Karma Biotech is an oncology company targeting solid tumors, starting with colorectal cancer. Their technology aims to deliver cytokines and other biologicals, such as IL-15, specifically to tumor and metastatic sites, avoiding the dangers of systemic toxicity. This localized IL-15 will turn cold tumors hot, allowing the body to clear the cancer. 

The founders at Karma rationally designed super stable LNPs that are effective at delivering both DNA and/or RNA without electroporation. Their proprietary LNPs efficiently transfect macrophages in the spleen – which then home to tumor sites and produce the payload (e.g., IL-15) at the tumor microenvironment. This is one of the most elegant methods we’ve seen at fighting hard-to-penetrate solid tumors. While they’re quickly advancing through their own internal drug program, they can also generate some early revenue by partnering out with other pharma companies who have already been impressed by Karma’s latest data package (summer 2023).