Carisma terminates Novartis manufacturing deal for CT-0508; pays $4M fee, suspends Phase 1 enrollment

Carisma Therapeutics Inc.

Terminated Manufacturing and Supply Agreement with Novartis for CT-0508; effective July 31, 2024.
Will pay $4.0M termination fee to Novartis in Q3 2024, with potential credit if Substitute Product transferred by Dec 31, 2024.
Suspends enrollment of new patients in Phase 1 trial for CT-0508 to focus ex vivo oncology on follow-on candidate CT-0525.
Revised operating plan narrows pipeline, prioritizing CT-0525 over CT-0508.

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