Special Situations Round-Up 13/25

Brief comments & updates on selected current opportunities

Note: This post once again focuses mainly on funds and biotech, as these are the areas where opportunities seem to be more prevalent at the moment.

Updates

CARGO Therapeutics ($CRGX)
Price: $4.17 • M.Cap: $192m • P/NCAV: 0.77x
All development now stopped; implementing another RiF (90%); CEO and CMO leaving in May. As expected, strategic review specifically targets a reverse merger. Cash balance expected at ~$300m post-restructuring; cash burn should now decline to <$10m/quarter.

(More names below)