Carisma Therapeutics (CARM) AI Stock Analysis

• Market Cap: $2.22M
• Dividend Yield: N/A
• Average Volume (3M): 2.25M
• Price to Earnings (P/E): 0.3
• Beta (1Y): 2.01
• Revenue Growth: 159.68%
• EPS Growth: N/A
• Country: US
• Employees: 46
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -0.23
• Shares Outstanding: 41,845,078
• 10 Day Avg. Volume: 3,913,183
• 30 Day Avg. Volume: 2,245,153
• PEG Ratio: <0.01
• Price to Book (P/B): -0.62
• Price to Sales (P/S): 0.88
• P/FCF Ratio: -0.29
• Enterprise Value/Market Cap: 7.24
• Enterprise Value/Revenue: 2.18
• Enterprise Value/Gross Profit: 2.53
• Enterprise Value/Ebitda: 1.18
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: Hold
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 39 Underperform
• Price Target: $0.05 ▼(-23.33% Downside)

Carisma Therapeutics faces severe financial and operational challenges, reflected in its poor financial performance and negative corporate events. The technical analysis indicates a bearish trend, and the valuation, while seemingly low, is not compelling due to the company's instability. The delisting and leadership changes further exacerbate the negative outlook.

Positive Factors

Innovative Therapy Platform

Carisma's focus on macrophage-based therapies positions it as a pioneer in targeted cancer treatments, potentially leading to breakthroughs in oncology.

Strategic Partnerships

Partnership with Moderna highlights Carisma's ability to collaborate with major biotech firms, enhancing its research capabilities and financial resources.

High Gross Profit Margin

A high gross profit margin indicates efficient production and strong pricing power, which can support future profitability if operational issues are resolved.

Negative Factors

Financial Instability

Negative equity and liquidity challenges indicate financial instability, which threatens Carisma's ability to sustain operations and invest in growth.

Nasdaq Delisting

Delisting from Nasdaq reduces visibility and investor confidence, potentially limiting access to capital and affecting long-term growth prospects.

Leadership Changes

Frequent leadership changes can disrupt strategic direction and operational continuity, complicating efforts to stabilize and grow the business.

Carisma Therapeutics Business Overview & Revenue Model

Company Description

Carisma Therapeutics, Inc., a biopharmaceutical company, develops chimeric antigen receptors (CAR) macrophages for the treatment of solid tumors. Its solutions are used to play a crucial role in the innate and adaptive immune response, and technology leverages advances in macrophage biology, chimeric antigen receptor engineering, and adoptive cellular therapy for the treatment of human diseases. Carisma Therapeutics, Inc. has a strategic collaboration agreement with Moderna Inc. Carisma Therapeutics, Inc. was formerly known as CARMA Therapeutics Inc. and changed its name to Carisma Therapeutics, Inc. in May 2017. The company was incorporated in 2016 and is based in Philadelphia, Pennsylvania.

How the Company Makes Money

Carisma Therapeutics generates revenue primarily through a combination of research and development funding, partnerships, and potential future product sales. The company may enter into collaborations with larger pharmaceutical firms that provide upfront payments, milestone payments tied to developmental progress, and royalties on future product sales. As Carisma advances its CAR-M therapies through clinical trials, successful outcomes may attract additional funding from venture capital or grants focused on innovative cancer treatments. Furthermore, once products receive regulatory approval, the company stands to earn significant revenue from sales in the market, thus establishing a diversified revenue model that leverages both immediate and long-term financial opportunities.

Carisma Therapeutics Financial Statement Overview

Summary

Carisma Therapeutics is facing significant financial challenges across all verticals. The income statement shows persistent losses, the balance sheet reflects financial instability with negative equity, and cash flow statements indicate liquidity issues. The company needs to address operational inefficiencies and improve its financial health to ensure long-term sustainability.

Income Statement

Carisma Therapeutics has shown a declining revenue trend with a significant drop in profitability. The TTM (Trailing-Twelve-Months) gross profit margin is relatively high at 95.38%, but the company is struggling with negative EBIT and net profit margins, indicating operational inefficiencies and high costs relative to revenue. The revenue growth rate is modest at 1.69% from the previous year, but the persistent net losses are concerning.

Balance Sheet

The balance sheet reveals a challenging financial position with negative stockholders' equity, indicating liabilities exceed assets. The debt-to-equity ratio is not applicable due to negative equity, and the equity ratio is also negative, reflecting financial instability. The company's high liabilities and negative equity pose significant risks.

Cash Flow

Carisma Therapeutics has negative operating and free cash flows, indicating cash outflows exceed inflows. The operating cash flow to net income ratio is 0.94, suggesting cash flow issues. Although there is a slight improvement in free cash flow growth rate, the overall cash flow position remains weak, raising concerns about liquidity.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	7.38M	19.63M	14.92M	9.83M	26.54M	11.24M
Gross Profit	6.36M	-40.04M	-59.21M	9.83M	26.46M	11.24M
EBITDA	13.66M	-56.83M	-85.89M	-56.19M	-8.52M	-27.93M
Net Income	8.04M	-60.48M	-86.88M	-61.23M	-336.00K	-28.35M
Balance Sheet
Total Assets	6.55M	30.46M	89.55M	72.15M	312.60M	188.45M
Cash, Cash Equivalents and Short-Term Investments	2.78M	18.83M	77.61M	52.00M	162.64M	55.39M
Total Debt	762.00K	2.48M	3.12M	40.16M	0.00	0.00
Total Liabilities	7.42M	58.37M	63.02M	214.82M	140.89M	197.68M
Stockholders Equity	-867.00K	-27.91M	26.53M	-157.06M	171.71M	-9.23M
Cash Flow
Free Cash Flow	-22.41M	-60.04M	-82.31M	-12.23M	-39.20M	-27.45M
Operating Cash Flow	-22.41M	-59.92M	-81.18M	-7.57M	-37.33M	-27.01M
Investing Cash Flow	687.00K	-123.00K	72.41M	-32.56M	-1.87M	-440.00K
Financing Cash Flow	-2.38M	344.00K	62.18M	35.77M	15.96M	72.26M

Carisma Therapeutics Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 0.06
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CARM, the sentiment is Neutral. The current price of 0.06 is above the 20-day moving average (MA) of 0.05, below the 50-day MA of 0.07, and below the 200-day MA of 0.25, indicating a neutral trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 49.53 is Neutral, neither overbought nor oversold. The STOCH value of 26.55 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for CARM.

Carisma Therapeutics Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
BOLT	49 Neutral	$9.67M	-0.19	-81.97%	―	-46.88%	34.83%
SNSE	40 Underperform	$10.95M	-0.41	-67.47%	―	―	9.63%
CARM	39 Underperform	$2.22M	0.28	―	―	159.68%	―
AIM	39 Underperform	$4.14M	―	―	―	-41.05%	57.35%
GTBP	34 Underperform	$6.91M	―	-356.99%	―	―	54.62%

Carisma Therapeutics Corporate Events

Carisma Therapeutics Announces Nasdaq Delisting and Leadership Changes

Carisma Therapeutics Inc. announced the voluntary delisting of its common stock from Nasdaq, effective December 10, 2025, following a suspension due to noncompliance with Nasdaq Listing Rules. The company plans to terminate its reporting obligations under the Securities Exchange Act of 1934. Additionally, the company experienced significant leadership changes with the resignation of Natalie McAndrew as Vice President of Finance and the appointment of Steven Kelly as interim CEO and Craig R. Jalbert as CEO starting January 1, 2026, to oversee the company’s wind-down activities.

Carisma Therapeutics Announces Executive Terminations and Wind-Down

Carisma Therapeutics Inc. announced plans to wind down its operations, including the termination of key executives. On October 15, 2025, the company notified CEO Steven Kelly and Chief Scientific Officer Michael Klichinsky of their employment termination without cause, effective November 15, 2025, and October 15, 2025, respectively. The company has entered into separation agreements with both executives, detailing their severance packages. Additionally, several board members, including Kelly, have resigned, effective October 15, 2025, as part of the company’s orderly wind-down process.

Carisma Therapeutics Faces Nasdaq Delisting and Trading Suspension

On October 9, 2025, Carisma Therapeutics Inc. received a delisting determination letter from Nasdaq due to noncompliance with listing rules, resulting in the suspension of its common stock trading on Nasdaq effective October 13, 2025. The company plans to list its stock on the OTCID market tier but acknowledges uncertainties regarding continued trading and market-making. Carisma Therapeutics intends to sell or monetize its remaining assets and wind down operations, with little expectation of cash distribution to stockholders.

Carisma Therapeutics Amends Agreement with Moderna

On September 16, 2025, Carisma Therapeutics Inc. and ModernaTX, Inc. amended their Collaboration and License Agreement, resulting in a one-time cash payment of $4 million to Carisma, with Moderna no longer obligated to make further financial payments. Additionally, Carisma terminated its merger agreement with OrthoCellix due to the latter’s failure to secure necessary financing, leading to potential asset monetization or liquidation efforts by Carisma to address its financial challenges and Nasdaq listing compliance issues.