Tearsheet

CARISMA Therapeutics (CARM)

Market Price (10/14/2025): $0.1099 | Market Cap: $4.6 Mil
Sector: Health Care | Industry: Biotechnology

CARISMA Therapeutics (CARM)

Market Price (10/14/2025): $0.1099
Market Cap: $4.6 Mil
Sector: Health Care
Industry: Biotechnology

Investment Highlights

0	Cash is significant % of market cap Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -14%	Weak multi-year price returns 2Y Excs Rtn is -152%, 3Y Excs Rtn is -169%	Penny stock Mkt Price is 0.0
1			Not profitable at operating income level Op Inc LTMOperating Income, Last Twelve Months is -46 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -428%
2			Weak revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -48%, Rev Chg QQuarterly Revenue Change % is null
3			Not cash flow generative CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -347%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -347%
4			Valuation getting more expensive P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 71%
5			Yield minus risk free rate is negative ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2368%
6			High stock price volatility Vol 12M is 428%

0	Cash is significant % of market cap Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -14%
1	Weak multi-year price returns 2Y Excs Rtn is -152%, 3Y Excs Rtn is -169%
2	Penny stock Mkt Price is 0.0
3	Not profitable at operating income level Op Inc LTMOperating Income, Last Twelve Months is -46 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -428%
4	Weak revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -48%, Rev Chg QQuarterly Revenue Change % is null
5	Not cash flow generative CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -347%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -347%
6	Valuation getting more expensive P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 71%
7	Yield minus risk free rate is negative ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2368%
8	High stock price volatility Vol 12M is 428%

Market Valuation & Key Metrics

Valuation
Key Metrics

	10/14/25	2024	2023	2022	2021
Share Price CYE	$0.11	$0.42	$2.93	$0.61	$0.81
Market Cap CYE ($ Mil)	4.6	17.5	118.6	24.5	34.1
Total Debt ($ Mil)	1.7	2.5	3.1	40.2	2.6
Total Cash ($ Mil)	2.0	17.9	77.6	52.0	28.6
Enterprise Value ($ Mil)	4.3	20.0	121.7	64.7	36.7
Valuation Ratios
P/S TTM	0.5	0.9	6.6	2.5	0.0
P/EBIT TTM	-0.1	-0.3	-1.1	-0.4	-0.8
P/E TTM	-0.1	-0.3	-1.1	-0.4	-0.8
Sector Ratios
P/S TTM (Sector)	4.0	3.5	4.1	4.6	7.4
P/EBIT TTM (Sector)	-1.7	-1.3	-1.4	-1.3	-2.7
P/E TTM (Sector)	-2.0	-1.6	-1.5	-1.3	-2.8

	10/14/25	2024	2023
Share Price CYE	$0.11	$0.42	$2.93
Market Cap CYE ($ Mil)	4.6	17.5	118.6
Total Debt ($ Mil)	1.7	2.5	3.1
Total Cash ($ Mil)	2.0	17.9	77.6
Enterprise Value ($ Mil)	4.3	20.0	121.7
Valuation Ratios
P/S TTM	0.5	0.9	6.6
P/EBIT TTM	-0.1	-0.3	-1.1
P/E TTM	-0.1	-0.3	-1.1
Sector Ratios
P/S TTM (Sector)	4.0	3.5	4.1
P/EBIT TTM (Sector)	-1.7	-1.3	-1.4
P/E TTM (Sector)	-2.0	-1.6	-1.5

	CARM	S&P 500
REVENUE GROWTH
Rev LTM ($ Bil)	0.0
Rev Chg Q	-100.0%	6.1%
Rev Chg LTM	-48.0%	5.2%
Rev Chg 3Y Avg	5.0%	5.3%
PROFITABILITY	VERY POOR
Op Inc LTM ($ Bil)	-0.0
Op Mgn LTM	-428.3%	18.6%
CFO LTM ($ Bil)	-0.0
CFO/Rev LTM	-346.8%	20.3%
Net Inc LTM ($ Bil)	-0.0
Net Inc Mgn	-458.6%	12.7%
VALUATION	VERY LOW
P/S	0.5	3.2
P/CFO	-0.1	15.6
P/FCF	-0.1	20.6
P/E	-0.1	23.6
STABILITY	VERY GOOD
Debt/Equity	0.34	0.21
Cash/Assets	0.40	0.07

CARM Stock

Return (1M):

Factor Drivers of Stock Movement

The -89.9% change in CARM stock from 7/14/2025 to 10/13/2025 was primarily driven by a -81.2% change in the company's P/S Multiple.

	7142025	10132025	Change
Stock Price ($)	0.45	0.05	-89.86%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	19.96	10.77	-46.07%
P/S Multiple	0.94	0.18	-81.20%
Shares Outstanding (Mil)	41.77	41.79	-0.04%
Cumulative Contribution			-89.86%

LTM = Last Twelve Months as of date shown

The -78.6% change in CARM stock from 4/14/2025 to 10/13/2025 was primarily driven by a -60.9% change in the company's P/S Multiple.

	4142025	10132025	Change
Stock Price ($)	0.21	0.05	-78.57%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	19.63	10.77	-45.16%
P/S Multiple	0.45	0.18	-60.90%
Shares Outstanding (Mil)	41.75	41.79	-0.09%
Cumulative Contribution			-78.57%

LTM = Last Twelve Months as of date shown

The -95.1% change in CARM stock from 10/13/2024 to 10/13/2025 was primarily driven by a -90.5% change in the company's P/S Multiple.

	10132024	10132025	Change
Stock Price ($)	0.93	0.05	-95.09%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	20.71	10.77	-48.01%
P/S Multiple	1.87	0.18	-90.51%
Shares Outstanding (Mil)	41.54	41.79	-0.59%
Cumulative Contribution			-95.09%

LTM = Last Twelve Months as of date shown

The -90.9% change in CARM stock from 10/14/2022 to 10/13/2025 was primarily driven by a -3.8% change in the company's Shares Outstanding (Mil).

	10142022	10132025	Change
Stock Price ($)	0.50	0.05	-90.90%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	�	10.77	�
P/S Multiple	�	0.18	�
Shares Outstanding (Mil)	40.25	41.79	-3.81%
Cumulative Contribution			�

LTM = Last Twelve Months as of date shown

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
CARM Return	30%	-40%	-25%	381%	-86%	-89%	-85%
Peers Return	-15%	-9%	-6%	-3%	-3%	-17%	-44%
S&P 500 Return	16%	27%	-19%	24%	23%	13%	103%
Monthly Win Rates [3]
CARM Win Rate	42%	50%	33%	58%	17%	33%
Peers Win Rate	18%	15%	23%	31%	22%	51%
S&P 500 Win Rate	58%	75%	42%	67%	75%	67%
Max Drawdowns [4]
CARM Max Drawdown	-62%	-46%	-53%	-12%	-87%	-63%
Peers Max Drawdown	-20%	-13%	-14%	-15%	-30%	-27%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: VRTX, APM, BBOT, ETHZ, GDTC.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 10/13/2025 (YTD)

Downturns Compared

Unique Key	Event	CARM	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-92.3%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	1192.1%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	219 days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-62.1%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	163.7%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	131 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-79.1%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	377.4%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	862 days	120 days

How Low Can It Go?

CARISMA Therapeutics's stock fell -92.3% during the 2022 Inflation Shock from a high on 8/12/2021. A -92.3% loss requires a 1192.1% gain to breakeven.

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Asset Allocation

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About CARISMA Therapeutics (CARM)

Carisma Therapeutics Inc. a late-stage clinical company, focuses on designing, engineering, developing, and commercializing targeted fusion protein therapeutics (TFPTs) for the treatment patients with cancer. Its lead product candidates include Vicineum, a locally-administered targeted fusion protein that is in Phase III clinical trials for the treatment of bacillus Calmette-Guérin (BCG)-unresponsive non-muscle invasive bladder cancer; to treat non-muscle invasive carcinoma in situ of the bladder in patients previously treated with BCG; and for the treatment of squamous cell carcinoma of the head and neck, as well as VB6-845d, a product candidate for use in the treatment of various types of an anti-epithelial cell adhesion molecule-positive solid tumors. Sesen Bio, Inc. has an agreement with Leiden University Medical Center to co-develop an imaging agent.

Better Bets than CARISMA Therapeutics (CARM)

	CARM	Better Performance than CARM
Metric	Value	Industry (Biotechnology)
Rev Chg LTM	-48.0%	ABBV (6.1%), AMGN (12.9%), GILD (3.8%), VRTX (10.5%), ALNY (17.2%)
Op Mgn LTM	-428.3%	ABBV (23.5%), AMGN (23.5%), GILD (37.4%), VRTX (-1.7%), ALNY (-4.9%)
CFO/Rev LTM	-346.8%	ABBV (33.1%), AMGN (34.4%), GILD (34.2%), VRTX (33.7%), ALNY (-1.9%)
FCF/Rev LTM	-346.8%	ABBV (31.3%), AMGN (30.4%), GILD (32.5%), VRTX (30.6%), ALNY (-3.2%)
Total Yield	-2363.2%	ABBV (3.7%), AMGN (7.4%), GILD (7.0%), VRTX (3.5%), ALNY (-0.4%)

	CARM	Better Performance than CARM
Metric	Value	Sector (Health Care)
Rev Chg LTM	-48.0%	LLY (36.8%), JNJ (4.7%), ABBV (6.1%), UNH (9.7%), ABT (5.9%)
Op Mgn LTM	-428.3%	LLY (43.0%), JNJ (24.5%), ABBV (23.5%), UNH (7.3%), ABT (17.4%)
CFO/Rev LTM	-346.8%	LLY (20.5%), JNJ (25.4%), ABBV (33.1%), UNH (6.8%), ABT (21.0%)
FCF/Rev LTM	-346.8%	LLY (-0.1%), JNJ (18.1%), ABBV (31.3%), UNH (6.0%), ABT (15.7%)
Total Yield	-2363.2%	LLY (2.6%), JNJ (7.6%), ABBV (3.7%), UNH (8.9%), ABT (7.8%)

	CARM	Better Performance than CARM
Metric	Value	All Other Sectors
Rev Chg LTM	-48.0%	NVDA (71.6%), MSFT (14.9%), AAPL (6.0%), GOOGL (13.1%), AMZN (10.9%)
Op Mgn LTM	-428.3%	NVDA (58.1%), MSFT (45.6%), AAPL (31.9%), GOOGL (32.7%), AMZN (11.4%)
CFO/Rev LTM	-346.8%	NVDA (46.6%), MSFT (48.3%), AAPL (26.6%), GOOGL (36.0%), AMZN (18.1%)
FCF/Rev LTM	-346.8%	NVDA (43.6%), MSFT (25.4%), AAPL (23.5%), GOOGL (18.0%), AMZN (2.0%)
Total Yield	-2363.2%	NVDA (1.9%), MSFT (3.3%), AAPL (3.1%), GOOGL (4.2%), AMZN (3.0%)

Trade Ideas

Select past trade ideas related to CARM and Biotechnology.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
ADMA_9302025_Dip_Buyer_ValueBuy	09302025	ADMA	ADMA Biologics	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	-0.8%	-0.8%	-4.6%
REGN_9302025_Dip_Buyer_ValueBuy	09302025	REGN	Regeneron Pharmaceuticals	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	0.4%	0.4%	0.0%
HAE_9262025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	09262025	HAE	Haemonetics	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	1.4%	1.4%	-0.1%
WAT_9192025_Monopoly_xInd_xCD_Getting_Cheaper	09192025	WAT	Waters	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	10.0%	10.0%	-4.3%
ISRG_9052025_Monopoly_xInd_xCD_Getting_Cheaper	09052025	ISRG	Intuitive Surgical	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	-8.0%	-8.0%	-8.0%

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
ADMA_9302025_Dip_Buyer_ValueBuy	09302025	ADMA	ADMA Biologics	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	-0.8%	-0.8%	-4.6%
REGN_9302025_Dip_Buyer_ValueBuy	09302025	REGN	Regeneron Pharmaceuticals	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	0.4%	0.4%	0.0%
HAE_9262025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	09262025	HAE	Haemonetics	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	1.4%	1.4%	-0.1%
WAT_9192025_Monopoly_xInd_xCD_Getting_Cheaper	09192025	WAT	Waters	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	10.0%	10.0%	-4.3%
ISRG_9052025_Monopoly_xInd_xCD_Getting_Cheaper	09052025	ISRG	Intuitive Surgical	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	-8.0%	-8.0%	-8.0%

See Trefis Trade Ideas for more.

Recent Active Movers

1 Day Top Gainers

#	Ticker	Company	1D Rtn	YTD Rtn
1	UAMY	United States Antimony	36.9%	844.1%
2	ASPI	ASP Isotopes	31.5%	194.0%
3	BITF	Bitfarms	28.3%	261.7%
4	BE	Bloom Energy	26.5%	394.9%
5	RGTI	Rigetti Computing	25.0%	259.8%
6	POWI	Power Integrations	24.6%	-29.2%
7	EOSE	Eos Energy Enterprises	23.4%	250.8%
8	QBTS	D-Wave Quantum	23.0%	383.6%
9	BBAI	BigBear.ai	22.0%	98.0%
10	FLNC	Fluence Energy	21.4%	0.1%

1 Day Top Losers

#	Ticker	Company	1D Rtn	YTD Rtn
1	SRRK	Scholar Rock	-13.1%	-20.7%
2	BETR	Better Home & Finance	-10.7%	469.6%
3	PTGX	Protagonist Therapeutics	-9.0%	105.1%
4	ETON	Eton Pharmaceuticals	-8.0%	35.7%
5	BALY	Ballys	-8.0%	-32.6%
6	FAST	Fastenal	-7.5%	19.6%
7	AVXL	Anavex Life Sciences	-7.0%	-19.7%
8	BYRN	Byrna Technologies	-6.7%	-14.6%
9	CRSP	CRISPR Therapeutics	-6.5%	73.5%
10	LVS	Las Vegas Sands	-6.3%	-8.0%

1 Week Top Gainers

#	Ticker	Company	1W Rtn	YTD Rtn
1	UAMY	United States Antimony	106.6%	844.1%
2	BITF	Bitfarms	55.8%	261.7%
3	ASPI	ASP Isotopes	48.5%	194.0%
4	USAR	USA Rare Earth	47.0%	129698.7%
5	UUUU	Energy Fuels	40.6%	363.4%
6	TMC	TMC The Metals	38.5%	854.5%
7	SES	SES AI	37.9%	53.0%
8	GLUE	Monte Rosa Therapeutics	35.8%	49.9%
9	APGE	Apogee Therapeutics	35.5%	19.1%
10	METC	Ramaco Resources	34.7%	418.5%

1 Week Top Losers

#	Ticker	Company	1W Rtn	YTD Rtn
1	VG	Venture Global	-35.2%
2	BN	Brookfield	-34.2%	17.5%
3	BNT	Brookfield Wealth Solutions	-34.1%	17.5%
4	BBBY	Bed Bath & Beyond	-28.6%
5	HELE	Helen Of Troy	-25.9%	-67.4%
6	PENG	Penguin Solutions	-23.8%	16.3%
7	USNA	Usana Health Sciences	-22.8%	-42.8%
8	TASK	TaskUs	-22.4%	-21.8%
9	NFE	New Fortress Energy	-21.8%	-87.4%
10	OPEN	Opendoor Technologies	-21.7%	354.4%

1 Month Top Gainers

#	Ticker	Company	1M Rtn	YTD Rtn
1	WOLF	Wolfspeed	1297.9%	389.0%
2	QURE	uniQure	276.2%	251.2%
3	UAMY	United States Antimony	238.9%	844.1%
4	LAC	Lithium Americas	194.8%	183.8%
5	RGTI	Rigetti Computing	187.6%	259.8%
6	USAR	USA Rare Earth	175.1%	129698.7%
7	SES	SES AI	168.0%	53.0%
8	PLUG	Plug Power	156.6%	83.1%
9	CLPT	ClearPoint Neuro	150.4%	70.8%
10	BITF	Bitfarms	141.7%	261.7%

1 Month Top Losers

#	Ticker	Company	1M Rtn	YTD Rtn
1	ANGX	Angel Studios	-49.7%
2	REX	REX American Resources	-47.9%	52.0%
3	VG	Venture Global	-33.4%
4	USNA	Usana Health Sciences	-32.7%	-42.8%
5	FLY	Firefly Aerospace	-31.7%
6	LDI	loanDepot	-31.4%	43.6%
7	TIPT	Tiptree	-29.9%	-13.6%
8	GOSS	Gossamer Bio	-29.5%	169.7%
9	PGY	Pagaya Technologies	-29.5%	201.1%
10	IDT	IDT	-29.4%	-1.3%

Recent Active Movers

1 Day Top Gainers

#	Ticker	Company	1D Rtn	YTD Rtn
1	UAMY	United States Antimony	36.9%	844.1%
2	ASPI	ASP Isotopes	31.5%	194.0%
3	BITF	Bitfarms	28.3%	261.7%
4	BE	Bloom Energy	26.5%	394.9%
5	RGTI	Rigetti Computing	25.0%	259.8%
6	POWI	Power Integrations	24.6%	-29.2%
7	EOSE	Eos Energy Enterprises	23.4%	250.8%
8	QBTS	D-Wave Quantum	23.0%	383.6%
9	BBAI	BigBear.ai	22.0%	98.0%
10	FLNC	Fluence Energy	21.4%	0.1%

1 Day Top Losers

#	Ticker	Company	1D Rtn	YTD Rtn
1	SRRK	Scholar Rock	-13.1%	-20.7%
2	BETR	Better Home & Finance	-10.7%	469.6%
3	PTGX	Protagonist Therapeutics	-9.0%	105.1%
4	ETON	Eton Pharmaceuticals	-8.0%	35.7%
5	BALY	Ballys	-8.0%	-32.6%
6	FAST	Fastenal	-7.5%	19.6%
7	AVXL	Anavex Life Sciences	-7.0%	-19.7%
8	BYRN	Byrna Technologies	-6.7%	-14.6%
9	CRSP	CRISPR Therapeutics	-6.5%	73.5%
10	LVS	Las Vegas Sands	-6.3%	-8.0%

1 Week Top Gainers

#	Ticker	Company	1W Rtn	YTD Rtn
1	UAMY	United States Antimony	106.6%	844.1%
2	BITF	Bitfarms	55.8%	261.7%
3	ASPI	ASP Isotopes	48.5%	194.0%
4	USAR	USA Rare Earth	47.0%	129698.7%
5	UUUU	Energy Fuels	40.6%	363.4%
6	TMC	TMC The Metals	38.5%	854.5%
7	SES	SES AI	37.9%	53.0%
8	GLUE	Monte Rosa Therapeutics	35.8%	49.9%
9	APGE	Apogee Therapeutics	35.5%	19.1%
10	METC	Ramaco Resources	34.7%	418.5%

1 Week Top Losers

#	Ticker	Company	1W Rtn	YTD Rtn
1	VG	Venture Global	-35.2%
2	BN	Brookfield	-34.2%	17.5%
3	BNT	Brookfield Wealth Solutions	-34.1%	17.5%
4	BBBY	Bed Bath & Beyond	-28.6%
5	HELE	Helen Of Troy	-25.9%	-67.4%
6	PENG	Penguin Solutions	-23.8%	16.3%
7	USNA	Usana Health Sciences	-22.8%	-42.8%
8	TASK	TaskUs	-22.4%	-21.8%
9	NFE	New Fortress Energy	-21.8%	-87.4%
10	OPEN	Opendoor Technologies	-21.7%	354.4%

Peer Comparisons for CARISMA Therapeutics

Financials

	CARM	VRTX	APM	BBOT	ETHZ	GDTC	Median
Name	CARISMA .	Vertex P.	Aptorum	BridgeBi.	ETHZilla	CytoMed .
Mkt Price	0.05	407.37	1.58	11.46	1.98	1.93	1.96
Mkt Cap	0.0	104.6	-	-	-	-	52.3
Rev LTM	11	11,419	-	0	0	-	5
Op Inc LTM	-46	-199	-	-93	-6	-	-69
FCF LTM	-37	3,500	-	-60	-3	-	-20
FCF 3Y Avg	-62	1,984	-	-	-7	-	-7
CFO LTM	-37	3,846	-	-60	-3	-	-20
CFO 3Y Avg	-61	2,324	-	-	-7	-	-7

Growth & Margins

	CARM	VRTX	APM	BBOT	ETHZ	GDTC	Median
Name	CARISMA .	Vertex P.	Aptorum	BridgeBi.	ETHZilla	CytoMed .
Rev Chg LTM	-48.0%	10.5%	-	-	-	-	-18.8%
Rev Chg 3Y Avg	-	11.0%	-	-	-	-	11.0%
Rev Chg Q	-100.0%	12.1%	-	-	-	-	-44.0%
QoQ Delta Rev Chg LTM	-46.1%	2.9%	-	-	-	-	-21.6%
Op Mgn LTM	-428.3%	-1.7%	-	-	-	-	-215.0%
Op Mgn 3Y Avg	-458.3%	26.5%	-	-	-	-	-215.9%
QoQ Delta Op Mgn LTM	-167.8%	2.0%	-	-	-	-	-82.9%
CFO/Rev LTM	-346.8%	33.7%	-	-	-	-	-156.6%
CFO/Rev 3Y Avg	-414.0%	22.5%	-	-	-	-	-195.8%
FCF/Rev LTM	-346.8%	30.6%	-	-	-	-	-158.1%
FCF/Rev 3Y Avg	-423.1%	19.2%	-	-	-	-	-201.9%

Valuation

	CARM	VRTX	APM	BBOT	ETHZ	GDTC	Median
Name	CARISMA .	Vertex P.	Aptorum	BridgeBi.	ETHZilla	CytoMed .
Mkt Cap	0.0	104.6	-	-	-	-	52.3
P/S	0.2	9.2	-	-	-	-	4.7
P/EBIT	-0.0	23.8	-	-	-	-	11.9
P/E	-0.0	28.7	-	-	-	-	14.4
P/CFO	-0.1	27.2	-	-	-	-	13.6
Total Yield	-2,363.2%	3.5%	-	-	-	-	-1,179.9%
Dividend Yield	0.0%	0.0%	-	-	-	-	0.0%
FCF Yield 3Y Avg	-123.3%	2.1%	-	-	-	-	-60.6%
D/E	0.8	0.0	-	-	-	-	0.4
Net D/E	-0.1	-0.0	-	-	-	-	-0.1

Returns

	CARM	VRTX	APM	BBOT	ETHZ	GDTC	Median
Name	CARISMA .	Vertex P.	Aptorum	BridgeBi.	ETHZilla	CytoMed .
1M Rtn	-87.8%	3.3%	-20.2%	10.3%	-22.4%	-15.0%	-17.6%
3M Rtn	-89.9%	-13.8%	64.2%	-	-	-12.7%	-13.2%
6M Rtn	-78.6%	-17.8%	93.9%	-	-	-20.6%	-19.2%
12M Rtn	-95.1%	-15.4%	-6.2%	-	-	-5.4%	-10.8%
3Y Rtn	-90.9%	38.9%	-80.4%	-	-	-	-80.4%
1M Excs Rtn	-88.9%	2.2%	-21.3%	9.2%	-23.4%	-16.0%	-18.7%
3M Excs Rtn	-95.4%	-18.8%	56.3%	-	-	-12.0%	-15.4%
6M Excs Rtn	-102.0%	-39.9%	75.9%	-	-	-46.3%	-43.1%
12M Excs Rtn	-110.1%	-27.8%	-23.6%	-	-	-18.9%	-25.7%
3Y Excs Rtn	-168.6%	-41.3%	-160.0%	-	-	-	-160.0%

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020
Period End	6/30/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020
Filing Date	8/7/2025	3/31/2025	4/1/2024	4/1/2024	10/14/2022	10/14/2022
Key Financials
Total Revenue	11	20	15	10	0	0
EBITDA	-44	-59	-86	-56	-40	-28
Operating Income	-46	-62	-89	-56	-41	-28
Net Income	-49	-60	-87	-61	-41	-28
EPS	-1.18	-1.46	-2.59	-1.52	-1.01	-0.70
Growth Rates
Total Revenue Growth	-48.0%	31.6%	51.7%	∞%	-	-
EBITDA Growth	39.3%	31.5%	-52.9%	-40.1%	-43.6%	-
Operating Income Growth	39.3%	29.9%	-58.0%	-37.7%	-43.8%	-
Net Income Growth	31.9%	30.4%	-41.9%	-50.1%	-43.9%	-
Margins
EBITDA Margin	-409.1%	-299.6%	-575.7%	-571.4%	-	-
Operating Income Margin	-428.3%	-316.7%	-594.8%	-571.1%	-	-
Net Income Margin	-458.6%	-308.1%	-582.3%	-622.6%	-	-
Cash & Debt
Total Cash	2	18	78	52	29	52
Total Debt	2	2	3	40	3	3
Net Debt / (Cash)	-0	-15	-74	-12	-26	-48
Cash Flows
Net Cash from Operations	-37	-60	-81	-5	-37	-27
Free Cash from Operations	-37	-60	-82	-10	-39	-27
Returns to Shareholders
Dividends	0	-0	-0	-0	-0	-0
Share Repurchases	-0	-0	-0	-0	-0	-0

$ Mil \| FY: 12/31	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4	2022Q3
Period End	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Filing Date	8/7/2025	5/13/2025	3/31/2025	11/7/2024	8/8/2024	5/9/2024	4/1/2024	11/9/2023	8/10/2023	5/11/2023	4/1/2024	11/9/2023
Key Financials Quarterly
Total Revenue	0	4	4	3	9	3	4	4	4	3	4	3
Ebitda	-6	-9	-17	-12	-11	-18	-22	-22	-20	-22	-17	-16
Operating Income	-6	-9	-18	-13	-12	-20	-22	-22	-21	-23	-15	-17
Net Income	-10	-9	-18	-13	-11	-19	-21	-21	-20	-25	-17	-18
EPS	-0.23	-0.22	-0.42	-0.31	-0.27	-0.46	-0.48	-0.53	-0.49	-1.93	-0.42	-0.46
Key Financials TTM
Total Revenue TTM	11	20	20	20	21	15	15	14	13	12	10	-
Ebitda TTM	-44	-50	-59	-63	-73	-81	-86	-81	-75	-69	-56	-
Operating Income TTM	-46	-52	-62	-67	-76	-85	-89	-82	-76	-69	-56	-
Net Income TTM	-49	-51	-60	-64	-73	-81	-87	-83	-80	-75	-61	-
Growth Rates Quarterly
Total Revenue Growth	-100.0%	9.8%	-14.8%	-11.5%	158.3%	4.7%	15.0%	48.4%	31.7%	294.5%	-	-
EBITDA Growth	49.4%	51.3%	20.9%	42.7%	43.6%	20.0%	-31.4%	-35.1%	-47.9%	-124.1%	-	-
Operating Income Growth	50.5%	52.2%	20.5%	41.2%	44.3%	15.1%	-46.5%	-33.4%	-50.5%	-126.2%	-	-
Net Income Growth	12.4%	51.2%	15.9%	40.7%	43.8%	23.0%	-25.2%	-16.8%	-33.9%	-117.8%	-	-
Margins Quarterly
EBITDA Margin	-	-232.6%	-470.5%	-366.5%	-124.1%	-524.5%	-506.6%	-565.7%	-568.8%	-686.6%	-443.2%	-621.6%
Operating Income Margin	-	-250.3%	-488.8%	-388.3%	-126.9%	-574.3%	-523.4%	-583.9%	-588.9%	-708.4%	-410.7%	-649.8%
Net Income Margin	-	-248.5%	-482.8%	-375.2%	-121.4%	-558.7%	-488.6%	-559.3%	-558.3%	-759.9%	-448.6%	-710.9%
Cash & Debt
Total Cash	2	8	18	27	40	57	78	94	117	139	52	-
Total Debt	2	2	2	3	8	7	3	3	5	5	40	0
Net Debt / (Cash)	-0	-5	-15	-24	-32	-49	-74	-91	-112	-133	-12	-
Cash Flows Quarterly
FCF from Operations	-6	-10	-8	-13	-16	-22	-16	-21	-19	-26	-17	-8
Cash Flows TTM
FCF from Operations TTM	-37	-48	-60	-68	-76	-78	-81	-82	-70	-65	-5	-
Returns to Shareholders Quarterly
Dividends	0	0	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	-8.3%	-13.7%	-27.2%	-20.8%	-19.2%	-34.5%	-45.5%	-49.9%	-53.2%	-67.8%	-	-
Return on Invested Capital (ROIC) TTM
ROIC TTM	-16.6%	-19.1%	-23.7%	-26.4%	-31.2%	-37.7%	-45.0%	-45.6%	-48.2%	-50.9%	-	-

Price Behavior

Behavior Stats
Betas Matrix

Price Behavior

Market Price	$0.05
Market Cap ($ Bil)	0.0
First Trading Date	02/06/2014
Distance from 52W High	-95.9%
	50 Days	200 Days
DMA Price	$0.29	$0.34
DMA Trend	down	down
Distance from DMA	-84.0%	-86.7%
	3M	1YR
Volatility	285.5%	431.4%
Downside Capture	425.25	330.07
Upside Capture	-939.67	-20.11
Correlation (SPY)	7.2%	8.2%

CARM Betas & Captures as of 9/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	-28.73	-5.53	-3.60	1.56	1.48	1.31
Up Beta	-7.90	0.91	-0.43	0.80	0.94	-0.17
Down Beta	-106.22	-13.37	-11.16	0.28	0.45	1.22
Up Capture	-659%	-285%	-170%	294%	116%	238%
Bmk +ve Days	13	23	35	74	144	420
Stock +ve Days	6	15	21	49	98	319
Down Capture	-4277%	-542%	-42%	221%	160%	109%
Bmk -ve Days	8	19	29	52	107	330
Stock -ve Days	15	27	40	74	150	406

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Short Interest

Short Interest: As Of Date	9302025
Short Interest: Shares Quantity	1,291,811
Short Interest: % Change Since 9152025	-17.6%
Average Daily Volume	1,129,181
Days-to-Cover Short Interest	1.14
Basic Shares Quantity	41,788,096
Short % of Basic Shares	3.1%

Earnings Returns History

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	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
11/7/2024	-7.2%	-12.3%	-28.0%
8/8/2024	12.6%	26.2%	25.0%
4/1/2024	-7.9%	-19.8%	-26.4%
11/9/2023	-11.2%	-14.1%	-15.4%
8/10/2023	6.1%	16.8%	-12.9%
5/12/2023	-1.9%	-10.3%	32.3%
2/28/2023	-0.6%	0.4%	410.7%
11/7/2022	0.6%	0.3%	0.1%
...
SUMMARY STATS
# Positive	8	11	10
# Negative	14	11	12
Median Positive	2.3%	1.7%	25.7%
Median Negative	-4.7%	-12.3%	-14.2%
Max Positive	12.6%	26.2%	410.7%
Max Negative	-31.6%	-27.0%	-28.0%

	Forward Returns
11/7/2024	-7.2%	-12.3%	-28.0%
8/8/2024	12.6%	26.2%	25.0%
4/1/2024	-7.9%	-19.8%	-26.4%
11/9/2023	-11.2%	-14.1%	-15.4%
8/10/2023	6.1%	16.8%	-12.9%
5/12/2023	-1.9%	-10.3%	32.3%
2/28/2023	-0.6%	0.4%	410.7%
11/7/2022	0.6%	0.3%	0.1%
7/18/2022	-31.6%	-27.0%	-18.9%
5/9/2022	-13.3%	-19.5%	26.4%
2/28/2022	0.9%	-8.4%	9.7%
11/8/2021	4.2%	1.7%	-7.6%
7/14/2021	-0.5%	0.5%	5.2%
3/15/2021	-0.7%	13.3%	-18.5%
10/30/2020	0.0%	1.0%	26.5%
7/31/2020	3.0%	-1.0%	-4.0%
3/16/2020	-28.0%	-22.3%	-9.2%
11/8/2019	-1.3%	1.3%	0.0%
8/8/2019	1.7%	-5.1%	-8.5%
5/13/2019	-2.6%	24.1%	76.7%
3/4/2019	-6.9%	-8.9%	-2.0%
11/14/2018	-0.6%	3.7%	-18.1%
SUMMARY STATS
# Positive	8	11	10
# Negative	14	11	12
Median Positive	2.3%	1.7%	25.7%
Median Negative	-4.7%	-12.3%	-14.2%
Max Positive	12.6%	26.2%	410.7%
Max Negative	-31.6%	-27.0%	-28.0%

SEC Filings

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Report Date	Filing Date	Filing
6302025	8072025	10-Q 6/30/2025
3312025	5132025	10-Q 3/31/2025
12312024	3312025	10-K 12/31/2024
9302024	11072024	10-Q 9/30/2024
6302024	8082024	10-Q 6/30/2024
3312024	5092024	10-Q 3/31/2024
12312023	4012024	10-K 12/31/2023
9302023	11092023	10-Q 9/30/2023
6302023	8102023	10-Q 6/30/2023
3312023	5112023	10-Q 3/31/2023
12312021	10142022	S-4 12/31/2021

Insider Activity

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Industry Resources

Health Care Resources

U.S. National Library of Medicine

Health Data Management

FDA Tracker

Biotechnology Resources

Fierce Biotech

Nature Biotechnology

Genetic Engineering & Biotechnology News

Biotechnology Innovation Organization

BioWorld

BioTechniques

HBS Biotechnology Publications

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CARISMA Therapeutics (CARM)

Market Price (10/14/2025): $0.1099 | Market Cap: $4.6 MilSector: Health Care | Industry: Biotechnology

CARISMA Therapeutics (CARM)

Market Price (10/14/2025): $0.1099Market Cap: $4.6 MilSector: Health CareIndustry: Biotechnology

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CARM Stock

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Market Price (10/14/2025): $0.1099 | Market Cap: $4.6 Mil
Sector: Health Care | Industry: Biotechnology

Market Price (10/14/2025): $0.1099
Market Cap: $4.6 Mil
Sector: Health Care
Industry: Biotechnology