Cargo Therapeutics Stock Price, News & Analysis

CARGO Therapeutics, Inc. (CRGX) was a clinical-stage biotechnology company whose work centered on the research and development of cell therapies for cancer patients. According to multiple company disclosures, CARGO described itself as a biotechnology company focused on, and positioned to advance, next-generation, potentially curative cell therapies that directly address limitations of approved cell therapies such as limited durability of effect, safety concerns and unreliable supply.

The company’s activities were classified under research and development in biotechnology within the broader professional, scientific, and technical services sector. CARGO’s public filings and press releases consistently characterize it as a clinical-stage biotechnology company with programs, platform technologies, and manufacturing strategy aimed at improving the performance and availability of cell therapies.

Core programs and therapeutic focus

CARGO’s lead program was firicabtagene autoleucel (firi-cel, also referenced as CRG-022), described as an autologous CD22 chimeric antigen receptor (CAR) T‑cell therapy candidate. Company communications state that firi-cel was evaluated in a potentially pivotal Phase 2 clinical study (FIRCE‑1) in patients with large B‑cell lymphoma (LBCL) whose disease relapsed or was refractory to CD19 CAR T‑cell therapy. CARGO reported that it exclusively in‑licensed the underlying CD22 CAR T‑cell technology from the National Cancer Institute and that Phase 1 data generated at Stanford Medicine supported further development.

Beyond its lead program, CARGO described a pipeline built on proprietary cell‑engineering platform technologies that incorporate multiple transgene therapeutic “cargo” to enhance CAR T‑cell persistence, trafficking to tumor lesions, and to help safeguard against tumor resistance and T‑cell exhaustion. This approach is highlighted in repeated company descriptions and forms the conceptual basis for its name and pipeline strategy.

A key pipeline asset was CRG‑023, which CARGO characterized as a CD19/CD20/CD22 tri‑specific CAR T product candidate. Company materials describe CRG‑023 as a first‑of‑its‑kind tri‑cistronic CAR T designed to express three independent CARs from a single vector, each with its own co‑stimulatory domain, including CD2 co‑stimulation. According to the company, CRG‑023 is intended to address several known causes of relapse associated with existing CAR T‑cell therapies, such as tumor antigen loss, loss of co‑stimulation and T‑cell exhaustion, with the goal of providing more patients with durable responses across a broad range of B‑cell malignancies.

CARGO also disclosed development of a novel allogeneic platform, described as a universal vector solution designed to limit immune‑based rejection and enable durable response of CAR T‑cell therapy. Company statements explain that this allogeneic‑enabling vector is intended to be paired with new or existing CAR vectors to create allogeneic CAR T‑cell therapies while leveraging existing autologous drug product processes, with the aim of maintaining efficacy, durability and safety while broadening availability to more people with cancer.

Scientific and operational capabilities

Across its public communications, CARGO emphasized its proprietary cell‑engineering platform technologies and internally developed processes and analytical methods. It highlighted capabilities in designing, developing and delivering oncology and cell therapy products, including manufacturing strategies intended to provide predictable and reliable drug product supply. The company reported strong manufacturing success for firi‑cel in its clinical program and described its lentiviral vector production for CRG‑023 as using a suspension culture process with a line of sight to commercially suitable expression levels.

CARGO also noted that its leadership, founders and team have significant experience in developing, engineering, manufacturing, launching and commercializing oncology and cell therapy products. The company repeatedly referenced expertise in CAR T‑cell therapy, including the use of multiple transgene “cargo” to enhance CAR T‑cell performance and to address mechanisms such as tumor resistance, T‑cell exhaustion, and immune‑based rejection.

Corporate status, merger and delisting

CARGO Therapeutics, Inc. was listed on The Nasdaq Stock Market LLC under the symbol CRGX. According to a Form 8‑K dated August 19, 2025, CARGO entered into an Agreement and Plan of Merger with Concentra Biosciences, LLC and Concentra Merger Sub VII, Inc. and completed a tender offer followed by a merger. The filing states that on August 19, 2025, Merger Sub merged with and into CARGO, with CARGO continuing as the surviving corporation and becoming a wholly owned subsidiary of Concentra.

The same Form 8‑K reports that, in connection with the consummation of the offer and merger, CARGO notified Nasdaq of the merger and requested suspension of trading of its common stock and the filing of a Form 25 to effect delisting and deregistration under Section 12(b) of the Exchange Act. A subsequent Form 25 (Form 25‑NSE) filed by Nasdaq identifies CARGO Therapeutics, Inc. and its common stock and serves as notification of removal from listing and/or registration under Section 12(b) of the Securities Exchange Act of 1934.

Following the Form 25, CARGO filed a Form 15‑12G, certifying termination of registration under Section 12(g) and suspension of duty to file reports under Sections 13 and 15(d) of the Exchange Act. The Form 15 notes that the approximate number of holders of record as of the certification date was one, consistent with CARGO’s status as a wholly owned subsidiary after completion of the merger.

These filings together indicate that CRGX has been delisted from Nasdaq and deregistered with the SEC as a reporting company, and that public reporting obligations for the common stock have been suspended. The ticker CRGX therefore represents a defunct public listing that historically corresponded to CARGO Therapeutics, Inc. prior to its acquisition by Concentra Biosciences.

Strategic review and pipeline changes prior to acquisition

Before the completion of the merger, CARGO disclosed a series of strategic shifts. In a March 18, 2025 corporate update, the company announced the discontinuation of the FIRCE‑1 Phase 2 study of firi‑cel and stated that its board had concluded it was in the best interests of shareholders to cease development operations. The same update reported suspension of development efforts for CRG‑023 and the allogeneic platform, along with a significant reduction in workforce and an intent to pursue a reverse merger or other business combination.

Earlier, on January 29, 2025, CARGO had announced its decision to discontinue FIRCE‑1 based on an ad hoc analysis of safety and efficacy data, while at that time indicating plans to continue advancing CRG‑023 and the allogeneic platform and to evaluate strategic options. Subsequent communications, including the March 18, 2025 update, clarified that development operations across these programs were being halted as part of a broader strategic review.

Historical context for investors and researchers

For investors, clinicians, and researchers reviewing CRGX as a historical listing, CARGO Therapeutics represents a case of a clinical‑stage biotechnology company that advanced differentiated CAR T‑cell and allogeneic platform concepts, conducted clinical and preclinical work in B‑cell malignancies, and then transitioned through a strategic review, suspension of development, and ultimately an acquisition by Concentra Biosciences. Its SEC filings and press releases provide a detailed record of its scientific rationale, clinical program design, and corporate actions leading up to its delisting and deregistration.

Frequently Asked Questions (CRGX / CARGO Therapeutics)

• What did CARGO Therapeutics, Inc. do?
  CARGO Therapeutics, Inc. described itself as a clinical-stage biotechnology company focused on advancing next-generation, potentially curative cell therapies for cancer patients. Its programs and platform technologies were designed to address limitations of approved cell therapies, including durability of effect, safety concerns and unreliable supply.
• What was the main therapeutic focus of CARGO?
  CARGO’s work centered on CAR T‑cell therapies for B‑cell malignancies. Its lead program, firicabtagene autoleucel (firi‑cel, CRG‑022), was an autologous CD22 CAR T‑cell therapy candidate studied in patients with large B‑cell lymphoma whose disease relapsed or was refractory to CD19 CAR T‑cell therapy.
• What is CRG‑023?
  CRG‑023 is described by the company as a tri‑specific CAR T product candidate targeting CD19, CD20 and CD22 via tri‑cistronic expression of three distinct CARs from a single lentiviral vector, each with its own co‑stimulatory domain. It was designed with the goal of providing more patients with durable responses across a broad range of B‑cell malignancies by addressing mechanisms such as antigen loss, loss of co‑stimulation and T‑cell exhaustion.
• What was CARGO’s allogeneic platform?
  CARGO reported developing a novel allogeneic platform described as a universal vector solution designed to limit immune‑based rejection and enable durable response of CAR T‑cell therapy. The universal allogeneic‑enabling vector was intended to be paired with CAR vectors to create allogeneic CAR T‑cell therapies while leveraging existing autologous drug product processes.
• What happened to CARGO Therapeutics and the CRGX stock?
  According to a Form 8‑K dated August 19, 2025, Concentra Biosciences, LLC completed a tender offer for CARGO’s outstanding shares followed by a merger in which CARGO became a wholly owned subsidiary of Concentra. Trading in CRGX on Nasdaq was suspended in connection with the merger, and Nasdaq filed a Form 25 to remove the common stock from listing and registration under Section 12(b) of the Exchange Act.
• Is CRGX still listed on Nasdaq?
  No. A Form 25 filed by The Nasdaq Stock Market LLC identifies CARGO Therapeutics, Inc. and its common stock and serves as notification of removal from listing and/or registration under Section 12(b) of the Exchange Act. Following that, CARGO filed a Form 15‑12G to terminate registration under Section 12(g) and suspend reporting obligations under Sections 13 and 15(d). As a result, CRGX is no longer listed on Nasdaq.
• Does CARGO Therapeutics still file periodic reports with the SEC?
  The Form 15‑12G filed by CARGO Therapeutics, Inc. certifies termination of registration of its common stock under Section 12(g) of the Exchange Act and suspension of its duty to file reports under Sections 13 and 15(d). This indicates that, with respect to that class of securities, the company is no longer obligated to file periodic reports such as Forms 10‑K and 10‑Q.
• Is CARGO Therapeutics still an independent public company?
  No. The August 19, 2025 Form 8‑K states that, following the merger of Concentra Merger Sub VII, Inc. with and into CARGO, CARGO continued as the surviving corporation and became a wholly owned subsidiary of Concentra Biosciences, LLC. The Form 15‑12G further reflects that there was one holder of record at the time of deregistration.
• What did CARGO disclose about its development operations before the acquisition?
  In a March 18, 2025 corporate update, CARGO announced that its board had decided to cease development operations, suspend development of CRG‑023 and its allogeneic platform, and discontinue the FIRCE‑1 Phase 2 study of firi‑cel. The company also reported substantial workforce reductions and an intent to pursue a reverse merger or other business combination as part of a strategic review.
• How can CRGX be viewed today from an investment research perspective?
  CRGX functions as a historical ticker representing CARGO Therapeutics, Inc. prior to its acquisition by Concentra Biosciences and subsequent delisting and deregistration. Its historical SEC filings and press releases provide information on its former clinical programs, platform technologies, strategic decisions and the transaction that led to its status as a wholly owned subsidiary.