Carisma Therapeutics Q3 2024 Financial Results and Business Highlights

Carisma Therapeutics Inc., a biopharmaceutical company in its clinical-stage, detailed its financial outcomes for the third quarter ending on September 30, 2024, while offering significant updates on its recent business progressions. The organization, which focuses on developing novel immunotherapies, continues to demonstrate substantial advancement in both its clinical and preclinical programs.

Steven Kelly, President and CEO of Carisma Therapeutics, emphasized the company's strides in addressing unmet medical needs through pioneering therapies. Kelly noted that Carisma is making headway across several fronts, with expectations to share initial findings from the Phase 1 study of CT-0525 in early 2025. The company has also initiated its first development candidate in hepatocellular carcinoma in collaboration with Moderna and is pushing forward with additional in vivo CAR-M therapies targeting autoimmune diseases. The liver fibrosis program is also progressing, with a development candidate nomination anticipated in the first quarter of 2025.

In November 2024, Carisma announced that it would present a poster on a Phase 1 clinical trial evaluating CT-0525, an autologous CAR-Monocyte therapy targeting HER2+ solid tumors, at the Society for Immunotherapy of Cancer Annual Meeting in Houston, Texas. Additionally, a protocol amendment was submitted in September 2024 to expand the Phase 1 study of CT-0525, allowing for repeat dosing combined with pembrolizumab or bolus dosing as a monotherapy. Initial data for the first two cohorts of this study is expected in the first quarter of 2025.

Carisma also expanded its in vivo CAR-M collaboration with Moderna to include two research targets for treating autoimmune diseases as of September 2024. The company has retained its rights in autoimmune disease beyond these two targets, which will be exclusively partnered with Moderna.

On November 5, 2024, new preclinical data for Carisma's anti-GPC3 in vivo CAR-M therapy aimed at hepatocellular carcinoma were announced. These data, showcasing robust anti-tumor activity, will be presented at the SITC Annual Meeting in Houston, Texas. This approach introduces a novel off-the-shelf solution for GPC3+ solid tumors.

Carisma is also set to present new preclinical data for its liver fibrosis program at the American Association for the Study of Liver Diseases - The Liver Meeting in San Diego, California, scheduled for November 2024. The company plans to nominate a development candidate for liver fibrosis in early 2025.

In a corporate update, Carisma announced the appointment of Sohanya Cheng to its Board of Directors, effective October 31, 2024. Cheng brings over two decades of experience in biopharmaceutical commercialization and oncology research. Concurrently, Michael Torok resigned from the Board of Directors.

Financially, Carisma reported cash and cash equivalents of $26.9 million as of September 30, 2024, a decrease from $40.4 million as of June 30, 2024. Research and development expenses for the third quarter of 2024 were $11.3 million, down from $19.6 million for the same period in 2023, primarily due to the revised operating plan implemented in the second quarter of 2024. This plan included halting further development of CT-0508, pausing CT-1119 development, and a reduction in workforce, leading to significant cost reductions.

General and administrative expenses for the three months ending September 30, 2024, were $5.2 million, down from $6.6 million for the corresponding period in 2023. The decrease was mainly due to reduced professional fees, office expenditures, insurance costs, and travel expenses, partially offset by an increase in stock-based compensation.

Carisma's net loss for the third quarter of 2024 was $12.7 million, compared to $21.4 million for the same period in 2023. The company projects that its current cash and cash equivalents will sustain operations into the third quarter of 2025, although this forecast is subject to variances in management's estimates and assumptions.