# EDGAR Filing Document

**Accession Number:** 0001966494
**File Stem:** 0000000000-25-008052
**Filing Date:** 2025-7
**Character Count:** 5918
**Document Hash:** 2e21b32114624fd021cc898ff18b0bf5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000000000-25-008052.hdr.sgml**: 20260625

**ACCESSION NUMBER**: 0000000000-25-008052

**CONFORMED SUBMISSION TYPE**: UPLOAD

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20250730

**FILED FOR**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CARGO Therapeutics, Inc.
- **CENTRAL INDEX KEY:** 0001966494
- **STANDARD INDUSTRIAL CLASSIFICATION:** BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) [2836]
- **ORGANIZATION NAME:** 03 Life Sciences
- **EIN:** 844080422
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** UPLOAD
- **SEC FILE NUMBER:** 005-94225

**BUSINESS ADDRESS:**
- **STREET 1:** 835 INDUSTRIAL ROAD, SUITE 400
- **CITY:** SAN CARLOS
- **STATE:** CA
- **ZIP:** 94070
- **BUSINESS PHONE:** 650-499-8950

**MAIL ADDRESS:**
- **STREET 1:** 835 INDUSTRIAL ROAD, SUITE 400
- **CITY:** SAN CARLOS
- **STATE:** CA
- **ZIP:** 94070
**PUBLIC REFERENCE ACCESSION NUMBER**: 0001193125-25-163464

## Text-Extract

```

                                                           July 30, 2025

Tessa Bernhardt
Partner
Latham & Watkins LLP
140 Scott Drive
Menlo Park, CA 94025

       Re: CARGO Therapeutics, Inc.
           Schedule 14D-9 filed July 23, 2025
           SEC File No. 5-94225
Dear Tessa Bernhardt:

       We have reviewed your filing and have the following comments. In some of
our
comments, we may ask you to provide us with information so we may better
understand your
disclosure.

        Please respond to these comments by providing the requested information
or advise us
as soon as possible when you will respond. If you do not believe our comments
apply to your
facts and circumstances, please tell us why in your response.

        After reviewing your response to these comments, we may have additional
comments.
All defined terms have the same meaning as in the filing listed above.

Schedule 14D-9 filed July 23, 2025
Background of the Offer and the Merger, page 12

1.     Describe the April 3, 2025 meeting with TD Cowen and CARGO, "during
which the
       CARGO Board reviewed reverse merger proposals received during the
Company's
       outreach period and provided preliminary guidance on prioritizing such
proposals."
2.     In a meeting on April 24, 2025, the CARGO Board discussed with TD Cowen
       prioritizing and accelerating a transaction with a financial rather than
a strategic
       buyer. Thereafter, the Company suspended negotiations with Parties D, E
and G.
       Please expand to explain why and how CARGO determined that pursuing a
financial
       buyer was preferable to seeking a strategic buyer. Your explanation
should encompass
       why the Company preferred one kind of buyer over another, and why it
decided to
       explore one avenue only, rather than exploring a transaction with all
types of business
       combination partners.
3.     Please expand to explain why the Company decided not to pursue further
negotiations
 July 30, 2025
Page 2

       with Party I. It is not clear whether there were further interactions
with the Company
       after the July 4, 2025 "highly interested letter" submitted by Party I.
4.     Refer to the description of the July 3, 2025 call between Company
representatives and
       its advisors to discuss the proposals by Parent and Party B. Expand to
explain in
       greater detail how the CARGO Board thereafter determined to proceed with
Parent's
       proposal. Your expanded discussion should include per share values for
each
       proposal.
Expected Return to Stockholders if the Company Liquidated, page 24

5.     We note the disclosure here that the CARGO Board believes that the Offer
Price is
       more favorable to target shareholders than the value to be received upon
a statutory
       liquidation or dissolution. While you generally list reasons supporting
such
       determination, the financial analysis conducted by the Company's
management
       yielded a higher per share liquidation value of $4.59 per share, as
compared to
       the Offer Price of $4.379 per share plus a CVR estimated in value at
$0.00 to $0.02.
       Please expand to discuss how the CARGO Board weighed each of the listed
factors to
       reach the conclusion that the Offer is more favorable than liquidation.
For example,
       the disclosure here notes that the Board considered that it would have
to engage
       advisors to assist with the liquidation of the Company, and that it
would cost money to
       continue to operate the Company until it could be liquidated. Explain
how the
       Company placed a value on these necessities to be able to state that the
Offer Price is
       preferable for target shareholders. If it did not so quantify its
comparative analysis,
       please revise to clarify.
No Premium, page 26

6.     Expand to more specifically explain how the CARGO Board analyzed the
fact that the
       Offer Price represents a 4.4% negative premium to the recent trading
price of the
       shares in determining to recommend the Offer.
Financial Analysis, page 32

7.     Expand to explain how TD Cowen arrived at the discount rate range of
6.8% to 15.5%
       to calculate the estimated net present value range presented in the
table at the bottom
       of page 32.
        We remind you that the filing persons are responsible for the accuracy
and adequacy
of their disclosures, notwithstanding any review, comments, action or absence
of action by
the staff.

       Please direct any questions to Christina Chalk at 202-551-3263.

                                                            Sincerely,

                                                            Division of
Corporation Finance
                                                            Office of Mergers &
Acquisitions

```

### Attached PDF Documents

**Attachment 1:** `filename1`

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