Carisma Therapeutics Reports Exit Costs
Ticker: CARM · Form: 8-K · Filed: Jul 2, 2024 · CIK: 1485003
Sentiment: neutral
Topics: restructuring, disposal, corporate-actions
TL;DR
Carisma Therapeutics is booking exit costs, signaling a potential shift in operations.
AI Summary
Carisma Therapeutics Inc. filed an 8-K on July 2, 2024, reporting costs associated with exit or disposal activities as of June 26, 2024. The filing details the company's principal executive office location at 3675 Market Street, Suite 401, Philadelphia, PA 19104. The company was formerly known as Sesen Bio, Inc. and Eleven Biotherapeutics, Inc.
Why It Matters
This filing indicates potential restructuring or discontinuation of certain operations within Carisma Therapeutics, which could impact future business strategy and financial performance.
Risk Assessment
Risk Level: medium — Reporting exit or disposal costs can signal financial distress or strategic changes that may carry inherent risks for investors.
Key Players & Entities
- Carisma Therapeutics Inc. (company) — Registrant
- June 26, 2024 (date) — Date of earliest event reported
- July 2, 2024 (date) — Filing date
- 3675 Market Street, Suite 401, Philadelphia, PA 19104 (location) — Principal Executive Office
- Sesen Bio, Inc. (company) — Former company name
- Eleven Biotherapeutics, Inc. (company) — Former company name
FAQ
What specific activities are associated with the reported exit or disposal costs?
The filing does not specify the exact nature of the exit or disposal activities, only that costs are associated with them.
When did the exit or disposal activities occur?
The costs are reported as of June 26, 2024, indicating this is the date the activities were accounted for.
What is the principal executive office address of Carisma Therapeutics Inc.?
The principal executive office is located at 3675 Market Street, Suite 401, Philadelphia, PA 19104.
Has Carisma Therapeutics Inc. operated under any previous names?
Yes, the company was formerly known as Sesen Bio, Inc. and Eleven Biotherapeutics, Inc.
What is the filing date of this 8-K report?
This 8-K report was filed on July 2, 2024.
Filing Stats: 887 words · 4 min read · ~3 pages · Grade level 16.2 · Accepted 2024-07-02 16:30:59
Key Financial Figures
- $0.001 — nge on which registered Common Stock, $0.001 par value CARM The Nasdaq Stock Mar
- $4.0 million — y will incur a termination fee equal to $4.0 million (the "Termination Fee"), which is expec
Filing Documents
- tm2418685d1_8k.htm (8-K) — 27KB
- 0001104659-24-077372.txt ( ) — 198KB
- carm-20240626.xsd (EX-101.SCH) — 3KB
- carm-20240626_lab.xml (EX-101.LAB) — 33KB
- carm-20240626_pre.xml (EX-101.PRE) — 22KB
- tm2418685d1_8k_htm.xml (XML) — 4KB
05 Costs Associated with Exit or Disposal Activities
Item 2.05 Costs Associated with Exit or Disposal Activities. On June 26, 2024, in furtherance of its revised operating plan, Carisma Therapeutics Inc. (the "Company") notified Novartis Pharmaceuticals Corporation ("Novartis") of its termination of the Company's Manufacturing and Supply Agreement, by and between the Company and Novartis, dated March 1, 2023, relating to the manufacture of the Company's first product candidate to enter clinical development, CT-0508 (the "Manufacturing Agreement"). The termination is effective July 31, 2024. Pursuant to the Company's revised operating plan, the Company determined to focus its ex vivo oncology clinical development efforts on its follow-on product candidate CT-0525 and has suspended enrollment of new patients in its Phase 1 clinical trial for CT-0508. As a result of the termination of the Manufacturing Agreement, the Company will incur a termination fee equal to $4.0 million (the "Termination Fee"), which is expected to be paid in the third quarter of 2024. The Company has separately agreed with Novartis that if Novartis and the Company enter into an agreement for the tech transfer of another product (a "Substitute Product") to Novartis on or before December 31, 2024, then the Termination Fee shall be credited in full or in part against any amounts due from the Company to Novartis under such agreement relating to the Substitute Product. Cautionary Note on Forward-Looking Statements plans and prospects, as well as any other statements regarding matters that are not historical facts, may constitute "forward-looking to, statements relating to Carisma's business, strategy, future operations, the advancement of the Company's product candidates and product pipeline, and clinical development the Company's product candid
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. CARISMA THERAPEUTICS INC. By: /s/ Steven Kelly Date: July 2, 2024 Steven Kelly President and Chief Executive Officer