Carisma Therapeutics Inc.
sesenbio.comNo Longer Reporting
The company has not filed an annual or quarterly report since its Q3 FY2025 10-Q, filed Nov 12, 2025. Its latest SEC filing is a 15-12G from Dec 29, 2025.
10-Q for Q3 FY2025, filed Nov 12, 2025
The sections below describe the company as of the FY2024 annual report.
What Did They Do?
Develops engineered macrophage and monocyte therapies for patients with liver fibrosis and solid tumors, and collaborates with Moderna on in-vivo cancer therapies.
10-K for FY2024, filed Mar 31, 2025
How Did They Make Money?
Under the annual-report arrangement, Moderna paid for research as work was performed and could owe option-related, milestone and royalty payments; a later amendment replaced future payments with a one-time cash payment.
10-K for FY2024, filed Mar 31, 2025 8-K, filed Sep 18, 2025For the research and development services, the stand-alone selling price was determined considering the expected passthrough costs and cost…View ↗
The transaction price of $45.0 million allocated to the options rights, which are considered material rights, will be recognized in the…View ↗
In June 2024, the Company received notice from Moderna that Moderna had designated the first development candidate, an in vivo…View ↗
Effective as of the Amendment Effective Date, in exchange for a one-time cash payment of $4.0 million payable to the Company within ten…View ↗
$19.6M
-
10-K for FY2024, filed Mar 31, 2025
$19.6M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Option Right Collaboration Revenues
Licensed
10-K for FY2024, filed Mar 31, 2025 |
19% |
Option Right Collaboration Revenues, FY2024
$3.8M Sources
|
Licensed |
|
Milestones
Sold outright
10-K for FY2024, filed Mar 31, 2025 |
10% |
Milestones, FY2024
$2M Sources
|
Sold outright |
Who Were Their Customers?
Strategic partners enter collaboration and licensing agreements; Moderna is the named partner, paying for research services and holding options to license development targets.
10-K for FY2024, filed Mar 31, 2025The Company enters into collaboration and licensing agreements with strategic partners, which are within the scope of ASC 606, under which…View ↗
In January 2022, the Company entered into the Moderna License Agreement, which provides for a broad strategic collaboration to discover…View ↗
For the research and development services, the stand-alone selling price was determined considering the expected passthrough costs and cost…View ↗
Did Revenues Turn Into Profits?
No. It lost $60.5M in FY2024.
10-K for FY2024, filed Mar 31, 2025
−$62.2MView ↗
10-K for FY2024, filed Mar 31, 2025
−$60.5MView ↗
10-K for FY2024, filed Mar 31, 2025
−$60MView ↗
How Were They Changing?
- Net income
-
Sources
10-Q for Q3 FY2025, filed Nov 12, 2025
$44.7MView ↗
- ▲ Now profitable
- vs −$12.7M in Q3 FY2024
-
Dec 5, 2025
Company chose Nasdaq delisting and named a chief executive to oversee its wind-down
Craig R. Jalbert is set to take over on January 1, 2026, to assist with remaining wind-down activities.
Sources
8-K, filed Dec 5, 2025
On December 4, 2025, the Board appointed Craig R. Jalbert to serve as the Chief Executive Officer, President, Treasurer and Secretary of…View ↗
-
Oct 15, 2025
Company planned to terminate its chief executive during the wind-down
Steven Kelly's employment was set to end November 15, 2025; a consultant was expected to lead wind-down work.
Sources
8-K, filed Oct 15, 2025
As previously disclosed, Carisma Therapeutics Inc. (the “Company”) expects to continue to continue to attempt to sell or otherwise dispose…View ↗
-
Sep 18, 2025
Company ended the OrthoCellix merger and revised its Moderna agreement
Moderna agreed to a one-time payment with no further milestone, royalty or research-cost payments; the merger ended after financing fell short.
Sources
8-K, filed Sep 18, 2025
Effective as of the Amendment Effective Date, in exchange for a one-time cash payment of $4.0 million payable to the Company within ten…View ↗
Grew. Revenue grew 74% in 4 years, from $11.2M in FY2020 to $19.6M in FY2024, about 15% a year.
From fusion proteins to engineered cells
The older report describes targeted fusion protein candidates for cancer, including a bladder cancer treatment; the latest centers on engineered macrophage and monocyte candidates for liver fibrosis and solid tumors.
10-K for FY2021, filed Feb 28, 2022 10-K for FY2024, filed Mar 31, 2025We are a biotechnology company focused on applying our industry leading expertise in macrophage engineering to develop transformative…View ↗
Our liver fibrosis program is based upon the discovery of a key efferocytosis defect in the macrophages that reside within the livers of…View ↗
Using our industry leading expertise and proprietary technology in macrophage and monocyte engineering, we have developed a pipeline of…View ↗
Who Did They Compete With?
Competes with Myeloid Therapeutics, Shoreline Biosciences, Inceptor Bio, Thunder Bio, Resolution Therapeutics, CellOrigin, Deverra, and BobcatBio
10-K for FY2024, filed Mar 31, 2025Unlike other cell therapy approaches, our CAR-M platform is based on engineering macrophages and monocytes with proprietary vectors…View ↗
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