Carisma Therapeutics (CARM) 7th Annual Evercore ISI HealthCONx Healthcare Conference summary

Company overview and technology

• Focuses on engineered macrophages for cell therapy, targeting oncology and liver fibrosis as primary applications.

• Developed multiple modalities: autologous (in clinic), in vivo (with Moderna, LNP mRNA), and explored allogeneic approaches.

• Macrophages offer unique advantages in solid tumors due to their ability to infiltrate tissue, phagocytose tumor cells, modulate immune response, and present antigens.

• No lymphodepletion required, making the process safer and more attractive for patients and physicians.

• Ability to tune macrophage phenotype (M1 pro-inflammatory or M2 anti-inflammatory) for different therapeutic needs.

Lead program and clinical development

• Lead program CT-0525 is a HER2-targeted CAR monocyte, aiming to improve cell number, tumor localization, and persistence over previous macrophage approaches.

• Manufacturing process reduced to one day, with monocytes showing 40x better trafficking and 10x greater persistence than macrophages.

• Current trial in dose escalation phase, focusing on safety, manufacturing feasibility, tumor localization, and cell persistence.

• Targeting HER2-positive malignancies, primarily breast and GI cancers, with data expected in Q1.

• Next steps include evaluating repeat dosing and combining with pembrolizumab to enhance adaptive immune response.

Strategic partnerships and pipeline expansion

• Partnership with Moderna leverages LNP mRNA for in vivo CAR expression, with a lead GPC3-targeted program for hepatocellular carcinoma moving toward the clinic.

• Collaboration covers 12 targets, fully funded by Moderna, with up to $3 billion in milestones and royalties.

• Expanded partnership to include autoimmune disease targets, focusing on tissue resident cells and inflammation.

• Oncology program expected in clinic next year; autoimmune programs require further development.

• Carisma handles discovery and preclinical work; Moderna leads clinical development and commercialization.