Biotech company Cargo Therapeutics is laying off 90% of its workforce after plans to suspend its drug development, according to a corporate filing.
The San Carlos-based company expects $24 million to $29 million in costs related to the cuts, including severance pay and benefits. CEO Gina Chapman is also departing from the firm. Cargo had 170 employees as of September 2024 but laid off around half in January.
Cargo had been developing cancer cell therapies but discontinued work after disappointing results…