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CARM

Carisma Therapeutics, Inc.

CARM

Carisma Therapeutics, Inc. • NASDAQ
$0.05 ▲ 11.11% (+0.01)
Market Cap $2.09 M
52w High $1.27
52w Low $0.03
Dividend Yield 0%
P/E 0.26
Volume 97.89K
Outstanding Shares 41.77M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $0 $1.436M ▼ $44.717M ▲ 0% $1.07 ▲ $44.717M ▲
Q2-2025 $0 ▼ $5.422M ▼ $-9.774M ▼ 0% ▲ $-0.23 ▼ $-5.422M ▲
Q1-2025 $3.729M ▲ $13.063M ▼ $-9.266M ▲ -248.485% ▲ $-0.22 ▲ $-8.673M ▲
Q4-2024 $3.653M ▲ $20.839M ▲ $-17.635M ▼ -482.754% ▼ $-0.42 ▼ $-16.966M ▼
Q3-2024 $3.385M $16.529M $-12.702M -375.244% $-0.31 $-12.407M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $2.777M ▲ $6.554M ▲ $7.421M ▼ $-867K ▲
Q2-2025 $1.999M ▼ $5.012M ▼ $51.017M ▼ $-46.005M ▼
Q1-2025 $7.74M ▼ $15.953M ▼ $52.615M ▼ $-36.662M ▼
Q4-2024 $18.834M ▼ $30.458M ▼ $58.367M ▲ $-27.909M ▼
Q3-2024 $26.881M $42.058M $53.184M $-11.126M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $44.717M ▲ $1.908M ▲ $0 ▼ $-1.13M ▼ $778K ▲ $1.908M ▲
Q2-2025 $-9.774M ▼ $-5.904M ▲ $163K ▼ $0 ▲ $-5.741M ▲ $-5.904M ▲
Q1-2025 $-9.266M ▲ $-10.067M ▼ $524K ▲ $-626K ▼ $-10.169M ▼ $-10.067M ▼
Q4-2024 $-17.635M ▼ $-8.352M ▲ $0 $-620K ▼ $-8.972M ▲ $-8.352M ▲
Q3-2024 $-12.702M $-13.02M $0 $-461K $-13.481M $-13.02M

Revenue by Products

Product Q3-2024Q4-2024Q1-2025Q3-2025
Reporting Segment
Reporting Segment
 $0 ▲$0 ▲$0 ▲$50.00M ▲
Milestones
Milestones
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Carisma is still very much a research‑stage biotech. Revenue is essentially negligible, which is normal for a company without approved products. The income statement is dominated by research and operating costs, leading to steady, meaningful losses each year. Those losses have tended to grow over time as the company has invested more heavily in its platform. Per‑share losses have also widened, reflecting both the higher spending and share structure changes. From an earnings standpoint, this is clearly a long‑duration, high‑risk development story rather than a business generating commercial returns today.

Balance Sheet

Balance Sheet The balance sheet is lean, with a modest asset base and most of that sitting in cash and equivalents. There is little to no financial debt in most years, which reduces balance sheet risk but also means there is limited leverage to amplify returns. Equity has swung between positive and negative over the period, and most recently has turned negative, signaling that accumulated losses now exceed recorded equity. That pattern is typical for small, clinical‑stage biotechs but underlines financial fragility and a reliance on future funding or deals to sustain operations.

Cash Flow

Cash Flow Cash flow is consistently negative, driven by operating outflows tied to research, development, and general overhead. Free cash flow mirrors this, since capital spending is minimal; the business is not capital‑intensive, but it does consume cash steadily. With no real operating inflows, the company depends on external capital—such as equity raises, milestones, or partnerships—to fund its pipeline. The key risk here is the pace of cash burn relative to its funding runway and access to new capital.

Competitive Edge

Competitive Edge Scientifically, Carisma holds a differentiated position by focusing on engineered macrophages rather than the more common T‑cell approaches. This gives it a niche in targeting solid tumors and potentially other immune‑driven diseases. The partnership with Moderna adds important validation and access to cutting‑edge mRNA and delivery technologies, which strengthens its standing versus other early‑stage cell therapy players. On the other hand, the company is small, pre‑commercial, and operates in a very crowded and rapidly evolving immunotherapy field, where larger and better‑funded competitors could move quickly if similar macrophage strategies prove promising.

Innovation and R&D

Innovation and R&D Innovation is the core of Carisma’s story. The CAR‑macrophage platform, including in‑body engineering using mRNA and lipid nanoparticles, is a novel approach that could offer meaningful advantages in solid tumors, fibrosis, and autoimmune disease. The Moderna collaboration multiplies its R&D reach across multiple oncology and autoimmune targets. However, most programs remain preclinical or very early, and the discontinuation of its prior lead program shows how dynamic and uncertain the path can be. The company’s strategic shift to focus on partnerships and asset value suggests it is trying to preserve its science while managing limited resources.

Summary

Carisma is an early‑stage, high‑science biotech with almost no current revenue, recurring losses, and steady cash burn—typical for a company still validating its technology. Its balance sheet is light, and recent negative equity highlights the need for ongoing external support. The main value driver is its innovative macrophage‑based cell therapy platform and the high‑profile collaboration with Moderna, which together create a distinctive scientific and strategic position. At the same time, pipeline risk, funding needs, and intense competition in immunotherapy introduce significant uncertainty about timing and scale of any eventual commercial success.

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