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Frederick, MD – Today, Cartesian Therapeutics, Inc. (NASDAQ:RNAC), a pharmaceutical company specializing in the development of novel therapies with a market capitalization of $316 million, announced the departure of its Chief Technology Officer, Dr. Metin Kurtoglu. InvestingPro data shows the company has demonstrated strong revenue growth of nearly 50% over the last twelve months. The company disclosed that Dr. Kurtoglu will conclude his employment effective May 1, 2025, and transition to a consulting role for one year. This announcement comes as the company’s stock has shown recent momentum, gaining over 8% in the past week, according to InvestingPro, which offers 8 additional key insights about RNAC’s financial health and market position.
The announcement, based on a recent SEC filing, stated that Dr. Kurtoglu has entered into two agreements with Cartesian Therapeutics. The first is a consulting agreement under which Dr. Kurtoglu will provide his expertise to the company from May 1, 2025, to April 30, 2026. The second is a separation agreement that includes a comprehensive release of claims against the company up to the present date in exchange for severance payments and benefits as per his employment contract dated March 28, 2024.
According to the terms of the separation agreement, Dr. Kurtoglu will receive 12 months’ salary and is eligible for a pro-rated bonus. Additionally, the agreement stipulates the accelerated vesting of equity awards that Dr. Kurtoglu was granted on January 2, 2024, under Cartesian’s equity compensation plans.
Cartesian Therapeutics, previously known as Selecta Biosciences Inc ., is headquartered in Frederick, Maryland, and is publicly traded on The Nasdaq Stock Market LLC under the ticker symbol (NASDAQ:RNAC). The company’s focus is on the discovery and development of pharmaceutical preparations. Investors should note that the company’s next earnings report is scheduled for May 8, 2025, which could be a significant catalyst for the stock price.
The filing does not specify the reasons behind Dr. Kurtoglu’s transition from CTO to a consulting position. Cartesian Therapeutics has not named a successor for the CTO role. The company maintains a strong liquidity position with a current ratio of 9.43, indicating robust short-term financial health.
This corporate update is based on information from a press release statement filed with the Securities and Exchange Commission.
In other recent news, Cartesian Therapeutics has been the focus of analyst activity, with varying perspectives on its future performance. Cantor Fitzgerald maintained its Overweight rating on the company, keeping a steady price target of $22.00. This decision followed a detailed review of Cartesian’s financials, reflecting the latest quarter’s performance and the company’s guidance. Meanwhile, H.C. Wainwright adjusted its price target for Cartesian Therapeutics, reducing it from $45 to $40, but maintained a Buy rating. This revision is linked to the ongoing Phase 3 AURORA trial, which is evaluating the company’s lead candidate, Descartes-08, for myasthenia gravis.
H.C. Wainwright emphasized the importance of the upcoming four-month data for regulatory filing and the long-term success of Descartes-08. Additionally, Cartesian Therapeutics is advancing other clinical programs, including a Phase 2 trial for systemic lupus erythematosus and a planned Phase 2 pediatric basket trial for autoimmune diseases. These developments are closely watched by investors as they could significantly impact the company’s growth trajectory. The reaffirmation of positive ratings by both firms suggests confidence in Cartesian’s potential despite differing price targets.
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