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CARGO Therapeutics Reports Business Updates And Q3 2023 Results; EPS $(47.37) Vs $(28.38) YoY

Author: Benzinga Newsdesk | December 13, 2023 05:16pm

Third Quarter 2023 Financial Results

  • As of September 30, 2023, CARGO had cash and cash equivalents of $60.3 million and approximately $438 million, as adjusted for the net proceeds from the third tranche of the Company's Series A financing in October and its IPO in November which it expects will fund operations through 2025.
  • Research and development (R&D) expenses were $22.2 million for the quarter ended September 30, 2023, compared to $8.5 million for the same period in 2022. The increase was primarily driven by an increase in contract manufacturing, preclinical, and clinical costs for the CRG-022 program and increased headcount in research and development teams to support development efforts.
  • General and administrative (G&A) expenses were $6.5 million for the quarter ended September 30, 2023, compared to $1.6 million for the same period in 2022. The increase was primarily attributable to the expansion of administrative functions to support business operations and to prepare CARGO to operate as a public company.
  • Net loss was $35.5 million, or $47.37 per basic and diluted share, for the quarter ended September 30, 2023. This compares with a net loss of $12.3 million, or $28.38 per basic and diluted share for the quarter ended September 30, 2022.

Posted In: CRGX


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