Daniil Gataulin

Michael Okunewitch

Swayampakula Ramakanth

Robert LeBoyer

Boris Peaker

- **Ocugen, Inc. (OCGN)** announced the **termination of its Merger Agreement** with Carisma Therapeutics Inc. on **September 16, 2025**.  **[1372299_0001104659-25-091097_tm2526448d1_8k.htm:1]** 
- The termination was due to Ocugen's inability to secure at least **$25.0 million** in commitments for a Concurrent Investment, which was a condition for the merger.  **[1372299_0001104659-25-091097_tm2526448d1_8k.htm:1]** 
- Factors contributing to the difficulty in securing the investment included **poor market conditions** and the short timeline for Carisma's Nasdaq compliance deadline of **October 7, 2025**.  **[1372299_0001104659-25-091097_tm2526448d1_8k.htm:1]** 
- Following the termination, Ocugen intends to **focus on gene therapies** and will explore alternatives for its regenerative cell therapy platform, including OrthoCellix's NeoCart® technology.  **[1372299_0001104659-25-091097_tm2526448d1_8k.htm:1]**

Ocugen Announces Termination of Merger Agreement with Carisma Therapeutics

- On **September 11, 2025**, Ocugen, Inc. entered into an **Exclusive License Agreement** with Kwangdong Pharmaceutical Co., Ltd., granting Kwangdong rights to develop, commercialize, and sell **OCU400**, a gene therapy for retinitis pigmentosa, in the **Republic of Korea**.  **[1372299_0001104659-25-090113_tm2526167d1_8k.htm:1]** 
- Under the agreement, Ocugen will receive an **upfront license fee of $1 million**.  **[1372299_0001104659-25-090113_tm2526167d1_8k.htm:1]** 
- Ocugen is also eligible for up to **$6.5 million** upon achieving certain regulatory and development milestones, **$1.5 million** for every **$15 million** of sales milestones, and a **25% royalty** on net sales of OCU400 in the Territory.  **[1372299_0001104659-25-090113_tm2526167d1_8k.htm:1]** 
- Kwangdong will manage regulatory submissions and commercialization efforts in the Republic of Korea, while Ocugen will manufacture the commercial supply of the licensed product.  **[1372299_0001104659-25-090113_tm2526167d1_8k.htm:1]**

Ocugen, Inc. Enters Licensing Agreement with Kwangdong Pharmaceutical

- Ocugen, Inc. has entered into a licensing agreement with Kwangdong Pharmaceutical for the **exclusive Korean rights to OCU400**, a modifier gene therapy for retinitis pigmentosa.  **[1372299_22edd440211a4c7f88808f45bae570fb_1]** 
- Under the agreement, Ocugen will receive **upfront fees and near-term development milestones totaling up to $7.5 million**, potential **sales milestones of $180 million or more** in the first 10 years of commercialization, and a **25% royalty on net sales** in Korea.  **[1372299_22edd440211a4c7f88808f45bae570fb_0]** **[1372299_22edd440211a4c7f88808f45bae570fb_1]** 
- Ocugen will be responsible for **manufacturing and supplying OCU400**.  **[1372299_22edd440211a4c7f88808f45bae570fb_0]** **[1372299_22edd440211a4c7f88808f45bae570fb_1]**

Ocugen (OCGN)