---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-25-056674"
form_type: "8-K"
ticker: null
cik: "0001966494"
company_name: "CARGO Therapeutics, Inc."
filed_at: "2025-03-18T23:59:59+00:00"
generated_at: "2026-05-24T14:40:38.709544+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# CARGO suspends all pipeline development, cuts 90% of workforce, appoints interim CEO to pursue reverse merger

## Summary
- Board approves suspending CRG-023 and allogeneic platform; workforce reduced ~90%.
- Cash, cash equivalents and marketable securities total $368.1M as of Dec 31, 2024.
- Expected exit costs of $24M–$29M, majority recognized in H1 2025.
- CEO Gina Chapman departs May 19, 2025; CFO/COO Anup Radhakrishnan appointed interim CEO.
- Engaged TD Cowen as exclusive financial advisor to explore reverse merger or other strategic alternatives.

## SEC filing metadata
- accession: 0001193125-25-056674
- form_type: 8-K
- cik: 0001966494
- company_name: CARGO Therapeutics, Inc.
- filed_at: 2025-03-18T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 2.05, 5.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1966494/000119312525056674/0001193125-25-056674-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1966494/000119312525056674/d835509d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-25-056674
- JSON: https://secwatch.observer/filing/0001193125-25-056674.json
- Plain text: https://secwatch.observer/filing/0001193125-25-056674.txt

## Key facts
- Executive change
  Gina Chapman departed as President and Chief Executive Officer at CARGO Therapeutics, Inc..
  - Action: leaving
  - Role: President and Chief Executive Officer
  source text: Gina Chapman, the Company’s President, CEO and member of the board of directors will be leaving the Company effective May 19, 2025.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1966494/000119312525056674/0001193125-25-056674-index.htm
- Executive change
  Ginna Laport departed as Chief Medical Officer at CARGO Therapeutics, Inc..
  - Action: leaving
  - Role: Chief Medical Officer
  source text: Dr. Ginna Laport, the Company’s Chief Medical Officer ("CMO"), will be leaving the Company effective May 19, 2025.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1966494/000119312525056674/0001193125-25-056674-index.htm
- Executive change
  Anup Radhakrishnan was appointed as Interim Chief Executive Officer at CARGO Therapeutics, Inc..
  - Action: appointed
  - Role: Interim Chief Executive Officer
  source text: the Board appointed Anup Radhakrishnan, the Company’s Chief Financial Officer and Chief Operating Officer, to succeed Ms. Chapman as interim CEO.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1966494/000119312525056674/0001193125-25-056674-index.htm
- Restructurings & Charges
  CARGO Therapeutics, Inc. announced a restructuring with charges of $24.0 million to $29.0 million (approximately 90%).
  - Type: restructuring
  - Charge: $24.0 million to $29.0 million
  - Headcount: approximately 90%
  source text: combination, and engaged TD Securities (USA) LLC as the Company’s exclusive financial advisor. In connection with these actions, the Company expects to incur expenses of between $24.0 million to $29.0 million in total, a substantial portion of which we expect to recognize during the first half of 2025. The anticipated expenses include: severance, benefits, payroll
  evidence_url: https://www.sec.gov/Archives/edgar/data/1966494/000119312525056674/0001193125-25-056674-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.