CRGX Financials: Income Statement, Balance Sheet & Cash Flow
This article provides a detailed financial overview of Cargo Therapeutics (CRGX), including its income statement, balance sheet, cash flow statement, and key financial ratios for fiscal years 2022-2024 and recent quarterly data. It highlights that CRGX is not profitable, reporting a net loss of -$167.5M and negative free cash flow in FY2024, with a weak Piotroski F-Score and low earnings quality. The company's cash runway is estimated at approximately 6 months based on its current burn rate.
CARGO Therapeutics Acquired by Concentra Biosciences
CARGO Therapeutics, Inc. has been acquired by Concentra Biosciences, LLC through a tender offer completed on August 18, 2025, making CARGO a wholly owned subsidiary. Following the merger, CARGO's shares were delisted from Nasdaq, and the company filed for deregistration with the SEC. Despite some short-term technical upward momentum, analysts view CRGX as an "Underperform" due to financial challenges including no revenue, increasing losses, and workforce reductions, though potential partnerships in CAR T therapy offer future opportunities.
CARGO Therapeutics Acquired by Concentra Biosciences
Concentra Biosciences, LLC completed a tender offer for all outstanding shares of CARGO Therapeutics (CRGX) on August 18, 2025, leading to a merger where CARGO became a wholly owned subsidiary. Consequently, CARGO's shares were delisted from Nasdaq, and the company filed for deregistration with the SEC, marking a major operational shift. TipRanks' AI Analyst, Spark, rates CRGX as "Underperform" due to financial challenges despite potential future opportunities in CAR T therapy.
Tang Capital’s Concentra on Buyout Binge With Plenty of Biotech Fodder
Concentra Biosciences, led by financier Kevin Tang, has significantly increased its biotech acquisition activities in 2025 after a slow 2024. The shell company's strategy involves buying struggling biotechs, selling off their assets, and returning cash to shareholders, a method proving prolific in the current challenging biotech market. The article details the acquisition process, including a recent successful bid for iTeos Therapeutics following disappointing clinical trial results.
Shareholder Alert: The Ademi Firm Investigates Whether CARGO Therapeutics, Inc. Is Obtaining a Fair Price for Its Public Shareholders
The Ademi Firm is investigating CARGO Therapeutics (NASDAQ: CRGX) regarding its transaction with Concentra Biosciences, focusing on potential breaches of fiduciary duty by CARGO's board. Shareholders are set to receive $4.379 in cash per share plus a contingent value right, and the firm is concerned about the fairness of this price and potential limitations on competing offers. The investigation also notes significant benefits for CARGO insiders from change of control arrangements.
Jefferies Raises Price Target for Cargo Therapeutics (CRGX), Keeps Hold Rating
Jefferies has raised its price target for Cargo Therapeutics (CRGX) to $5.00 from $3.70, while maintaining a "Hold" rating. This adjustment follows Cargo Therapeutics' definitive merger agreement to be acquired by Concentra Biosciences, LLC for $4.379 per share, with Jefferies projecting a potential total value of up to $5 per share for shareholders. The biotechnology company focuses on CAR T-cell therapies for cancer patients.
Concentra Biosciences Acquires Cargo Therapeutics For $4.379 Per Share
Concentra Biosciences is set to acquire Cargo Therapeutics for $4.379 per share, including cash and a contingent value right based on net cash and future product sales. Cargo's board and major shareholders have unanimously approved the deal, causing Cargo's stock to jump 6% in premarket trading. This acquisition highlights a trend of consolidation in the biotech sector, potentially driving innovation and growth.
Concentra Snags Another Struggling Biotech as Cargo Accepts $200M Buyout
Concentra Biosciences has acquired CAR T cell therapy biotech Cargo Therapeutics for $202 million upfront, with potential for more through a contingent value right. This acquisition follows Cargo's decision to halt its lead CAR T candidate, firicabtagene autoleucel (firi-cel), due to its limited durability in a Phase II trial, leading to significant workforce reductions. Concentra, backed by Tang Capital, continues its acquisition spree of struggling biotechs, having also recently acquired Kronos, Elevation Oncology, and IGM Biosciences this year.
Concentra extends biotech shopping spree by collecting Cargo
Concentra Biosciences, owned by Tang Capital Partners, has acquired cash-strapped Cargo Therapeutics for $4.38 per share, plus contingent value rights. This acquisition follows a series of similar deals by Concentra, targeting biotechs facing financial difficulties, including IGM Biosciences, Elevation Oncology, Kronos Bio, and Allakos. Cargo Therapeutics had recently dropped its lead therapy due to severe side effects and laid off a significant portion of its workforce.
CARGO Therapeutics Enters into Agreement to Be Acquired by
CARGO Therapeutics has entered into a definitive merger agreement to be acquired by Concentra Biosciences for $4.379 in cash per share plus a contingent value right. The acquisition, unanimously approved by CARGO's board, is expected to close in August 2025 following a tender offer. Certain CARGO officers, directors, and stockholders holding approximately 17.4% of the common stock have agreed to tender their shares.
Cargo agrees to Concentra buyout after trial setback, layoffs
Cargo Therapeutics, a cell therapy developer that raised almost $500 million in 2023, has agreed to be acquired by Concentra Biosciences. This buyout follows a significant safety setback that forced Cargo to abandon its lead drug candidate and resulted in extensive layoffs. Concentra Biosciences specializes in acquiring distressed biotechnology companies, often those trading below their cash value, and plans to pay $4.379 per share in cash, plus contingent value rights for Cargo shareholders.
Concentra picks up a new Cargo | ApexOnco - Clinical Trials news and analysis
Concentra Biosciences, backed by Tang Capital Partners, continues its trend of acquiring distressed biotechs, with its latest acquisition being Cargo Therapeutics for approximately $202 million upfront. This follows Concentra's earlier acquisitions of IGM, Elevation Oncology, and Kronos Bio, often targeting companies for their cash balances and including contingent value rights (CVRs) in the deals. The transactions highlight a challenging biotech market, where Concentra leverages its strategy to pick up assets from struggling companies.
Latham Advises Cargo Therapeutics in Acquisition by Concentra Biosciences
Latham & Watkins LLP advised Cargo Therapeutics (NASDAQ: CRGX) on its acquisition by Concentra Biosciences. The deal involves Concentra acquiring Cargo for US$4.379 in cash per share, along with a contingent value right based on excess net cash and future product candidate dispositions. A multidisciplinary Latham team, led by Bay Area partners Tessa Bernhardt, Benjamin Potter, and Joshua Dubofsky, represented Cargo in this transaction.
CARGO Therapeutics to be acquired by Concentra Biosciences in $4.379/share cash deal plus CVR; stock rises 8%
CARGO Therapeutics (CRGX) has announced a definitive merger agreement to be acquired by Concentra Biosciences, LLC. The deal is valued at $4.379 in cash per share of CARGO common stock, along with one nontransferable contingent value right (CVR). Following the announcement, CARGO Therapeutics' stock rose by 8%.
Tang Capital makes bid for 4th Bay Area biotech in 3 months, offering to take out Cargo Therapeutics
Kevin Tang's Concentra Biosciences is moving to acquire Cargo Therapeutics, marking its fourth Bay Area biotech bid in three months. Cargo Therapeutics, which raised $291 million in a November 2023 IPO based on its cell therapy promises, is based in San Carlos. The acquisition signifies a notable move by Concentra Biosciences into the Bay Area biotech sector.
Latham Advises Cargo Therapeutics in Acquisition by Concentra Biosciences
Latham & Watkins LLP advised CARGO Therapeutics, Inc. in its acquisition by Concentra Biosciences, LLC. The agreement entails Concentra acquiring CARGO for US$4.379 in cash per share plus a contingent value right. A multidisciplinary Latham team represented CARGO in this transaction.
Cancer drugmaker iTeos to shut down
Cancer drugmaker iTeos Therapeutics has announced its plans to wind down operations and sell its assets and intellectual property. This decision comes after years of struggling to develop a successful cancer treatment, including shelving its most advanced drug prospect with GSK due to disappointing trial results. The move reflects increasing investor pressure on "zombie" biotechs to return capital to shareholders when primary development efforts fail.
CRGX Stock Price, News & Analysis
CARGO Therapeutics, Inc. (CRGX) was a clinical-stage biotechnology company focused on developing cell therapies for cancer patients, particularly next-generation CAR T-cell therapies. Its lead program, firi-cel, was in a Phase 2 study for large B-cell lymphoma. However, CARGO ceased development operations, discontinued its clinical studies, and was subsequently acquired by Concentra Biosciences, LLC, leading to its delisting from Nasdaq and deregistration with the SEC.
C-suite exits as Cargo and Elevation restructure
Cargo Therapeutics and Elevation Oncology are undergoing significant restructuring, leading to C-suite departures. Cargo Therapeutics is suspending all pipeline activities, laying off 90% of its workforce, and seeking strategic alternatives after discontinuing firicabtagene autoleucel development. Anup Radhakrishnan will serve as interim CEO to lead Cargo through a reverse merger or other business combination.
Cargo Therapeutics profitiert von Personalabbau und erwägt Fusion
Cargo Therapeutics' shares rose 21% pre-market after the company announced a 90% workforce reduction. The drug developer also named Anup Radhakrishnan as interim CEO to lead potential merger or acquisition discussions. Cargo Therapeutics also ceased its experimental cancer therapy CRG-023 and allogeneic platform, having previously halted another mid-stage cancer treatment study.
Cargo shelves cell therapy research, lays off more staff
Cargo Therapeutics is laying off 90% of its workforce and ceasing all research and development after its lead drug, firi-cel, showed disappointing Phase 2 results. CEO Gina Chapman is departing, and the company plans to explore a reverse merger or other business combination, holding $368 million in cash. This decision follows previous promising Phase 1 data and a significant IPO in 2023, but safety concerns and waning remission rates in advanced trials led to the termination of its entire cell therapy program.
Bay Area biotech company laying off 90% of staff as CEO leaves
Cargo Therapeutics, a biotech company based in San Carlos, is laying off 90% of its workforce and its CEO is departing. This decision comes after the company decided to suspend its drug development operations due to disappointing results in its cancer cell therapies. Another biotech firm, Sutro Biopharma, is also cutting half of its staff across its South San Francisco and San Carlos offices.
Bay Area biotech company, once worth $1.2 billion, lays off almost entire staff
Cargo Therapeutics, a Bay Area biotech company specializing in oncology research, is laying off 90% of its staff and discontinuing drug development efforts. This decision follows a previous round of layoffs and the shutdown of a Phase 2 clinical trial due to dangerous side effects. The company, once valued at $1.2 billion, is now worth less than $200 million and is exploring options like a reverse merger to maximize shareholder value.
Cargo Lays Off 90% of Staff and Stops Development Work
Cargo Therapeutics is laying off 90% of its staff and ceasing all development operations to preserve cash and maximize shareholder value. This move comes after the discontinuation of their main CAR T candidate due to safety concerns and a previous 50% workforce reduction. The biotech is now exploring strategic options including a reverse merger, with CFO Anup Radhakrishnan serving as interim CEO to lead these efforts.
CARGO Therapeutics Provides Corporate Update
CARGO Therapeutics announced the suspension of CRG-023 and its allogeneic platform development, along with a 90% workforce reduction, to preserve cash and maximize shareholder value. Anup Radhakrishnan has been appointed interim CEO to pursue a reverse merger or other business combination, following the discontinuation of the FIRCE-1 study. The company reported $368.1 million in cash, cash equivalents, and marketable securities as of December 31, 2024.
Major Shakeup: CARGO Therapeutics Ends All Programs Despite $368M Cash Position
CARGO Therapeutics has announced a complete cessation of all development programs, including CRG-023 and its allogeneic platform, following the discontinuation of the FIRCE-1 Phase 2 study. The company is implementing an approximately 90% workforce reduction to preserve its $368.1 million cash position as of December 31, 2024. Anup Radhakrishnan has been appointed interim CEO to pursue a reverse merger or other business combination to maximize shareholder value.
CARGO Therapeutics halts development, cuts 90% of staff
CARGO Therapeutics (Nasdaq: CRGX) has ceased development of its CRG-023 candidate and allogeneic platform, leading to a 90% workforce reduction to conserve cash and maximize shareholder value. The company, whose stock has severely declined, is now seeking a reverse merger or other business combination, with an interim CEO appointed to guide the process. Despite holding $368.1 million in cash as of December 31, 2024, the company is rapidly depleting its reserves after discontinuing a Phase 2 study for firi-cel.
CARGO Therapeutics Inc. (CRGX) reports earnings
CARGO Therapeutics Inc. (CRGX) filed its 10-K report for the fiscal year ended December 31, 2024, detailing a net loss of $167.5 million due to increased research and development, and general and administrative expenses. The company is focusing on developing next-generation cell therapies, particularly CRG-023, and ended the year with $368.1 million in cash, expected to fund operations through mid-2028 despite a recent workforce reduction. They plan to continue developing their allogeneic platform and select a lead vector candidate in the first half of 2025.
CRGX ALERT: Levi & Korsinsky Reminds Investors of an Investigation Involving Possible Securities Fraud Violations by CARGO Therapeutics, Inc.
Levi & Korsinsky is investigating CARGO Therapeutics, Inc. (CRGX) for potential federal securities law violations. This comes after CARGO Therapeutics announced on January 29, 2025, that it would discontinue its Phase 2 clinical study (FIRCE-1) of firi-cel for large B-cell lymphoma. The company stated that an ad hoc analysis of the study indicated the results did not support a competitive benefit-risk profile for the treatment, prompting the investigation into possible false or misleading statements to investors.
Safety Risk Sinks Cargo Therapeutics’ Cancer Cell Therapy Prospect, Leading to 50% Staff Cut
Cargo Therapeutics is discontinuing its lead cancer cell therapy program, firicabtagene autoleucel (firi-cel), due to low durability of complete response and serious safety concerns, including a high rate of immune effector cell-associated hemophagocytic lymphohistiocytosis-like syndrome (IEC-HS). This decision will result in a 50% staff reduction, impacting 85 employees. The company will now focus on CRG-023, a multi-targeted CAR T-therapy, with a Phase 1 study expected to begin in mid-2025, and continued research into allogeneic cell therapies.
Cargo Halts CAR T Trial, Lays Off 50% of Workforce in Pipeline Reset
Cargo Therapeutics has decided to discontinue a mid-stage trial for its lead CAR T cell therapy candidate, firi-cel, due to safety concerns and lower-than-expected durability in Phase II compared to Phase I study results. Concurrently, the company is laying off approximately half of its workforce to extend its cash runway into mid-2028. Cargo plans to focus on advancing other pipeline candidates, including a tri-specific CAR T and an allogeneic platform.
Bay Area biotech firm guts staff, shuts trial after dangerous side effects
San Carlos-based Cargo Therapeutics is laying off approximately half its staff (about 85 workers) and halting a clinical trial for its lymphoma drug candidate, firicabtagene autoleucel, due to weak longer-term results and dangerous inflammatory side effects in 18% of patients. This decision, aimed at preserving cash and extending the company's financial runway, comes after the firm's stock value plummeted by 74% and its peak valuation of $1.2 billion in March 2024 dropped to $155 million. Cargo Therapeutics now plans to evaluate its strategic options to stay afloat.
Cargo to drop lead CAR-T therapy, lay off staff after study setback
Cargo Therapeutics is discontinuing its lead CAR-T cell therapy program, firi-cel, and laying off half its staff due to "unexpected" negative safety and efficacy results from a Phase 2 study. The treatment, intended for large B-cell lymphoma, showed an uncompetitive risk-benefit profile with significant immune reactions and a low remission rate after three months. The company will now focus on other research, including a triple-protein targeting therapy and evaluating strategic options.
CARGO Therapeutics Announces Scientific Advisory Board
CARGO Therapeutics has announced the formation of a Scientific Advisory Board (SAB) composed of experts in oncology, immunology, and CAR T-cell therapy. The SAB, chaired by Dr. Robbie Majzner, will provide strategic counsel to advance CARGO's mission of developing next-generation CAR T-cell therapies addressing resistance mechanisms and improving patient remission. This initiative aims to enhance CARGO's programs, platform technologies, and manufacturing strategies to overcome limitations of current autologous CAR T-cell therapies.
Latham Watkins Advises CARGO Therapeutics on Pricing of Initial Public Offering
Latham & Watkins advised CARGO Therapeutics Inc. on its initial public offering of 18,750,000 shares of common stock at US$15.00 per share, aiming to raise approximately US$281.3 million. The clinical-stage biotechnology company, focused on cell therapies for cancer, will trade on the Nasdaq Global Select Market under the ticker symbol "CRGX" starting November 10, 2023. The offering is expected to close on November 14, 2023.
Cargo Therapeutics’ IPO Loads Up $281M for a Cancer Cell Therapy’s Pivotal Study
Cargo Therapeutics raised $281.3 million in its IPO to fund a pivotal study for CRG-022, a cell therapy targeting the CD22 protein to overcome cancer resistance to CD19-targeting treatments. The company's lead program demonstrated a 53% complete response rate in Phase 1 trials for LBCL patients, and interim Phase 2 results are expected in 2025. Cargo also plans to further develop its STASH platform technology and other preclinical candidates in its R&D pipeline.
CAR-T biotech Cargo Therapeutics prices $281M IPO
Cargo Therapeutics completed a $281 million IPO, one of the largest for a biotech this year, to fund its CAR-T cancer drug development. The company priced 18.75 million shares at $15 each and aims to advance its lead program, CRG-022, which targets CD22 for lymphoma patients who have relapsed or are refractory to existing CD19-directed CAR-T therapies. The IPO proceeds are expected to extend Cargo's financial runway into 2025.
CARGO Therapeutics Announces Pricing of Initial Public Offering
CARGO Therapeutics, Inc. has announced the pricing of its initial public offering of 18,750,000 shares of common stock at $15.00 per share, aiming to raise approximately $281.3 million. The company's stock is expected to begin trading on the Nasdaq Global Select Market under the ticker symbol “CRGX” on November 10, 2023. J.P. Morgan, Jefferies, TD Cowen, and Truist Securities are acting as joint book-running managers for the offering.
Cargo Therapeutics is aiming to raise as much as $367M in IPO
Cargo Therapeutics, a San Mateo-based biotech company and Stanford spin-off, is planning an initial public offering (IPO) to raise up to $367 million. The company announced the terms for its public offering on Monday, with CEO Gina Chapman leading the effort to secure over $300 million.
Crystal Mackall: a cell therapy innovator’s view on decision-making
Stanford University professor and serial entrepreneur Crystal Mackall, co-founder of Lyell Immunopharma Inc., Cargo Therapeutics Inc., and Link Cell Therapies Inc., emphasizes academia's critical role in de-risking cell and gene therapies, especially for pediatric and rare diseases. With a background in internal medicine and pediatrics, Mackall has a 27-year career in cancer immunotherapy research, including time at NIH as chief of the Pediatric Oncology Branch. The article explores her perspective on the synergy between academia and industry and how she approaches innovation.
Cargo Therapeutics Raises $200M in Series A
Cargo Therapeutics, a biotechnology company based in San Mateo, CA, announced the closure of an oversubscribed $200 million Series A financing round. The funding, co-led by Third Rock Ventures, RTW Investments, LP, and Perceptive Xontogeny Venture Fund, will be used to advance their autologous CD22 CAR T-cell therapy candidate, CRG-022, through a pivotal Phase 2 trial for patients with LBCL, and support proprietary platform technologies and discovery-stage programs. Cargo Therapeutics was launched in 2021 by Samsara BioCapital with CAR T pioneers and a cancer advocate, and is led by CEO Gina Chapman, focusing on next-generation CAR T-cell therapies.
CARGO Therapeutics Raises $200 Million in Oversubscribed, Upsized Series A Financing to Advance its Pipeline of Next Generation CAR T-Cell Therapies
CARGO Therapeutics has successfully raised $200 million in an oversubscribed and upsized Series A financing round. This funding will be used to advance their pipeline of next-generation CAR T-cell therapies, including their lead candidate CRG-022 (CD22 CAR) for large B-cell lymphoma (LBCL) patients who have relapsed after CD19 CAR T-cell therapy. The company plans to commence a pivotal Phase 2 trial for CRG-022 in mid-2023, building on promising initial Phase 1 results and a Breakthrough Therapy Designation from the FDA.
Cancer drug startup Cargo raises $200M to solve CAR-T relapse
Cargo Therapeutics, a cancer drug startup, has raised $200 million from investors to advance its CAR-T cell therapy, CRG-022, into a Phase 2 study. This therapy targets the CD22 protein, offering a new approach for lymphoma patients whose cancer has relapsed or become resistant to existing CD19-directed CAR-T treatments. Early Phase 1 results for CRG-022 showed promising response rates in large B cell lymphoma.
Cancer cell therapy startup drives CAR to $200 million - San Francisco Business Times
Cargo Therapeutics, a cancer cell therapy startup, has successfully raised $200 million. The company, led by CEO Gina Chapman, plans to double its workforce from 50 to over 100 employees by the end of the year following this significant funding round. This expansion indicates a period of substantial growth for the San Francisco-based biotech firm.
