<SEC-DOCUMENT>0001104659-23-041246.txt : 20230404
<SEC-HEADER>0001104659-23-041246.hdr.sgml : 20230404
<ACCEPTANCE-DATETIME>20230404085330
ACCESSION NUMBER:		0001104659-23-041246
CONFORMED SUBMISSION TYPE:	S-8
PUBLIC DOCUMENT COUNT:		6
FILED AS OF DATE:		20230404
DATE AS OF CHANGE:		20230404
EFFECTIVENESS DATE:		20230404

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Carisma Therapeutics Inc.
		CENTRAL INDEX KEY:			0001485003
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		IRS NUMBER:				262025616
		STATE OF INCORPORATION:			PA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-8
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-271103
		FILM NUMBER:		23795247

	BUSINESS ADDRESS:	
		STREET 1:		3675 MARKET STREET
		STREET 2:		SUITE 200
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19104
		BUSINESS PHONE:		2674916422

	MAIL ADDRESS:	
		STREET 1:		3675 MARKET STREET
		STREET 2:		SUITE 200
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19104

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Sesen Bio, Inc.
		DATE OF NAME CHANGE:	20180516

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Eleven Biotherapeutics, Inc.
		DATE OF NAME CHANGE:	20100223
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-8
<SEQUENCE>1
<FILENAME>tm2310991d1_s8.htm
<DESCRIPTION>FORM S-8
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>As filed with the Securities and Exchange Commission
on April 4, 2023</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Registration No.&nbsp;333-</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>



<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES </B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B></B><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM S-8</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>REGISTRATION STATEMENT </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>UNDER </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>THE SECURITIES ACT OF 1933</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>&nbsp;</I></B></P>

<P STYLE="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I></I></B><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Carisma Therapeutics Inc. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Exact Name of Registrant as Specified in Its
Charter) </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>



<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; text-align: center; width: 51%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Delaware</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; width: 48%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>26-2025616</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(State or Other Jurisdiction of</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Incorporation or Organization)</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(I.R.S. Employer</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Identification No.)</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>3675 Market Street, Suite 200</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Philadelphia, PA</B>&nbsp;</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>19104</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(Address of Principal Executive Offices)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(Zip Code)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Carisma Therapeutics Inc. Amended and Restated
2014 Stock Incentive Plan</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><B>Carisma Therapeutics Inc.
2014 Employee Stock Purchase Plan</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CARISMA Therapeutics Inc. 2017 Stock Incentive
Plan</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Full Title of the Plans)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Steven Kelly<BR>
President and Chief Executive Officer </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Carisma Therapeutics Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>3675 Market Street, Suite 200</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Philadelphia, PA</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Name and Address of Agent For Service)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><FONT STYLE="font-family: Times New Roman, Times, Serif">(267)
491-6422<BR>
</FONT>(Telephone Number, Including Area Code, of Agent For Service) </B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark whether the registrant is a large accelerated
filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions
of &ldquo;large accelerated filer,&rdquo; &ldquo;accelerated filer,&rdquo; &ldquo;smaller reporting company,&rdquo; and &ldquo;emerging
growth company&rdquo; in Rule 12b-2 of the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 40%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Large&nbsp;accelerated&nbsp;filer</FONT></TD>
    <TD STYLE="text-align: center; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD>
    <TD STYLE="width: 40%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accelerated&nbsp;filer</FONT></TD>
    <TD STYLE="text-align: center; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-accelerated filer</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Wingdings">&#120;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Smaller&nbsp;reporting&nbsp;company</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#120;</FONT></FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Emerging&nbsp;growth&nbsp;company</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">If an emerging
growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any
new or revised financial accounting standards provided pursuant to Section&nbsp;7(a</FONT>)(2)(B) of the Securities Act. <FONT STYLE="font-family: Wingdings">&#168;</FONT></P>






<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>EXPLANATORY NOTE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On September 20, 2022, Carisma Therapeutics Inc. (formerly Sesen Bio,
Inc.) (the &ldquo;registrant&rdquo;) entered into an Agreement and Plan of Merger and Reorganization (as amended by the First Amendment
thereto dated as of December 29, 2022 and the Second Amendment thereto dated as of February 13, 2023, the &ldquo;Merger Agreement&rdquo;)
with CTx Operations, Inc. (formerly CARISMA Therapeutics Inc.) (&ldquo;Carisma&rdquo;) and Seahawk Merger Sub, Inc., a Delaware corporation
and a wholly owned subsidiary of the registrant (&ldquo;Merger Sub&rdquo;), pursuant to which, among other matters, Merger Sub merged
with and into Carisma, with Carisma continuing as a wholly owned subsidiary of the registrant and the surviving corporation of the merger
(the &ldquo;Merger&rdquo;). Upon the closing of the Merger, the registrant changed its name from &ldquo;Sesen Bio, Inc.&rdquo; to &ldquo;Carisma
Therapeutics Inc.&rdquo;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On March 2, 2023, at a special meeting of the stockholders, the stockholders
of the registrant approved (i) a 1-for-20 reverse stock split of the registrant&rsquo;s Common Stock (as defined below) (the &ldquo;Reverse
Stock Split&rdquo;), (ii) an increase to the number of shares reserved for issuance under the Amended and Restated 2014 Stock Incentive
Plan (the &ldquo;2014 Plan&rdquo;) of 5,586,568 shares of Common Stock, and (iii) an increase to the number of shares reserved for issuance
under the 2014 Employee Stock Purchase Plan (the &ldquo;ESPP&rdquo;) of 278,432 shares of Common Stock.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">At the effective time of the Merger and in accordance with the Merger
Agreement, the registrant assumed the CARISMA Therapeutics Inc. 2017 Stock Incentive Plan (the &ldquo;Carisma 2017 Plan&rdquo;) and each
Carisma option outstanding thereunder in accordance with the terms of the Carisma 2017 Plan and the terms of the nonstatutory stock option
agreement or incentive stock option agreement by which such Carisma option is evidenced.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This registration statement registers (i) 5,586,568 additional shares
of common stock of the registrant, par value $0.001 per share (the &ldquo;Common Stock&rdquo;), reserved and available for future issuance
under the 2014 Plan, (ii) 278,432 additional shares of Common Stock reserved and available for future issuance under the ESPP, and (iii)
3,424,522 shares of Common Stock, issuable with respect to Carisma options assumed by the registrant pursuant to the Merger Agreement.
All applicable share amounts reflect the Reverse Stock Split.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The additional shares reserved and available for future issuance under
the 2014 Plan and the ESPP are of the same class as other securities relating to the 2014 Plan and ESPP for which the registrant&rsquo;s
registration statements filed on Form S-8 filed with the Securities and Exchange Commission (the &ldquo;Commission&rdquo;) on <A HREF="https://www.sec.gov/Archives/edgar/data/1485003/000110465921063498/tm2115524d2_s8.htm" STYLE="-sec-extract: exhibit">May 10, 2021 (File No. 333-255941)</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/1485003/000148500319000093/sesn-formsx8newequityplans.htm" STYLE="-sec-extract: exhibit">November 14, 2019 (File No. 333-234697)</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/1485003/000148500319000033/sesn-formsx8evergreenshare.htm" STYLE="-sec-extract: exhibit">May 21, 2019 (File No. 333-231644)</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/1485003/000148500318000063/ebio-formsx8evergreenshare.htm" STYLE="-sec-extract: exhibit">May 16, 2018</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/1485003/000148500318000103/sesn-formsx8posevergreensh.htm" STYLE="-sec-extract: exhibit">as amended on August 10, 2018 (File No. 333-224959)</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/1485003/000148500317000051/ebioforms8evergreen2017.htm" STYLE="-sec-extract: exhibit">May 5, 2017 (File No. 333-217686)</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/1485003/000148500316000072/ebio-sx8evergreenshares201.htm">March 31, 2016 (File No. 333-210523)</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/1485003/000119312515087899/d888236ds8.htm" STYLE="-sec-extract: exhibit">March 12, 2015 (File No. 333-202677)</A>
and <A HREF="https://www.sec.gov/Archives/edgar/data/1485003/000119312514137268/d709532ds8.htm" STYLE="-sec-extract: exhibit">April 9, 2014 (File No. 333-195170)</A> are effective. The information contained in the registrant&rsquo;s foregoing registration statements
on Form S-8 is hereby incorporated by reference pursuant to General Instruction E.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PART&nbsp;I</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INFORMATION REQUIRED IN THE SECTION&nbsp;10(a)&nbsp;PROSPECTUS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Item 1.</B></FONT>&nbsp;&nbsp;
<B>Plan Information.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The information required by Item 1 is omitted from
this registration statement and included in documents sent or given to participants in the plans covered by this registration statement
pursuant to Rule 428(b)(1) of the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;), and the Note to Part I of Form
S-8.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Item 2.</B></FONT>&nbsp;&nbsp;
<B>Registrant Information and Employee Plan Annual Information.</B></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The written statement required by Item 2 is omitted
from this registration statement and included in documents sent or given to participants in the plans covered by this registration statement
pursuant to Rule 428(b)(1) of the Securities Act and the Note to Part I of Form S-8.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PART&nbsp;II</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Item 3.</B></FONT>&nbsp;&nbsp;
<B>Incorporation of Documents by Reference.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The registrant is subject to the informational
and reporting requirements of Sections 13(a), 14, and 15(d) of the Securities Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;),
and in accordance therewith files reports, proxy statements and other information with the Commission. The following documents, which
are on file with the Commission, are incorporated in this registration statement by reference:</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)</FONT></TD><TD STYLE="text-align: left">The registrant&rsquo;s latest annual report filed pursuant
to Section&nbsp;13(a)&nbsp;or 15(d)&nbsp;of the Exchange Act or the latest prospectus filed pursuant to Rule&nbsp;424(b)&nbsp;under the
Securities Act that contains audited financial statements for the registrant&rsquo;s latest fiscal year for which such statements have
been filed.</TD>
</TR></TABLE>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)</FONT></TD><TD STYLE="text-align: left">All other reports filed pursuant to Section&nbsp;13(a)&nbsp;or
15(d)&nbsp;of the Exchange Act since the end of the fiscal year covered by the document referred to in (a)&nbsp;above.</TD>
</TR></TABLE>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">(c)</FONT></TD><TD STYLE="text-align: left">The description of the securities contained in the registrant&rsquo;s
registration statement on <A HREF="https://www.sec.gov/Archives/edgar/data/1485003/000119312514032959/d668910d8a12b.htm" STYLE="-sec-extract: exhibit">Form&nbsp;8-A</A> filed under the Exchange Act, including any amendment or report filed for the purpose of updating
such description.</TD>
</TR></TABLE>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">All documents subsequently filed by the registrant
pursuant to Sections 13(a), 13(c), 14 and 15(d)&nbsp;of the Exchange Act, prior to the filing of a post-effective amendment which indicates
that all securities offered hereby have been sold or which deregisters all securities then remaining unsold, shall be deemed to be incorporated
by reference in this registration statement and to be part hereof from the date of the filing of such documents.&nbsp; Any statement contained
in a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for the purposes
of this registration statement to the extent that a statement contained herein or in any other subsequently filed document which also
is or is deemed to be incorporated by reference herein modifies or supersedes such statement.&nbsp; Any statement so modified or superseded
shall not be deemed, except as so modified or superseded, to constitute a part of this registration statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Item 4.</B></FONT>&nbsp;&nbsp;
<B>Description of Securities.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 5.&nbsp; Interests of Named Experts and Counsel.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 6.&nbsp; Indemnification of Directors and Officers.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 102 of the Delaware General Corporation
Law (the &ldquo;DGCL&rdquo;) permits a corporation to eliminate the personal liability of its directors or its stockholders for monetary
damages for a breach of fiduciary duty as a director, except where the director breached his or her duty of loyalty, failed to act in
good faith, engaged in intentional misconduct or knowingly violated a law, authorized the payment of a dividend or approved a stock repurchase
in violation of Delaware corporate law or obtained an improper personal benefit. The registrant&rsquo;s restated certificate of incorporation
provides that no director shall be personally liable to the registrant or the registrant&rsquo;s stockholders for monetary damages for
any breach of fiduciary duty as a director, notwithstanding any provision of law imposing such liability, except to the extent that the
DGCL prohibits the elimination or limitation of liability of directors for breaches of fiduciary duty.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 145 of the DGCL provides that a corporation
has the power to indemnify a director, officer, employee or agent of the corporation and certain other persons serving at the request
of the corporation in related capacities against expenses (including attorneys&rsquo; fees), judgments, fines and amounts paid in settlements
actually and reasonably incurred by the person in connection with an action, suit or proceeding to which he or she is or is threatened
to be made a party by reason of such position, if such person acted in good faith and in a manner he or she reasonably believed to be
in or not opposed to the best interests of the corporation, and, in any criminal action or proceeding, had no reasonable cause to believe
his or her conduct was unlawful, except that, in the case of actions brought by or in the right of the corporation, no indemnification
shall be made with respect to any claim, issue or matter as to which such person shall have been adjudged to be liable to the corporation
unless and only to the extent that the Court of Chancery or other adjudicating court determines that, despite the adjudication of liability
but in view of all of the circumstances of the case, such person is fairly and reasonably entitled to indemnification for such expenses
which the Court of Chancery or such other court shall deem proper.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The registrant&rsquo;s restated certificate of
incorporation provides that the registrant will indemnify each person who was or is a party or threatened to be made a party to any threatened,
pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative (other than an action by or
in the right of the registrant), by reason of the fact that he or she is or was, or has agreed to become, the registrant&rsquo;s director
or officer, or is or was serving, or has agreed to serve, at the registrant&rsquo;s request as a director, officer, partner, employee
or trustee of, or in a similar capacity with, another corporation, partnership, joint venture, trust or other enterprise (all such persons
being referred to as an Indemnitee), or by reason of any action alleged to have been taken or omitted in such capacity, against all expenses
(including attorneys&rsquo; fees), judgments, fines and amounts paid in settlement actually and reasonably incurred in connection with
such action, suit or proceeding and any appeal therefrom if such Indemnitee acted in good faith and in a manner he or she reasonably believed
to be in, or not opposed to, the registrant&rsquo;s best interests, and, with respect to any criminal action or proceeding, he or she
had no reasonable cause to believe his or her conduct was unlawful.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The registrant&rsquo;s restated certificate of
incorporation also provides that the registrant will indemnify any Indemnitee who was or is a party to an action or suit by or in the
right of the registrant to procure a judgment in the registrant&rsquo;s favor by reason of the fact that the Indemnitee is or was, or
has agreed to become, the registrant&rsquo;s director or officer, or is or was serving, or has agreed to serve, at the registrant&rsquo;s
request as a director, officer, partner, employee or trustee of, or in a similar capacity with, another corporation, partnership, joint
venture, trust or other enterprise, or by reason of any action alleged to have been taken or omitted in such capacity, against all expenses
(including attorneys&rsquo; fees) and, to the extent permitted by law, amounts paid in settlement actually and reasonably incurred in
connection with such action, suit or proceeding, and any appeal therefrom, if the Indemnitee acted in good faith and in a manner he or
she reasonably believed to be in, or not opposed to, the registrant&rsquo;s best interests, except that no indemnification shall be made
with respect to any claim, issue or matter as to which such person shall have been adjudged to be liable to the registrant, unless a court
determines that, despite such adjudication but in view of all of the circumstances, he or she is entitled to indemnification of such expenses.
Notwithstanding the foregoing, to the extent that any Indemnitee has been successful, on the merits or otherwise, he or she will be indemnified
by the registrant against all expenses (including attorneys&rsquo; fees) actually and reasonably incurred by him or her or on his or her
behalf in connection therewith. If the registrant does not assume the defense, expenses must be advanced to an Indemnitee under certain
circumstances.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition, the registrant has entered into indemnification
agreements with all of the registrant&rsquo;s executive officers and directors. In general, these agreements provide that the registrant
will indemnify the executive officer or director to the fullest extent permitted by law for claims arising in his or her capacity as an
executive officer or director of the registrant or in connection with his or her service at the registrant&rsquo;s request for another
corporation or entity. The indemnification agreements also provide for procedures that will apply in the event that an executive officer
or director makes a claim for indemnification and establish certain presumptions that are favorable to the executive officer or director.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
registrant maintains a general liability insurance policy that covers certain liabilities of the registrant&rsquo;s directors and officers
arising out of claims based on acts or omissions in their capacities as directors or officers</FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 7.&nbsp; Exemption from Registration Claimed.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

<!-- Field: Page; Sequence: 4 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item&nbsp;8. Exhibits. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following exhibits are incorporated herein by reference:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
<TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap">Number</TD>
    <TD>&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid">Description</TD></TR>
<TR>
<TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD STYLE="white-space: nowrap; vertical-align: top"><A HREF="https://www.sec.gov/Archives/edgar/data/1485003/000110465923029687/tm238578d1_ex3-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1</FONT></A></TD>
    <TD>&nbsp;</TD>
<TD STYLE="text-align: left; vertical-align: top"><A HREF="https://www.sec.gov/Archives/edgar/data/1485003/000110465923029687/tm238578d1_ex3-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Restated Certificate of Incorporation of Carisma Therapeutics Inc., dated March&nbsp;7, 2023 (incorporated by reference to Exhibit 3.1 to the registrant&rsquo;s Current Report on Form 8-K (File No. 001-36296) filed with the Securities and Exchange Commission on March 8, 2023).</FONT></A></TD></TR>
<TR>
<TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR>
<TD STYLE="text-align: left; white-space: nowrap; vertical-align: top"><A HREF="https://www.sec.gov/Archives/edgar/data/1485003/000110465923029687/tm238578d1_ex3-2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.2</FONT></A></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: left; vertical-align: top"><A HREF="https://www.sec.gov/Archives/edgar/data/1485003/000110465923029687/tm238578d1_ex3-2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amended and Restated By-Laws of Carisma Therapeutics Inc., dated March&nbsp;7, 2023 (incorporated by reference to Exhibit 3.2 to the registrant&rsquo;s Current Report on Form 8-K (File No. 001-36296) filed with the Securities and Exchange Commission on March 8, 2023).</FONT></A></TD></TR>
<TR>
<TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR>
<TD STYLE="text-align: left; white-space: nowrap; vertical-align: top"><A HREF="tm2310991d1_ex5-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.1*</FONT></A></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: left; vertical-align: top"><A HREF="tm2310991d1_ex5-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Opinion of Wilmer Cutler Pickering Hale and Dorr LLP, counsel to the registrant.</FONT></A></TD></TR>
<TR>
<TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR>
<TD STYLE="text-align: left; white-space: nowrap; vertical-align: top"><A HREF="tm2310991d1_ex23-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.1*</FONT></A></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: left; vertical-align: top"><A HREF="tm2310991d1_ex23-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of KPMG LLP, independent registered public accounting firm.</FONT></A></TD></TR>
<TR>
<TD STYLE="text-align: left; white-space: nowrap; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD></TR>
<TR>
<TD STYLE="text-align: left; white-space: nowrap; vertical-align: top"><A HREF="tm2310991d1_ex23-2.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.2*</FONT></A></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: left; vertical-align: top"><A HREF="tm2310991d1_ex23-2.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of Ernst &amp; Young LLP, independent registered public accounting firm.</FONT></A></TD></TR>
<TR>
<TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR>
<TD STYLE="text-align: left; white-space: nowrap; vertical-align: top"><A HREF="tm2310991d1_ex5-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.3*</FONT></A></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: left; vertical-align: top"><A HREF="tm2310991d1_ex5-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of Wilmer Cutler Pickering Hale and Dorr LLP (included in Exhibit 5.1)</FONT><FONT STYLE="font-size: 10pt">.</FONT></A></TD></TR>
<TR>
<TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR>
<TD STYLE="text-align: left; white-space: nowrap; vertical-align: top"><A HREF="#a_001"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24.1*</FONT></A></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: left; vertical-align: top"><A HREF="#a_001"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Power of attorney (included on the signature pages of this registration statement).</FONT></A></TD></TR>
<TR>
<TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR>
<TD STYLE="text-align: left; white-space: nowrap; vertical-align: top"><A HREF="https://www.sec.gov/Archives/edgar/data/1485003/000110465923029687/tm238578d1_ex10-10.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.1</FONT></A></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: left; vertical-align: top"><A HREF="https://www.sec.gov/Archives/edgar/data/1485003/000110465923029687/tm238578d1_ex10-10.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CARISMA Therapeutics Inc. 2017 Stock Incentive Plan (incorporated by reference to Exhibit 10.10 to the registrant&rsquo;s Current Report on Form 8-K (File No. 001-36296) filed with the Securities and Exchange Commission on March 8, 2023).</FONT></A></TD></TR>
<TR>
<TD STYLE="text-align: left; white-space: nowrap; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD></TR>
<TR>
<TD STYLE="text-align: left; white-space: nowrap; vertical-align: top"><A HREF="https://www.sec.gov/Archives/edgar/data/1485003/000110465923029687/tm238578d1_ex10-13.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.2</FONT></A></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: left; vertical-align: top"><A HREF="https://www.sec.gov/Archives/edgar/data/1485003/000110465923029687/tm238578d1_ex10-13.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Carisma Therapeutics Inc. Amended and Restated 2014 Stock Incentive Plan (incorporated by reference to Exhibit 10.13 to the registrant&rsquo;s Current Report on Form 8-K (File No. 001-36296) filed with the Securities and Exchange Commission on March 8, 2023).</FONT></A></TD></TR>
<TR>
<TD STYLE="text-align: left; white-space: nowrap; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD></TR>
<TR>
<TD STYLE="text-align: left; white-space: nowrap; vertical-align: top"><A HREF="https://www.sec.gov/Archives/edgar/data/1485003/000110465923029687/tm238578d1_ex10-16.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.3</FONT></A></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: left; vertical-align: top"><A HREF="https://www.sec.gov/Archives/edgar/data/1485003/000110465923029687/tm238578d1_ex10-16.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Carisma Therapeutics Inc. 2014 Employee Stock Purchase Plan (incorporated by reference to Exhibit 10.16 to the registrant&rsquo;s Current Report on Form 8-K (File No. 001-36296) filed with the Securities and Exchange Commission on March 8, 2023).</FONT></A></TD></TR>
<TR>
<TD STYLE="text-align: left; white-space: nowrap; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD></TR>
<TR>
<TD STYLE="text-align: left; white-space: nowrap; vertical-align: top"><A HREF="tm2310991d1_ex-filingfees.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">107*</FONT></A></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: left; vertical-align: top"><A HREF="tm2310991d1_ex-filingfees.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Filing Fee Table.</FONT></A></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Filed herewith </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 9.&nbsp; Undertakings.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)</FONT></TD><TD STYLE="text-align: left">The undersigned registrant hereby undertakes:</TD>
</TR></TABLE>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">(1)</FONT></TD><TD STYLE="text-align: left">To file, during any period in which offers or sales are being
made, a post-effective amendment to this registration statement:</TD>
</TR></TABLE>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 1.75in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">(i)</FONT></TD><TD STYLE="text-align: left">To include any prospectus required by Section&nbsp;10(a)(3)&nbsp;of
the Securities Act;</TD>
</TR></TABLE>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 1.75in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">(ii)</FONT></TD><TD STYLE="text-align: left">To reflect in the prospectus any facts or events arising after
the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the
aggregate, represent a fundamental change in the information set forth in the registration statement.&nbsp; Notwithstanding the foregoing,
any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which
was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus
filed with the Commission pursuant to Rule&nbsp;424(b)&nbsp;if, in the aggregate, the changes in volume and price represent no more than
20% change in the maximum aggregate offering price set forth in the &ldquo;Calculation of Registration Fee&rdquo; table in the effective
registration statement; and</TD>
</TR></TABLE>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 1.75in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">(iii)</FONT></TD><TD STYLE="text-align: left">To include any material information with respect to the plan
of distribution not previously disclosed in the registration statement or any material change to such information in the registration
statement;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0 0pt 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>provided,
however,</I></FONT> that paragraphs (a)(1)(i)&nbsp;and (a)(1)(ii)&nbsp;above do not apply if the information required to be included in
a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the registrant pursuant
to Section&nbsp;13 or Section&nbsp;15(d)&nbsp;of the Exchange Act that are incorporated by reference in the registration statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">(2)</FONT></TD><TD STYLE="text-align: left">That, for the purpose of determining any liability under the
Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered
therein, and the offering of such securities at that time shall be deemed to be the initial <I>bona fide</I> offering thereof.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">(3)</FONT></TD><TD STYLE="text-align: left">To remove from registration by means of a post-effective amendment
any of the securities being registered which remain unsold at the termination of the offering.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)</FONT></TD><TD STYLE="text-align: left">The undersigned registrant hereby undertakes that, for purposes
of determining any liability under the Securities Act, each filing of the registrant&rsquo;s annual report pursuant to Section&nbsp;13(a)&nbsp;or
Section&nbsp;15(d)&nbsp;of the Exchange Act (and, where applicable, each filing of an employee benefit plan&rsquo;s annual report pursuant
to Section 15(d) of the Exchange Act) that is incorporated by reference in the registration statement shall be deemed to be a new registration
statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial
<I>bona fide</I> offering thereof.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">(c)</FONT></TD><TD STYLE="text-align: left">Insofar as indemnification for liabilities arising under the
Securities Act may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions,
or otherwise, the registrant has been advised that in the opinion of the Commission such indemnification is against public policy as
expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities
(other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant
in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection
with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling
precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as
expressed in the Securities Act and will be governed by the final adjudication of such issue.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the requirements of the Securities
Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form
S-8 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City
of Philadelphia, Commonwealth of Pennsylvania on this 4th day of April, 2023.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 50%">&nbsp;</TD>
<TD STYLE="width: 3%">&nbsp;</TD>
<TD STYLE="width: 47%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
<TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CARISMA THERAPEUTICS INC.</FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
<TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; vertical-align: top">/s/ Steven Kelly &nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
<TD STYLE="vertical-align: top">&nbsp;</TD>
<TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Steven Kelly</FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
<TD STYLE="vertical-align: top">&nbsp;</TD>
<TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">President and Chief Executive Officer</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_001"></A><B>POWER OF ATTORNEY AND SIGNATURES </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We, the undersigned officers and directors of Carisma
Therapeutics Inc., hereby severally constitute and appoint Steven Kelly, Richard Morris and Thomas Wilton, and each of them singly, our
true and lawful attorneys with full power to them, and each of them singly, to sign for us and in our names in the capacities indicated
below, the registration statement on Form S-8 filed herewith and any and all subsequent amendments to said registration statement, and
generally to do all such things in our names and on our behalf in our capacities as officers and directors to enable Carisma Therapeutics
Inc., to comply with the provisions of the Securities Act of 1933, as amended, and all requirements of the Securities and Exchange Commission,
hereby ratifying and confirming our signatures as they may be signed by our said attorneys, or any of them, to said registration statement
and any and all amendments thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the requirements of the Securities
Act of 1933, this registration statement has been signed by the following persons in the capacities and on the dates indicated.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 36%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="width: 44%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 17%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; white-space: nowrap; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Signature</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Title</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Date</B></FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: black 0.75pt solid">/s/ Steven Kelly</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Steven Kelly</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">President, Chief Executive Officer, Director</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(Principal Executive Officer)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">April 4, 2023</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: black 0.75pt solid">/s/ Richard Morris</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Richard Morris</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Financial Officer (Principal Financial and Accounting Officer)</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">April 4, 2023</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: black 0.75pt solid">/s/ Sanford Zweifach</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sanford Zweifach</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director and Chair of the Board</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">April 4, 2023</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: black 0.75pt solid">/s/ Regina Hodits, Ph.D.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Regina Hodits, Ph.D.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">April
    4, 2023</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: black 0.75pt solid">/s/ Briggs Morrison, M.D.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Briggs Morrison, M.D.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">April 4, 2023</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: black 0.75pt solid">/s/ Bj&ouml;rn Odlander, M.D.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Bj&ouml;rn Odlander, M.D.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">April 4, 2023</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: black 0.75pt solid">/s/ Michael Torok</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Michael Torok</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">April 4, 2023</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: black 0.75pt solid">/s/ Chidozie Ugwumba</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Chidozie Ugwumba</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">April 4, 2023</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>tm2310991d1_ex5-1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in; text-align: right"><B>Exhibit 5.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.85pt 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: right"><IMG SRC="tm2310991d1_ex5-1img01.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7pt 0pt 0; text-align: right">+1 617 526 6000 (t)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7pt 0pt 0; text-align: right">+1 617 526 5000 (f)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7pt 0pt 0; text-align: right">wilmerhale.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">April 4, 2023</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Carisma Therapeutics Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">3675 Market St., Suite 200</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Philadelphia, Pennsylvania 19104</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
  <TD STYLE="width: 0.4in">Re:</TD>
  <TD><U>Registration Statement on Form S-8</U></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have assisted in the preparation of a Registration Statement on Form S-8 (the &ldquo;<B>Registration Statement</B>&rdquo;) to be filed
with the Securities and Exchange Commission (the &ldquo;<B>Commission</B>&rdquo;) under the Securities Act of 1933, as amended (the &ldquo;<B>Securities
Act</B>&rdquo;), relating to an aggregate of 9,289,522 shares of common stock, $0.001 par value per share (the &ldquo;<B>Shares</B>&rdquo;),
of Carisma Therapeutics Inc. (formerly Sesen Bio, Inc.), a Delaware corporation (the &ldquo;<B>Company</B>&rdquo;), </FONT>including 5,586,568
Shares issuable under the Carisma Therapeutics Inc. Amended and Restated 2014 Stock Incentive Plan (the &ldquo;<B>2014 Plan</B>&rdquo;),
278,432 Shares issuable under the Carisma Therapeutics Inc. 2014 Employee Stock Purchase Plan (the &ldquo;<B>ESPP</B>&rdquo;) and 3,424,522
Shares issuable under the CARISMA Therapeutics Inc. 2017 Stock Incentive Plan (the &ldquo;<B>2017 Plan</B>&rdquo; and together with the
2014 Plan and the ESPP, the &ldquo;<B>Plans</B>&rdquo;). The options issued and the shares issuable upon exercise thereof under the 2017
Plan were assumed by the Company in connection with the closing of the transactions contemplated by the Agreement and Plan of Merger and
Reorganization, dated as of September 20, 2022, as amended by the First Amendment thereto dated as of December 29, 2022 and the Second
Amendment thereto dated as of February 13, 2023 (as amended, the &ldquo;<B>Merger Agreement</B>&rdquo;), by and among the Company, CTx
Operations, Inc. (formerly CARISMA Therapeutics Inc.) and Seahawk Merger Sub, Inc.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We have examined the Restated Certificate of Incorporation
and Amended and Restated By-Laws of the Company, each as amended and restated to date, and originals, or copies certified to our satisfaction,
of all pertinent records of the meetings of the board of directors and stockholders of the Company, the Registration Statement, the Plans,
the Merger Agreement and such other documents relating to the Company as we have deemed material for the purposes of this opinion.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In our examination of the foregoing documents,
we have assumed the genuineness of all signatures, the authenticity of all documents submitted to us as originals, the conformity to original
documents of all documents submitted to us as certified, photostatic or other copies, the authenticity of the originals of any such documents
and the legal competence of all signatories to such documents.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We assume that the appropriate action will be taken,
prior to the offer and sale of the Shares in accordance with the Plans, to register and qualify the Shares for sale under all applicable
state securities or &ldquo;blue sky&rdquo; laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">Carisma Therapeutics Inc. <BR>
April 4, 2023<BR>
 Page 2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><IMG SRC="tm2310991d1_ex5-1img01.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We express no opinion herein as to the laws of
any state or jurisdiction other than the General Corporation Law of the State of Delaware.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">It is understood that this opinion is to be used
only in connection with the offer and sale of the Shares while the Registration Statement is in effect.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Please note that we are opining only as to the
matters expressly set forth herein, and no opinion should be inferred as to any other matters.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Based on the foregoing, we are of the opinion that
the Shares have been duly authorized for issuance and, when the Shares are issued and paid for in accordance with the terms and conditions
of the Plans, the Shares will be validly issued, fully paid and nonassessable.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We hereby consent to the filing of this opinion
with the Commission in connection with the Registration Statement in accordance with the requirements of Item 601(b)(5) of Regulation
S-K under the Securities Act. In giving such consent, we do not hereby admit that we are in the category of persons whose consent is required
under Section 7 of the Securities Act or the rules and regulations of the Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Very truly yours,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>/s/ Wilmer Cutler Pickering Hale and Dorr LLP</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">WILMER CUTLER PICKERING HALE AND DORR <FONT STYLE="font-variant: small-caps">LLP</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="12" STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Wilmer Cutler Pickering Hale
    and Dorr <FONT STYLE="font-size: 7pt; font-variant: small-caps">LLP</FONT>, 7 World Trade Center, 250 Greenwich Street, New York,
    New York 10007</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Beijing</FONT></TD>
    <TD STYLE="width: 6%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Berlin</FONT></TD>
    <TD STYLE="width: 7%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Boston</FONT></TD>
    <TD STYLE="width: 7%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Brussels</FONT></TD>
    <TD STYLE="width: 7%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Denver</FONT></TD>
    <TD STYLE="width: 7%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Frankfurt</FONT></TD>
    <TD STYLE="width: 7%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">London</FONT></TD>
    <TD STYLE="width: 10%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Los Angeles</FONT></TD>
    <TD STYLE="width: 8%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">New York</FONT></TD>
    <TD STYLE="width: 8%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Palo Alto</FONT></TD>
    <TD STYLE="width: 16%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">San Francisco</FONT></TD>
    <TD STYLE="width: 10%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Washington</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>3
<FILENAME>tm2310991d1_ex23-1.htm
<DESCRIPTION>EXHIBIT 23.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 23.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Consent of Independent Registered Public Accounting
Firm</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-weight: normal">We consent to the use of our report
dated April 4,&nbsp;2023, with respect to the consolidated financial statements of Carisma Therapeutics Inc., incorporated herein
by reference.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-weight: normal">/s/ KPMG LLP</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-weight: normal">Philadelphia, Pennsylvania<BR>
April 4,&nbsp;2023</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-23.2
<SEQUENCE>4
<FILENAME>tm2310991d1_ex23-2.htm
<DESCRIPTION>EXHIBIT 23.2
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #333333">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit&nbsp;23.2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #333333">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #333333"><B>Consent of Independent Registered
Public Accounting Firm</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #333333">We consent to the incorporation by reference in the
Registration Statement (Form&nbsp;S-8) pertaining to the Amended and Restated 2014 Stock Incentive Plan, 2014 Employee Stock Purchase
Plan, and 2017 Stock Incentive Plan of Carisma Therapeutics Inc. (f/k/a Sesen Bio,&nbsp;Inc.) of our report dated February&nbsp;28, 2023,
with respect to the consolidated financial statements of Sesen Bio,&nbsp;Inc., included in its Annual Report (Form&nbsp;10-K) for the
year ended December&nbsp;31, 2022, filed with the Securities and Exchange Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ Ernst&nbsp;&amp; Young LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Boston, Massachusetts</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">April&nbsp;4, 2023</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-FILING FEES
<SEQUENCE>5
<FILENAME>tm2310991d1_ex-filingfees.htm
<DESCRIPTION>EX-FILING FEES
<TEXT>
<HTML>
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     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 397.8pt"><B>Exhibit 107</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Calculation of Filing Fee Tables</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Form
    S-8</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Form Type)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Carisma
    Therapeutics Inc.</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact Name of Registrant as Specified in
    its Charter)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Table 1&mdash;Newly Registered Securities</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border-top: Black 2.25pt double; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 2.25pt double; width: 9%; padding-right: 5.5pt; padding-left: 5.5pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Security<BR>
    Type</B></FONT></TD>
    <TD STYLE="border-top: Black 2.25pt double; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 13%; padding-right: 5.5pt; padding-left: 5.5pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Security
    Class<BR>
    Title</B></FONT></TD>
    <TD STYLE="border-top: Black 2.25pt double; width: 11%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.5pt; padding-left: 5.5pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Fee<BR>
    Calculation<BR>
    Rule</B></FONT></TD>
    <TD STYLE="border-top: Black 2.25pt double; width: 19%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.5pt; padding-left: 5.5pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Amount
    <BR>
    Registered<SUP>(1)</SUP></B></FONT></TD>
    <TD STYLE="border-top: Black 2.25pt double; width: 12%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.5pt; padding-left: 5.5pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Proposed<BR>
    Maximum<BR>
    Offering<BR>
    Price Per <BR>
    Unit </B></FONT></TD>
    <TD STYLE="border-top: Black 2.25pt double; width: 13%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.5pt; padding-left: 5.5pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Maximum<BR>
    Aggregate<BR>
    Offering Price</B></FONT></TD>
    <TD STYLE="border-top: Black 2.25pt double; width: 12%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.5pt; padding-left: 5.5pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Fee
    Rate</B></FONT></TD>
    <TD STYLE="border-top: Black 2.25pt double; border-right: Black 2.25pt double; border-bottom: Black 1pt solid; width: 11%; padding-right: 5.5pt; padding-left: 5.5pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Amount
    of<BR>
    Registration<BR>
    Fee</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 2.25pt double; padding-right: 5.5pt; padding-left: 5.5pt; text-align: center"><FONT STYLE="font-size: 10pt">Equity</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.5pt; padding-left: 5.5pt"><FONT STYLE="font-size: 10pt">Common
    Stock, $0.001 par value per share</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.5pt; padding-left: 5.5pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Rule 457(c) and 457(h)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.5pt; padding-left: 5.5pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">5,586,568<SUP>(2)</SUP></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.5pt; padding-left: 5.5pt; text-align: center"><FONT STYLE="font-size: 10pt">$3.08<SUP>(3)</SUP></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.5pt; padding-left: 5.5pt; text-align: center"><FONT STYLE="font-size: 10pt">$17,206,630<SUP>(3)</SUP></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.5pt; padding-left: 5.5pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">$110.20</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">per $1,000,000</P></TD>
    <TD STYLE="border-right: Black 2.25pt double; border-bottom: Black 1pt solid; padding-right: 5.5pt; padding-left: 5.5pt; text-align: center"><FONT STYLE="font-size: 10pt">$1,896.18</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 2.25pt double; padding-right: 5.5pt; padding-left: 5.5pt; text-align: center"><FONT STYLE="font-size: 10pt">Equity</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.5pt; padding-left: 5.5pt"><FONT STYLE="font-size: 10pt">Common
    Stock, $0.001 par value per share</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.5pt; padding-left: 5.5pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Rule 457(c) and 457(h)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.5pt; padding-left: 5.5pt; text-align: center"><FONT STYLE="font-size: 10pt">278,432<SUP>(4)</SUP></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.5pt; padding-left: 5.5pt; text-align: center"><FONT STYLE="font-size: 10pt">$3.08<SUP>(3)</SUP></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.5pt; padding-left: 5.5pt; text-align: center"><FONT STYLE="font-size: 10pt">$857,571<SUP>(3)</SUP></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.5pt; padding-left: 5.5pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">$110.20</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">per $1,000,000</P></TD>
    <TD STYLE="border-right: Black 2.25pt double; border-bottom: Black 1pt solid; padding-right: 5.5pt; padding-left: 5.5pt; text-align: center"><FONT STYLE="font-size: 10pt">$94.51</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 2.25pt double; padding-right: 5.5pt; padding-left: 5.5pt; text-align: center"><FONT STYLE="font-size: 10pt">Equity</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.5pt; padding-left: 5.5pt"><FONT STYLE="font-size: 10pt">Common
    Stock, $0.001 par value per share</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.5pt; padding-left: 5.5pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">457(h)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.5pt; padding-left: 5.5pt; text-align: center"><FONT STYLE="font-size: 10pt">3,424,522<SUP>(5)</SUP></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.5pt; padding-left: 5.5pt; text-align: center"><FONT STYLE="font-size: 10pt">$1.23<SUP>(6)</SUP></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.5pt; padding-left: 5.5pt; text-align: center"><FONT STYLE="font-size: 10pt">$4,212,162<SUP>(6)</SUP></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.5pt; padding-left: 5.5pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">$110.20</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">per $1,000,000</P></TD>
    <TD STYLE="border-right: Black 2.25pt double; border-bottom: Black 1pt solid; padding-right: 5.5pt; padding-left: 5.5pt; text-align: center"><FONT STYLE="font-size: 10pt">$464.18</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 2.25pt double; padding-right: 5.5pt; padding-left: 5.5pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Total
    Offering Amounts</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.5pt; padding-left: 5.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.5pt; padding-left: 5.5pt; text-align: center"><FONT STYLE="font-size: 10pt">$22,276,363</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.5pt; padding-left: 5.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 2.25pt double; border-bottom: Black 1pt solid; padding-right: 5.5pt; padding-left: 5.5pt; text-align: center">$2,454.87</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 2.25pt double; padding-right: 5.5pt; padding-left: 5.5pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Total
    Fee Offsets</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.5pt; padding-left: 5.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.5pt; padding-left: 5.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.5pt; padding-left: 5.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 2.25pt double; border-bottom: Black 1pt solid; padding-right: 5.5pt; padding-left: 5.5pt; text-align: center"><FONT STYLE="font-size: 10pt"><U>&mdash;</U></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="border-right: Black 1pt solid; border-bottom: Black 2.25pt double; border-left: Black 2.25pt double; padding-right: 5.5pt; padding-left: 5.5pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Net
    Fee Due</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.5pt; padding-left: 5.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.5pt; padding-left: 5.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.5pt; padding-left: 5.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 2.25pt double; border-bottom: Black 2.25pt double; padding-right: 5.5pt; padding-left: 5.5pt; text-align: center">$2,454.87</TD></TR>
  </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(1)</TD><TD STYLE="text-align: left">In accordance with Rule 416 under the Securities
                                            Act of 1933, as amended (the &ldquo;Securities Act&rdquo;), this registration statement shall
                                            be deemed to cover any additional securities that may from time to time be offered or issued
                                            to prevent dilution resulting from stock splits, stock dividends or similar transactions
                                            under (i) the registrant&rsquo;s Amended and Restated 2014 Stock Incentive Plan (the &ldquo;2014
                                            Plan&rdquo;), (ii) the registrant&rsquo;s 2014 Employee Stock Purchase Plan (the &ldquo;ESPP&rdquo;)
                                            or (iii) the CARISMA Therapeutics Inc. 2017 Stock Incentive Plan (the &ldquo;Carisma 2017
                                            Plan&rdquo;).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(2)</TD><TD STYLE="text-align: left">Consists of an additional 5,586,568 shares
                                            of common stock, $0.001 par value per share (&ldquo;Common Stock&rdquo;) issuable under the
                                            2014 Plan, as approved by the registrant&rsquo;s stockholders at a special meeting held on
                                            March 2, 2023.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(3)</TD><TD STYLE="text-align: left">Estimated solely for the purpose of calculating
                                            the registration fee pursuant to Rules 457(c) and 457(h) of the Securities Act and based
                                            upon the average of the high and low prices of the registrant&rsquo;s Common Stock as reported
                                            on Nasdaq on March 29, 2023.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(4)</TD><TD STYLE="text-align: left">Consists of an additional 278,432 shares
                                            of Common Stock issuable under the ESPP, as approved by the registrant&rsquo;s stockholders
                                            at a special meeting held on March 2, 2023.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(5)</TD><TD STYLE="text-align: left">Represents 3,424,522 shares of Common Stock
                                            issuable with respect to Carisma (as defined below) options assumed by the registrant pursuant
                                            to the Agreement and Plan of Merger and Reorganization, dated as of September 20, 2022 (as
                                            amended by the First Amendment thereto dated as of December 29, 2022 and the Second Amendment
                                            thereto dated as of February 13, 2023, the &ldquo;Merger Agreement&rdquo;), by and among
                                            the registrant, CTx Operations, Inc. (formerly CARISMA Therapeutics Inc.) (&ldquo;Carisma&rdquo;)
                                            and Seahawk Merger Sub, Inc. (such Carisma options were previously granted pursuant to the
                                            Carisma 2017 Plan).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(6)</TD><TD STYLE="text-align: left">Estimated solely for the purpose of calculating
                                            the registration fee pursuant to Rule 457(h) of the Securities Act and based on a weighted
                                            average exercise price of $1.23 per share, the weighted average exercise price (rounded
                                            to the nearest cent) of the outstanding option awards granted pursuant to the Carisma 2017
                                            Plan and assumed by the registrant pursuant to the Merger Agreement.</TD></TR></TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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end
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