CARGO Therapeutics

Cargo Therapeutics agreed to be acquired by Concentra Biosciences for approximately $202 million upfront after halting development of its lead CAR-T therapy firicabtagene autoleucel due to poor durability results.

National Resilience announced plans to wind down six manufacturing facilities across California, Massachusetts, and Florida, citing that capacity expansion has outpaced industry demand.

Third Harmonic Bio stockholders overwhelmingly approved a liquidation and dissolution plan with 99.9% of voting shares supporting the proposal at the June 5, 2025 annual meeting.

• Cargo Therapeutics has suspended development of its CD22-directed cell therapy for lymphoma due to serious adverse events in Phase II trials, leading to a 50% workforce reduction. • The company maintains $368 million in cash reserves as of end-2024 and plans to continue work on other pipeline programs while evaluating strategic options. • The situation has ignited industry-wide debate about whether biotech companies with negative enterprise value should return cash to shareholders or persist with development programs.

CARGO Therapeutics has discontinued its Phase 2 FIRCE-1 clinical trial of firi-cel in relapsed/refractory large B-cell lymphoma patients following CD19 CAR T-cell therapy failure.

CARGO Therapeutics halted the Phase 2 FIRCE-1 trial of firi-cel (firicabtagene autoleucel) for relapsed/refractory large B-cell lymphoma after CD19 CAR T-cell therapy due to disappointing data.

• Cargo Therapeutics is discontinuing development of its experimental CAR-T therapy following early trial data revealing three patient deaths and significant safety concerns in blood cancer treatment. • The Phase 2 trial was terminated early after 18% of patients developed severe inflammatory syndrome IEC-HS, with only 18% of participants maintaining complete remission at 3 months. • Despite raising over $500 million for cell therapy development, the company will lay off half its workforce while continuing to advance an alternative CAR-T treatment program.

CARGO Therapeutics anticipates interim analysis results from the Phase 2 FIRCE-1 study of firicabtagene autoleucel (firi-cel) in relapsed/refractory large B-cell lymphoma in 1H 2025.