Carisma Therapeutics Inc. reported its financial results for the third quarter ended September 30, 2024, showing a net loss of $12.702 million. This represents an improvement from the $21.403 million loss reported in the same period of 2023. Collaboration revenues for the quarter were $3.385 million, a decrease from $3.827 million in the third quarter of 2023.
The company significantly reduced its operating expenses during the quarter. Research and development expenses fell to $11.326 million from $19.551 million year-over-year, while general and administrative expenses decreased to $5.203 million from $6.620 million in the prior year's quarter. These cost-cutting measures contributed to the narrower net loss.
As of September 30, 2024, Carisma held $26.9 million in cash and cash equivalents, which management anticipates will fund planned operations into the third quarter of 2025. The company also highlighted upcoming milestones, including initial results from the Phase 1 study of CT-0525 and the nomination of a development candidate for its liver fibrosis program, both expected in the first quarter of 2025.
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