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CARGO Therapeutics Inc. (CRGX+2.42%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's focus on developing next-generation cell therapies for cancer patients, specifically through its investigational tri-specific CAR T-cell product, CRG-023. This product is designed to address known causes of relapse in existing CAR T-cell therapies.
The company reported a net loss of $167.5 million for the year, compared to a net loss of $98.1 million in the previous year. The increase in loss is attributed to higher research and development expenses, which rose to $143.4 million from $75.8 million, primarily due to increased manufacturing costs and clinical trial expenses.
General and administrative expenses also increased to $44.0 million from $20.9 million, driven by higher employee-related costs and increased spending on outside services and facilities.
CARGO Therapeutics ended the fiscal year with $368.1 million in cash, cash equivalents, and marketable securities, which is expected to fund operations through mid-2028.
The company announced a reduction in force, affecting approximately 50% of its workforce, in connection with the discontinuation of its FIRCE-1 Phase 2 study of firicabtagene autoleucel.
CARGO Therapeutics plans to continue developing its allogeneic platform and expects to select a lead vector candidate in the first half of 2025.
The filing also outlines the company's strategy to seek regulatory approval and commercialize its product candidates, while acknowledging the challenges and uncertainties inherent in the biotechnology industry.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the CARGO Therapeutics Inc. annual 10-K report dated March 12, 2025. To report an error, please email earnings@qz.com.