Carisma Therapeutics reduces workforce by 34%, terminates CFO, discontinues lead candidate CT-0525

Carisma Therapeutics Inc.

Reduction of 23 employees (34% of workforce); expects ~$2.7M in one-time termination costs, substantially complete by Q1 2025.
CFO Richard Morris terminated without cause effective Dec 31, 2024; entitled to 12 months base salary, target bonus, COBRA; retention option accelerated.
Discontinues lead product CT-0525 (HER2 solid tumor) due to competitive landscape; final patient already enrolled in Phase 1.
Revised plan focuses on in vivo mRNA/LNP CAR-M programs with Moderna, plus fibrosis, neurodegeneration, and other diseases; potential development of CT-1119.
Company expects to appoint a consultant as principal financial and accounting officer.

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