- Carisma Therapeutics Inc. **terminated its merger agreement with OrthoCellix** on September 16, 2025, due to OrthoCellix's failure to secure **$25.0 million** in concurrent financing.  **[1485003_0001104659-25-091064_tm2526076d1_8k.htm:2]** 
- Following the termination, OrthoCellix is obligated to pay Carisma a **$750,000 termination fee** and **$500,000 expense reimbursement** by September 18, 2025, though payment is not yet confirmed.  **[1485003_0001104659-25-091064_tm2526076d1_8k.htm:2]** 
- The company also amended its collaboration agreement with Moderna, receiving a **one-time cash payment of $4.0 million** in exchange for fully paid-up, perpetual, irrevocable, and royalty-free licenses for Moderna, eliminating future financial obligations from Moderna.  **[1485003_0001104659-25-091064_tm2526076d1_8k.htm:1]** 
- Carisma now plans to pursue asset monetization and alternative strategic transactions, but faces a significant risk of **delisting from Nasdaq by October 7, 2025**, and anticipates limited or no cash distribution to stockholders if operations are wound down.  **[1485003_0001104659-25-091064_tm2526076d1_8k.htm:3]**

Carisma Therapeutics Inc. Terminates Merger Agreement and Amends Moderna Collaboration

- Carisma Therapeutics Inc. is undergoing a **Merger** with OrthoCellix, Inc., a wholly-owned subsidiary of Ocugen, Inc., initially agreed upon on **June 22, 2025**. Upon closing, Carisma Therapeutics Inc. will change its name to **OrthoCellix, Inc.**  **[1485003_0001104659-25-085705_tm2524685d1_8k.htm:1]** **[1485003_0001104659-25-085705_tm2524685d1_ex10-1.htm:1]** 
- As part of an anticipated Concurrent Investment, Carisma Therapeutics Inc. entered into a subscription agreement with Ocugen, Inc. on **August 29, 2025**, for Ocugen to purchase **$5.0 million** in common stock. The total anticipated Concurrent Investment is at least **$25.0 million**.  **[1485003_0001104659-25-085705_tm2524685d1_8k.htm:1]** 
- Steven Kelly, President and CEO, entered into an Amended and Restated Employment Agreement and a Retention and Transaction Bonus Agreement on **August 29, 2025**, contingent on the Merger closing. He will continue as President and CEO and receive an option for **4.0%** of the fully diluted capitalization post-Merger, along with potential retention and transaction bonuses.  **[1485003_0001104659-25-085705_tm2524685d1_ex10-2.htm:0]** **[1485003_0001104659-25-085705_tm2524685d1_ex10-1.htm:0]** **[1485003_0001104659-25-085705_tm2524685d1_ex10-1.htm:1]** **[1485003_0001104659-25-085705_tm2524685d1_ex10-2.htm:1]** **[1485003_0001104659-25-085705_tm2524685d1_ex10-1.htm:3]** **[1485003_0001104659-25-085705_tm2524685d1_8k.htm:5]** **[1485003_0001104659-25-085705_tm2524685d1_8k.htm:6]** 
- Carisma Therapeutics Inc. must complete the Merger and meet Nasdaq Capital Market listing requirements, including a **$4.00+ bid price** before the Merger closing, by **October 7, 2025**. The deadline for the **$1.00+ bid price** rule was extended to **October 21, 2025**.  **[1485003_0001104659-25-085705_tm2524685d1_8k.htm:7]**

Carisma Therapeutics (CARM)