Cargo Therapeutics has announced the termination of a clinical trial involving 51 lymphoma patients, citing inadequate long-term results and unsafe side effects. As a result, the company is laying off approximately 85 employees, which is about half of its workforce, to preserve cash and extend operational funds until mid-2028. CEO Gina Chapman expressed disappointment regarding the trial's unexpected outcome and emphasized the necessity of the decision for both stakeholders and patients. The company may also explore strategic options, such as mergers or partnerships, to remain viable in the market.
Cargo Therapeutics faced setbacks after halting a clinical trial due to subpar results and plans to lay off half its workforce to conserve cash.
CEO Gina Chapman expressed disappointment over the trial's unexpected results, stating ceasing it is "in the best interest of both patients and shareholders."
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