Caribou Biosciences, Inc. reported a net loss of $148.1 million for the year ended December 31, 2025, a slight improvement compared to the $149.1 million loss in 2024. The company's revenue, primarily from licensing and collaboration agreements, increased to $11.2 million in 2025 from $10.0 million in the previous year. Research and development expenses remained the largest cost driver, totaling $109.4 million in 2025, down from $130.2 million in 2024, reflecting strategic pipeline prioritization and workforce reductions. General and administrative expenses also decreased, falling to $37.9 million from $46.5 million, mainly due to lower legal expenses and personnel-related costs.
A significant strategic shift occurred in April 2025, with Caribou announcing a pipeline prioritization focusing on its vispa-cel and CB-011 product candidates. This led to the discontinuation of the GALLOP phase 1 trial for lupus, the AMpLify phase 1 clinical trial of CB-012 for acute myeloid leukemia, and preclinical research efforts. As a result, the company reduced its workforce by approximately 32%. In connection with the discontinuation of the AMpLify phase 1 clinical trial for our CB-012 product candidate, Caribou terminated its Exclusive License Agreement with Memorial Sloan Kettering Cancer Center, effective August 11, 2025.
Operationally, Caribou is advancing vispa-cel, an allogeneic anti-CD19 CAR-T cell therapy, and CB-011, an allogeneic anti-BCMA CAR-T cell therapy, through clinical trials. As of September 29, 2025, the ANTLER phase 1 clinical trial evaluating vispa-cel in 2L LBCL patients showed an 82% overall response rate and a 64% complete response rate in a confirmatory cohort of 22 patients. A cohort of 35 patients with an optimized product profile demonstrated an 86% overall response rate and a 63% complete response rate. The CaMMouflage phase 1 clinical trial for CB-011 in r/r MM patients showed a 92% overall response rate and a 75% CR/sCR rate in a BCMA-naïve cohort treated with the selected LD regimen and the 450x106 viable CAR-T cell dose.
Caribou Biosciences held $142.8 million in cash, cash equivalents, and marketable securities as of December 31, 2025. The company anticipates that these resources will be sufficient to fund its operating plan for at least the next 12 months. Caribou is planning to conduct a randomized, controlled pivotal phase 3 clinical trial of vispa-cel in approximately 250 2L LBCL CD19-naïve patients who are ineligible for autologous stem cell transplant and autologous CAR-T cell therapy. The company is in ongoing engagement with the FDA regarding the design of its pivotal trial for vispa-cel. The company will continue to need additional capital beyond the proceeds received from its IPO, follow-on public financing, at-the-market equity offering program, and other historical sources of proceeds.
About Caribou Biosciences, Inc.
Caribou Biosciences is a biopharmaceutical company specializing in CRISPR-based genome editing to develop allogeneic cell therapies. Its core focus is on off-the-shelf CAR-T treatments for hematologic cancers and autoimmune diseases, utilizing proprietary chRDNA technology for precise, multiplex genome modifications. The company aims to enhance therapy durability, safety, and accessibility through innovative gene editing, targeting unmet medical needs in oncology and immunology markets.
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