, asset sales, dividends and mergers, and it includes customary events of default. ## The business and its lead program Cartesian describes itself as a late clinical-stage company developing cell therapy for autoimmune diseases, using mRNA introduced into cells. Its Phase 3 AURORA trial is in generalized myasthenia gravis and is studying the acetylcholine receptor antibody positive subtype. The company says current biologics are limited by incomplete response and chronic dosing, but the field is crowded: the 10-K lists approved agents including Vyvgart, Rystiggo, Zilbrysq, Imaavy, Soliris, Ultomiris and Uplizna. The 10-K overview gives no AURORA results. The company was formerly Selecta Biosciences and took its current name in its November 2023 merger with Old Cartesian. The 8-K also reports that Chief Medical Officer Milos Miljkovic, M.D., gave notice of resignation on May 22, 2026. A separation agreement is expected on or about May 31, 2026, with six months' salary, a pro-rated bonus eligibility and COBRA coverage for up to six months. ## Losses and cash The 10-K filed March 9, 2026 reports total revenue of $2.8 million for 2025, against $38.9 million for 2024. Research and development expense was $58.0 million in 2025, against $45.1 million in 2024. The net loss was $130.3 million in 2025, against $77.4 million in 2024. Cash used in operations was $73.9 million in 2025, against $23.7 million in 2024. Year-end cash and cash equivalents were $212.6 million at the end of 2024. The revenue test sets a $40.0 million floor for trailing three-month net product revenue, while the 10-K reports total revenue of $2.8 million for all of 2025. Lenders can also take shares at $8.2526 each, which adds dilution risk for existing holders. [Report an error](https://aibio.space/reputation/#correction) ## Companies in this story RNAC Cartesian Therapeutics, Inc. 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Cite as: aibio.space, "Cartesian Therapeutics signs up to $150.0 million senior secured term loans", 2026-05-22, https://aibio.space/news/cartesian-therapeutics-signs-up-150-0-million-senior-secured-term/