Carisma Therapeutics (US:CARM)2024-11-07 12:35Financial Performance - The net loss for Q3 2024 was $12.7 million, compared to a net loss of $21.4 million for the same period in 2023[12]. - Net loss for September 2024 was $(12,702,000), compared to $(21,403,000) in September 2023, indicating a reduction of approximately 40.5%[20]. - The operating loss improved from $(22,344,000) in September 2023 to $(13,144,000) in September 2024, reflecting a decrease in loss of about 41.2%[20]. - The net loss per share improved from $(0.53) in September 2023 to $(0.31) in September 2024, indicating a positive trend in per-share loss[20]. Cash and Assets - Carisma Therapeutics reported cash and cash equivalents of $26.9 million as of September 30, 2024, down from $40.4 million as of June 30, 2024[9]. - Cash and cash equivalents decreased significantly from $77,605,000 on December 31, 2023, to $26,881,000 on September 30, 2024, a drop of about 65.4%[19]. - Total current assets decreased from $80,471,000 on December 31, 2023, to $34,137,000 on September 30, 2024, a decline of approximately 57.6%[19]. - Total liabilities decreased from $63,022,000 on December 31, 2023, to $53,184,000 on September 30, 2024, a decline of approximately 15.6%[19]. - The accumulated deficit increased from $(245,102,000) on December 31, 2023, to $(287,944,000) on September 30, 2024, reflecting an increase of about 17.5%[19]. Research and Development - Research and development expenses for Q3 2024 were $11.3 million, a decrease of $8.3 million compared to $19.6 million in Q3 2023, primarily due to a revised operating plan[10]. - Initial results from the Phase 1 study of CT-0525 are expected in the first quarter of 2025[1]. - A development candidate for the liver fibrosis program is anticipated to be nominated in the first quarter of 2025[1]. - New preclinical efficacy data for anti-GPC3 in vivo CAR-M therapy will be presented on November 8, 2024, at the SITC Annual Meeting[1]. - The Phase 1 study of CT-0525 includes a protocol amendment allowing for repeat dosing of up to 2 billion CAR positive cells every three weeks[3]. Collaboration and Revenue - Carisma has expanded its collaboration with Moderna to include two research targets for autoimmune diseases[5]. - Collaboration revenues for September 2024 were $3,385,000, down from $3,827,000 in September 2023, representing a decrease of about 11.6%[20]. Operating Expenses - General and administrative expenses for Q3 2024 were $5.2 million, down from $6.6 million in Q3 2023, reflecting a $1.4 million decrease[11]. - Total operating expenses decreased from $26,171,000 in September 2023 to $16,529,000 in September 2024, a reduction of approximately 36.9%[20]. - The company expects to sustain its operations into the third quarter of 2025 with the current cash position[13].