Carisma Therapeutics (CARM) H.C. Wainwright 26th Annual Global Investment Conference 2024 summary

Strategic Focus and Pipeline Overview

• Four main therapeutic areas: ex vivo oncology, in vivo oncology, autoimmune disease, and liver fibrosis, with multiple programs in each.

• Lead program CT-0525 in phase I, with data expected in 4Q 2024; GPC3-targeted CAR-M IND filing planned for H1 next year.

• Expansion into autoimmune disease and liver fibrosis, with new targets and modalities under development.

• Collaboration with Moderna funds in vivo oncology and autoimmune programs, while ex vivo and fibrosis programs are self-funded.

• Cash and cash equivalents of $40.4M as of June 30, 2024, providing runway into 3Q 2025.

Scientific Advancements and Clinical Insights

• Engineered macrophages can localize to tumors, remodel the microenvironment, and drive adaptive immune responses.

• Early clinical data show safety, tumor localization, and anti-tumor effects, but challenges remain with cell persistence and T cell exhaustion.

• Transition to CAR-monocyte approach (CT-0525) yields higher cell numbers, improved tumor trafficking, and greater persistence; preclinical models show up to 2,000-fold increased exposure and enhanced anti-tumor activity over CT-0508.

• Combination with pembrolizumab demonstrated synergy, increasing T cell clonality and effector memory cells; further explored with CT-0525.

• Dose escalation ongoing, with repeat dosing and combination strategies under evaluation.

Pipeline, Partnerships, and Technology Platform

• Broad pipeline includes autologous and in vivo CAR-M programs for oncology, fibrosis, and autoimmune indications, with multiple value inflection points anticipated through 2025.

• Moderna partnership provides funding, technology, and clinical development support for in vivo CAR-M programs, leveraging mRNA/LNP technology; seven targets nominated and $2M milestone payment received, with total deal value up to $3B.

• LNP/mRNA delivery enables off-the-shelf reprogramming of myeloid cells, with GPC3 as the first clinical target.

• Four additional oncology targets and two autoimmune targets in the pipeline, with further nominations planned.

• Strong intellectual property position with 37 granted patents and over 100 pending applications worldwide.