CRBU Filings — Caribou Biosciences, Inc. - FilingSpy
CRBU
Caribou Biosciences, Inc.
A clinical-stage biotech building "off-the-shelf" CAR-T cell therapies that treat blood cancers using healthy donor cells instead of a patient's own, with two candidates in early trials. It was founded in Berkeley in 2011 by CRISPR pioneer and Nobel laureate Jennifer Doudna and her team, and the name "Caribou" nods to the CRISPR enzymes behind its work. Insiders even joke that its chRDNA editing technology sounds like "chardonnays," the wine.
Caribou's Q2 net loss narrows to $24.3M as cost cuts take hold, but cash falls to $113.8M and the company still needs capital for its pivotal trial.
Caribou's operating loss narrowed for the fifth straight quarter as the 2025 restructuring reshaped its cost base. fell 44% to $1.5 million and the net loss was $24.3 million, or $0.24 per share, driven almost entirely by an $8.8 million decline in R&D spending after the workforce reduction and pipeline cull. The company has $113.8 million in cash and still needs to raise capital to start the ANTLER-3 pivotal trial for its lead drug candidate.
Key takeaways
The net loss narrowed to $24.3 million from $54.1 million a year ago, primarily because R&D expenses fell $8.8 million and the prior-year quarter included a $12.2 million that did not recur.
R&D expense dropped 32% to $18.9 million, driven by $3.3 million less in external contract manufacturing and research organization activity and $2.6 million in lower personnel costs following the 32% workforce reduction in early 2025.
Licensing and other third-party fell 44% to $1.5 million, largely because the prior-year quarter included a $1.0 million milestone payment with no comparable item in Q2 2026.
Section summaries
Management's Discussion and Analysis
Net loss narrowed to $24.3M in Q2 FY2026 from $54.1M a year ago, driven by lower R&D and G&A expenses after a strategic pipeline prioritization.
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Licensing and other third-party fell $1.2M to $1.5M, primarily due to a $1.0M milestone recognized in the prior-year quarter with no comparable item in Q2 2026.
R&D expenses decreased $8.8M to $18.9M, driven by $3.3M less in external CMO/CRO activities and $2.6M in lower personnel costs following workforce reductions.
G&A expenses declined $2.5M to $7.9M, mainly from lower personnel-related costs and reduced legal and service expenses.
General and administrative expenses declined 24% to $7.9 million, reflecting lower personnel-related costs and reduced legal and service expenses after the restructuring.
Cash, cash equivalents, and marketable securities ended the quarter at $113.8 million, down from $183.9 million a year ago, which management states is sufficient for at least 12 months but not enough to fully fund the planned ANTLER-3 pivotal trial for vispa-cel.
What changed
The initial data from the CB-010 dose-expansion cohorts, flagged as overdue in Q2 2025 and expected to support a pivotal Phase 3 trial, still has not been disclosed; the company now refers to the planned trial as ANTLER-3 for vispa-cel but provides no updated data or specific initiation date.
The cash, equivalents, and marketable securities balance fell to $113.8 million from $183.9 million a year ago, and the company's stated runway of 'at least 12 months' now points to mid-2027, though management reiterates it will need additional capital to fund the pivotal trial.
No initial clinical data from the CB-011 Phase 1 trial in relapsed/refractory multiple myeloma has been reported, leaving the program's status unchanged since the 2025 pipeline reprioritization.
The board has not yet implemented the approved reverse stock split, which remains available at its discretion through June 2026; the filing does not address Nasdaq compliance status.
What to watch
Whether the company raises additional capital, and on what terms, given the $113.8 million balance and the stated need to fund the ANTLER-3 pivotal trial for vispa-cel.
Any clinical data from the vispa-cel dose-expansion cohorts in second-line LBCL, and whether the company discloses a specific timeline and design for the ANTLER-3 pivotal trial.
Any initial clinical data from the CB-011 trial in relapsed/refractory multiple myeloma, the only other clinical program remaining.
Whether the board implements the approved reverse stock split before the June 2026 expiration, and if so, whether the stock price holds above $1.00 to maintain Nasdaq compliance.
were zero versus $12.2M in Q2 2025, which had included charges for leasehold improvements, right-of-use assets, and lab equipment.
Cash, equivalents, and totaled $113.8M at quarter-end; the company expects this to fund operations for at least the next 12 months but will need additional capital to fully fund the planned ANTLER-3 pivotal trial.
Quantitative and Qualitative Disclosures About Market Risk
There have been no material changes to our market risk during the six months ended June 30, 2026. For a discussion of our exposure to market risk, refer to the section titled “Quantitative and Qualitative Disclosures About Market Risk” in our Form 10-K.
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There have been no material changes to our market risk during the six months ended June 30, 2026. For a discussion of our exposure to market risk, refer to the section titled “Quantitative and Qualitative Disclosures About Market Risk” in our Form 10-K.
From time to time, we may become involved in litigation arising in the ordinary course of business. Regardless of the outcome, litigation can have a material adverse effect on us due to defense and settlement costs, diversion of our management resources, and other factors. We ar…
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From time to time, we may become involved in litigation arising in the ordinary course of business. Regardless of the outcome, litigation can have a material adverse effect on us due to defense and settlement costs, diversion of our management resources, and other factors. We are not currently subject to any material legal proceedings.
There have been no material changes to the Risk Factors previously disclosed in Item 1A. to Part I of our Form 10-K. The risks described in our Form 10-K are not the only risks facing our company. Additional risks and uncertainties not currently known to us or that we currently…
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There have been no material changes to the Risk Factors previously disclosed in Item 1A. to Part I of our Form 10-K. The risks described in our Form 10-K are not the only risks facing our company. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition, and/or operating results.