Carisma Therapeutics Inc.
CARM evidence brief
What we can confirm
- BioSniper Score:
- 3.9 / 10
- Market Cap:
- $33K
- Lead Asset:
- ct-1119
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 oncology, fibrosis, and other diseases, with a lead collaboration with Moderna on in vivo CAR-M programs and a recent net income driven by upfront payment recognition.
Key risk: No approved products or product revenue
BioSniper Score
Based on 2 of 6 signals
Limited data coverage
Market Cap
$33K
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 oncology, fibrosis, and other diseases, with a lead collaboration with Moderna on in vivo CAR-M programs and a recent net income driven by upfront payment recognition.
- Carisma is a biotechnology company applying macrophage engineering to develop therapies for oncology, fibrosis, neurodegeneration, and other diseases [sec_mda · as of 2025-11-12].
- The company has a collaboration with Moderna to develop in vivo mRNA/lipid nanoparticle CAR-M programs, with seven of twelve research targets nominated as of September 30, 2024 [sec_mda · as of 2024-11-07].
- As of September 30, 2025, Carisma reported cash & equivalents of $2.8M, total revenue of $45.3M, and net income of $44.7M [latest reported financials].
- The company achieved preclinical proof of concept in its liver fibrosis program in Q2 2024 and expects to nominate a development candidate in Q1 2025 [sec_mda · as of 2024-11-07].
- CT-0508, a CAR-Macrophage targeting HER2-positive solid tumors, is being evaluated in a Phase 1 clinical trial in the United States [sec_mda · as of 2024-05-09].
What works
- Carisma has a strategic collaboration with Moderna for in vivo CAR-M programs, which provides financial support and access to mRNA/LNP technology [sec · filed 2024-12-09].
- The company has demonstrated preclinical proof of concept in liver fibrosis, indicating potential expansion beyond oncology [sec_mda · as of 2024-11-07].
- Net income of $25.7 million for the nine months ended September 30, 2025 was driven by revenue recognition from the Moderna upfront payment, strengthening the balance sheet [sec_mda · as of 2025-11-12].
What to weigh
- Carisma has not yet commercialized any products or generated revenue from product sales, relying on collaboration payments and financing [sec_mda · as of 2024-11-07].
- The company's cash position is low at $2.8M as of September 30, 2025, which may require additional financing to support operations [latest reported financials].
- The revised operating plan focuses on early-stage in vivo programs, and any resumption of historical R&D would increase expenses and capital requirements [sec_mda · as of 2025-08-07].
From the filings
Quoted directly from source documents.
Carisma's collaboration with Moderna focuses on in vivo CAR-M programs.
“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.”
SEC filings · December 9, 2024
Carisma achieved preclinical proof of concept in liver fibrosis.
“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 · November 7, 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
CT-0508 is a first-in-human CAR-Macrophage in Phase 1 for HER2-positive solid tumors.
“CT-0508, is the first CAR-Macrophage to be evaluated in a human clinical trial and is intended to treat solid tumors that over-express HER2”
SEC MD&A · May 9, 2024
Risks & what to watch (4)›
Key risks
- No approved products or product revenue — Carisma has not commercialized any products or generated revenue from product sales, relying on collaboration payments and financing [sec_mda · as of 2024-11-07].
- Low cash position — Cash & equivalents of $2.8M as of September 30, 2025 may require additional financing to sustain operations [latest reported financials].
- Dependence on Moderna collaboration — The company's focus on in vivo CAR-M programs with Moderna means success is tied to the collaboration's progress and terms [sec · filed 2024-12-09].
- Early-stage pipeline — All programs are preclinical or early clinical, with no late-stage data to support regulatory approval [sec_mda · as of 2025-11-12].
What to watch
- Nomination of a development candidate in the liver fibrosis program, expected in Q1 2025 [sec_mda · as of 2024-11-07].
- Progress and updates from the Moderna collaboration, including nomination of remaining research targets [sec_mda · as of 2024-11-07].
- Clinical data from the Phase 1 trial of CT-0508 in HER2-positive solid tumors [sec_mda · as of 2024-05-09].
- Cash runway and potential need for additional financing given the low cash position [latest reported financials].
Sources: SEC filings · SEC MD&A · Generated September 25, 2026 · How we verify sources →
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Evidence & data
Score breakdownBased on 2 of 6 signals · derived from public data
Cash runway data unavailable
Net income $45M
No tracked pipeline phase
1 candidate
No upcoming catalysts tracked
No insider transactions in the last 180 days
Pipeline
Financials
Institutional Holdings
Source: SEC Form 13F · as of Mar 2026Institutional holders
3
Total value held
$48K
| Holder | Shares | Value |
|---|---|---|
| merck & co., inc. | 1,473,240 | $48K |
| union bancaire privee, ubp sa | 785 | $22 |
| ascentis independent advisors | 200 | $6 |
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 oncology, fibrosis, and other diseases, with a lead collaboration with Moderna on in vivo CAR-M programs and a recent net income driven by upfront payment recognition.
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.