Sesen Bio reports Q3 net income $20.5M, announces merger with Carisma Therapeutics

Carisma Therapeutics Inc.

Merger with Carisma: Sesen stockholders own ~41.7%, Carisma ~58.3% of combined company with ~$180M cash.
Sesen stockholders to receive CVR for potential Roche payments related to EBI-031 asset sale.
Combined company led by Carisma management; focus on CAR-M therapies for cancer.
Q3 revenue $40M from Roche asset sale; net income $20.5M ($0.10 per diluted share).
Cash $184.9M as of Sep 30, 2022; restructuring charges $10.9M from pausing Vicineum development.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 1.0

Carisma Therapeutics Inc. reported the third quarter ended September 30, 2022 results: revenue $40.0 million.

Period: the third quarter ended September 30, 2022
Revenue: $40.0 million
Result: reported results

Exact text from the filing

30, 2022, compared to cash and cash equivalents of $162.6 million as of December 31, 2021. • Total Revenue: Total revenue for the three months ended September 30, 2022 was $40.0 million, which was due to the execution of the Roche Asset Purchase Agreement. • R&D Expenses: Research and development expenses were $2.9 million for the three months ended September

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Source: SEC EDGAR

accession 0001485003-22-000154

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