PHILADELPHIA, PA — Carisma Therapeutics Inc. (Nasdaq: CARM) has announced its financial results for the third quarter of 2024, alongside significant progress in its clinical and preclinical programs. The company continues to make strides in developing innovative therapies to meet unmet medical needs.
For the quarter ending September 30, Carisma reported a net loss of $12.7 million, a notable improvement from the $21.4 million loss in the same period last year. The company’s cash and cash equivalents stood at $26.9 million, expected to support operations through the third quarter of 2025.
“We are advancing on multiple fronts,” said Steven Kelly, President and CEO of Carisma Therapeutics. “We expect to report initial data from the Phase 1 study of CT-0525 in the first quarter of 2025. We also recently nominated our first development candidate in hepatocellular carcinoma with Moderna and are excited to bring additional in vivo CAR-M therapies forward, including autoimmune targets.”
Carisma’s collaboration with Moderna is progressing, with new preclinical data set to be presented at key upcoming conferences. This includes data on the anti-GPC3 CAR-M therapy for liver cancer, demonstrating robust anti-tumor activity, and a liver fibrosis program development candidate expected to be nominated in early 2025.
The company also announced the appointment of Sohanya Cheng to its Board of Directors, bringing over two decades of biopharmaceutical commercialization experience, particularly in oncology. This follows the resignation of Michael Torok from the board.
Research and development expenses decreased significantly to $11.3 million from $19.6 million a year ago, attributed to a revised operating plan which halted certain projects and reduced workforce. General and administrative expenses also saw a decline, reflecting cost-saving measures.
Looking ahead, Carisma stated that it remains focused on its strategic initiatives and is optimistic about the potential of its pipeline, buoyed by its ongoing partnership with Moderna. The company plans to deliver transformative treatments, with several key milestones expected in the coming months.
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