Welcome to our dedicated page for Cargo Therapeutics news (Ticker: CRGX), a resource for investors and traders seeking the latest updates and insights on Cargo Therapeutics stock.
CARGO Therapeutics, Inc. (formerly traded on Nasdaq under the symbol CRGX) generated news primarily as a clinical-stage biotechnology company working on next-generation cell therapies for cancer patients and, later, through its strategic review and acquisition. Company press releases and filings describe CARGO as focused on CAR T‑cell therapies and related platform technologies designed to address limitations of approved cell therapies, including durability of effect, safety concerns and unreliable supply.
Historically, CRGX news items covered clinical and scientific developments such as the potentially pivotal Phase 2 FIRCE‑1 study of firicabtagene autoleucel (firi‑cel), a CD22‑targeting autologous CAR T‑cell therapy candidate for large B‑cell lymphoma after CD19 CAR T‑cell therapy, and preclinical and program updates on CRG‑023, a tri‑specific CAR T targeting CD19, CD20 and CD22. Additional coverage highlighted CARGO’s novel allogeneic platform, which the company described as a universal vector solution intended to limit immune‑based rejection and enable durable responses for CAR T‑cell therapy.
News flow also included corporate and strategic milestones. These ranged from financial updates and conference presentations to major decisions such as the discontinuation of the FIRCE‑1 Phase 2 study, suspension of development operations, workforce reductions, and the evaluation of strategic options. Subsequent announcements detailed CARGO’s entry into a merger agreement with Concentra Biosciences, LLC, the tender offer for CARGO’s common stock, and the completion of the merger that resulted in CARGO becoming a wholly owned subsidiary of Concentra.
For readers researching CRGX news, this page serves as an archive of those historical developments, spanning clinical trial updates, preclinical data disclosures, corporate strategy shifts, and the sequence of events that culminated in the acquisition, delisting from Nasdaq, and deregistration of CARGO’s common stock.
CARGO Therapeutics (NASDAQ: CRGX), a biotechnology company focused on CAR T-cell therapies, has announced a definitive merger agreement with Concentra Biosciences. Under the agreement, Concentra will acquire CARGO for $4.379 in cash per share plus a contingent value right (CVR).
The CVR includes 100% of CARGO's closing net cash exceeding $217.5 million and 80% of net proceeds from any disposition of certain product candidates within two years post-closing. The tender offer will commence by July 21, 2025, requiring at least a majority of shares and minimum cash of $217.5 million at closing. Approximately 17.4% of stockholders have already agreed to tender their shares, with the transaction expected to close in August 2025.
CARGO Therapeutics (NASDAQ: CRGX) announced significant operational changes following the discontinuation of FIRCE-1, a Phase 2 study of firicabtagene autoleucel. The company is suspending development of both CRG-023 and its allogeneic platform while implementing a major workforce reduction of approximately 90% to preserve cash.
Key developments include:
- Appointment of Anup Radhakrishnan as interim CEO
- Engagement of TD Cowen as exclusive strategic financial advisor
- Cash position of $368.1 million as of December 31, 2024
The Board of Directors has determined that ceasing development operations is in shareholders' best interests. The company is now actively pursuing a reverse merger or other business combination to maximize shareholder value while seeking to find a permanent home for its remaining assets.
CARGO Therapeutics (NASDAQ: CRGX) announced the discontinuation of FIRCE-1, its Phase 2 clinical study of firi-cel for large B-cell lymphoma patients resistant to CD19 CAR T-cell therapy. The decision follows an ad hoc analysis showing unfavorable benefit-risk profile, with data from 51 patients showing 77% overall response rate and 43% complete response rate, but only 18% durability at three months.
The study revealed concerning safety data, with 18% of patients developing severe immune effector cell-associated hemophagocytic lymphohistiocytosis-like syndrome (IEC-HS), including grade 4 and 5 serious adverse events. In response, CARGO will implement a 50% workforce reduction to preserve cash. The company will continue advancing CRG-023, its tri-specific CAR T, into Phase 1 trials and develop its allogeneic platform while evaluating strategic options. With $368.1 million in preliminary cash as of December 31, 2024, CARGO expects to extend its runway into mid-2028.
CARGO Therapeutics has provided a corporate update and outlined anticipated milestones for 2025. As of December 31, 2024, 71 patients have been dosed in the potentially pivotal Phase 2 clinical study of firicabtagene autoleucel (firi-cel). Interim analysis results are expected in the first half of 2025. The FDA has cleared the IND application for CRG-023, CARGO’s tri-specific CAR T-cell therapy, with Phase 1 study enrollment expected to begin mid-2025. Additionally, CARGO has announced a novel allogeneic platform designed to limit immune-based rejection of CAR T-cell therapies. This platform aims to convert autologous CAR T-cell therapies into allogeneic products for broader patient benefit.
Financially, CARGO reported preliminary cash, cash equivalents, and marketable securities of $368.1 million as of December 31, 2024, which is expected to fund operations through 2026. Gina Chapman, President and CEO, emphasized the company’s progress and future potential at the 43rd Annual J.P. Morgan Healthcare Conference.
CARGO Therapeutics (NASDAQ: CRGX), a clinical-stage biotech company focused on developing next-generation cell therapies for cancer patients, has announced its participation in the 43rd Annual J.P. Morgan Healthcare Conference. The conference will take place from January 13-16, 2025, in San Francisco, California.
President and CEO Gina Chapman will deliver a presentation on Monday, January 13, at 10:30 a.m. PT. The presentation will be accessible via live webcast in the Investors section of CARGO's website under News & Events, with a replay available for approximately 30 days following the presentation.
CARGO Therapeutics (NASDAQ: CRGX) reported Q3 2024 financial results and business updates. The company has dosed 57 patients in its Phase 2 FIRCE-1 study of firi-cel, with interim analysis expected in 1H25. Their cash position stands at $404.8 million, projected to fund operations through 2026. Q3 financial results show R&D expenses of $35.9 million and G&A expenses of $11.2 million, with a net loss of $41.9 million ($0.88 per share). The company plans to submit an IND for CRG-023 in Q1'25 and will present pre-clinical data at ASH 2024. CFO Anup Radhakrishnan has been appointed as COO while retaining his CFO role.
CARGO Therapeutics (NASDAQ: CRGX), a clinical-stage biotechnology company focused on developing next-generation cell therapies for cancer patients, has announced its participation in two upcoming investor conferences. Gina Chapman, President and CEO, will participate in fireside chats at the Jefferies London Healthcare Conference on November 20 at 11:00 a.m. GMT, and at the Piper Sandler 36th Annual Healthcare Conference on December 4 at 10:30 a.m. EST. Live webcasts will be available in the Investors section of CARGO's website, with replays accessible for approximately 90 days after the presentations.
CARGO Therapeutics announced its first abstract on CRG-023, a novel tri-specific CAR T-cell therapy targeting CD19, CD20, and CD22 B-cell antigens, will be presented at ASH 2024. CRG-023 is designed to provide durable responses by addressing common relapse causes in existing CAR T therapies.
The preclinical data demonstrated sustained anti-tumor activity, resistance to exhaustion during repeated tumor challenges, and robust anti-lymphoma activity at low doses. The therapy features a unique tri-cistronic design expressing three independent CARs from a single vector, each with distinct co-stimulatory domains. The company is actively preparing for an IND submission based on encouraging results.
CARGO Therapeutics (NASDAQ: CRGX) reported Q2 2024 financial results and provided a business update. Key highlights include:
- 38 patients dosed in the potentially pivotal Phase 2 FIRCE-1 study of firicabtagene autoleucel (firi-cel)
- Completed a $110 million private placement equity financing, extending cash runway through 2026
- $443.5 million in cash, cash equivalents, and marketable securities as of June 30, 2024
- Q2 2024 net loss of $44.3 million, or $1.02 per share
- R&D expenses of $37.5 million and G&A expenses of $11.9 million for Q2 2024
The company expects to complete its interim analysis and report results for the FIRCE-1 study in H1 2025.
CARGO Therapeutics announced that data from their Phase 1 clinical study of Firi-cel CAR T-cell therapy has been published in The Lancet. The study focused on patients with relapsed or refractory large B-cell lymphoma (LBCL) who did not respond to CD19 CAR T-cell therapy. Results showed a 68% overall response rate (ORR) and a 53% complete response (CR) rate, with a median follow-up of 23.3 months.
Notably, 36% of patients previously refractory to all therapies achieved CR. The selected dose for the Phase 2 study, DL1, had a 66% ORR and a 52% CR rate, showing an estimated one- and two-year survival rate of 57% and 52%, respectively. The therapy showed no severe cytokine release syndrome or immune effector cell-associated neurotoxicity syndrome.
These results underscore the promising efficacy and safety profile of firi-cel, which has received Breakthrough Therapy Designation from the FDA. The ongoing Phase 2 study, FIRCE-1, is on track for interim analysis in the first half of 2025.