Carisma Therapeutics Inc.
CARM evidence brief
What we can confirm
What it means
What to watch
Prepared research question
What matters most for CARM—catalysts, financial risk and supporting evidence?
Traceable citations · Unknowns marked
BioSniper AI · CARM
Carisma Therapeutics Inc. is a biotechnology company focused on macrophage engineering for therapies in oncology, fibrosis, and other diseases, currently prioritizing its in vivo CAR-M collaboration with Moderna and a liver fibrosis program after a 2024 restructuring.
Key risk: Limited cash runway
BioSniper Score
Based on 3 of 6 signals
Limited data coverage
Market Cap
$54K
Cash Runway
—
Lead Asset
ct-1119
Next Catalyst
—
Financial data as of Sep 30, 2025.
Tracking 1 pipeline candidate for Carisma Therapeutics Inc..
Carisma Therapeutics Inc. is a biotechnology company focused on macrophage engineering for therapies in oncology, fibrosis, and other diseases, currently prioritizing its in vivo CAR-M collaboration with Moderna and a liver fibrosis program after a 2024 restructuring.
- Carisma focuses on macrophage and monocyte engineering for therapies in oncology, fibrosis, neurodegeneration, and immunologic diseases [sec_mda · as of 2025-11-12].
- The company's revised operating plan prioritizes the in vivo mRNA/LNP CAR-M collaboration with Moderna and a liver fibrosis program, with CT-0525 as the lead candidate [sec · filed 2024-12-09].
- As of September 30, 2025, Carisma reported cash and equivalents of $2.8M, total revenue of $45.3M, and net income of $44.7M [latest reported financials].
- Net income for the nine months ended September 30, 2025 was $25.7 million, driven by revenue recognition from the Moderna License Agreement upfront payment [sec_mda · as of 2025-11-12].
- The company has not yet commercialized any products or generated revenue from product sales [sec_mda · as of 2024-11-07].
What works
- Carisma's collaboration with Moderna covers twelve research targets (including two autoimmune targets), with seven nominated as of September 2024, providing a funded pipeline [sec_mda · as of 2024-11-07].
- Preclinical proof of concept in liver fibrosis was achieved in 2024, demonstrating anti-fibrotic potential of engineered macrophages in two models [sec_mda · as of 2024-08-08].
- The company's macrophage engineering platform is being explored for multiple indications beyond oncology, including fibrosis, neurodegeneration, and inflammatory diseases [sec_mda · as of 2025-11-12].
What to weigh
- Cash and equivalents of $2.8M as of September 30, 2025 [latest reported financials] may limit the company's ability to fund operations without additional financing or collaboration milestones.
- The company has no commercialized products and has never generated product revenue, relying on collaboration payments and financing [sec_mda · as of 2024-11-07].
- Development of CT-1119 (mesothelin-targeted CAR-Monocyte) has been paused pending additional financing, and CT-0508 was ceased under the revised operating plan [sec · filed 2024-12-09].
- The revised operating plan included a workforce reduction of 39 employees (approximately 37% of total workforce) in 2024, indicating significant restructuring [sec_mda · as of 2024-08-08].
From the filings
Quoted directly from source documents.
Carisma's revised operating plan prioritizes the Moderna collaboration and liver fibrosis program.
“The revised operating plan approved by the board of directors focuses the Company's clinical development efforts on in vivo mRNA/lipid nanoparticle CAR-M programs in collaboration with ModernaTX Inc. and contemplates continuing research and development of multiple assets for the potential treatment of diseases beyond oncology, including fibrosis”
SEC filings · December 9, 2024
Net income for nine months ended September 30, 2025 was $25.7 million.
“Our net income for the nine months ended September 30, 2025 was $25.7 million.”
SEC MD&A · November 12, 2025
Preclinical proof of concept in liver fibrosis was achieved in Q2 2024.
“In the second quarter of 2024, we achieved preclinical proof of concept in our liver fibrosis program, demonstrating the anti-fibrotic potential of engineered macrophages in two liver fibrosis models.”
SEC MD&A · August 8, 2024
Workforce reduction of 39 employees (37%) in 2024.
“reduced our workforce by 39 full-time employees (representing approximately 37% of our total workforce)”
SEC MD&A · August 8, 2024
Risks & what to watch (4)›
Key risks
- Limited cash runway — Cash of $2.8M as of 2025-09-30 [latest reported financials] may be insufficient to sustain operations without new funding.
- No product revenue — Company has never generated product revenue and relies on collaboration payments and financing [sec_mda · as of 2024-11-07].
- Pipeline dependency on collaboration — Lead programs depend on Moderna collaboration; any changes could materially affect operations [sec_mda · as of 2025-08-07].
- Paused asset development — CT-1119 development paused pending financing; CT-0508 ceased [sec · filed 2024-12-09].
What to watch
- Nomination of a development candidate in the liver fibrosis program, previously expected in Q1 2025 [sec · filed 2024-12-09].
- Progress of the Moderna collaboration, including nomination of remaining research targets [sec_mda · as of 2024-11-07].
- Cash position updates and any new financing or collaboration milestones that could extend runway [latest reported financials].
- Potential resumption of development for paused assets like CT-1119 if financing is secured [sec · filed 2024-12-09].
Sources: SEC filings · SEC MD&A · Generated August 13, 2026 · How we verify sources →
Run Carisma Therapeutics Inc. through your own thesis
Use the pipeline, catalyst, financial, FDA, and market facts on this page as inputs to a protocol you control.
Your protocol can:
- Turn available Carisma Therapeutics Inc. facts into screen rules or deeper checks
- Show cited findings, blockers, and unresolved evidence together
- Save the logic and rerun it as the company evidence changes
Evidence & data
Score breakdownBased on 3 of 6 signals · derived from public data
Profitable (positive operating cash flow)
OCF $2M · Net income $45M
No tracked pipeline phase
1 candidate
No upcoming catalysts tracked
No insider transactions in the last 180 days
Pipeline
Financials
Short Interest
as of May 20, 2026- % of float
- 3.6%
- Days to cover
- 0.1
- Shares short
- 1,291,811
- Daily short volume
- -
Short percent of float and days-to-cover reflect reported short positioning. Daily short volume is the exchange-reported short share of a single day's trading volume and is noisier. See the most-shorted biotech ranking →
CARM short interestGovernance
Frequently asked questions
What is the AI investment thesis for Carisma Therapeutics Inc.?
Carisma Therapeutics Inc. is a biotechnology company focused on macrophage engineering for therapies in oncology, fibrosis, and other diseases, currently prioritizing its in vivo CAR-M collaboration with Moderna and a liver fibrosis program after a 2024 restructuring.
Who is the CEO of Carisma Therapeutics Inc.?
Chief Executive Officer is the chief executive officer of Carisma Therapeutics Inc. (CARM).
Where is Carisma Therapeutics Inc. headquartered?
Carisma Therapeutics Inc. (CARM) is headquartered in Philadelphia, PA, United States.
What therapeutic areas does Carisma Therapeutics Inc. focus on?
Carisma Therapeutics Inc. develops therapies across Oncology.
The AI overview and BioSniper Score are neutral, data-derived signals built from public SEC filings, ClinicalTrials.gov and FDA records — not investment advice.