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. A state filing stated the company was laying off 84 workers in San Carlos by May.
Cargo had been developing cancer cell therapies but discontinued work after disappointing results.
“In connection with the Company’s review of strategic options, the Board has concluded that it is in the best interests of shareholders to cease development operations,” stated John Orwin, Cargo’s chairman, in a statement.
Separately, biotech company Sutro Biopharma is cutting 65 jobs at its South San Francisco and San Carlos offices, according to a state filing. The company stated last week that it is cutting half its workforce as it shifts drug development priorities.
Reach Roland Li: roland.li@sfchronicle.com; X: @rolandlisf
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