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Merger with Sesen Bio
 3 Months Ended
Mar. 31, 2024
Business Combination and Asset Acquisition [Abstract]  
Merger with Sesen Bio Merger with Sesen Bio
On March 7, 2023, Legacy Carisma completed the Merger with Sesen Bio as discussed in Note 1. The Merger was accounted for as a reverse recapitalization under GAAP because the primary assets of Sesen Bio were cash, cash equivalents and marketable securities. For financial reporting purposes Legacy Carisma was determined to be the accounting acquirer. As a result of the Merger, the net assets of Sesen Bio were recorded at their acquisition-date fair value in the consolidated financial statements and the reported operating results prior to the Merger are those of Legacy Carisma.
The following table shows the net assets acquired in the Merger (in thousands):
March 7, 2023
Cash and cash equivalents$37,873 
Marketable securities44,588
Prepaid expenses and other assets1,316
Restricted cash30
Accounts payable and accrued expenses(3,499)
Total net assets acquired80,308
Less: Transaction costs(8,264)
Total net assets acquired less transaction costs$72,044 
Subsequent to March 7, 2023, the Company paid $4.6 million of severance and personnel costs related to Sesen Bio.