CARGO Therapeutics (CRGX) Provides Corporate Update

CARGO Therapeutics, Inc. (Nasdaq: CRGX) today provided an update regarding its ongoing evaluation of strategic options following the discontinuation of FIRCE-1, a Phase 2 study of firicabtagene autoleucel (firi-cel).

The Company’s Board of Directors has made the decision to suspend development efforts of both CRG-023 and CARGO’s allogeneic platform and has appointed Anup Radhakrishnan as interim CEO to lead the Company through a reverse merger or other business combination.

Accordingly, CARGO has engaged TD Cowen as the Company’s exclusive strategic financial advisor. In connection with today’s announcement, the Company is also further reducing its workforce by approximately 90%.

As of December 31, 2024, the Company’s cash, cash equivalents and marketable securities totaled $368.1 million.

“In connection with the Company’s review of strategic options, the Board has concluded that it is in the best interests of shareholders to cease development operations,” said John Orwin, Chairman of the Board. “We are grateful for the contributions of those who will be leaving CARGO as a result of the decision to discontinue development of our remaining pipeline assets. Our priority moving forward is to maximize value for shareholders while aiming to find a permanent home for our remaining assets for the benefit of patients, and to do both in an expeditious manner.”

Orwin continued: “The Board would like to take this opportunity to thank Gina Chapman and the other departing members of our executive team and wish them the very best for the future.”

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