Carisma Therapeutics (CARM) AI Stock Analysis

• Market Cap: $1.74M
• Dividend Yield: N/A
• Average Volume (3M): 2.25M
• Price to Earnings (P/E): 0.2
• Beta (1Y): 1.97
• Revenue Growth: 159.68%
• EPS Growth: N/A
• Country: US
• Employees: 46
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): N/A
• 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: -0.16
• Enterprise Value/Revenue: -0.04
• Enterprise Value/Gross Profit: -0.04
• Enterprise Value/Ebitda: -0.02
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 40 Underperform
• Price Target: $0.04 ▼(-10.00% Downside)

The score is driven primarily by very weak financial performance (persistent losses, heavy cash burn, and negative equity) and materially negative corporate events (Nasdaq delisting and wind-down). Technicals also reflect a sustained downtrend, while valuation looks optically low but is not supportive given the financial and operational pressures.

Positive Factors

High Gross Profit Margin

A high gross profit margin indicates effective cost management in production, which can support future profitability if revenue growth is achieved.

Innovative CAR-M Platform

The CAR-M platform represents a novel approach in oncology, potentially offering a competitive edge in developing targeted cancer therapies.

Diversified Revenue Model

A diversified revenue model reduces dependency on a single income stream, enhancing financial resilience and growth opportunities.

Negative Factors

Negative Cash Flow

Persistent negative cash flow can strain liquidity, limiting the company's ability to invest in growth and sustain operations long-term.

Nasdaq Delisting

Delisting from a major exchange can reduce market visibility and investor confidence, impacting capital raising and stock liquidity.

Leadership Changes and Wind-Down

Frequent leadership changes and a wind-down plan suggest strategic instability, potentially disrupting operations and long-term planning.

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

Financial health is very weak: revenue is down sharply (TTM -31.4%), operating profitability remains deeply negative across multiple years, and cash burn is severe with deeply negative TTM operating cash flow and free cash flow (~-$22.4M). Balance-sheet risk is elevated due to negative stockholders’ equity and a shrinking asset base, despite low absolute debt.

Income Statement

TTM (Trailing-Twelve-Months) revenue declined materially (down 31.4%), highlighting a weaker near-term top-line trajectory. While TTM gross margin is very strong (~90%), profitability remains volatile: the company shows large operating losses (negative EBIT/EBITDA margins) across most annual periods (2022–2024). Net income is positive in TTM, but the overall multi-year pattern is persistent losses and highly inconsistent margins, which limits confidence in earnings quality and durability.

Balance Sheet

Leverage appears low in absolute dollars (TTM total debt ~$0.8M), but the capital structure is strained: stockholders’ equity is negative in TTM and 2024, which reduces financial flexibility and makes debt-to-equity less meaningful (and negative). Total assets have also contracted sharply versus 2023. The main positive is that debt is not large, but negative equity and shrinking asset base are notable balance-sheet risks.

Cash Flow

Cash generation is weak and worsening: TTM operating cash flow and free cash flow are both deeply negative (~-$22.4M), and free cash flow declined further (down ~40%). Annual results also show consistently negative operating cash flow and free cash flow (2020–2024), indicating ongoing cash burn that would typically require external funding. While losses and cash outflows broadly move together, the persistence and magnitude of negative free cash flow are the key concern.

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: Negative
• Last Price: 0.04
• 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 Negative. The current price of 0.04 is below the 20-day moving average (MA) of 0.04, below the 50-day MA of 0.05, and below the 200-day MA of 0.21, indicating a bearish trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 45.43 is Neutral, neither overbought nor oversold. The STOCH value of 42.86 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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%
SNSE	51 Neutral	$11.98M	-0.45	-67.47%	―	―	9.63%
BOLT	48 Neutral	$11.32M	-0.26	-81.97%	―	-46.88%	34.83%
GTBP	47 Neutral	$7.02M	-0.19	-356.99%	―	―	54.62%
CARM	40 Underperform	$1.74M	0.22	―	―	159.68%	―
AIM	40 Underperform	$3.77M	-0.06	―	―	-41.05%	57.35%

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.

The most recent analyst rating on (CARM) stock is a Sell with a $0.06 price target. To see the full list of analyst forecasts on Carisma Therapeutics stock, see the CARM Stock Forecast page.