CARGO Therapeutics

General Information

We are a clinical-stage biotechnology company uniquely positioned to advance next-generation potentially curative cell therapies for cancer patients. (Incorporated in Delaware)

Our programs, platform technologies and manufacturing strategy are designed to directly address the limitations of approved chimeric antigen receptor (CAR) T-cell therapies. A CAR is a protein that has been engineered to modify T cells so they can recognize and destroy cancer cells. We believe the limitations of approved therapies include limited durability of effect, safety concerns and unreliable supply.

Our lead program, CRG-022, an autologous (derived from a patient’s cells) CD22 CAR T-cell product candidate, the underlying CAR of which we exclusively licensed from the National Cancer Institute (NCI), is being studied by Stanford University (Stanford) in a Phase 1 clinical trial in patients with large B-cell lymphoma (LBCL) whose disease relapsed or was refractory (R/R) to CD19 CAR T-cell therapy. On the basis of the results from the clinical trial, we are evaluating CRG-022 in a potentially pivotal Phase 2 clinical trial in patients with LBCL whose disease is R/R to CD19 CAR T-cell therapy. We also plan to evaluate CRG-022 in patients at earlier stages of disease, including LBCL and other hematologic malignancies. Beyond our lead program, we are leveraging our proprietary cell engineering platform technologies to develop a pipeline of programs that incorporate multiple transgene therapeutic “cargo” designed to enhance CAR T-cell persistence and trafficking to tumor lesions, as well as to help safeguard against tumor resistance and T-cell exhaustion. Our founders are pioneers and world-class experts in CAR T-cell therapy. Together, we are united in our mission to outsmart cancer and deliver more cures for patients.

We understand that Stanford may pursue additional clinical trials of a similar CAR T therapy to CRG-022 in other B-cell malignancies for research purposes. Our and Stanford’s clinical trials have been, and will be, conducted independently from each other, with the exception that we anticipate Stanford will be a clinical trial site for our ongoing Phase 2 clinical trial of CRG-022 in R/R LBCL post CD19 CAR T-cell therapy. In September 2023, we dosed the first patient in a potentially pivotal multi-center Phase 2 clinical trial to evaluate the safety and efficacy of CRG-022 in patients with LBCL whose disease is R/R to CD19 CAR T-cell therapy. In this growing patient population with significant unmet need, CRG-022 may provide another option and opportunity to achieve a complete and durable response. We expect interim results from this Phase 2 clinical trial in 2025. Beyond our initial focus on R/R LBCL post CD19 CAR T-cell therapy, we plan to evaluate CRG-022 in additional indications, including patients with LBCL who are CAR T naïve, as well as B-cell acute lymphocytic leukemia (B-ALL).

*Note: Net loss is for the 12 months that ended June 30, 2023. The company has no revenues.

(CARGO Therapeutics priced its IPO at $15.00 – the  low end of its $15.00-to-$17.00 price range – on 18.75 million shares – the number of shares in the prospectus – to raise $281.25 million on Nov. 9, 2023. Background: CARGO Therapeutics filed its S-1 on Oct. 20, 2023, without disclosing terms for its IPO. The estimated proceeds of $100 million is a placeholder figure. CARGO Therapeutics submitted confidential IPO documents to the SEC on Sept. 1, 2023.) 

Employees: 74
Founded: 2019
Contact Information
Address 900 Alameda De Las Pulgas, Suite 350, San Mateo, California 94403
Phone Number (650) 379-6143
Web Address
View Prospectus: CARGO Therapeutics
Financial Information
Market Cap $580.09mil
Revenues $0 mil (last 12 months)
Net Income $-56.63 mil (last 12 months)
IPO Profile
Symbol CRGX
Exchange NASDAQ
Shares (millions): 18.8
Price range $15.00 - $15.00
Est. $ Volume $281.3 mil
Manager / Joint Managers J.P. Morgan/ Jefferies/ TD Cowen/ Truist Securities
Expected To Trade: 11/10/2023
Status: Priced
Quiet Period Expiration Date:
Lock-Up Period Expiration Date:
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