Carisma Therapeutics (CARM) Stifel 2024 Cell Therapy Forum summary

Platform and pipeline overview

• Pioneering engineered macrophages with a platform spanning oncology and fibrosis applications.

• Three main programs: ex vivo CAR-M for HER2, in vivo CAR-M for GPC3 (with Moderna), and a non-oncology fibrosis initiative.

• Anticipates significant value inflection points over the next 12–18 months.

HER2 program evolution and clinical learnings

• CT-0508, a first-in-human CAR-macrophage, demonstrated feasibility, safety, and tumor trafficking but had limited persistence and cell numbers.

• ctDNA analysis showed a marked reduction post-treatment, indicating anti-tumor activity, though durability was short-lived.

• Combination with pembrolizumab showed hints of activity, especially in exhausted T cell environments.

Advancements with CT-0525

• CT-0525, a CAR-monocyte, offers 5x higher cell yields and 40-fold improved tumor infiltration compared to macrophage approach.

• Demonstrates 10x greater persistence in preclinical models, with a one-day manufacturing process.

• Ongoing dose escalation study; initial data from first two cohorts expected by year-end, with plans to optimize dosing regimen by mid-next year.