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CARM logoCarisma Therapeutics, Inc.(CARM)Earnings, Financials & Key Ratios

CARM•NASDAQ
Price updated Jun 17, 2026
SectorHealthcareIndustryBiotechnologySub-IndustryCell and Gene Therapy Developers
AboutCarisma Therapeutics, Inc., a biopharmaceutical company, develops chimeric antigen receptors (CAR) macrophages for the treatment of solid tumors. Its solutions are used to play a crucial role in the innate and adaptive immune response, and technology leverages advances in macrophage biology, chimeric antigen receptor engineering, and adoptive cellular therapy for the treatment of human diseases. Carisma Therapeutics, Inc. has a strategic collaboration agreement with Moderna Inc. Carisma Therapeutics, Inc. was formerly known as CARMA Therapeutics Inc. and changed its name to Carisma Therapeutics, Inc. in May 2017. The company was incorporated in 2016 and is based in Philadelphia, Pennsylvania.Show more
  • Revenue$20M+31.6%
  • EBITDA-$59M+31.5%
  • Net Income-$60M+30.4%
  • EPS (Diluted)-1.46+43.6%
  • Gross Margin-203.96%+48.6%
  • EBITDA Margin-299.64%+48.0%
  • Operating Margin-316.72%+46.7%
  • Net Margin-308.05%+47.1%

CARM Key Insights

Carisma Therapeutics, Inc. (CARM) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

No significant strengths identified

✗Weaknesses

  • ✗Negative free cash flow
  • ✗Weak momentum: RS Rating 1 (bottom 1%)
  • ✗Shares diluted 23.7% in last year
  • ✗Trading more than 30% below 52-week high

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

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CARM Price & Volume

Carisma Therapeutics, Inc. (CARM) stock price & volume — 10-year historical chart

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CARM Growth Metrics

Carisma Therapeutics, Inc. (CARM) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years24.23%
5 Years-
3 Years-9.57%
TTM159.68%

Profit CAGR

10 Years-
5 Years-
3 Years-
TTM112.61%

EPS CAGR

10 Years-
5 Years-
3 Years-
TTM112.82%

Return on Capital

10 Years-51.33%
5 Years-69.24%
3 Years-104.57%
Last Year-141.24%

CARM Peer Comparison

Carisma Therapeutics, Inc. (CARM) competitors in Cell and Gene Therapy Developers — business model, growth, and fundamentals comparison

Select Columns
Stock Universe
Valuation
Growth
Profitability
Financial Health
Dividends & Buybacks
Price Performance
Technical
Fundamentals ($)
Sector-Specific
Institutional Holdings
CompanyMarket CapStock PriceP/E Ratio (TTM)Revenue Growth 1YNet MarginReturn on Equity (ROE)FCF YieldDebt / Equity
MGTX logoMGTXMeiraGTx Holdings plcDirect Competitor964.06M10.41-7.33144.57%-151.12%-368.19%
FATE logoFATEFate Therapeutics, Inc.Direct Competitor228.46M1.96-1.70-51.24%-20.57%-58.89%0.38
SANA logoSANASana Biotechnology, Inc.Direct Competitor846.01M3.04-3.17-161.87%0.49
BEAM logoBEAMBeam Therapeutics Inc.Direct Competitor3.34B32.48-40.10120.01%-49.17%-5.89%0.24
NTLA logoNTLAIntellia Therapeutics, Inc.Direct Competitor1.71B15.20-3.9916.92%-5.97%-57.27%0.14
CRSP logoCRSPCRISPR Therapeutics AGDirect Competitor5.12B53.09-8.21-89.97%-138.57%-30.88%0.21
KYMR logoKYMRKymera Therapeutics, Inc.Product Competitor7.34B89.90-24.36-16.72%-6.12%-25.02%0.05
ALNY logoALNYAlnylam Pharmaceuticals, Inc.Product Competitor37.72B282.72121.3465.19%13.46%98.29%1.62

Compare CARM vs Peers

Carisma Therapeutics, Inc. (CARM) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs MGTX

Most directly comparable listed peer for CARM.

Scale Benchmark

vs ALNY

Larger-name benchmark to compare CARM against a more recognizable public peer.

Peer Set

Compare Top 5

vs MGTX, FATE, SANA, BEAM

CARM Income Statement

Carisma Therapeutics, Inc. (CARM) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily
MetricDec'16Dec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24TTM
Sales/Revenue
29.98M425K0011.24M26.54M9.83M14.92M19.63M52.63M
Revenue Growth %
2928.38%-98.58%-100%--136.24%-62.95%51.71%31.59%159.68%
Cost of Goods Sold
00208K219K085K074.13M59.67M1.02M
COGS % of Revenue
-----0.32%-496.85%303.96%-
Gross Profit
29.98M▲ 0%
425K▼ 98.6%
-208K▼ 148.9%
-219K▼ 5.3%
11.24M▲ 5230.6%
26.46M▲ 135.5%
9.83M▼ 62.8%
-59.21M▼ 702.1%
-40.04M▲ 32.4%
51.61M▲ 0%
Gross Margin %
100%100%--100%99.68%100%-396.85%-203.96%98.05%
Gross Profit Growth %
2928.38%-98.58%-148.94%-5.29%5230.59%135.48%-62.83%-702.05%32.37%-
Operating Expenses
23.64M20.13M25.49M36.65M28.38M54.62M66M29.52M22.14M40.76M
OpEx % of Revenue
78.84%4735.29%--252.56%205.77%671.1%197.9%112.76%-
Selling, General & Admin
11.44M7.9M11.62M12.21M5.09M29.39M9.38M29.52M20.14M16.38M
SG&A % of Revenue
38.14%1858.82%--45.27%110.73%95.36%197.9%102.58%-
Research & Development
12.2M12.22M13.87M24.44M23.29M25.23M56.62M74.13M59.67M27.36M
R&D % of Revenue
40.7%2876.47%--207.3%95.04%575.74%496.85%303.96%-
Other Operating Expenses
0000000-74.13M-57.67M-1.36M
Operating Income
6.17M▲ 0%
-19.98M▼ 424.1%
-25.7M▼ 28.6%
-36.87M▼ 43.5%
-28.38M▲ 23.0%
-28.16M▲ 0.8%
-56.16M▼ 99.4%
-88.73M▼ 58.0%
-62.18M▲ 29.9%
10.85M▲ 0%
Operating Margin %
20.57%-4702.35%---252.56%-106.09%-571.1%-594.75%-316.72%20.61%
Operating Income Growth %
117.52%-424.12%-28.6%-43.47%23.03%0.76%-99.43%-57.99%29.92%-
EBITDA
6.34M-19.7M-25.49M-36.65M-28.26M-28.08M-54.27M-85.89M-58.83M13.44M
EBITDA Margin %
21.16%-4635.29%---251.48%-105.77%-551.85%-575.74%-299.64%25.53%
EBITDA Growth %
118.21%-410.53%-29.4%-43.78%22.91%0.64%-93.29%-58.27%31.51%121.67%
D&A (Non-Cash Add-back)
178K285K208K219K122K85K1.89M2.84M3.35M1.69M
EBIT
2.14M-29.03M-33.69M-107.5M-28.38M-8.61M-58.08M-88.73M-60.18M11.97M
Net Interest Income
000029K10K-3.15M1.94M1.7M758K
Interest Income
000029K10K01.94M1.7M758K
Interest Expense
247K000003.15M000
Other Income/Expense
-4.27M-9.04M-7.99M-70.63M29K19.55M-5.06M1.85M1.7M-2.81M
Pretax Income
1.9M▲ 0%
-29.03M▼ 1631.1%
-33.69M▼ 16.1%
-107.5M▼ 219.1%
-28.35M▲ 73.6%
-8.61M▲ 69.6%
-61.23M▼ 611.2%
-86.88M▼ 41.9%
-60.48M▲ 30.4%
8.04M▲ 0%
Pretax Margin %
6.32%-6830.35%---252.31%-32.43%-622.6%-582.34%-308.05%15.28%
Income Tax
5K046.86K00-8.27M0000
Effective Tax Rate %
0.26%0%-0.14%0%0%96.1%0%0%0%0%
Net Income
1.89M▲ 0%
-29.03M▼ 1635.1%
-33.69M▼ 16.1%
-107.5M▼ 219.1%
-28.35M▲ 73.6%
-336K▲ 98.8%
-61.23M▼ 18122.0%
-86.88M▼ 41.9%
-60.48M▲ 30.4%
8.04M▲ 0%
Net Margin %
6.31%-6830.35%---252.31%-1.27%-622.6%-582.34%-308.05%15.28%
Net Income Growth %
105.65%-1635.11%-16.07%-219.06%73.63%98.81%-18122.02%-41.9%30.39%112.61%
Net Income (Continuing)
1.89M-29.03M-33.69M-107.5M-28.35M-336K-61.23M-86.88M-60.48M8.04M
Discontinued Operations
0000000000
Minority Interest
00000014.39M000
EPS (Diluted)
1.74▲ 0%
-22.24▼ 1378.2%
-10.91▲ 50.9%
-23.64▼ 116.7%
-3.81▲ 83.9%
-0.04▲ 99.0%
-1.52▼ 4030.4%
-2.59▼ 70.4%
-1.46▲ 43.6%
0.19▲ 0%
EPS Growth %
104.94%-1378.16%50.94%-116.68%83.88%99.03%-4030.43%-70.39%43.63%112.82%
EPS (Basic)
1.79-22.24-10.91-23.64-3.81-0.04-1.52-2.59-1.46-
Diluted Shares Outstanding
1.09M1.3M3.09M4.55M5.91M9.12M40.26M33.52M41.46M41.94M
Basic Shares Outstanding
1.05M1.3M3.09M4.55M5.91M9.12M40.26M33.52M41.46M41.79M
Dividend Payout Ratio
----------

CARM Balance Sheet

Carisma Therapeutics, Inc. (CARM) balance sheet — assets, liabilities & shareholders' equity

MetricDec'16Dec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24TTM
Total Current Assets
25.93M14.98M51.76M54.45M62.87M205.6M54.59M80.47M23.82M5.87M
Cash & Short-Term Investments
25.34M14.68M50.42M48.12M55.39M162.64M52M77.61M18.83M2.78M
Cash Only
25.34M14.68M50.42M48.12M55.39M162.64M24.19M77.61M17.91M2.78M
Short-Term Investments
00000027.8M0925K0
Accounts Receivable
0000024.49M002.86M1.64M
Days Sales Outstanding
-----336.8--53.2510.9
Inventory
0000000000
Days Inventory Outstanding
----------
Other Current Assets
585K301K1.33M6.33M7.48M18.48M2.6M2.87M1.79M1.46M
Total Non-Current Assets
78.17M60.12M59.8M59.92M125.59M106.99M17.56M9.08M6.63M684K
Property, Plant & Equipment
796K522K321K238K123K43K13.45M8.94M6.42M684K
Fixed Asset Turnover
37.66x0.81x--91.35x617.30x0.73x1.67x3.06x21.43x
Goodwill
16.86M13.06M13.06M13.06M13.06M13.06M0000
Intangible Assets
60.5M46.4M46.4M46.4M46.4M14.7M0000
Long-Term Investments
10K10K20K20K20K20K0000
Other Non-Current Assets
10K120K20K196K349K7.32M4.11M146K208K0
Total Assets
104.1M▲ 0%
75.1M▼ 27.9%
111.56M▲ 48.6%
114.36M▲ 2.5%
188.45M▲ 64.8%
312.6M▲ 65.9%
72.15M▼ 76.9%
89.55M▲ 24.1%
30.46M▼ 66.0%
6.55M▲ 0%
Asset Turnover
0.29x0.01x--0.06x0.08x0.14x0.17x0.64x3.63x
Asset Growth %
182.68%-27.86%48.56%2.51%64.78%65.87%-76.92%24.12%-65.99%-320.34%
Total Current Liabilities
3.98M4.72M6.11M8.52M18.05M11.57M19.67M15.91M16.05M6.81M
Accounts Payable
1.67M907K1.37M1.9M3.1M2.85M1.73M3.93M2.08M5.57M
Days Payables Outstanding
--2.4K3.17K-12.25K-19.3712.731.39K
Short-Term Debt
0000000000
Deferred Revenue (Current)
425K0001.5M02.46M1.41M00
Other Current Liabilities
1.54M3.08M4.75M4.98M11.55M5.75M3.33M4.07M4.79M1.09M
Current Ratio
6.51x3.17x8.47x6.39x3.48x17.77x2.78x5.06x1.48x0.86x
Quick Ratio
6.51x3.17x8.47x6.39x3.48x17.77x2.78x5.06x1.48x0.86x
Cash Conversion Cycle
----------1.38K
Total Non-Current Liabilities
61.44M52.34M61.24M132.55M179.63M129.32M195.15M47.11M42.31M609K
Long-Term Debt
00000033.72M000
Capital Lease Obligations
0000001.85M1.19M744K2.69M
Deferred Tax Liabilities
16.34M12.53M12.53M12.53M78.16M75.82M0000
Other Non-Current Liabilities
45.1M39.81M48.71M120.02M99.97M52M114.59M926K41.57M0
Total Liabilities
65.42M57.06M67.35M141.06M197.68M140.89M214.82M63.02M58.37M7.42M
Total Debt
00000040.16M3.12M2.48M762K
Net Debt
-25.34M-14.68M-50.42M-48.12M-55.39M-162.64M15.97M-74.48M-15.43M-2.02M
Debt / Equity
-------0.12x--0.88x
Debt / EBITDA
---------0.06x
Net Debt / EBITDA
-3.99x---------0.15x
Interest Coverage
8.68x------18.47x---
Total Equity
38.68M▲ 0%
18.03M▼ 53.4%
44.21M▲ 145.1%
-26.7M▼ 160.4%
-9.23M▲ 65.4%
171.71M▲ 1961.0%
-142.67M▼ 183.1%
26.53M▲ 118.6%
-27.91M▼ 205.2%
-867K▲ 0%
Equity Growth %
104.16%-53.37%145.13%-160.4%65.44%1960.95%-183.09%118.6%-205.19%-13428.65%
Book Value per Share
35.5813.8214.31-5.87-1.5618.84-3.540.79-0.67-0.02
Total Shareholders' Equity
38.68M18.03M44.21M-26.7M-9.23M171.71M-157.06M26.53M-27.91M-867K
Common Stock
25K35K77K107K140K199K2K40K41K41K
Retained Earnings
-123.31M-152.33M-186.02M-293.52M-315.92M-316.26M-158.22M-245.1M-305.58M-279.9M
Treasury Stock
0000000000
Accumulated OCI
-71K-331K-539K-758K00-41K000
Minority Interest
00000014.39M000

CARM Cash Flow Statement

Carisma Therapeutics, Inc. (CARM) cash flow — operating, investing & free cash flow history

MetricDec'16Dec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24TTM
Cash from Operations
2.62M-17.77M-22.83M-37.52M-27.01M-37.33M-7.57M-81.18M-59.92M-22.41M
Operating CF Margin %
8.75%-4180%---240.41%-140.63%-76.94%-544.12%-305.2%-
Operating CF Growth %
107.59%-777.54%-28.51%-64.36%28.01%-38.19%79.73%-972.92%26.19%281.25%
Net Income
1.89M-29.03M-33.69M-107.5M-28.35M-40.78M-61.23M-86.88M-60.48M8.04M
Depreciation & Amortization
178K285K208K219K448K682K6.09M2.84M3.35M1.33M
Stock-Based Compensation
4.01M1.38M00163K479K02.32M3.65M2.21M
Deferred Taxes
0000000000
Other Non-Cash Items
4.12M11.7M10.03M72.86M1.18M834K2.37M5.99M5.51M5.29M
Working Capital Changes
-2.47M611K578K-3.1M-453K1.46M45.2M-5.44M-11.95M-39.29M
Change in Receivables
00000023.67M000
Change in Inventory
0000000000
Change in Payables
-742K-760K460K535K1.28M-974K-473K2.19M-1.85M3.47M
Cash from Investing
461K98K-2K-136K-440K-1.87M-32.56M72.41M-123K687K
Capital Expenditures
00-2K-136K-440K-1.87M-4.66M-1.13M-123K0
CapEx % of Revenue
----3.92%7.05%47.39%7.59%0.63%0%
Acquisitions
461K98K00000000
Investments
----------
Other Investing
461K98K0000000687K
Cash from Financing
-13.82M7M58.58M35.36M72.26M15.96M35.77M62.18M344K-2.38M
Debt Issued (Net)
-14.12M00000-865K-1.3M-1.43M-515K
Equity Issued (Net)
304K7M58.58M35.36M72.24M16.33M35.11M30.83M2.39M-18K
Dividends Paid
0000000000
Share Repurchases
0000000000
Other Financing
000019K-366K1.53M32.65M-619K-1.84M
Net Change in Cash
-10.74M▲ 0%
-10.66M▲ 0.7%
35.74M▲ 435.2%
-2.3M▼ 106.4%
44.81M▲ 2047.2%
-23.24M▼ 151.9%
-138.44M▼ 495.8%
53.41M▲ 138.6%
-59.7M▼ 211.8%
-24.1M▲ 0%
Free Cash Flow
2.62M▲ 0%
-17.77M▼ 777.5%
-22.83M▼ 28.5%
-37.66M▼ 64.9%
-27.45M▲ 27.1%
-39.2M▼ 42.8%
-12.23M▲ 68.8%
-82.31M▼ 573.2%
-60.04M▲ 27.1%
-22.41M▲ 0%
FCF Margin %
8.75%-4180%---244.32%-147.68%-124.32%-551.71%-305.83%-42.59%
FCF Growth %
107.53%-777.54%-28.52%-64.94%27.1%-42.79%68.81%-573.23%27.06%67.2%
FCF per Share
2.41-13.61-7.39-8.28-4.64-4.30-0.30-2.46-1.45-0.53
FCF Conversion (FCF/Net Income)
1.39x0.61x0.68x0.35x0.95x111.10x0.12x0.93x0.99x-2.79x
Interest Paid
00000000063K
Taxes Paid
0000000000

CARM Key Ratios

Carisma Therapeutics, Inc. (CARM) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric201620172018201920202021202220232024TTM
Return on Equity (ROE)
6.56%-102.38%-108.27%-1228.08%--0.41%-421.67%-327.45%--28.86%
Return on Invested Capital (ROIC)
91.6%-179.62%----232.76%----24.18%
Gross Margin
100%100%--100%99.68%100%-396.85%-203.96%98.05%
Net Margin
6.31%-6830.35%---252.31%-1.27%-622.6%-582.34%-308.05%15.28%
Debt / Equity
-------0.12x--0.88x
Interest Coverage
8.68x------18.47x---
FCF Conversion
1.39x0.61x0.68x0.35x0.95x111.10x0.12x0.93x0.99x-2.79x
Revenue Growth
2928.38%-98.58%-100%--136.24%-62.95%51.71%31.59%159.68%
Related:CARM Dividend History·CARM Revenue History·CARM Price History·CARM P/E History·CARM Financial Ratios·CARM Institutional Holders

CARM SEC Filings & Documents

Carisma Therapeutics, Inc. (CARM) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

Dec 5, 2025·SEC

Material company update

Oct 15, 2025·SEC

Material company update

Oct 9, 2025·SEC

10-K Annual Reports

2
FY 2025

Mar 31, 2025·SEC

FY 2024

Apr 1, 2024·SEC

10-Q Quarterly Reports

6
FY 2025

Nov 12, 2025·SEC

FY 2025

Aug 7, 2025·SEC

FY 2025

May 13, 2025·SEC

CARM Frequently Asked Questions

Carisma Therapeutics, Inc. (CARM) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

Carisma Therapeutics, Inc. (CARM) reported $52.6M in revenue for fiscal year 2024.

Carisma Therapeutics, Inc. (CARM) grew revenue by 31.6% over the past year. This is strong growth.

Yes, Carisma Therapeutics, Inc. (CARM) is profitable, generating $8.0M in net income for fiscal year 2024 (-308.1% net margin).

Dividend & Returns

Carisma Therapeutics, Inc. (CARM) had negative free cash flow of $22.4M in fiscal year 2024, likely due to heavy capital investments.

What if you invested $1,000 in CARM back in 2011?

Total return calculator · dividends reinvested · 15+ years of data

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How much would $100/month in CARM be worth today?

Dollar cost averaging calculator · DCA vs lump sum

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