The company's financial foundation has severely contracted, with total assets plummeting from $133.0 million in 2023Q2 to $6.6 million in 2025Q3, resulting in a negative equity position of -$867.0 thousand.
| Metric | TTM | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 |
|---|
| Total Current Assets | 5.87M | 23.82M | 80.47M | 54.59M | 205.6M | 62.87M | 54.45M | 51.76M | 14.98M | 25.93M | 36.31M | 54.4M | 8.03M | 8.27M | 989K |
| Cash & Short-Term Investments | 2.78M | 18.83M | 77.61M | 52M | 162.64M | 55.39M | 48.12M | 50.42M | 14.68M | 25.34M | 36.08M | 54.06M | 7.94M | 7.88M | 700K |
| Cash Only | 2.78M | 17.91M | 77.61M | 24.19M | 162.64M | 55.39M | 48.12M | 50.42M | 14.68M | 25.34M | 36.08M | 54.06M | 7.94M | 7.88M | 700K |
| Short-Term Investments | 0 | 925K | 0 | 27.8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 1.64M | 2.86M | 0 | 0 | 24.49M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Sales Outstanding | 10.9 | 53.25 | - | - | 336.8 | - | - | - | - | - | - | - | - | - | - |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 1.46M | 1.79M | 2.87M | 2.6M | 18.48M | 7.48M | 6.33M | 1.33M | 301K | 585K | 232K | 342K | 88K | 389K | 289K |
| Total Non-Current Assets | 684K | 6.63M | 9.08M | 17.56M | 106.99M | 125.59M | 59.92M | 59.8M | 60.12M | 78.17M | 514K | 599K | 3.21M | 1.23M | 1.68M |
| Property, Plant & Equipment | 684K | 6.42M | 8.94M | 13.45M | 43K | 123K | 238K | 321K | 522K | 796K | 407K | 486K | 759K | 1.2M | 1.53M |
| Fixed Asset Turnover | 21.43x | 3.06x | 1.67x | 0.73x | 617.30x | 91.35x | - | - | 0.81x | 37.66x | 2.43x | 4.62x | 1.76x | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 13.06M | 13.06M | 13.06M | 13.06M | 13.06M | 16.86M | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 14.7M | 46.4M | 46.4M | 46.4M | 46.4M | 60.5M | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 20K | 20K | 20K | 20K | 10K | 10K | 94K | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 0 | 208K | 146K | 4.11M | 7.32M | 349K | 196K | 20K | 120K | 10K | 13K | 113K | 2.45M | 35K | 141K |
| Total Assets | 6.55M | 30.46M | 89.55M | 72.15M | 312.6M | 188.45M | 114.36M | 111.56M | 75.1M | 104.1M | 36.83M | 55M | 11.24M | 9.5M | 2.67M |
| Asset Turnover | 3.63x | 0.64x | 0.17x | 0.14x | 0.08x | 0.06x | - | - | 0.01x | 0.29x | 0.03x | 0.04x | 0.12x | - | - |
| Asset Growth % | -320.34% | -65.99% | 24.12% | -76.92% | 65.87% | 64.78% | 2.51% | 48.56% | -27.86% | 182.68% | -33.05% | 389.45% | 18.25% | 256.59% | - |
| Total Current Liabilities | 6.81M | 16.05M | 15.91M | 19.67M | 11.57M | 18.05M | 8.52M | 6.11M | 4.72M | 3.98M | 7.58M | 5.2M | 5.35M | 1.82M | 2.22M |
| Accounts Payable | 5.57M | 2.08M | 3.93M | 1.73M | 2.85M | 3.1M | 1.9M | 1.37M | 907K | 1.67M | 1.25M | 2.46M | 1.75M | 0 | 0 |
| Days Payables Outstanding | 1.39K | 12.73 | 19.37 | - | 12.25K | - | 3.17K | 2.4K | - | - | - | - | 1.46K | - | - |
| Short-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4.13M | 251K | 1.64M | 0 | 610K |
| Deferred Revenue (Current) | 0 | 0 | 1.41M | 2.46M | 0 | 1.5M | 0 | 0 | 0 | 425K | 406K | 506K | 1.11M | 0 | 0 |
| Other Current Liabilities | 1.09M | 4.79M | 4.07M | 3.33M | 5.75M | 11.55M | 4.98M | 4.75M | 3.08M | 1.54M | 1.79M | 1.11M | 504K | 1.39M | 1.46M |
| Current Ratio | 0.86x | 1.48x | 5.06x | 2.78x | 17.77x | 3.48x | 6.39x | 8.47x | 3.17x | 6.51x | 4.79x | 10.46x | 1.50x | 4.53x | 0.45x |
| Quick Ratio | 0.86x | 1.48x | 5.06x | 2.78x | 17.77x | 3.48x | 6.39x | 8.47x | 3.17x | 6.51x | 4.79x | 10.46x | 1.50x | 4.53x | 0.45x |
| Cash Conversion Cycle | -1.38K | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 609K | 42.31M | 47.11M | 195.15M | 129.32M | 179.63M | 132.55M | 61.24M | 52.34M | 61.44M | 10.3M | 12.97M | 3.54M | 1.94M | 594K |
| Long-Term Debt | 0 | 0 | 0 | 33.72M | 0 | 0 | 0 | 0 | 0 | 0 | 9.76M | 9.75M | 2.88M | 1.77M | 419K |
| Capital Lease Obligations | 2.69M | 744K | 1.19M | 1.85M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 75.82M | 78.16M | 12.53M | 12.53M | 12.53M | 16.34M | 0 | 0 | -370K | 0 | 0 |
| Other Non-Current Liabilities | 0 | 41.57M | 926K | 114.59M | 52M | 99.97M | 120.02M | 48.71M | 39.81M | 45.1M | 538K | 3.22M | 677K | 170K | 175K |
| Total Liabilities | 7.42M | 58.37M | 63.02M | 214.82M | 140.89M | 197.68M | 141.06M | 67.35M | 57.06M | 65.42M | 17.88M | 18.17M | 8.89M | 3.76M | 2.81M |
| Total Debt | 762K | 2.48M | 3.12M | 40.16M | 0 | 0 | 0 | 0 | 0 | 0 | 13.9M | 10M | 4.52M | 2M | 1.03M |
| Net Debt | -2.02M | -15.43M | -74.48M | 15.97M | -162.64M | -55.39M | -48.12M | -50.42M | -14.68M | -25.34M | -22.18M | -44.06M | -3.42M | -5.88M | 329K |
| Debt / Equity | -0.88x | - | 0.12x | - | - | - | - | - | - | - | 0.73x | 0.27x | 1.93x | 0.35x | - |
| Debt / EBITDA | 0.06x | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | -0.15x | - | - | - | - | - | - | - | - | -3.99x | - | - | - | - | - |
| Interest Coverage | - | - | - | -18.47x | - | - | - | - | - | 8.68x | -22.98x | -89.84x | -12.58x | -116.01x | -83.94x |
| Total Equity | -867K | -27.91M | 26.53M | -142.67M | 171.71M | -9.23M | -26.7M | 44.21M | 18.03M | 38.68M | 18.94M | 36.83M | 2.35M | 5.74M | -147K |
| Equity Growth % | -13428.65% | -205.19% | 118.6% | -183.09% | 1960.95% | 65.44% | -160.4% | 145.13% | -53.37% | 104.16% | -48.56% | 1469.74% | -59.12% | 4004.08% | - |
| Book Value per Share | -0.02 | -0.67 | 0.79 | -3.54 | 18.84 | -1.56 | -5.87 | 14.31 | 13.82 | 35.58 | 19.95 | 50.30 | 5.49 | 16.13 | -0.34 |
| Total Shareholders' Equity | -867K | -27.91M | 26.53M | -157.06M | 171.71M | -9.23M | -26.7M | 44.21M | 18.03M | 38.68M | 18.94M | 36.83M | 2.35M | 5.74M | -147K |
| Common Stock | 41K | 41K | 40K | 2K | 199K | 140K | 107K | 77K | 35K | 25K | 20K | 18K | 2K | 1K | 1K |
| Retained Earnings | -279.9M | -305.58M | -245.1M | -158.22M | -316.26M | -315.92M | -293.52M | -186.02M | -152.33M | -123.31M | -125.2M | -91.75M | -57.59M | -39.57M | -19.91M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | -41K | 0 | 0 | -758K | -539K | -331K | -71K | -1.96M | -1.75M | -1.34M | -899K | -451K |
| Minority Interest | 0 | 0 | 0 | 14.39M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Imminent liquidity shortfall
As reported in recent financial filings, CARM's total assets have plummeted from $133.0 million in 2023Q2 to a mere $6.6 million by 2025Q3, signaling a severe contraction in the company's resource base as it exhausts capital to fund its ongoing clinical development programs.
The consistent decline in total assets over the last ten quarters reflects a business model that is rapidly consuming its available capital without achieving a self-sustaining revenue stream. This trajectory suggests that the company is approaching a critical inflection point where current resources may no longer support the existing R&D pipeline.
Based on the 2025Q3 balance sheet, CARM's cash position has dwindled to $2.8 million, a stark reduction from the $83.1 million held in 2023Q3, which indicates that the company's liquidity buffer is nearly exhausted and leaves little room for operational contingencies or clinical delays.
The current ratio of 0.86 as of 2025Q3 highlights a liquidity profile that has shifted from comfortable to strained, as current liabilities now exceed current assets. Investors should monitor this closely, as the lack of a sufficient cash cushion significantly increases the probability of near-term dilutive financing or strategic restructuring.
According to the latest quarterly data, CARM's equity has deteriorated into negative territory at -$867.0 thousand, a significant reversal from the $66.7 million reported in 2023Q2, primarily driven by the persistent accumulation of losses in the company's retained earnings account.
The shift to negative equity suggests that the company has effectively exhausted its book value through continuous operational losses. This condition often complicates future financing efforts and may indicate that the market is valuing the firm strictly on its intellectual property and future clinical potential rather than its tangible net worth.
As evidenced by the 2025Q2 balance sheet, the sudden spike in total liabilities to $51.0 million, despite a relatively small debt load, suggests that the company's financial obligations are heavily weighted toward operational payables and deferred revenue commitments that may not be easily settled.
The volatility in liabilities relative to the company's shrinking asset base warrants further investigation into the nature of these obligations, particularly regarding how they might impact the company's ability to pivot its strategy. The reliance on deferred revenue as a primary liability component implies that the company's financial health is inextricably linked to the successful fulfillment of complex, high-stakes collaboration milestones.
Quick answers to the most common questions about buying CARM stock.
As of 2024, Carisma Therapeutics, Inc. (CARM) had total assets of $30.5M including $23.8M in current assets.
Carisma Therapeutics, Inc. (CARM) carries total debt of $2.5M, offset by $18.8M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Carisma Therapeutics, Inc. (CARM) has total shareholders' equity (book value) of $-27.9M ($-0.67 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Carisma Therapeutics, Inc. (CARM) reported a current ratio of 1.48x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.