Amidst the cacophony of the financial world, Carisma Therapeutics Inc., a beacon in the clinical-stage biopharmaceutical landscape, revealed its triumphs and strategies as it disclosed its financial panorama for the quarter culminating in June 30, 2024, alongside significant business updates.

As per the declarations of the esteemed Steven Kelly, the President and Chief Executive Officer of Carisma, the preparations are well underway for the arrival of CT-0525 onto the scene, gleaming with the promise of patient enrollment illuminating the pathway ahead by the tail end of 2024. The synergy with Moderna has not gone unnoticed as Carisma identifies the nomination of a development ally as a fulcrum for progress.

Glimpses from the Second Quarter of 2024 and Forthcoming Stones to Unearth

Bright Lights of Ex Vivo Oncology

• CT-0525 (Anti-HER2 CAR-Monocyte)
  • Steering through the frontier, Carisma initiated a Phase 1 clinical overture for CT-0525 on May 16, 2024, setting the stage for the species of gene-modified autologous CAR-Monocyte therapy prancing towards patients grappling with solid tumors pulsating with an overexpression of human epidermal growth factor receptor 2 (HER2).
  • The crest of success further embraced Carisma on June 25, 2024, with a coveted Fast Track designation from the U.S. Food and Drug Administration adorned on CT-0525.
  • Eyes gleamed in anticipation as Carisma hinted at an initial data revelation from the Phase 1 clinical saga by the culmination of 2024’s symphony.

• CT-0508 (Anti-HER2 CAR-Macrophage)
  • Entering the realms of July 2024, the curtain closed on all clinical endeavors encircling the saga of CT-0508, with its sub-chapter unveiling the harmonious duet of CT-0508 in alliance with pembrolizumab, marking its crescendo.
  • A stanza of revelation echoed through the corridors on July 9, 2024, as Carisma presented a fresh narrative drawn from the lifeblood of 13 patients partaking in the Phase 1 clinical rhapsody of CT-0508. The preliminary strains suggested a melody of hope, with 75% of HER2 3+ candidates sensing the sweet reprieve of a decrease in circulating tumor DNA, a testament to the melody of anti-tumor operations unfolding.
  • The tapestry of victories was woven on August 8, 2024, as Carisma regaled the realms with updated chronicles of the open-air festival of Phase 1 sub-study showcasing the symphony of co-adventure entwining CT-0508 with pembrolizumab, a guardian angel in the shape of a checkpoint inhibitor. The revelations spoke of safety, of adaptability, and the tantalizing promise of efficacy peeking beyond the horizon. Here lies a narrative encapsulating the essence of the “what could be” punctuated with notes of caution and a splash of hope, as Carisma’s quest for amalgamation with pembrolizumab or other checkpoint inhibitors in the CT-0525 realm beckons.

Diving into the Realms of In Vivo Oncology

• Homage to GPC3+ Solid Tumors (CAR-M + mRNA/LNP; Moderna Collaboration)
  
  
  
  
  
  

  Carisma Unveils Breakthrough in Cancer Treatment

  On June 27, 2024, Carisma unveiled the first development candidate in its collaboration with ModernaTX Inc., marking a significant leap in cancer treatment innovation. This candidate, a CAR-M designed to combat solid tumors with a focus on hepatocellular carcinoma, has emerged as a beacon of hope amid the rising threat of liver cancer-related deaths.

  The reception of a $2.0 million milestone payment from Moderna on July 3, 2024, further solidifies Carisma’s position as a pioneer in cutting-edge cancer therapies.

  Advancements in Fibrosis and Immunology

  • Fibrosis Leads the Way
    • Carisma’s breakthroughs in liver fibrosis research will take center stage in a poster presentation at The Liver Meeting 2024, scheduled from November 15-19, 2024, in San Diego, CA. The Company anticipates the nomination of a development candidate for its liver fibrosis program as early as the first quarter of 2025.

  Strategic Corporate Updates

  • Board Expansion and Renowned Appointments

    The strategic addition of David Scadden, M.D., and Marella Thorell to Carisma’s Board of Directors on July 1, 2024, aligns the company with top-tier expertise in medical research, finance, and operations. This move heralds a new chapter of strategic growth and innovation for Carisma.

    In parallel, the appointments of Scott Friedman, M.D., and Ira Tabas, M.D., Ph.D., to the Scientific Advisory Board underscore the commitment to advancing liver fibrosis research, signaling a promising trajectory for the company’s transformative treatments.

  Robust Financial Performance

  Carisma’s financial standing for the second quarter of 2024 exhibits commendable resilience and prudent management:

  • With cash and cash equivalents totaling $40.4 million as of June 30, 2024, Carisma showcases a steady financial foundation essential for sustained growth and research excellence.
  • Research and development expenses for the quarter demonstrate prudent oversight and cost management, with a decrease to $15.3 million compared to the prior year, reflecting Carisma’s commitment to efficient resource allocation and innovation.
  • General and administrative expenses also saw a favorable trend, dropping to $5.6 million for the quarter, indicating operational efficiency and strategic cost-saving measures implemented by the company.
  • Notably, Carisma reported a reduced net loss of $11.2 million for the second quarter of 2024, showcasing a measured approach to financial sustainability amidst ambitious research and development endeavors.

  
  
  

  
  
  

  The Cash Forecast and Breakthrough CT-0525 Therapy of Carisma Therapeutics

  A Glimpse into the Financial Horizon

  Carisma Therapeutics is poised on a precarious precipice, with a purse promising a passage through to the third quarter of 2025. Marking $40.4 million in cash and cash equivalents by June 30, 2024, the company treads cautiously along the tightrope of financial forecasts woven with estimates and assumptions, knowing all too well that unforeseen variances may trip up its liquidity dance before reaching the stipulated destination.

  The Marvels of CT-0525

  Venture into the realm of CT-0525, a promising first-in-class ex vivo gene-modified autologous chimeric antigen receptor-monocyte (CAR-Monocyte) cellular therapy. Designed to combat solid tumors flaunting an overexpression of human epidermal growth factor receptor 2 (HER2), CT-0525 unfolds its narrative within a multi-center, open-label Phase 1 clinical trial, embracing patients grappling with advanced/metastatic HER2-overexpressing solid tumors that have stubbornly shrugged off available therapies. The CAR-Monocyte strategy, a symphony of hope, offers a potential solution to the maze of challenges impeding the treatment of solid tumors with cell therapies, from grappling with tumor infiltrations to navigating immunosuppression within the tumor microenvironment and tackling antigen heterogeneity. CT-0525 positions itself as a beacon of innovation, promising significant dose escalations, enhanced tumor infiltrations, increased persistence, and reduced manufacturing timelines compared to its macrophage therapy counterparts.

  The Saga of Carisma Therapeutics

  Carisma Therapeutics Inc., a protagonist in the clinical-stage biopharmaceutical narrative, is dedicated to harnessing its proprietary macrophage and monocyte cell engineering platform to craft transformative immunotherapies combatting cancer and other formidable diseases. With an arsenal of engineered macrophages and monocytes, pivotal players in both the innate and adaptive immune response, Carisma stands tall in its Philadelphia, PA headquarters. The stage is set for a riveting performance, where innovation meets determination in a bid to revolutionize the treatment landscape of oncology and beyond.

  Navigating the Winds of Caution and Contingency

  Casting a discerning eye on the horizon, caution beckons, wrapping the future in a tapestry of uncertainties and risks. The allure of promises and projections is juxtaposed against the stark reality of obstacles that could derail even the most meticulously laid plans. From the intricacies of pipeline reprioritization to the labyrinth of regulatory roadblocks, Carisma’s journey is fraught with challenges that demand deft navigation and unwavering resilience.

  For the Investors and Beyond

  The quest for support and dissemination beckons, with avenues open for investors to join hands in this tale of innovation and transformation. As the chapter unfolds, the audience is invited to witness the evolution of a narrative that transcends mere financial indices, delving deep into the realms of science, strategy, and unyielding dedication.

  Get in Touch

  Shveta Dighe
  Head of Investor Relations
  investors@carismatx.com

  Media Contact:

  Julia Stern
  (763) 350-5223
  jstern@realchemistry.com

   

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  Unveiling the Financial Health of Carisma Therapeutics Inc. through Unaudited Consolidated Balance Sheets

  Considering financial reports akin to analyzing a weather vane, Carisma Therapeutics Inc. recently divulged its unaudited consolidated balance sheets. These snapshots, dated June 30, 2024, and December 31, 2023, offer investors a compass to navigate the seas of monetary health.

  Delineating Assets

  Assets serve as the bedrock of any company, reflecting its fiscal fortitude. In the realm of current assets, cash and cash equivalents are as paramount as a captain’s compass on the open sea. As per the reports, by June 2024, Carisma Therapeutics Inc. reported $40,362 in this category, a figure that had been $77,605 at the end of December 2023.

  Exploring Current Assets

  Beyond cash and cash equivalents lie prepaid expenses and other assets, akin to hidden treasures on a pirate’s map. These assets totaled $10,359 in the latest report, in contrast to $2,866 as of December 2023.

  The Significance of Total Current Assets

  The sum total of current assets, including the aforementioned components, stood at $50,721 by June 2024, contrasting with a figure of $80,471 at the end of the preceding fiscal year. This ebb and flow signals shifts in the company’s liquidity and short-term financial health.

  Property, Equipment, and Right of Use Assets

  Property and equipment, akin to a ship’s hull and mast, are vital pillars of operational infrastructure. Carisma Therapeutics Inc. reported $6,531 and $6,764 in these categories for June 2024 and December 2023, respectively. Furthermore, right of use assets stemming from operating leases stood at $1,945 and $2,173 by the same comparison.

  Considering Deferred Financing Costs

  Deferred financing costs, like barnacles beneath a ship’s waterline, are important yet often overlooked in the grand financial seascape. The reports indicated $142 attributed to this account as of June 2024.

  
  
  
  
  
  

  Unveiling Financial Fortitude: An Analytical Dive

  The Noteworthy Numbers

  Delving into the financial figures of a certain company reveals some intriguing insights. Total assets for the company stand at a significant $59,339, reflecting a solid economic foundation. In the realm of liabilities, the company showcases a figure of $89,554, illustrating a balanced financial structure. Such figures are not to be taken lightly, resonating with the potential for growth and stability.

  Exploring Liabilities and Equity

  When dissecting the balance sheet further, we encounter the realm of liabilities and stockholders’ equity. Current liabilities paint a picture of financial obligations that the company needs to address. From accounts payable to accrued expenses, each item reflects a different facet of the company’s financial landscape.

  The Tale of Current Liabilities

  Accounts payable, standing at $2,033, captures the essence of financial transactions pending. Accrued expenses, totaling 9,241, shed light on the accrued financial obligations of the company. Additionally, deferred revenue and operating lease liabilities play a crucial role in shaping the financial standing, standing at 659 and 1,179 respectively.

  A Look at Lease Liabilities

  Operating lease liabilities and finance lease liabilities contribute to the financial intricacies, showcasing figures of 1,179 and 1,283 respectively. These liabilities, intertwined with the fiscal framework, dictate the company’s financial commitments and obligations.

  An Insight into Financial Commitments

  
  
  
  
  
  
  

  The Financial Tapestry: Liabilities and Equity

  Current Liabilities in the Balance Sheet

  Within the intricate dance of financial reports, current liabilities play a crucial role. As of the latest disclosures, total current liabilities stand at 15,617, with a slight decrease from the previous period’s value of 15,908. This subtle shift reveals a delicate balancing act that the company is navigating.

  Deferred Revenue Unveiled

  The veil of deferred revenue, a tell-tale sign of future financial obligations, stands at 41,250 in the current period, up from 45,000 in the prior period. This increase hints at a forward-looking strategy, possibly indicating an upward trajectory in revenue streams.

  The Lease Dilemma: Operating and Finance

  Operating and finance lease liabilities are the hidden anchors within the financial sea. Standing at 795 and 502, the former slightly outshines its previous value of 860, while the latter shows a conservative decline from 328. These figures underline the intricate tapestry of financial commitments the company navigates.

  Peering into Long-Term Liabilities

  Shadows of long-term liabilities loom large, with other long-term liabilities resting at 815 and 926 in the two periods. These numbers paint a picture of stability with a touch of evolution, reflective of the ebb and flow inherent in financial landscapes.

  The Giant: Total Liabilities

  In the grand scheme of numbers, total liabilities are the behemoth looming on the horizon. At 58,979 and 63,022 for the periods indicated, they showcase the weight the company bears. The delicate interplay between these figures and the other elements is the heartbeat of financial storytelling.

  In the Realm of Stockholders’ Equity

  Turning to the realm of equity, a realm where ownership and value converge. Here, tales of preferred and common stock are told. Preferred stock stands at none – a blank canvas awaiting future brushstrokes. Meanwhile, common stock, with its par value of 0.001, boasts a tale of authority over 41,544,975 and 40,609,915 shares in the two periods, embodying a narrative of growth and stability.

  
  
  
  
  
  
  

  The Finances of Carisma Therapeutics Inc.

  Exploring Recent Financial Performance

  Recent financial statements from Carisma Therapeutics Inc. reveal fascinating insights into the company’s financial health. Let’s dive into the numbers and see what they tell us about the business.

  Unveiling Stockholders’ Equity

  The company’s stockholders’ equity for the period showed significant changes. Comparing the figures, we see a noteworthy transition in the company’s financial standing.

  Analysing Collaboration Revenues

  One of the critical aspects of the financial report is the collaboration revenues, which provide a glimpse into the company’s key revenue streams. Understanding these revenues is essential in evaluating the company’s overall performance.

  
  
  

  
  
  
  
  
  

  The Financial Landscape: Analyzing Operating Expenses

  The R&D Conundrum

  The company allocated a significant sum of $15,307 towards research and development, a crucial aspect of innovation that cannot be underestimated. However, the investment pales in comparison to historical records.

  Navigating Administrative Waters

  General and administrative expenses amounted to $5,560, reflecting the necessary costs of keeping the ship afloat. This figure is commensurate with industry standards, yet raises questions about efficiency.

  The Bottom Line: Total Operating Expenses

  The grand total of operating expenses stood at $20,867, which is a substantial amount that cannot be overlooked. Investors must scrutinize these figures to comprehend the financial health of the entity.

  In the Red: Operating Loss

  A significant operating loss of $(11,670) signifies a deep financial rut that demands attention and strategic reassessment. This loss calls for swift action and prudent decision-making.

  Financial Seas: Interest Income (Expense)

  Interest income of $508 provided a glimmer of hope amidst the turbulent waters of financial performance. Although positive, this figure must be bolstered to steer the company towards profitability.

  The Taxing Pre-tax Scenario

  Pre-tax loss figures of $(11,162) indicate a precarious financial position that warrants immediate intervention. A comprehensive review of financial strategies is imperative to navigate through this challenging period.

  The Tax Equation: Income Tax Expense

  An income tax expense of 88 further exacerbates the financial woes, underscoring the need for precise accounting and financial planning to minimize losses. A meticulous approach to taxation is essential for future stability.

  Net Loss Realities

  Net loss figures of $(11,162) unveil the harsh reality of the financial landscape, requiring a strategic overhaul to reverse the trend. Stakeholders are urged to devise innovative solutions to mitigate losses and enhance profitability.

  
  
  
  

  Unveiling the Financial Rollercoaster: Carisma Therapeutics Q2 2024 Results

  The Numbers Game: A Closer Look at Carisma Therapeutics’ Q2 Performance

  Share information:
  Net loss per share of common stock, basic and diluted	$              (0.27)		$              (0.49)
  Weighted-average shares of common stock outstanding, basic and diluted	41,543,553		40,258,107
  Comprehensive loss
  Net loss	$          (11,162)		$          (19,876)
  Unrealized gain on marketable securities	—		129
  Comprehensive loss	$          (11,162)		$          (19,747)

   

  
  

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