Carisma Therapeutics Inc. (CARM): restructuring charge — 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.

Key facts

Extracted from this filing and checked against the source text.

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

Carisma Therapeutics Inc. announced a restructuring with charges of approximately $2.7 million (23 full-time employees (representing approximately 34% of the Company’s total workforce)).

Type: restructuring
Charge: approximately $2.7 million
Headcount: 23 full-time employees (representing approximately 34% of the Company’s total workforce)

Exact text from the filing

workforce), including certain employees engaged in research and development, manufacturing, finance and corporate activities. The Company expects to incur approximately $2.7 million in connection with the reduction in workforce, which primarily represents one-time employee termination benefits directly associated with the workforce reduction. The Company

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Source: SEC EDGAR

accession 0001104659-24-126550

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