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Disclaimer: Due to limited expertise, errors are inevitable, and some information may not be the most up-to-date. Feel free to point them out in the comments. This article is only an introduction to medical and health-related drugs, not a recommendation of treatment plans (if involved); it does not constitute any investment advice.
On April 1, Carisma Therapeutics announced its 2023 financial results: total assets reached $89.55 million in 2023; R&D expenses amounted to $74.10 million, a year-on-year increase of 31%; net loss reached $86.90 million, compared to a net loss of $61.23 million for the same period last year.The increase in R&D expenses was mainly due to the preclinical development costs of CT-0525 and CT-1119 increasing by $8.4 million and $0.9 million, respectively; wage costs increasing by $4.4 million as a result of the growth in R&D personnel, and an additional $2.7 million spent on expanding laboratory space and facilities.The company expects that, with the implementation of the revised operational plan,R&D expenses will decrease in 2024。
R&D Pipeline
The financial report mentioned that as of the end of 2023, the company had 107 employees. Due to the adjustment of pipeline priorities and corporate restructuring,Carisma Plans to Cut Workforce by Approximately 37% in Q2 2024(39 employees).At the same time, the companyPlan to Focus on CT-0525 and Halt Development of Two CAR-M Cell Therapies, CT-0508 and CT-1119。
CT-0525 is an in vitro gene-modified autologous chimeric antigen receptor monocyte therapy, abbreviated as CAR-monocyte therapy. In November last year, the FDA approved CT-0525 for a new drug clinical trial application for solid tumors with HER2 overexpression. The company plans to treat the first patient in a Phase I study in the second quarter of this year, with preliminary data expected by the end of 2024.
CT-0508 is a treatment targeting HER2-overexpressing solid tumors.CAR-MacrophageCell Therapy, which demonstrated good safety and anti-tumor activity in its Phase I clinical trial. The therapy achieved a 28.6% disease stabilization rate in HER2 3+ patients.
Carisma Therapeutics stated that it will continue to study the participants in the trial but does not plan to recruit new patients.
CT-1119 is a CAR-monocyte therapy for solid tumors overexpressing mesothelin. However, the company has decided to pause further development of CT-1119 pending additional financing.
As of December 31, 2023, Carisma Therapeutics had $77.6 million in cash and cash equivalents. Carisma stated that by restructuring and adjusting its R&D pipeline, the company could continue operations until the third quarter of 2025.
References:
https://ir.carismatx.com/news-releases/news-release-details/carisma-therapeutics-provides-business-update-and-reports-fourth
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