UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Item 2.02 Results of Operations and Financial Condition.
On May 14, 2024, CARGO Therapeutics, Inc. (the “Company”) announced its financial results for the first quarter ended March 31, 2024. The full text of the press release issued in connection with the announcement is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
The information furnished pursuant to this Item 2.02 of this Current Report on Form 8-K, including the attached Exhibit 99.1, is being furnished and shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed to be incorporated by reference in any filing made by the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Item 9.01 Financial Statements and Exhibits.
Exhibit No. |
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Description |
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99.1 |
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104 |
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Cover Page Interactive Data File (embedded within the Inline XBRL document). |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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CARGO THERAPEUTICS, INC. |
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Date: |
May 14, 2024 |
By: |
/s/Gina Chapman |
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Gina Chapman |
Exhibit 99.1
CARGO Therapeutics Reports First Quarter 2024 Financial Results and
Provides Business Update
– 26 sites activated and over 20 patients dosed in the potentially pivotal Phase 2 clinical study, FIRCE-1 of firicabtagene autoleucel (firi-cel) (CRG-022); Currently on-track for interim results expected in 1H25 –
– Independent Data Monitoring Committee (IDMC) recommended continuation of FIRCE-1 without modifications –
- Ongoing follow-up from the Stanford Phase 1 study for firi-cel1 to be presented at the 2024 European Hematology Association (EHA) Congress, highlighting median overall survival of 25.7 months and favorable safety profile at the dose level selected for CARGO’s Phase 2 Study -
SAN CARLOS, Calif., May 14, 2024 – CARGO Therapeutics, Inc. (NASDAQ: CRGX), a clinical-stage biotechnology company positioned to advance next generation, potentially curative cell therapies for cancer patients, today reported financial results for the first quarter ended March 31, 2024 and provided a business update.
“We’re off to a strong start to 2024 following our successful IPO. Our Phase 2 study for firi-cel is progressing as planned with 26 activated trial sites, more than 20 patients dosed, positive safety review from the IDMC and continued impressive manufacturing success. Importantly, ongoing follow-up from the Stanford Phase 1 study demonstrated favorable efficacy, durability and safety results, which continues to reinforce our conviction in firi-cel to become a meaningful treatment advancement with the potential for curative outcomes for patients with LBCL whose disease is R/R to CD19 CAR T-cell therapy,” said Gina Chapman, President and Chief Executive Officer of CARGO. “Beyond our lead program, we are also pleased to be making headway with our IND-enabling activities for our most advanced preclinical asset, CRG-023, which incorporates a tri-specific CAR T with CD2 co-stimulation. 2024 will be an exciting year for CARGO as we execute on our FIRCE-1 study, which is currently on track for interim analysis in the first half of 2025, while advancing our next-generation cell therapy pipeline.”
Corporate Highlights
1 Firicabtagene autoleucel (firi-cel) (CRG-022) is CARGO Therapeutics' autologous CD 22 CAR T-cell product candidate. The underlying CAR of which the Company exclusively licensed was the construct evaluated by Stanford University in a Phase 1 clinical trial in patients with large B-cell lymphoma whose disease relapsed or was refractory to CD19 CAR T-cell therapy. The Company’s CRG-022 Investigational New Drug application included a comprehensive package in which CARGO performed and demonstrated analytical comparability of CRG-022 produced using the intended commercial process to the CRG-022 produced using the process used for the Stanford Phase 1 clinical trials. CARGO cannot assure that the FDA will agree with its claim of comparability and the sufficiency of the data to support it when it files its Biologics License Application.
*Dose being evaluated in CARGO’s ongoing FIRCE-1 Phase 2 clinical study of firi-cel.
First Quarter 2024 Financial Highlights
About CARGO Therapeutics
CARGO Therapeutics, Inc. is a clinical-stage biotechnology company positioned to advance next- generation, potentially curative cell therapies for cancer patients. CARGO’s programs, platform technologies, and manufacturing strategy are designed to directly address the limitations of approved cell therapies, including limited durability of effect, safety concerns and unreliable supply. CARGO is currently evaluating its lead program, firicabtagene autoleucel (firi-cel) (CRG-022), an autologous CD22 chimeric antigen receptor (CAR) T-cell therapy candidate, in a potentially pivotal Phase 2 clinical study in patients with large B-cell lymphoma (LBCL) whose disease relapsed or was refractory (R/R) to CD19 CAR T-cell therapy. CARGO also plans to evaluate firi-cel (CRG-022) in patients at earlier stages of disease, including LBCL and other hematologic malignancies. Beyond its lead program, CARGO is leveraging its 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. This includes the CRG-023 program, which incorporates a tri-specific CAR T with CD2 co-stimulation. CARGO’s founders are pioneers and world-class experts in CAR T-cell therapy, and its team has significant experience and success in developing, manufacturing, launching and commercializing oncology and cell therapy products. For more information, please visit the CARGO Therapeutics website at https://cargo-tx.com/.
Follow us on LinkedIn: CARGO Therapeutics
Follow us on X (Twitter): @CARGOTx
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In some cases, you can identify forward-looking statements by terminology such as “aim,” “anticipate,” “assume,” “believe,” “contemplate,” “continue,” “could,” “design,” “due,” “estimate,” “expect,” “goal,” “intend,” “may,” “objective,” “plan,” “positioned,” “potential,” “predict,” “seek,” “should,” “target,” “will,” “would” and other similar expressions that are predictions of or indicate future events and future trends, or the negative of these terms or other comparable terminology. All statements other than statements of historical facts contained in this press release are forward-looking statements. These forward-looking statements include, but are not limited to, statements about: advancement of CARGO’s clinical and preclinical programs; the potential benefits of CARGO’s product candidates; and timing of data reports, including the release of interim data from the Company’s ongoing Phase 2 clinical trial of firi-cel (CRG-022). Forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties that could cause actual results and events to differ materially from those anticipated, including, but not limited to, risks and uncertainties related to: the company’s ability to obtain necessary capital to fund its clinical programs; the early stages of clinical development of the company’s product candidates; the company’s ability to obtain regulatory approval of and successfully commercialize its product candidates; any undesirable side effects or other properties of the company’s product candidates; the company’s reliance on third-party suppliers and manufacturers, including CROs; the outcomes of any future collaboration agreements; and the company’s ability to adequately maintain intellectual property rights for its product candidates. For a detailed discussion of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to CARGO’s business in general, please refer to the risk factors identified in the Company’s filings with the Securities and Exchange Commission (SEC), including but not limited to its Quarterly Report on Form 10-Q for the quarter ended March 31, 2024 to be filed on or about the date hereof. Any forward-looking statements that the company makes in this press release are made pursuant to the Private Securities Litigation Reform Act of 1995, as amended, and speak only as of the date of this press release. Except as required by law, the company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. CARGO’s results for the quarter ended March 31, 2024 are not necessarily indicative of its operating results for any future periods.
CARGO Therapeutics, Inc.
Condensed Statements of Operations and Comprehensive Loss
(in thousands, except share and per share data)
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Three months ended |
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2024 |
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2023 |
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Operating expenses: |
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Research and development |
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$ |
30,503 |
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$ |
12,562 |
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General and administrative |
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10,303 |
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2,685 |
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Total operating expenses |
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40,806 |
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15,247 |
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Loss from operations |
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(40,806 |
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(15,247 |
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Other income, net |
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4,995 |
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2,500 |
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Net loss |
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$ |
(35,811 |
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$ |
(12,747 |
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Other comprehensive loss: |
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Unrealized loss on marketable securities |
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(279 |
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— |
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Comprehensive loss |
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$ |
(36,090 |
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$ |
(12,747 |
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Net loss per share attributable to common |
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$ |
(0.87 |
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$ |
(21.36 |
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Weighted-average shares used in computing |
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40,995,901 |
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596,738 |
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CARGO Therapeutics, Inc.
Condensed Balance Sheet Data
(in thousands)
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March 31, |
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December 31, |
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2024 |
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2023 |
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Assets |
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Cash and cash equivalents |
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$ |
81,526 |
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$ |
405,732 |
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Marketable securities |
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294,387 |
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— |
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Other assets |
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46,516 |
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47,304 |
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Total assets |
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$ |
422,429 |
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$ |
453,036 |
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Liabilities and Stockholders’ Equity |
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Liabilities |
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$ |
49,217 |
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$ |
47,650 |
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Stockholders’ equity |
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373,212 |
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405,386 |
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Total liabilities and stockholders’ equity |
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$ |
422,429 |
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$ |
453,036 |
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Media Contact:
Kimberly Muscara
kimberly@redhousecomms.com
Investor Contact:
Jessica Serra
jserra@cargo-tx.com
Laurence Watts
laurence@gilmartinir.com