08:27 AM EDT, 06/23/2025 (MT Newswires) -- Carisma Therapeutics ( CARM ) said Monday it has entered into a definitive merger agreement with Ocugen's ( OCGN ) subsidiary OrthoCellix to combine the companies in an all-stock transaction.

Financial details weren't disclosed.

Upon closing, OrthoCellix will become a wholly owned subsidiary of Carisma, which will be renamed OrthoCellix and trade on the Nasdaq Capital Market under the ticker symbol 'OCLX.'

OrthoCellix stockholders are expected to own about 90% of the combined company, while existing Carisma stockholders will own about 10% on a fully diluted basis. The board of directors of both companies have unanimously approved the merger, which is anticipated to close in the second half of 2025.

The combined company will focus on the development of OrthoCellix's NeoCart technology for the treatment of knee articular cartilage defects, with plans to initiate a phase 3 clinical trial for NeoCart by the end of 2025, Carisma and OrthoCellix said.