Carisma Therapeutics Stock Price, News & Analysis

Carisma Therapeutics Inc. (CARM) is a biotechnology company that has focused on developing immunotherapies using a proprietary macrophage and monocyte cell engineering platform. The company has described itself as a clinical-stage biopharmaceutical organization working on therapies for cancer, fibrosis, liver disease and other serious conditions, with operations headquartered in Philadelphia, Pennsylvania.

Carisma’s approach centers on engineered macrophages and monocytes, immune cells that play key roles in both innate and adaptive immune responses. Across multiple public disclosures, Carisma has highlighted a differentiated cell therapy platform that seeks to harness these cells to create transformative immunotherapies for solid tumors and fibrotic diseases. The company has advanced both ex vivo and in vivo chimeric antigen receptor macrophage and monocyte (CAR-M) programs, as well as collaborations in mRNA and lipid nanoparticle (LNP) delivery.

Macrophage and Monocyte Engineering Platform

Carisma reports that it has built a proprietary platform focused on engineering macrophages and monocytes. These engineered cells are designed to address mechanisms such as tumor infiltration, immunosuppression in the tumor microenvironment, antigen heterogeneity, and defective efferocytosis in fibrotic liver disease. The company has emphasized that macrophages and monocytes are central to immune regulation and that its platform aims to exploit these properties for therapeutic benefit.

In its public communications, Carisma has described a comprehensive, differentiated cell therapy platform that generates engineered macrophages and monocytes for use in oncology and other serious diseases. This includes both ex vivo modified autologous cells and in vivo generation of CAR-M cells via mRNA/LNP technologies.

Oncology Programs and CAR-M Therapies

Carisma has reported multiple oncology-focused programs. One key ex vivo program has been CT-0525, described as a first-in-class, gene-modified autologous CAR-monocyte therapy targeting HER2-overexpressing solid tumors. According to company disclosures, CT-0525 has been evaluated in a Phase 1 clinical trial for patients with advanced or metastatic HER2-overexpressing solid tumors that have progressed on available therapies. The company has stated that this CAR-Monocyte approach is intended to address challenges in solid tumor cell therapy, including tumor infiltration, immunosuppression, and antigen heterogeneity.

Carisma has also discussed an ex vivo oncology candidate CT-1119, described as a next-generation CAR-monocyte designed for patients with advanced mesothelin-positive solid tumors, including pancreatic, ovarian, lung cancers and mesothelioma. Prior to pausing research and development activities, the company had planned a Phase 1 trial of CT-1119 in combination with an anti-PD-1 antibody in mesothelin-positive tumors in China.

In addition, Carisma has reported a collaboration with Moderna Inc. focused on in vivo CAR-M therapies. Under this collaboration, Carisma and Moderna have developed an anti-GPC3 in vivo CAR-M therapy for hepatocellular carcinoma (HCC). Publicly presented preclinical data have shown that this in vivo CAR-M candidate can reprogram endogenous myeloid cells using mRNA/LNP technology to target Glypican-3 (GPC3)-expressing tumor cells, with reported anti-tumor activity and tolerability in preclinical models.

Fibrosis and Liver Disease Programs

Beyond oncology, Carisma has described a significant focus on liver fibrosis. The company has reported preclinical data on engineered macrophages for the treatment of liver fibrosis, including advanced metabolic dysfunction-associated steatohepatitis (MASH). In these disclosures, Carisma has highlighted that liver disease can be characterized by defective efferocytosis, activation of hepatic stellate cells, collagen accumulation, and chronic inflammation.

Carisma has reported engineering macrophages to express factors such as TIM4, relaxin, and IL10 to address key pathways in liver disease. Preclinical results presented by the company have indicated that TIM4-expressing macrophages, alone or in combination with relaxin, reduced liver fibrosis and hepatic stellate cell activation in translational liver fibrosis models. The company has also described a product candidate, CT-2401, based on a novel mRNA/LNP approach, which aims to reverse fibrotic disease in advanced liver fibrosis and has been positioned as a potential first-in-class efferocytosis therapy for advanced metabolic associated liver disease.

In Vivo Programs and Moderna Collaboration

Carisma’s collaboration with Moderna has included in vivo CAR-M programs in oncology and autoimmune disease. The company has reported that Moderna nominated an initial anti-GPC3 development candidate for hepatocellular carcinoma and later nominated additional oncology research targets under the collaboration. Carisma has also disclosed that Moderna nominated in vivo CAR-M research targets for autoimmune diseases where there is significant unmet medical need, while Carisma retained rights in autoimmune indications beyond those nominated targets.

Subsequent amendments to the collaboration, as disclosed in SEC filings, indicate that Moderna made a one-time cash payment to Carisma and that Moderna’s future financial obligations under the collaboration, including milestones, royalties, and research funding, were eliminated, with licenses becoming fully paid-up, perpetual, irrevocable and royalty-free.

Corporate Restructuring and Strategic Review

In multiple public announcements, Carisma has described significant strategic restructuring and a shift in operating plans. The company has reported decisions to discontinue development of its anti-HER2 program CT-0525, reduce its workforce, and pause research and development activities while focusing on evaluating strategic alternatives. These alternatives have been described as potentially including sale, license, monetization or divestiture of assets and technologies, collaborations, mergers, or a sale of the company.

Carisma has also disclosed that it has reduced operations to core functions necessary to support a strategic review and has indicated that it may prepare for an orderly wind down of operations if necessary. In later SEC filings, the company has stated that it expects to continue attempts to sell or monetize remaining assets and pursue an orderly wind down of remaining operations, and has cautioned that it is unlikely there will be a meaningful amount of cash available for distribution to stockholders in connection with a wind down or dissolution.

Delisting, Deregistration, and Trading Status

Carisma Therapeutics’ common stock previously traded on The Nasdaq Stock Market under the symbol CARM. According to SEC filings and company announcements, the stock was suspended from trading on Nasdaq effective at the open of business on October 13, 2025, following noncompliance with Nasdaq listing rules related to bid price, market value of listed securities, and market value of publicly held shares. The company has reported that its common stock commenced trading on the OTCID market tier operated by the OTC Markets Group on October 13, 2025, under the same trading symbol.

On December 4 and 5, 2025, Carisma’s Board of Directors approved and the company announced its intention to voluntarily delist its common stock from Nasdaq and to deregister the stock to suspend and ultimately terminate reporting obligations under the Securities Exchange Act of 1934. A Form 25 filed on December 15, 2025, and a subsequent Form 15 filed on December 29, 2025, document the removal from listing on Nasdaq and the termination of registration under Section 12(g) of the Exchange Act and suspension of reporting duties under Sections 13 and 15(d).

The company has stated that these steps were taken in connection with its ongoing pursuit of an orderly wind down of operations and after considering the Nasdaq delisting determination and related factors.

Company Status and Historical Context

Based on its public disclosures and SEC filings, Carisma Therapeutics has transitioned from operating as a clinical-stage biopharmaceutical company with active research and development programs to a company focused on asset monetization and wind down activities. The voluntary delisting from Nasdaq and deregistration of its common stock, as documented in Form 25 and Form 15 filings, indicate that Carisma no longer maintains a Nasdaq listing and has suspended its periodic reporting obligations under the Exchange Act.

For investors and researchers reviewing the CARM symbol, this context means that information about Carisma Therapeutics primarily reflects historical operations in macrophage and monocyte engineering, oncology, fibrosis, and collaborations, alongside disclosures about restructuring, strategic alternatives, and wind down planning. The company has explicitly cautioned in filings that it may pursue dissolution or other wind down processes and that significant distributions to stockholders are unlikely.

Key Areas of Focus Reported by Carisma

• Development of engineered macrophage and monocyte cell therapies for cancer and other serious diseases.
• Ex vivo CAR-Monocyte programs such as CT-0525 for HER2-overexpressing solid tumors and CT-1119 for mesothelin-positive tumors, with subsequent discontinuation or pausing of certain programs.
• In vivo CAR-M programs using mRNA/LNP technology, including an anti-GPC3 candidate for hepatocellular carcinoma under collaboration with Moderna.
• Preclinical liver fibrosis program, including engineered macrophages targeting efferocytosis defects and a candidate designated CT-2401.
• Corporate restructuring measures, workforce reductions, and a strategic review aimed at asset monetization and potential wind down of operations.
• Transition of trading from Nasdaq to the OTCID market tier, followed by voluntary delisting and SEC deregistration.