CARGO Therapeutics (CRGX, Financials) saw its stock jump 18.9% pre-market to $4.52 on Wednesday after announcing it would suspend development of its CRG-023 product and allogeneic platform, along with cutting approximately 90% of its workforce to preserve cash and seek a strategic business combination. The decision follows the company’s discontinuation of the Phase 2 FIRCE-1
– Development of CRG-023 and allogeneic platform suspended; further reduction in force (RIF) of approximately 90% to preserve cash and maximize shareholder value – – CARGO had cash, cash equivalents and marketable securities of $368.1 million as of December 31, 2024 – – Anup Radhakrishnan appointed as interim CEO to pursue reverse merger or other
Cargo Therapeutics, Inc. CARGO elects to discontinue FIRCE-1, a Phase 2 clinical study of firicabtagene autoleucel (firi-cel)1; Company believes results do not support a competitive benefit-risk profile for patients. CARGO to implement a workforce reduction of approximately 50%. Phase 1 dose escalation study enrollment for CRG-023 on track to initiate in Q2 2025. SAN CARLOS,