Reports Q4 revenue $4.29M, consensus $2.9M. “Clinical data generated with CT-0508 in Study 101 has shown that CAR-M is well-tolerated, feasible to manufacture and biologically active in HER2 positive solid tumors. Combining this data set with the multiple potential advantages we’ve seen preclinically around a monocyte-based approach gives us confidence that CT-0525 may be a significant advancement in CAR-M treatment,” said Steven Kelly, President and CEO of Carisma. “We have therefore made the decision to focus our resources on the clinical development of the product we believe is best suited to deliver benefit to patients with significant unmet need.” Kelly continued, “We have also undertaken a careful review of our business and prioritized our other pipeline programs on those with the greatest overall potential and near-term milestones. This prioritization enables us to reduce expenses and streamline operations, including a restructuring of our workforce. I want to express my sincere gratitude to those impacted by the workforce reduction for their invaluable contributions to our mission and their dedication to helping patients.” Cash and cash equivalents of $77.6M as of December 31, 2023, combined with a restructuring of operations, including pausing development of CT-1119, expected to fund the company into the third quarter of 2025.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
