In This Story
Carisma Therapeutics Inc (CARM-3.07%). has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing collaboration revenues of $3.4 million, down from $3.8 million in the same quarter the previous year. The decrease is attributed to changes in research and development activities under the Moderna (MRNA+8.21%) License Agreement.
Research and development expenses for the quarter were $11.3 million, compared to $19.6 million in the previous year. This decrease is primarily due to the implementation of a revised operating plan, which included halting development of CT-0508 and pausing development of CT-1119.
General and administrative expenses decreased to $5.2 million from $6.6 million in the previous year, reflecting a reduction in professional fees and other operational costs.
The company reported an operating loss of $13.1 million for the quarter, compared to $22.3 million in the previous year.
Interest income, net for the quarter was $0.4 million, down from $0.9 million in the previous year, primarily due to changes in interest earned on excess cash.
Net loss for the quarter was $12.7 million, compared to $21.4 million in the previous year.
As of September 30, 2024, Carisma Therapeutics had $26.9 million in cash and cash equivalents, with an accumulated deficit of $287.9 million.
The company anticipates its cash and cash equivalents are sufficient to sustain planned operations into the third quarter of 2025, with management evaluating strategies for future funding.
Carisma continues to focus on its lead product candidate, CT-0525, and its collaboration with Moderna for the development of in vivo CAR-M therapeutics.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Carisma Therapeutics Inc. quarterly 10-Q report dated November 7, 2024. To report an error, please email earnings@qz.com.