Carisma Therapeutics Inc. (CARM), a macrophage-focused therapeutics company, announced Monday a strategic reprioritization of its pipeline, cessation of development of CT-0525, and a reduction in the workforce by 34%.
These measures will enable Carisma to focus its resources on advancing its in vivo macrophage engineering platform for the development of fibrosis, oncology and autoimmune disease therapies.
The move aligns Carisma's efforts with next-generation, high-potential programs addressing significant unmet patient needs while enhancing operational efficiency.
As part of this reprioritization of the pipeline, Carisma will discontinue development of the anti-human epidermal growth factor receptor 2 or anti-HER2, program, and redirect the company's focus to developing off-the-shelf products using its in vivo macrophage engineering platform.
The Company also said it expects the reduction in workforce to be substantially complete and to pay the majority of related reduction in workforce amounts by the end of the first quarter of 2025. The Company added that it is committed to supporting affected employees through this transition.
As part of the workforce reductions, Chief Financial Officer Richard Morris, General Counsel Eric Siegel, and Senior Vice President of Human Resources Terry Shields will leave the Company effective December 31, 2024.
The Company expects to incur approximately $2.7 million in connection with the reduction in the workforce, which primarily represents one-time employee termination benefits directly associated with the workforce reduction.
"These strategic initiatives, re-directing our investments to the in vivo macrophage engineering platform, discontinuing development of our anti-HER2 program and reducing our workforce, aim to streamline our operations and reduce operating expenses over time," said Steven Kelly, President and Chief Executive Officer.
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