Dividend Power Score
A single, comprehensive score designed to measure the true strength of a company’s dividend.
This score combines three essential pillars of dividend quality:
Consistency – Measures how reliable the dividend has been over time, focusing on payment history, stability, and the absence of cuts or suspensions.
Payability – Assesses the company’s financial ability to sustain its dividend, taking into account cash flow, earnings coverage, balance sheet strength, and overall financial health.
Growth – Evaluates the long-term growth of both the dividend and the company’s share price, highlighting businesses that consistently increase payouts while creating shareholder value.
Higher scores identify companies that have historically delivered dependable income alongside sustained dividend growth and long-term capital appreciation.
Company Overview
Carisma Therapeutics, Inc. is a clinical-stage biotechnology company focused on developing engineered cell therapies for the treatment of cancer and other serious diseases. The company operates within the biotechnology and cell therapy industries, with a primary emphasis on macrophage-based immunotherapies. Its core innovation centers on chimeric antigen receptor macrophages (CAR-M), a novel approach designed to overcome limitations of existing CAR-T and antibody-based therapies, particularly in solid tumors.
Founded in 2016 as a spinout from the University of Pennsylvania, Carisma was built on academic research demonstrating the potential of engineered macrophages to both directly phagocytose tumor cells and reshape the tumor microenvironment. The company became publicly traded in 2022 following its merger with a special purpose acquisition company, marking its transition to a publicly listed clinical-stage enterprise focused on advancing first-in-class cell therapy platforms.
Business Operations
Carisma’s operations are centered on the research and development of its proprietary CAR-Macrophage Platform, which genetically engineers human macrophages to express chimeric antigen receptors targeting tumor-associated antigens. The company’s lead product candidates are designed to address solid tumors by leveraging macrophages’ natural ability to infiltrate tumor tissue and activate broader immune responses. Revenue generation is currently limited, as the company does not have approved commercial products and primarily operates through research funding, collaboration revenue, and capital markets financing.
The company conducts its activities primarily in the United States, with research, preclinical development, and clinical trial management forming the core of its operations. Carisma maintains internal capabilities in cell engineering and translational research, while also relying on third-party manufacturing partners and clinical research organizations to support clinical development. Its operations include collaborations with academic institutions and strategic partners to advance platform development and pipeline programs.
Strategic Position & Investments
Carisma’s strategic direction is focused on advancing its CAR-M pipeline through early- and mid-stage clinical development, particularly in oncology indications with high unmet medical need. A key growth initiative has been the expansion of its platform beyond oncology into immune-mediated and fibrotic diseases, leveraging the versatility of macrophage biology. The company has also invested in refining its manufacturing processes to improve scalability and consistency of engineered macrophage therapies.
Notable strategic transactions include the acquisition of KORR Therapeutics, which expanded Carisma’s capabilities in in vivo macrophage engineering and broadened its technology base. The company continues to evaluate opportunities in emerging areas such as in vivo gene delivery and next-generation immune cell programming, positioning itself as a differentiated player in the evolving cell therapy landscape.
Geographic Footprint
Carisma Therapeutics is headquartered in Philadelphia, Pennsylvania, a major U.S. biotechnology hub with strong academic and clinical research infrastructure. The company’s primary operations, including research and development and corporate functions, are based in the United States, with clinical trial activity conducted at multiple U.S. clinical sites.
While Carisma does not maintain large-scale international operations, its clinical and scientific activities have global relevance through collaborations, conference participation, and the potential for future multinational clinical trials. The company’s strategic outlook includes the possibility of expanding its clinical footprint internationally as its programs advance and regulatory pathways evolve.
Leadership & Governance
Carisma is led by an executive team with experience across biotechnology, immuno-oncology, and clinical development. The leadership emphasizes scientific rigor, disciplined capital allocation, and the translation of academic innovation into clinically and commercially viable therapies. Governance is overseen by a board of directors with backgrounds in life sciences, finance, and public company leadership.
Key executives include:
- Steven Kelly – President and Chief Executive Officer
- Michael J. Klichinsky, Ph.D. – Co-Founder and Chief Scientific Officer
- Robert T. Adams, Ph.D. – Chief Technical Officer
- Kathy DeMasi – Chief Financial Officer
- James DeCicco, M.D., Ph.D. – Chief Medical Officer