Cartesian Therapeutics, Inc. · NASDAQ:RNAC
Cartesian Therapeutics — Investor Presentation (May 2026)
31 slides from Cartesian Therapeutics's investor presentation, May 26, 2026
Slide 1: Pioneering mRNA Cell Therapy for Autoimmunity
Pioneering mRNA Cell Therapy for Autoimmunity May 2026
Slide 2: Disclosures
Disclosures For the purposes of this notice, the “presentation” that follows shall mean and include the slides that follow, the oral presentation of the slides by members of management of Cartesian Therapeutics, Inc. (the “Company”) or any person on their behalf, any question-and-answer session that
Slide 3: Executive summary
Executive summary 3 Cartesian’s lead asset, Descartes-08, delivers deep and durable responses in MG through 12 months following a single course of therapy—administered outpatient without lymphodepletion—positioning it to transform the current treatment landscape. The Phase 3 AURORA trial positions D
Slide 4: Late-stage clinical company pioneering mRNA cell therapy for autoimmunity
4 Late-stage clinical company pioneering mRNA cell therapy specifically designed to expand the reach of cell therapy to autoimmunity • mRNA cell therapy designed to be dosed reliably and safely in an outpatient setting without lymphodepletion • Descartes-08: Investigational mRNA CAR T-cell (CAR-T) w
Slide 5: Cartesian's mRNA approach expands the reach of potent cell therapy
PIONEERING mRNA CELL THERAPY FOR AUTOIMMUNITY5 Cartesian’s mRNA approach is designed to expand the reach of potent cell therapy products to address autoimmunity No Lymphodepletion No associated cytopenia, secondary malignancies, or other chemotherapy toxicities Administered Outpatient Convenient dos
Slide 6: Wholly-owned pipeline targets autoimmune disease
Asset Indications Discovery/Preclinical Phase 1 Phase 2 Phase 3 Descartes-08 Autologous mRNA CAR-T Myasthenia Gravis Myositis (Dermatomyositis & Antisynthetase Syndrome) Juvenile Dermatomyositis Wholly-owned pipeline targets autoimmune disease 6 PIONEERING mRNA CELL THERAPY FOR AUTOIMMUNITY
Slide 7: Descartes-08 is an mRNA CAR T-cell therapy in clinical development for autoimmune disease
Engineered by transfection of autologous CD8+ T cells with mRNA encoding anti-BCMA CAR Granted U.S. FDA orphan and RMAT designations for generalized myasthenia gravis, and RPDD for juvenile dermatomyositis Typical lot processed for infusion within as little as ~3 weeks RMAT, Regenerative Medicine Ad
Slide 8: Descartes-08 in Myasthenia Gravis
8 Descartes-08 in Myasthenia Gravis PIONEERING mRNA CELL THERAPY FOR AUTOIMMUNITY
Slide 9: Myasthenia gravis is a rare, progressive autoimmune disease with significant unmet need
9 Myasthenia gravis is a rare, progressive autoimmune disease with significant unmet need Characterized by debilitating fatigue and muscle weakness Limbs Respiratory Ocular Facial 106,000+ Patients in the U.S.1 Current treatments require chronic or frequent administration and have limited durability
Slide 10: AURORA: Randomized Phase 3 trial of Descartes-08 in AChR Ab+ gMG
10 AURORA: Randomized double-blind, placebo-controlled Phase 3 trial of Descartes-08 in AChR Ab+ gMG with data expected in 1Q27 WK1 Masked Dosing Six weekly doses of Descartes-08 or placebo PRIMARY ENDPOINT • Proportion of participants with MG-ADL improvement of ≥3 points at Month 4, relative to pla
Slide 11: Deepening responses observed in participants treated with Descartes-08
Deepening responses observed in participants treated with Descartes-08 11 • Average MG-ADL reduction of 5.5 (±1.1) points at Month 4, maintained through Month 12 (4.8±1.4) • Average QMG reduction of 4.8 (±1.7) points at Month 4, deepened through Month 12 (6.0±2.1) • 83% of participants reaching Mont
Slide 12: Deep responses in participants with no prior complement or FcRn inhibitor exposure
Deep responses observed in participants with no prior exposure to complement or FcRn inhibitors 12 • Average MG-ADL reduction of 6.6 (±1.5) points at Month 4, maintained through Month 12 (7.1±1.9) • Average QMG reduction of 6.0 (±2.3) points at Month 4, deepened through Month 12 (9.4±2.3) • 100% of
Slide 13: Safety profile supports outpatient administration
13 Safety profile supports outpatient administration with no AEs reported after Month 3 through final follow-up Descartes-08 (n=20) Placebo (n=16) Grade 1 Grade 2 Grade 3 Grade 1 Grade 2 Grade 3 Headache 7 (35%) 4 (20%) 2 (13%) 3 (19%) Chills 8 (40%) 4 (20%) Nausea 3 (15%) 6 (30%) 1 (6%) 2 (13%) Fev
Slide 14: Phase 2a update: Descartes-08 retreatment elicits deep and durable responses
Phase 2a trial update: Descartes-08 retreatment continues to elicit deep and durable responses Nature Medicine publication can be found here • Three participants retreated to date, two of whom maintain minimum symptom expression 2 years after initial treatment • Third participant’s response deepened
Slide 15: Current gMG market creates potential $1B+ opportunity for Descartes-08 in the US
15 Current gMG market lacks disease modifying treatments creating the potential to access a $1B+ market opportunity for Descartes-08 in the US Estimated US Patient Population: 106,0001 AChR+: ~85%2 RNAC US Potential Addressable Market: ~$1B+3 Significant reduction in MG-ADL of 7.1 at Month 124 with
Slide 16: Descartes-08 is optimally designed for autoimmune diseases
Descartes-08 is optimally designed for autoimmune diseases Key Characteristics for a Differentiated Therapy Designed for Patient Adoption in MG Durability of Response Descartes-08 delivers deep and durable responses through 12 months after a single course of therapy Single Course of Therapy Unlike c
Slide 17: Descartes-08 Expansion into Myositis
17 Descartes-08 Expansion into Myositis PIONEERING mRNA CELL THERAPY FOR AUTOIMMUNITY
Slide 18: Expansion into myositis provides new opportunity with significant unmet need
18 Expansion into myositis provides new opportunity in an area with significant unmet need and compelling market Characterized by debilitating muscle weakness and skin rashes2 Limbs Respiratory Rashes Swallowing 80,000+ Patients in the U.S.1 60% of Patients Eligible for a 3L+ Treatment3 Residual Unm
Slide 19: Mechanistic alignment with MG and SLE data underscores myositis opportunity
19 Strong mechanistic alignment with existing clinical data in MG and SLE underscores a potential multi-billion-dollar opportunity in myositis for Descartes-08 Estimated US Patient Population: 80,0001 3L+ Treatment ~60%2 RNAC US Potential Addressable Market: Multi-billion- dollar3 Descartes-08 oppor
Slide 20: Myositis seamless trial design with data expected in 1H27
20 Myositis seamless clinical trial design provides potential opportunity for single pivotal trial with data expected in 1H27 Screening Days -60 to -18 Leukapheresis & Cell Processing Days -59 to -17 ~3 Weeks Vein-to-Vein Time Descartes-08 Day 1, 8, 15, 22, 29, 36 Follow-Up Visits Weeks 8, 12, 16 Pr
Slide 21: Phase 1/2 trial in children and young adults with autoimmune diseases initiated
PIONEERING mRNA CELL THERAPY FOR AUTOIMMUNITY21 Phase 1/2 trial of Descartes-08 in children and young adults with autoimmune diseases initiated with data expected in 4Q26 • Rare Pediatric Disease Designation for DC-08 in juvenile dermatomyositis granted in September 2024 • Trial initiation announced
Slide 22: Manufacturing
22 Manufacturing PIONEERING mRNA CELL THERAPY FOR AUTOIMMUNITY
Slide 23: Wholly-owned, in-house, US-based manufacturing
23 Wholly-owned, in-house, US-based manufacturing FUTURE GROWTH Clinical and commercial manufacturing scale capabilities support maturing pipeline and future growth QUICK TO ADAPT Continuous process optimization creates opportunity for progressive margin expansion WHOLLY-OWNED Ownership of quality c
Slide 24: Financial position: cash expected to support pipeline through key milestones
24 FINANCIAL POSITION: Current Cash and Cash Equivalents Expected to Support Pipeline Through Key Milestones All metrics as of 3/31/26; excludes cash obtained or obtained through non-dilutive financing deal with K2 HealthVentures *Includes Series A Non-Voting Convertible Preferred Stock and Series B
Slide 25: Our team | Management
PIONEERING mRNA CELL THERAPY FOR AUTOIMMUNITY25 Our team | Management Carsten Brunn, PhD PRESIDENT AND CEO Blaine Davis CHIEF FINANCIAL OFFICER Emily English, PhD CHIEF OPERATIONS OFFICER Matthew Bartholomae GENERAL COUNSEL, SECRETARY Peter Traber HEAD OF R&D
Slide 26: Key takeaways
Key takeaways 26 Cartesian’s lead asset, Descartes-08, delivers deep and durable responses in MG through 12 months following a single course of therapy—administered outpatient without lymphodepletion—positioning it to transform the current treatment landscape. The Phase 3 AURORA trial positions Desc
Slide 27: Appendix
27 Appendix PIONEERING mRNA CELL THERAPY FOR AUTOIMMUNITY
Slide 28: Descartes-08 is designed for dual action targeting two BCMA+ cell populations
Descartes-08 is designed for dual action, precisely targeting two key BCMA+ cell populations involved in a spectrum of autoimmune diseases 28 Several autoimmune disease segments involve pathogenic contributions from both PCs/plasmablasts and pDCs, including rheumatology, nephrology, neurology, and o
Slide 29: MG-ADL reductions sustained through Month 12 in AChR+ gMG
PIONEERING mRNA CELL THERAPY FOR AUTOIMMUNITY29 Meaningful reductions in MG-ADL at Month 3 were sustained through Month 12 with Descartes-08 in AChR+ gMG There was a significant and clinically meaningful reduction in mean [SD] MG-ADL score at Month 3 for the Descartes-08 AChR+ group versus placebo (
Slide 30: Descartes-08 focuses the T-cell repertoire and alters the autoreactome
PIONEERING mRNA CELL THERAPY FOR AUTOIMMUNITY30 Descartes-08 focuses the T-cell repertoire and selectively alters the autoreactome, showing clear biological activity Descartes-08 focuses the T-cell repertoire in a manner that correlates with clinical effect p=0.048 (Wilcoxon signed rank test) TCR Di
Slide 31: Baseline characteristics: patients in open-label Phase SLE trial
31 Baseline characteristics: Patients in open-label Phase 2 SLE trial Participant Sex Age SLE Duration (years) Baseline SLEDAI- 2K Prior Rx Ongoing Rx Patient A F 44 19 8 MMF MMF, HCQ Patient B F 42 23 12 - Prednisone 2.5mg, HCQ, MMF Patient C F 54 15 8 Prednisone 20mg, HCQ, Leflunomide, Benlysta Pr
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