CARGO Therapeutics, Inc.: restructuring charge — CARGO Therapeutics cuts workforce ~50%, ends firi-cel Phase 2 study

CARGO Therapeutics, Inc.

Workforce reduction of approximately 50% approved by board on Jan 28, 2025.
Expected total charges of $31M-$37M: severance $4-5M, contract termination $20-22M, wind-down costs $7-10M; most in Q1 2025.
Discontinues FIRCE-1 Phase 2 study of firicabtagene autoleucel (firi-cel).
Will continue CRG-023 Phase 1 proof-of-concept and allogeneic platform; evaluating strategic options.
Combined expense reductions expected to extend cash runway to mid-2028.

Key facts

Extracted from this filing and checked against the source text.

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

CARGO Therapeutics, Inc. announced a restructuring with charges of between $31 million to $37 million in total affecting the discontinuation of the clinical development of firi-cel (approximately 50%).

Type: restructuring
Charge: between $31 million to $37 million in total
Affected area: the discontinuation of the clinical development of firi-cel
Headcount: approximately 50%

Exact text from the filing

clinical development of firi-cel, is expected to extend the Company’s cash runway to mid-2028. In connection with these actions, the Company expects to incur expense of between $31 million to $37 million in total, a substantial portion of which we expect to recognize during the first quarter of 2025. The anticipated expense includes: severance, benefits, payroll

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Source: SEC EDGAR

accession 0001193125-25-015713

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