SAN MATEO, Calif. - CARGO Therapeutics, Inc. (NASDAQ: CRGX), a clinical-stage biotechnology company, announced today the appointment of Dr. Kapil Dhingra to its Board of Directors. Dr. Dhingra, a medical oncologist with over 25 years of experience in strategic clinical development in oncology, including cell therapy, joins the board as the company advances its lead CAR T-cell therapy candidate, firi-cel (CRG-022).
Dr. Dhingra's extensive background includes senior roles in oncology companies and board positions at LAVA Therapeutics, Servier, Black Diamond Therapeutics (NASDAQ:BDTX), Inc., Replimune, Inc., and Median Technologies. His prior experience also includes serving on the Board of Autolus Therapeutics (NASDAQ:AUTL) plc up to the recent Biologics License Application filing of its CAR T-cell therapy.
President and CEO of CARGO Therapeutics, Gina Chapman, expressed confidence in Dr. Dhingra's ability to contribute to the company's progress, particularly as they continue the development of firi-cel for relapsed or refractory large B-cell lymphoma (LBCL). Dr. Dhingra acknowledges the clinical advancements made by CARGO and looks forward to furthering the development of firi-cel.
Dr. Dhingra is the founder and managing member of KAPital Consulting, LLC, and has held significant positions at The Roche Group and Eli Lilly and Company (NYSE:LLY). His academic roles included faculty positions at The University of Texas M.D. Anderson Cancer Center, Indiana University School of Medicine, and Memorial Sloan Kettering Cancer Center.
CARGO Therapeutics focuses on developing next-generation cell therapies for cancer treatment, addressing limitations of current therapies such as durability, safety, and supply consistency.
The company's lead program, firi-cel, is in a Phase 2 clinical study for patients with LBCL who have not responded to previous CD19 CAR T-cell therapy. Plans are also in place to evaluate firi-cel in earlier stages of the disease and other hematologic malignancies.
The company's proprietary cell engineering platform technologies aim to enhance CAR T-cell persistence, tumor targeting, and resistance to tumor evasion and T-cell exhaustion. CARGO's leadership team includes founders and experts in CAR T-cell therapy with a track record in oncology and cell therapy product development and commercialization.
This article is based on a press release statement from CARGO Therapeutics.
InvestingPro Insights
As CARGO Therapeutics, Inc. (NASDAQ: CRGX) continues to make strides in the field of oncology with the advancement of its CAR T-cell therapy candidate, firi-cel, the financial health and market performance of the company are crucial for investors.
According to InvestingPro, CRGX holds more cash than debt on its balance sheet, which can provide a degree of financial stability as it pursues costly clinical trials and research endeavors. Moreover, with liquid assets exceeding short-term obligations, CARGO Therapeutics appears to have the liquidity necessary to manage its short-term financial commitments.
Still, the company's financial metrics indicate challenges ahead. CRGX has a negative P/E Ratio (Adjusted) for the last twelve months as of Q4 2023, standing at -8.18, reflecting concerns about the company's profitability in the near term. Analysts do not anticipate the company will be profitable this year, and net income is expected to drop.
This is underscored by a significant EBITDA decline of -177.07% over the same period. The stock has experienced volatility, with a large price uptick over the last six months, yet it has fared poorly over the last month, with a price total return of -32.23%.
Investors may also note that CRGX does not pay a dividend, which could be a consideration for those seeking regular income from their investments. For a deeper dive into CARGO Therapeutics' financials and to access additional InvestingPro Tips, visit InvestingPro. There are currently 9 additional InvestingPro Tips available for CRGX, which can provide further insights into the company's performance and outlook. Remember to use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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