Carisma Therapeutics Inc., a clinical-stage biopharmaceutical company, recently reported its financial results for the third quarter ended September 30, 2023, and provided an update on its recent business highlights. The company made significant progress across its clinical and pre-clinical programs during the third quarter, and presented updated data from its Phase 1 clinical trial of CT-0508, a human epidermal growth factor receptor 2 (HER2) targeted chimeric antigen receptor macrophage (CAR-M), at the CAR-TCR Summit. The data further supported the safety, feasibility, and mechanism of action of CAR-M. Carisma also selected a clinical candidate for its CT-1119 program, an anti-mesothelin CAR-Monocyte, and presented pre-clinical proof of concept data of in vivo CAR-M from its collaboration with Moderna at the SITC.
In terms of financials, Carisma reported cash, cash equivalents, and marketable securities of $94.1 million as of September 30, 2023, which is expected to fund the company into the first quarter of 2025. The company’s research and development expenses for the third quarter of 2023 were $19.6 million, compared to $15.6 million for the same period in 2022. The increase in expenses was primarily due to the development of CT-0525 and CT-1119. General and administrative expenses for the third quarter of 2023 were $6.6 million, compared to $3.8 million for the same period in 2022. The increase in expenses was primarily due to an increase in headcount and infrastructure. Carisma reported a net loss of $21.4 million for the third quarter of 2023, compared to a net loss of $18.3 million for the same period in 2022.
Carisma’s President and CEO, Steven Kelly, highlighted the company’s key advancements and the potential of its pipeline therapies to improve treatments for patients with cancer and other serious disorders. He expressed confidence in the value-driving, next-generation cell therapies in the company’s pipeline.
Looking ahead, Carisma expects to treat the first patient with CT-0525 in the first half of 2024 and present data from the sub-study of its Phase 1 clinical trial of CT-0508 in combination with pembrolizumab in the first half of 2024. The company also expects to present pre-clinical proof of concept data for its initial program outside of oncology, in liver fibrosis, in the first half of 2024. Carisma is targeting an Investigational New Drug Application (IND) for CT-1119 in 2025.
Overall, Carisma continues to pursue its mission of developing innovative immunotherapies and believes in the potential of its engineered macrophage platform to revolutionize cancer treatment and improve patient outcomes.