Cargo Therapeutics gains on reduced workforce, eyes merger

CARGO Therapeutics

19/03/2025 09:22

** Shares of drug developer Cargo Therapeutics CRGX.O rise 21% to $4.60 premarket

** On Tuesday, co said it is reducing its workforce by about 90%

** CRGX appointed Anup Radhakrishnan as interim CEO to lead the co through a potential merger or acquisition

** As of December 31, 2024, co had about 167 full-time employees - SEC filing

** Co also said it is stopping its experimental cancer therapy, CRG-023, and allogeneic platform

** Earlier this year, co halted a mid-stage trial for cancer treatment

** CRGX has $368.1 million in cash, as of December 31, 2024

** CRGX fell 36.5% last year

 (Reporting by Kamal Choudhury in Bengaluru)

 ((Kamal.Choudhury@thomsonreuters.com;))