Carisma Therapeutics : Corporate Presentation

Cautionary Note Regarding Forward-Looking Statements Regarding Carisma

Statements in this press release about future expectations, plans and prospects, as well as any other statements regarding matters that are not historical facts, may

constitute "forward-looking statements" within the meaning of The Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements relating to Carisma's business, strategy, future operations, cash runway, the advancement of Carisma's product candidates and product pipeline, and clinical development of Carisma's product candidates, including expectations regarding timing of initiation and results of clinical trials. The words ""anticipate," "believe," "contemplate," "continue," "could," "estimate," "expect," "goals," "intend," "may," "might," "outlook," "plan," "project," "potential," "predict," "target," "possible," "will," "would," "could," "should," and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words.

Any forward-looking statements are based on management's current expectations of future events and are subject to a number of risks and uncertainties that could cause actual results to differ materially and adversely from those set forth in, or implied by, such forward-looking statements. These risks and uncertainties include, but are not limited to, (i) Carisma's ability to obtain, maintain and protect its intellectual property rights related to its product candidates; (ii) Carisma's ability to advance the development of its product candidates under the timelines it anticipates in planned and future clinical trials; (iii) Carisma's ability to replicate in later clinical trials positive results found in preclinical studies and early-stage clinical trials of its product candidates; (iv) Carisma's ability to realize the anticipated benefits of its research and development programs, strategic partnerships, research and licensing programs and academic and other collaborations; (v) regulatory requirements or developments and Carisma's ability to obtain and maintain necessary approvals from the U.S. Food and Drug Administration and other regulatory authorities; (vi) changes to clinical trial designs and regulatory pathways; (vii) risks associated with Carisma's ability to manage expenses; (viii) changes in capital resource requirements; (ix) risks related to the inability of Carisma to obtain sufficient additional capital to continue to advance its product candidates and its preclinical programs; and (x) legislative, regulatory, political and economic developments. For a discussion of other risks and uncertainties, and other important factors, any of which could cause the Carisma's actual results to differ from those contained in the forward-looking statements, see the "Risk Factors" set forth in Exhibit 99.3 to Carisma's Current Report on Form 8-K filed with the Securities and Exchange Commission on March 8, 2023, Carisma's Annual Report on Form 10- K for the year ended December 31, 2022 filed with the Securities and Exchange Commission on February 28, 2023, Carisma's Quarterly Report on Form 10-Q for the quarter ended March 31, 2023 filed with the Securities and Exchange Commission on May 11, 2023, as well as discussions of potential risks, uncertainties, and other important factors in Carisma's most recent filings with the Securities and Exchange Commission. Any forward-looking statements that are made in this presentation speak as of the date of this presentation. Carisma undertakes no obligation to revise the forward-looking statements or to update them to reflect events or circumstances occurring after the date of this presentation, whether as a result of new information, future developments or otherwise, except as required by the

Carisma is Positioned for Success

Rapid progress with significant opportunity to become a breakthrough therapeutics company

Macrophages:

The Ultimate Multitasker

Macrophages can:

• Traffic to tumors/inflammation
• Phagocytose
• Initiate immune response
• Present antigen to T-cells
• Resolve fibrosis
• Induce tissue regeneration
• Resolve immune response

CNSMicroglia

macrophage

tumorTAM

1st time only or for platform

Patrol circulation pitch Remove aged cells

Recycle hemoglobin Remove apoptotic cells

Patrol lung Remove surfactant Remove particulate matter First responders in lung

Patrol CNS

Synapse formation/pruning Clearance of plaques Regulation of inflammation

Wound healing

Tissue regeneration

Immune suppression

Regulation of fibrogenesis

Innate immunity

Phagocytosis

Inflammation

Antigen presentation

Immunosuppression

T cell exclusion

Angiogenesis

Fibrogenesis