Cargo Therapeutics Ceases Operations Following Clinical and Financial Setbacks

The biotech company, once valued at $1.2 billion, has laid off 90% of its workforce and is exploring strategic options to preserve shareholder value.

Cargo Therapeutics has halted all drug development efforts after the failure of a Phase 2 clinical trial due to safety concerns.
The company announced it would lay off 90% of its remaining staff, leaving only 10 or fewer employees.
Cargo's valuation has plummeted from a peak of $1.2 billion in March 2024 to under $200 million as of March 2025.
The board has prioritized maximizing shareholder value, considering options like a reverse merger or other business moves.
Cargo has accumulated a $312 million financial deficit and has no approved products for commercial sale.