Carisma Therapeutics is a clinical-stage biotechnology company that developed engineered macrophage and monocyte cell therapies targeting solid tumor cancers and liver fibrosis. Carisma's core technology, the CAR-M platform, engineers macrophages to recognize and attack cancer cells, offering a potential alternative to CAR-T therapies, which have largely failed in solid tumor settings due to the immunosuppressive tumor microenvironment. Macrophages naturally infiltrate tumors, can directly kill cancer cells through phagocytosis, and can stimulate the broader immune system — capabilities T cells lack in solid tumors. Carisma's lead oncology programs targeted HER2 and mesothelin, but both were discontinued by late 2024 following limited clinical responses. A pre-clinical liver fibrosis program, CT-2401, showed proof of concept in 2024 but never advanced to trials. As of early 2025, Carisma has effectively ceased operations, reduced headcount to six employees, and is exploring strategic alternatives including asset sales, licensing, or a merger. The company's remaining value lies primarily in its collaboration with Moderna, signed in 2022, under which Moderna is developing in vivo CAR-M therapies using mRNA/LNP technology to engineer a patient's own myeloid cells inside the body. Moderna has nominated all 12 oncology targets under the agreement, with a lead candidate targeting GPC3 for liver cancer. Carisma retains rights to potential milestone payments and tiered royalties on any products Moderna commercializes, but receives no further research funding and has no control over the development timeline.