Cargo Shares Rise After Starting Strategic Review, Ceasing Treatment Development

Dow Jones

Mar 19, 2025

By Katherine Hamilton

Shares of Cargo Therapeutics rose after the company said it plans to cease development for more treatments and review strategic options.

The stock rose 17% to $4.44 on Tuesday after the market closed. Shares have fallen 74% over the past three months.

The biotechnology company, which focuses on curative cell therapies for cancer patients, said Tuesday it is reducing its workforce by 90% and discontinuing development of its remaining pipeline assets. Its chief executive is also departing.

Cargo is reviewing strategic options and working with TD Cowen as a financial adviser, it said.

Board Chairman John Owin said Cargo wants to find a permanent home for its remaining assets and maximize value for shareholders.

The announcement comes about two months after Cargo said it would discontinue a study of firi-cel and cut its workforce in half. Shares fell to $3.39 from $13.19 after that announcement.

Write to Katherine Hamilton at katherine.hamilton@wsj.com

(END) Dow Jones Newswires

March 18, 2025 17:19 ET (21:19 GMT)

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