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Carisma Therapeutics Inc (NASDAQ: CARM) is a clinical-stage biopharmaceutical company headquartered in Philadelphia, Pennsylvania. Since its founding in 2016, Carisma has focused on engineering a patient’s own monocytes and macrophages to target solid tumors, fibrosis, and autoimmune disorders. As of October 10, 2025, the stock closed at $0.1531 per share, reflecting a 44.10% decline with a trading volume of 901,848 shares amid broader sector volatility.
Corporate Structure and Leadership
Carisma employs between 51 and 200 people and operates from its Philadelphia headquarters. Steven Kelly, Chief Executive Officer since February 2018, brings nearly 30 years of experience in the pharmaceutical and biotechnology sectors, having held leadership positions at Sanofi, IDEC Pharmaceuticals, and Amgen. Michael Klichinsky, PharmD, PhD, co-inventor of the CAR-Macrophage platform, serves as Chief Scientific Officer and oversees research efforts. The company’s scientific team is developing both ex vivo and in vivo macrophage therapies through internal programs and in collaboration with Moderna Therapeutics.
Biopharmaceuticals by little plant
Recent Developments and News
On September 18, 2025, Carisma filed a Registration Withdrawal Request (Form RW) with the U.S. Securities and Exchange Commission to withdraw its Form S-4 registration statement. This action followed the termination of a proposed all-stock merger agreement with OrthoCellix, a subsidiary of Ocugen Inc (NASDAQ: OCGN). A subsequent Form 8-K filing on October 9, 2025, referenced the withdrawal but did not provide detailed financial metrics.
In mid-2025, Carisma announced in Nature Medicine the Phase 1 trial results for CT-0508, its first-in-human HER2-targeted CAR-Macrophage therapy. The data indicated anti-tumor activity, evidence of tumor microenvironment remodeling, and a favorable safety profile in heavily pre-treated metastatic HER2+ solid tumors. Carisma plans to advance CT-1119, an anti-Mesothelin CAR-Monocyte therapy for ovarian and pancreatic cancers, into a Phase 1 trial with data expected in the fourth quarter of 2025.
Financial and Strategic Analysis
Carisma’s share price of $0.1531 reflects the early clinical stage of its pipeline and uncertainties introduced by the withdrawn merger. The company has not disclosed recent revenue figures or cash holdings in public filings, making estimates of liquidity and financial runway dependent on forthcoming disclosures or financing rounds. Strategic partnerships—including the in vivo CAR-Macrophage programs with Moderna targeting glypican 3 for hepatocellular carcinoma and Kupffer cell-directed therapies for fibrosis—represent potential value drivers. Continued progress in clinical trials and access to capital will be important for sustaining R&D activities and potential commercialization.
Market Position and Industry Context
Carisma’s focus on engineered myeloid cells differentiates it within the cell therapy sector. The global oncology cell therapy market is expanding, driven by unmet needs in solid tumors, but faces regulatory hurdles and manufacturing complexities. As a smaller public company, Carisma must navigate competition from established biotech firms and emerging CAR-Macrophage developers. Its collaborations, pipeline diversity, and leadership expertise position it among a select group exploring innovative approaches to immunotherapy.
tl;dr
On September 18, 2025, Carisma withdrew its S-4 registration following the termination of a planned merger with Ocugen’s OrthoCellix. The stock fell 44.10% to $0.1531 on October 10, 2025, amid high trading volume. In 2025, Carisma published CT-0508 Phase 1 data in Nature Medicine indicating anti-tumor activity and safety in metastatic HER2+ solid tumors. The company anticipates Phase 1 readouts for CT-1119 in ovarian and pancreatic cancers in 4Q 2025. Ongoing partnerships with Moderna and potential financing rounds will influence near-term developments.
