Cartesian Therapeutics Secures $150 Million Debt Facility and Announces CMO Resignation

On May 22, 2026, Cartesian Therapeutics entered into a Loan and Security Agreement with K2 HealthVentures and other lenders for a senior secured term loan facility of up to $150.0 million. The facility is structured in four tranches: a $50.0 million initial tranche funded at closing; a $25.0 million second tranche available in 2027 based on clinical and financing milestones; a $25.0 million third tranche available in 2028 based on approval and sales milestones; and a final $50.0 million tranche available at the lenders' discretion. The loans mature on June 1, 2030, and bear interest at the greater of 8.95% or prime plus 2.20%. Notably, lenders have the right to convert up to $15.0 million of the principal into common stock at a conversion price of $8.2526 per share, subject to certain conditions. In separate news, the company announced the resignation of Chief Medical Officer Milos Miljkovic, M.D., effective May 31, 2026. Dr. Miljkovic will receive standard severance benefits including six months' salary and COBRA coverage.