---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-25-061397"
form_type: "8-K"
ticker: "CARM"
cik: "0001485003"
company_name: "Carisma Therapeutics Inc."
filed_at: "2025-06-23T23:59:59+00:00"
generated_at: "2026-05-18T23:32:40.480551+00:00"
event_type: "m_and_a"
sentiment: "negative"
materiality_score: 0.9
calibrated_materiality_score: 0.9
confidence: "high"
source: SEC EDGAR
---

# Carisma to merge with OrthoCellix; pre-merger holders to own ~10% of combined company

## Summary
- Carisma (CARM) enters merger with Ocugen subsidiary OrthoCellix; Merger Sub to merge into OrthoCellix, which becomes wholly owned subsidiary.
- Pre-merger Carisma stockholders will own ~10% of combined company; Ocugen/OrthoCellix stockholders and Concurrent Investment investors will own ~90%, on fully-diluted basis.
- Expected Concurrent Investment of at least $25M; Ocugen commits to purchase at least $5M of Carisma common stock at or immediately after closing.
- Exchange ratio based on OrthoCellix valuation of $135M (less any shortfall in Concurrent Investment) and Carisma valuation of $15M (adjusted for net cash).
- CVR Agreement grants pre-merger Carisma stockholders contingent cash payments from future disposition of legacy assets, including Moderna collaboration; no assurance of payment.

## SEC filing metadata
- accession: 0001104659-25-061397
- form_type: 8-K
- ticker: CARM
- cik: 0001485003
- company_name: Carisma Therapeutics Inc.
- filed_at: 2025-06-23T23:59:59+00:00
- event_type: m_and_a
- sentiment: negative
- materiality_score: 0.9
- calibrated_materiality_score: 0.9
- confidence: high
- sec_items: 1.01, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1485003/000110465925061397/0001104659-25-061397-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1485003/000110465925061397/tm2518620d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-25-061397
- JSON: https://secwatch.observer/filing/0001104659-25-061397.json
- Plain text: https://secwatch.observer/filing/0001104659-25-061397.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.