Carisma Therapeutics Reports Third Quarter 2024 Financial Results and Recent Business Highlights
CARM 11.07.2024
About Gravity Analytica
Initial results from the Phase 1 study of CT-0525, lead product candidate, expected in the first quarter of 2025
Nomination of a development candidate for liver fibrosis program expected in the first quarter of 2025
New preclinical efficacy data from the anti-GPC3 in vivo CAR-M therapy to be presented on
New preclinical efficacy data in liver fibrosis to be presented on
Cash and cash equivalents of
"Our recent progress across clinical and preclinical programs demonstrates our commitment to pioneering therapies that address significant unmet medical needs," said
Third Quarter 2024 Highlights and Upcoming Milestones
Ex Vivo Oncology
- CT-0525 (Anti-HER2 chimeric antigen receptor monocyte (CAR-Monocyte))
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November 5, 2024 , Carisma announced the upcoming presentation of a trial in progress (TIP) poster for its Phase 1 clinical trial evaluating CT-0525, an autologous CAR-Monocyte therapy for the treatment of HER2+ solid tumors. The poster will be presented at theSociety for Immunotherapy of Cancer (SITC) Annual Meeting inHouston, Texas , onNovember 8, 2024 . - In
September 2024 , Carisma submitted a protocol amendment for its Phase 1 study of CT-0525 to allow for the expansion of the study to include repeat dosing (up to two billion CAR positive cells administered every three weeks for up to five cycles) in combination with pembrolizumab, bolus dosing (up to10 billion CAR positive cells in a single dose) in combination with pembrolizumab, or either of these two dosing schedules as monotherapy (without checkpoint inhibitor). Repeat dosing in combination with pembrolizumab will be prioritized and the other three study arms may be activated as data indicates. - Carisma expects to report initial data for Cohorts 1 and 2 of its Phase 1 study of CT-0525 in the first quarter of 2025.
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In Vivo Program (Moderna Collaboration)
- Autoimmune disease (CAR-M + mRNA/LNP)
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September 10, 2024 , Carisma announced the expansion of itsin vivochimeric antigen receptor macrophage and monocyte ("CAR-M") collaboration with Moderna, Inc. ("Moderna") to include the nomination of two research targets for the treatment of autoimmune diseases. Carisma retains all rights in autoimmune disease beyond the two nominated targets, which will be exclusively partnered with Moderna.
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- GPC3+ solid tumors (CAR-M + mRNA/LNP)
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November 5, 2024 , Carisma announced the upcoming presentation of new pre-clinical data for its anti-GPC3in vivoCAR-M therapy for the treatment of hepatocellular carcinoma (HCC), developed in collaboration with Moderna. These data will be presented in a poster session at the SITC Annual Meeting inHouston, Texas , onNovember 8, 2024 . These preclinical data demonstrate robust anti-tumor activity and introduce a novel, off-the-shelf approach for GPC3+ solid tumors.
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Fibrosis
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August 6, 2024 , Carisma announced that new preclinical data for liver fibrosis will be highlighted in a poster presentation at theAmerican Association for the Study of Liver Diseases (AASLD) - The Liver Meeting®2024, to be heldNovember 15 through 19, 2024 , inSan Diego, California . - Carisma expects to nominate a development candidate for its liver fibrosis program in the first quarter of 2025.
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Corporate Update
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October 30, 2024 , Carisma announced the appointment of Sohanya Cheng to the Board of Directors of the Company, effectiveOctober 31, 2024 .Ms. Cheng brings over 20 years of experience in biopharmaceutical commercialization and research, with a strong focus on oncology. The Company concurrently announced the resignation ofMichael Torok from Carisma's Board of Directors, also effectiveOctober 31, 2024 .
Third Quarter 2024 Financial Results
- Cash and cash equivalents as of
September 30, 2024 , were$26.9 million , compared to$40.4 million as ofJune 30, 2024 . - Research and development expenses for the three months ended
September 30, 2024 were$11.3 million , compared to$19.6 million for the three months endedSeptember 30, 2023 . The decrease of$8.3 million was primarily due to implementation of our revised operating plan in the second quarter of 2024 in which we halted further development of CT-0508, paused development of CT-1119 and implemented a workforce reduction. As result of the revised operating plan, we experienced a decrease of$2.4 million related to halting development of CT-0508 and a$0.1 million decrease from pausing the development of CT-1119. In addition, the implementation of the revised operating plan resulted in a decrease in facilities and other expenses of$3.1 million due to less laboratory supplies and laboratory space needs and a$0.9 million decrease in direct personnel costs due to a reduction in headcount. Further, we experienced a$0.9 million decrease in direct costs associated with pre-clinical development of CT-0525 due to the timing of the development program and a decrease of$0.9 million in other clinical and pre-clinical development expenses resulting from the timing of certain studies in ourin vivocollaboration with Moderna. - General and administrative expenses for the three months ended
September 30, 2024 were$5.2 million , compared to$6.6 million for the three months endedSeptember 30, 2023 . The decrease of$1.4 million was primarily due to our revised operating plan in which we recognized a$1.3 million decrease in professional fees as a result of our patent portfolio and expanding infrastructure in 2023, a$0.3 million decrease in facilities and supplies due to a decrease in office expenditures, a$0.2 million decrease in insurance costs, and a$0.1 million decrease in other expenses related to a decline in travel costs, partially offset by a$0.5 million increase in personnel costs driven by an increase in stock-based compensation. - Net loss was
$12.7 million for the third quarter of 2024, compared to a$21.4 million net loss for the same period in 2023.
Outlook
Carisma anticipates that its cash and cash equivalents of
About CT-0525
CT-0525 is a first-in-class,ex vivogene-modified autologous chimeric antigen receptor-monocyte (CAR-Monocyte) cellular therapy intended to treat solid tumors that overexpress human epidermal growth factor receptor 2 (HER2). It is being studied in a multi-center, open label, Phase 1 clinical trial for patients with advanced/metastatic HER2-overexpressing solid tumors that have progressed on available therapies. The CAR-Monocyte approach has the potential to address some of the challenges of treating solid tumors with cell therapies, including tumor infiltration, immunosuppression within the tumor microenvironment, and antigen heterogeneity. CT-0525 has the potential to enable significant dose escalation, enhance tumor infiltration, increase persistence, and reduce manufacturing time compared to macrophage therapy.
About Carisma Therapeutics
Cautionary Note on Forward-Looking Statements
Statements in this press release about future expectations, plans and prospects, as well as any other statements regarding matters that are not historical facts, may constitute "forward-looking statements" within the meaning of The Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements relating to Carisma's business, strategy, future operations, cash runway, the advancement of Carisma's product candidates and product pipeline, and clinical development of Carisma's product candidates, including expectations regarding timing of initiation and results of clinical trials. The words "anticipate," "believe," "contemplate," "continue," "could," "estimate," "expect," "goals," "intend," "may," "might," "outlook," "plan," "project," "potential," "predict," "target," "possible," "will," "would," "could," "should," and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words.
Any forward-looking statements are based on management's current expectations of future events and are subject to a number of risks and uncertainties that could cause actual results to differ materially and adversely from those set forth in, or implied by, such forward-looking statements. These risks and uncertainties include, but are not limited to, (i) Carisma's ability to realize the anticipated benefits of its pipeline reprioritization and corporate restructuring, (ii) Carisma's ability to obtain, maintain and protect its intellectual property rights related to its product candidates; (iii) Carisma's ability to advance the development of its product candidates under the timelines it anticipates in planned and future clinical trials and with its current financial and human resources; (iv) Carisma's ability to replicate in later clinical trials positive results found in preclinical studies and early-stage clinical trials of its product candidates; (v) Carisma's ability to realize the anticipated benefits of its research and development programs, strategic partnerships, research and licensing programs and academic and other collaborations; (vi) regulatory requirements or developments and Carisma's ability to obtain and maintain necessary approvals from the
For a discussion of these risks and uncertainties, and other important factors, any of which could cause Carisma's actual results to differ from those contained in the forward-looking statements, see the "Risk Factors" set forth in the Company's Annual Report on Form 10-K for the year ended
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Unaudited Consolidated Balance Sheets (in thousands, except share and par value) | |||
Assets | |||
Current assets: | |||
Cash and cash equivalents | $ 26,881 | $ 77,605 | |
Prepaid expenses and other assets | 7,256 | 2,866 | |
Total current assets | 34,137 | 80,471 | |
Property and equipment, net | 5,391 | 6,764 | |
Right of use assets – operating leases | 2,322 | 2,173 | |
Deferred financing costs | 208 | 146 | |
Total assets | $ 42,058 | $ 89,554 | |
Liabilities and Stockholders' (Deficit) Equity | |||
Current liabilities: | |||
Accounts payable | $ 1,728 | $ 3,933 | |
Accrued expenses | 4,542 | 7,662 | |
Deferred revenue | 682 | 1,413 | |
Operating lease liabilities | 1,386 | 1,391 | |
Finance lease liabilities | 1,074 | 544 | |
Other current liabilities | 1,146 | 965 | |
Total current liabilities | 10,558 | 15,908 | |
Deferred revenue | 41,250 | 45,000 | |
Operating lease liabilities | 761 | 860 | |
Finance lease liabilities | 96 | 328 | |
Other long-term liabilities | 519 | 926 | |
Total liabilities | 53,184 | 63,022 | |
Stockholders' (deficit) equity: | |||
Preferred stock | — | — | |
Common stock | 41 | 40 | |
Additional paid-in capital | 276,777 | 271,594 | |
Accumulated deficit | (287,944) | (245,102) | |
Total stockholders' (deficit) equity | (11,126) | 26,532 | |
Total liabilities and stockholders' (deficit) equity | $ 42,058 | $ 89,554 | |
Unaudited Consolidated Statements of Operations and Comprehensive Loss (in thousands, except share and per share data) | |||
Three Months Ended | |||
2024 | 2023 | ||
Collaboration revenues | $ 3,385 | $ 3,827 | |
Operating expenses: | |||
Research and development | 11,326 | 19,551 | |
General and administrative | 5,203 | 6,620 | |
Total operating expenses | 16,529 | 26,171 | |
Operating loss | (13,144) | (22,344) | |
Change in fair value of derivative liability | — | — | |
Interest income, net | 442 | 941 | |
Pre-tax loss | (12,702) | (21,403) | |
Income tax expense | — | — | |
Net loss | $ (12,702) | $ (21,403) | |
Share information: | |||
Net loss per share of common stock, basic and diluted | $ (0.31) | $ (0.53) | |
Weighted-average shares of common stock outstanding, basic and diluted | 41,588,035 | 40,285,858 | |
Comprehensive loss | |||
Net loss | $ (12,702) | $ (21,403) | |
Unrealized gain on marketable securities | — | 108 | |
Comprehensive loss | $ (12,702) | $ (21,295) | |
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