Descartes-08 is a gene-modified cell therapy commercialized by Cartesian Therapeutics, with a leading Phase II program in Myasthenia Gravis. According to Globaldata, it is involved in 2 clinical trials, of which 1 was completed, and 1 was terminated. GlobalData uses proprietary data and analytics to provide a complete picture of Descartes-08’s valuation in its risk-adjusted NPV model (rNPV). Buy the model here.
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The revenue for Descartes-08 is expected to reach an annual total of $201 mn by 2039 in the US based off GlobalData’s Expiry Model. The drug’s revenue forecasts along with estimated costs are used to measure the value of an investment opportunity in that drug, otherwise known as net present value (NPV). Applying the drug’s phase transition success rate to remaining R&D costs and likelihood of approval (LoA) to sales related costs provides a risk-adjusted NPV model (rNPV). The rNPV model is a more conservative valuation measure that accounts for the risk of a drug in clinical development failing to progress.
Descartes-08 Overview
Descartes-08 is under development for the treatment of myasthenia gravis, systemic lupus erythematosus and unspecified autoimmune diseases. The therapeutic candidate consists of T cells modified by mRNA to express chimeric antigen receptors (CAR T-cells). It acts by targeting BCMA and is developed based on CAR-T cell technology. It is RNA CAR T-cell (rCAR-T) therapy.
It was under development for the treatment of multiple myeloma.
Cartesian Therapeutics Overview
Cartesian Therapeutics (Cartesian), formerly Selecta Biosciences, is a clinical-stage biotechnology company. It offers a proprietary technology and manufacturing platform, RNA Armory, which is designed to develop mRNA cell therapies for the treatment of autoimmune diseases. The company’s pipeline products include Descartes-08, Descartes-15 and Descartes-33. Its lead product Descartes-08, is an autologous mRNA CAR-T directed against the B cell maturation antigen, which treats myasthenia gravis and systemic lupus erythematosus, other autoimmune diseases; Descartes-15 for autoimmune diseases and myeloma and Descartes-33, which is in preclinical development targets autoimmune diseases. Cartesian is headquartered in Gaithersburg, Maryland, the US.
The company reported revenues of (US Dollars) US$26 million for the fiscal year ended December 2023 (FY2023), a decrease of 76.5% over FY2022. The operating loss of the company was US$86.4 million in FY2023, compared to an operating profit of US$14.5 million in FY2022. The net loss of the company was US$219.7 million in FY2023, compared to a net profit of US$35.4 million in FY2022.
The company reported revenues of US$33.5 million for the second quarter ended June 2024, compared to a revenue of US$5.8 million the previous quarter.
For a complete picture of Descartes-08’s valuation, buy the drug’s risk-adjusted NPV model (rNPV) here.
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To create this model, GlobalData takes into account factors including patent law, known and projected regulatory approval processes, cash flows, drug margins and company expenses. Combining these data points with GlobalData’s world class analysis creates high value models that companies can use to help in evaluation processes for each drug or company.
The rNPV method integrates the probability of a drug reaching a clinical stage into the cash flow at that time, which provides a more accurate valuation, as it considers the probability that the drug never makes it through the clinical pathway to commercialization. GlobalData’s rNPV model uses proprietary likelihood of approval (LoA) and phase transition success rate (PTSR) data for the indication in the highest development stage, which can be found on GlobalData’s Pharmaceutical Intelligence Center.
