By Katherine Hamilton
Carisma Therapeutics plans to explore strategic alternatives after cutting 95% of its workforce.
The Philadelphia biotechnology company said Monday its board of directors approved a revised operating plan. The plan is aimed at maximizing the value of its assets and of potential future royalty payments from an agreement with Moderna.
The board in March approved cutting 42 full-time employees, which represents 95% of its total workforce, Carisma said in a filing with the Securities and Exchange Commission. That came after the company cut 62 jobs in 2024.
Strategic alternatives could include selling or licensing its assets, or merging with another company, Carisma said.
Carisma estimates it has cash and cash equivalents sufficient to fund operations into the second half of 2025.
Shares fell 6% to a 52-week low of 31 cents after markets closed Monday.
Write to Katherine Hamilton at katherine.hamilton@wsj.com
(END) Dow Jones Newswires
March 31, 2025 17:24 ET (21:24 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.