---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-25-091064"
form_type: "8-K"
ticker: "CARM"
cik: "0001485003"
company_name: "Carisma Therapeutics Inc."
filed_at: "2025-09-18T23:59:59+00:00"
generated_at: "2026-05-17T06:14:22.604522+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.95
calibrated_materiality_score: 0.95
confidence: "high"
source: SEC EDGAR
---

# Carisma terminates merger with OrthoCellix, receives $4M from Moderna, expects wind-down

## Summary
- Moderna pays $4M one-time to eliminate all future milestones, royalties, and research costs under the 2022 collaboration; licenses become fully paid-up and perpetual.
- Merger with OrthoCellix/Ocugen terminated after OrthoCellix failed to secure $25M concurrent financing by Sept 15, 2025.
- Carisma is owed $750K termination fee and $500K expense reimbursement from OrthoCellix; OrthoCellix has not confirmed payment; Carisma intends to enforce.
- No meaningful cash expected for stockholders; company plans orderly wind-down or possible bankruptcy/liquidation absent a strategic transaction.
- Nasdaq delisting risk by Oct 7, 2025; the Hearings Panel could delist earlier given the merger was central to compliance plan.

## SEC filing metadata
- accession: 0001104659-25-091064
- form_type: 8-K
- ticker: CARM
- cik: 0001485003
- company_name: Carisma Therapeutics Inc.
- filed_at: 2025-09-18T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 0.95
- calibrated_materiality_score: 0.95
- confidence: high
- sec_items: 1.01, 1.02, 8.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1485003/000110465925091064/0001104659-25-091064-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1485003/000110465925091064/tm2526076d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-25-091064
- JSON: https://secwatch.observer/filing/0001104659-25-091064.json
- Plain text: https://secwatch.observer/filing/0001104659-25-091064.txt

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