---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-25-061435"
form_type: "8-K"
ticker: "OCGN"
cik: "0001372299"
company_name: "Ocugen, Inc."
filed_at: "2025-06-23T23:59:59+00:00"
generated_at: "2026-05-18T23:26:43.865048+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# Ocugen's OrthoCellix to merge with Carisma in reverse merger; combined entity to focus on NeoCart

## Summary
- OrthoCellix valued at $135M; Carisma at $15M; post-merger Ocugen/investors own ~90%, Carisma holders ~10%.
- Concurrent $25M financing from Ocugen ($5M guaranteed) and other investors to fund NeoCart Phase 3 trial.
- Combined company to trade as 'OrthoCellix Inc.' on Nasdaq under ticker OCLX; closing expected H2 2025.
- NeoCart is Phase 3-ready autologous cartilage implant for knee defects; received FDA RMAT designation.
- Carisma legacy asset CVRs issued to pre-merger Carisma stockholders; termination fees of $500K-$750K if deal fails.

## SEC filing metadata
- accession: 0001104659-25-061435
- form_type: 8-K
- ticker: OCGN
- cik: 0001372299
- company_name: Ocugen, Inc.
- filed_at: 2025-06-23T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 1.01, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1372299/000110465925061435/0001104659-25-061435-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1372299/000110465925061435/tm2518642d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-25-061435
- JSON: https://secwatch.observer/filing/0001104659-25-061435.json
- Plain text: https://secwatch.observer/filing/0001104659-25-061435.txt

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