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Carisma Therapeutics (CARM) investor relations material
Carisma Therapeutics Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Operations reduced to focus on strategic alternatives and wind down, with no intention to resume R&D activities; 84% workforce reduction executed in March 2025.
Entered into a merger agreement with OrthoCellix; post-merger, legacy shareholders expected to own 10% of the combined company.
Nasdaq compliance issues persist; reverse stock split approved to help maintain listing, but continued listing is uncertain.
Collaboration with Moderna concluded for R&D funding; future revenue depends on milestones and royalties.
Financial highlights
Net loss of $9.8M for Q2 2025, improved from $11.2M in Q2 2024; six-month net loss of $19.0M, down from $30.1M year-over-year.
Q2 2025 collaboration revenue was $0, down from $9.2M in Q2 2024; six-month revenue was $3.7M, down from $12.6M year-over-year.
Cash and cash equivalents at June 30, 2025 were $2.0M, with an accumulated deficit of $324.6M.
Research and development expenses dropped to $2.4M in Q2 2025 from $15.3M in Q2 2024; general and administrative expenses fell to $3.4M from $5.6M.
Losses of $3.5M on sale of held-for-sale assets and $0.9M on lease abandonment recognized in Q2 2025.
Outlook and guidance
Cash runway expected to last into fall 2025; substantial doubt exists about ability to continue as a going concern beyond one year.
Future operations are highly dependent on successful completion of the OrthoCellix Merger; failure may lead to bankruptcy or liquidation.
No plans to resume historical R&D activities unless a strategic transaction or significant funding is secured.
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