Revenue remains highly volatile, fluctuating between $3.4 million and $45.2 million, while operating expenses consistently outpace income, as evidenced by the $197.0 thousand R&D spend in 2025Q3 despite historical quarterly R&D costs often exceeding $15 million.
| 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 |
|---|
| Sales/Revenue | 52.63M | 19.63M | 14.92M | 9.83M | 26.54M | 11.24M | 0 | 0 | 425K | 29.98M | 990K | 2.24M | 1.33M | 0 | 0 |
| Revenue Growth % | 159.68% | 31.59% | 51.71% | -62.95% | 136.24% | - | - | -100% | -98.58% | 2928.38% | -55.86% | 68.14% | - | - | - |
| Cost of Goods Sold | 1.02M | 59.67M | 74.13M | 0 | 85K | 0 | 219K | 208K | 0 | 0 | 0 | 0 | 438K | 0 | 0 |
| COGS % of Revenue | - | 303.96% | 496.85% | - | 0.32% | - | - | - | - | - | - | - | 32.83% | - | - |
| Gross Profit | 51.61M | -40.04M | -59.21M | 9.83M | 26.46M | 11.24M | -219K | -208K | 425K | 29.98M | 990K | 2.24M | 1.33M | 0 | 0 |
| Gross Margin % | 98.05% | -203.96% | -396.85% | 100% | 99.68% | 100% | - | - | 100% | 100% | 100% | 100% | 100% | - | - |
| Gross Profit Growth % | - | 32.37% | -702.05% | -62.83% | 135.48% | 5230.59% | -5.29% | -148.94% | -98.58% | 2928.38% | -55.86% | 68.14% | - | - | - |
| Operating Expenses | 40.76M | 22.14M | 29.52M | 66M | 54.62M | 28.38M | 36.65M | 25.49M | 20.13M | 23.64M | 35.82M | 35.17M | 17.81M | 19.48M | 12.68M |
| OpEx % of Revenue | - | 112.76% | 197.9% | 671.1% | 205.77% | 252.56% | - | - | 4735.29% | 78.84% | 3618.18% | 1568.17% | 1335.23% | - | - |
| Selling, General & Admin | 16.38M | 20.14M | 29.52M | 9.38M | 29.39M | 5.09M | 12.21M | 11.62M | 7.9M | 11.44M | 9.85M | 8.47M | 4.02M | 4.21M | 3.27M |
| SG&A % of Revenue | - | 102.58% | 197.9% | 95.36% | 110.73% | 45.27% | - | - | 1858.82% | 38.14% | 994.95% | 377.66% | 301.65% | - | - |
| Research & Development | 27.36M | 59.67M | 74.13M | 56.62M | 25.23M | 23.29M | 24.44M | 13.87M | 12.22M | 12.2M | 25.97M | 26.7M | 13.79M | 15.26M | 9.41M |
| R&D % of Revenue | - | 303.96% | 496.85% | 575.74% | 95.04% | 207.3% | - | - | 2876.47% | 40.7% | 2623.23% | 1190.5% | 1033.58% | - | - |
| Other Operating Expenses | -1.36M | -57.67M | -74.13M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 262K | 0 | 0 |
| Operating Income | 10.85M | -62.18M | -88.73M | -56.16M | -28.16M | -28.38M | -36.87M | -25.7M | -19.98M | 6.17M | -35.2M | -32.93M | -16.63M | -19.49M | -12.68M |
| Operating Margin % | 20.61% | -316.72% | -594.75% | -571.1% | -106.09% | -252.56% | - | - | -4702.35% | 20.57% | -3555.15% | -1468.17% | -1246.25% | - | - |
| Operating Income Growth % | - | 29.92% | -57.99% | -99.43% | 0.76% | 23.03% | -43.47% | -28.6% | -424.12% | 117.52% | -6.88% | -98.08% | 14.7% | -53.76% | - |
| EBITDA | 13.44M | -58.83M | -85.89M | -54.27M | -28.08M | -28.26M | -36.65M | -25.49M | -19.7M | 6.34M | -34.83M | -32.52M | -16.19M | -19.04M | -12.31M |
| EBITDA Margin % | 25.53% | -299.64% | -575.74% | -551.85% | -105.77% | -251.48% | - | - | -4635.29% | 21.16% | -3518.18% | -1449.89% | -1213.42% | - | - |
| EBITDA Growth % | 121.67% | 31.51% | -58.27% | -93.29% | 0.64% | 22.91% | -43.78% | -29.4% | -410.53% | 118.21% | -7.1% | -100.91% | 14.99% | -54.67% | - |
| D&A (Non-Cash Add-back) | 1.69M | 3.35M | 2.84M | 1.89M | 85K | 122K | 219K | 208K | 285K | 178K | 366K | 410K | 438K | 448K | 364K |
| EBIT | 11.97M | -60.18M | -88.73M | -58.08M | -8.61M | -28.38M | -107.5M | -33.69M | -29.03M | 2.14M | -32.06M | -33.78M | -17.62M | -19.49M | -12.68M |
| Net Interest Income | 758K | 1.7M | 1.94M | -3.15M | 10K | 29K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 758K | 1.7M | 1.94M | 0 | 10K | 29K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 3.15M | 0 | 0 | 0 | 0 | 0 | 247K | 1.4M | 376K | 1.4M | 168K | 151K |
| Other Income/Expense | -2.81M | 1.7M | 1.85M | -5.06M | 19.55M | 29K | -70.63M | -7.99M | -9.04M | -4.27M | 1.74M | -1.23M | -1.4M | -168K | -151K |
| Pretax Income | 8.04M | -60.48M | -86.88M | -61.23M | -8.61M | -28.35M | -107.5M | -33.69M | -29.03M | 1.9M | -33.45M | -34.16M | -18.02M | -19.66M | -12.83M |
| Pretax Margin % | 15.28% | -308.05% | -582.34% | -622.6% | -32.43% | -252.31% | - | - | -6830.35% | 6.32% | -3378.99% | -1522.78% | -1351.2% | - | - |
| Income Tax | 0 | 0 | 0 | 0 | -8.27M | 0 | 0 | 46.86K | 0 | 5K | 0 | 0 | 0 | 168K | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 96.1% | 0% | 0% | -0.14% | 0% | 0.26% | 0% | 0% | 0% | -0.85% | 0% |
| Net Income | 8.04M | -60.48M | -86.88M | -61.23M | -336K | -28.35M | -107.5M | -33.69M | -29.03M | 1.89M | -33.45M | -34.53M | -19.43M | -19.82M | -12.98M |
| Net Margin % | 15.28% | -308.05% | -582.34% | -622.6% | -1.27% | -252.31% | - | - | -6830.35% | 6.31% | -3378.99% | -1539.55% | -1456.15% | - | - |
| Net Income Growth % | 112.61% | 30.39% | -41.9% | -18122.02% | 98.81% | 73.63% | -219.06% | -16.07% | -1635.11% | 105.65% | 3.13% | -77.77% | 2.02% | -52.77% | - |
| Net Income (Continuing) | 8.04M | -60.48M | -86.88M | -61.23M | -336K | -28.35M | -107.5M | -33.69M | -29.03M | 1.89M | -33.45M | -34.16M | -18.02M | -19.66M | -12.83M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 14.39M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.19 | -1.46 | -2.59 | -1.52 | -0.04 | -3.81 | -23.64 | -10.91 | -22.24 | 1.74 | -35.23 | -47.16 | -45.50 | -55.70 | -30.39 |
| EPS Growth % | 112.82% | 43.63% | -70.39% | -4030.43% | 99.03% | 83.88% | -116.68% | 50.94% | -1378.16% | 104.94% | 25.3% | -3.65% | 18.31% | -83.28% | - |
| EPS (Basic) | - | -1.46 | -2.59 | -1.52 | -0.04 | -3.81 | -23.64 | -10.91 | -22.24 | 1.79 | -35.23 | -47.16 | -45.50 | -55.70 | -30.39 |
| Diluted Shares Outstanding | 41.94M | 41.46M | 33.52M | 40.26M | 9.12M | 5.91M | 4.55M | 3.09M | 1.3M | 1.09M | 949.65K | 732.2K | 426.95K | 355.9K | 426.95K |
| Basic Shares Outstanding | 41.79M | 41.46M | 33.52M | 40.26M | 9.12M | 5.91M | 4.55M | 3.09M | 1.3M | 1.05M | 949.65K | 732.2K | 426.95K | 355.9K | 426.95K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Capital market dependency
As indicated by recent financial disclosures, CARM's revenue trajectory remains highly volatile and project-dependent, with quarterly figures fluctuating significantly between $3.4 million and $45.2 million, reflecting the inherent unpredictability of milestone-based payments rather than a consistent, scalable commercial growth engine for the company's myeloid platform.
The revenue profile is characterized by episodic recognition tied to collaboration milestones, which obscures the underlying commercial viability of the pipeline. Investors should monitor the sustainability of these partnership-driven inflows, as the absence of recurring product revenue leaves the top line vulnerable to the timing of clinical and research achievements.
Based on reported income statements, CARM's gross margins exhibit extreme instability, swinging from negative territory in early 2024 to 100% in recent periods, which highlights the significant cost burden of autologous cell therapy manufacturing and the lack of consistent, repeatable production efficiencies at this clinical stage.
The erratic margin performance suggests that the company is currently unable to achieve economies of scale, with manufacturing costs frequently outpacing revenue recognition. This volatility warrants caution, as it reflects the high-touch, patient-specific nature of the current therapeutic approach which remains a significant drag on overall profitability.
According to historical data, CARM's operating expense structure is dominated by heavy R&D investment, which has consistently exceeded revenue in most quarters, underscoring a business model that is currently prioritizing clinical advancement over the achievement of operational self-sufficiency or disciplined expense management in the near term.
The persistent gap between R&D spending and revenue generation indicates that the company is in a high-burn phase of development. While necessary for pipeline progression, the current cost structure suggests that the company remains entirely dependent on external financing to bridge the gap between research activities and potential commercialization.
As evidenced by the company's recent financial filings, the combination of a $60 million trailing twelve-month net loss and a cash balance of only $17.9 million suggests a precarious financial position that may necessitate dilutive equity financing to maintain ongoing clinical trial operations in the coming quarters.
Short-term liquidity constraints pose a significant risk to the company's ability to execute its long-term strategic roadmap. Investors should be wary of the potential for substantial shareholder dilution, as the current burn rate appears unsustainable without a major capital infusion or a transformative new partnership agreement.
Quick answers to the most common questions about buying CARM stock.
For fiscal year 2024, Carisma Therapeutics, Inc. (CARM) reported total revenue of $19.6M.
Carisma Therapeutics, Inc. (CARM) reported a net loss of $60.5M for the fiscal year ending 2024.
Carisma Therapeutics, Inc. (CARM) reported an operating income of $-62.2M, resulting in an operating profit margin of -316.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Carisma Therapeutics, Inc. (CARM) generated $-40.0M in gross profit for the year, representing a gross profit margin of -204.0%. This demonstrates the company's core pricing power and production efficiency.