Caribou Biosciences Reports First Quarter 2025 Financial Results and Provides Business Update

Rhea-AI Summary

Caribou Biosciences (NASDAQ: CRBU) reported Q1 2025 financial results and provided updates on its clinical programs. The company ended Q1 with $212.5 million in cash and equivalents, expected to fund operations into H2 2027. Caribou reported a net loss of $40.0 million for Q1 2025.

The company recently implemented strategic pipeline prioritization, focusing on its lead oncology programs CB-010 and CB-011, while discontinuing other trials. This resulted in a 32% workforce reduction with estimated cash payments of $2.5-3.5 million.

Key upcoming milestones include two clinical datasets in H2 2025: CB-010's ANTLER trial data from a 20-patient cohort in large B cell lymphoma, and CB-011's CaMMouflage trial data from at least 25 multiple myeloma patients at multiple dose levels.

Positive

• Cash runway extended by one year into H2 2027 through strategic restructuring
• CB-010 showing potential outcomes comparable to approved autologous CAR-T cell therapies
• CB-011 demonstrating encouraging efficacy at multiple dose levels
• Strategic focus on lead oncology programs expected to improve operational efficiency

Negative

• 32% workforce reduction implemented
• Discontinuation of CB-010 lupus trial, CB-012 AML trial, and preclinical research
• Net loss of $40.0 million in Q1 2025
• Cash position decreased from $249.4M to $212.5M quarter-over-quarter

Insights

Biotech Oncology Expert

Caribou prioritizes promising CAR-T programs while extending cash runway through 32% workforce reduction; critical clinical data expected H2 2025.

Caribou's strategic pivot focuses resources on two key allogeneic CAR-T cell therapies while discontinuing other programs. For CB-010 in large B cell lymphoma, the company is enrolling a 20-patient confirmatory cohort with HLA matching, with data expected H2 2025. Notably, the press release states CB-010 "has the potential to drive outcomes that are on par with" approved autologous CAR-T therapies - a significant claim as allogeneic approaches could offer broader accessibility and faster treatment delivery than current personalized therapies.

For CB-011 in multiple myeloma, Caribou reports "encouraging efficacy" at multiple dose levels with a deeper cyclophosphamide lymphodepletion regimen. The accelerated enrollment suggests growing confidence, with data from at least 25 patients expected H2 2025.

The pipeline prioritization discontinues three programs: the CB-010 lupus trial, CB-012 for acute myeloid leukemia, and preclinical research. This 32% workforce reduction creates a one-year extension of cash runway into H2 2027. These cuts, while difficult, represent a pragmatic approach to extend operational runway through critical data readouts that could validate their chRDNA genome editing platform.

The company explicitly states they're "interacting with the FDA on a potential pivotal trial" for CB-010, indicating they're potentially positioning for a registrational pathway pending positive data. Both lead programs will produce meaningful datasets in H2 2025, representing critical valuation inflection points for Caribou's technology platform.

Financial Analyst

Strategic restructuring extends cash runway by a year to H2 2027 despite $40M quarterly loss; upcoming clinical catalysts well-funded.

Caribou's Q1 financial results and restructuring announcement reflect tough decisions made to extend operational runway. The company ended Q1 with $212.5 million in cash and marketable securities, down from $249.4 million at 2024 year-end - representing a quarterly burn rate of approximately $37 million. Their $40 million net loss shows only marginal improvement from the $41.2 million loss in Q1 2024.

The strategic pipeline prioritization and 32% workforce reduction will incur one-time cash costs of $2.5-3.5 million but extends the cash runway by a full year into H2 2027. This timing strategically positions Caribou to reach multiple clinical milestones before requiring additional financing.

R&D expenses increased 5% year-over-year to $35.5 million, indicating continued investment in key clinical programs despite broader cuts. Conversely, G&A expenses decreased significantly to $9.7 million from $14.6 million, partly due to lower legal expenses and a litigation settlement accrual in the previous year.

The consistent $2.4 million in licensing revenue provides minimal but stable supplementary income. With the extended runway, Caribou is now financially positioned to reach crucial data readouts for both lead programs in H2 2025 without immediate financing pressure - particularly important given the challenging funding environment for clinical-stage biotechs. The restructuring demonstrates management's commitment to capital efficiency while maintaining momentum in their most promising programs.

-- Two robust clinical datasets from CB-010 and CB-011 expected to be disclosed in H2 2025 --

-- $212.5 million in cash, cash equivalents, and marketable securities expected to fund the Company’s current operating plan into H2 2027 --

BERKELEY, Calif., May 08, 2025 (GLOBE NEWSWIRE) -- Caribou Biosciences, Inc. (Nasdaq: CRBU), a leading clinical-stage CRISPR genome-editing biopharmaceutical company, today reported financial results for the first quarter 2025 and provided a business update for its lead oncology clinical programs CB-010 and CB-011 with data disclosure for each planned for H2 2025.

“Caribou’s two lead Phase 1 clinical programs, CB-010 for large B cell lymphoma and CB-011 for multiple myeloma, continue to demonstrate encouraging efficacy and have the potential to benefit individuals living with hematologic malignancies,” said Rachel Haurwitz, PhD, Caribou’s president and CEO. “We look forward to disclosing two robust clinical datasets from these programs in the second half of this year as we focus on our goal to deliver these off-the-shelf allogeneic CAR-T cell therapies that offer the potential for broad access and rapid availability to both patients and healthcare systems.”

Clinical highlights
CB-010, a clinical-stage allogeneic anti-CD19 CAR-T cell therapy for B cell non-Hodgkin lymphoma

• Caribou is enrolling a 20-patient confirmatory cohort using the Company’s HLA matching strategy in the ANTLER Phase 1 clinical trial in second-line large B cell lymphoma (2L LBCL) patients. In H2 2025, Caribou expects to present data from this cohort with at least six months of follow up for the majority of patients.
• To date, data demonstrate that a single dose of CB-010 has the potential to drive outcomes that are on par with the safety, efficacy, and durability of approved autologous CAR-T cell therapies.
• Additionally, in H2 2025, Caribou expects to present data from a proof-of-concept cohort of CB-010 in up to 10 patients who have relapsed following any prior CD19-targeted therapy.
  

CB-011, a clinical-stage allogeneic anti-BCMA CAR-T cell therapy for multiple myeloma

• In the dose escalation portion of the CaMMouflage Phase 1 clinical trial for patients with relapsed or refractory multiple myeloma (r/r MM), Caribou continues to observe encouraging efficacy in patients treated with CB-011 at multiple dose levels following a lymphodepletion regimen that includes a deeper dose of cyclophosphamide.
• Caribou is rapidly enrolling additional patients with the deeper lymphodepletion regimen to make a data-driven decision on the recommended doses for expansion. The Company plans to present data in H2 2025 with at least three months of follow up on a minimum of 25 patients at multiple dose levels.

Corporate updates
Recently announced pipeline prioritization with workforce and cost reduction initiatives

• As previously reported on April 24, 2025, Caribou implemented a strategic pipeline prioritization to focus resources on its lead oncology programs, CB-010 and CB-011. The Company discontinued its Phase 1 clinical trial of CB-010 for lupus, Phase 1 clinical trial of CB-012 for relapsed or refractory acute myeloid leukemia (r/r AML), and preclinical research. Patients treated in the CB-012 phase 1 clinical trial will continue to be followed as part of the Company’s long-term follow up study. Caribou also reduced its workforce by approximately 32%. Cash payments resulting from the reduction in force and strategic pipeline prioritization are estimated to be $2.5 to $3.5 million. These changes are expected to extend Caribou’s cash runway by one year, funding the Company’s current operating plan into H2 2027, compared to into H2 2026 as previously reported.
  

2025 anticipated milestones

• CB-010 ANTLER: Caribou plans to present data from both the additional 2L and prior CD19 relapsed LBCL patient cohorts in H2 2025 and is interacting with the FDA on a potential pivotal trial to be initiated following alignment. This update is expected to include:
  • Initial safety and efficacy data on the confirmatory cohort (20 patients) with partial HLA matching, with a minimum of six months of follow up for the majority of patients, as well as an update on the larger, maturing dataset presented previously.
  • Pivotal trial design and timeline, contingent on positive data and FDA alignment.
• CB-011 CaMMouflage: Caribou plans to present dose escalation data and share the recommended doses for expansion from its ongoing CaMMouflage Phase 1 clinical trial in r/r MM in H2 2025. This update is expected to include:
  • Initial safety and efficacy data on a minimum of 25 patients at multiple dose levels using the deeper lymphodepletion regimen with at least three months of follow up.
  • Recommended doses for expansion and plans for dose expansion.

First quarter 2025 financial results
Cash, cash equivalents, and marketable securities: Caribou had $212.5 million in cash, cash equivalents, and marketable securities as of March 31, 2025, compared to $249.4 million as of December 31, 2024. Caribou expects its cash, cash equivalents, and marketable securities will be sufficient to fund its current operating plan into H2 2027.

Licensing and collaboration revenue: Revenue from Caribou’s licensing and collaboration agreements was $2.4 million for the three months ended March 31, 2025, compared to $2.4 million for the same period in 2024.

R&D expenses: Research and development expenses were $35.5 million for the three months ended March 31, 2025, compared to $33.8 million for the same period in 2024. The increase was primarily due to costs associated with the ongoing CB-010 ANTLER and CB-011 CaMMouflage Phase 1 clinical trials and the recently discontinued CB-012 AMpLify and CB-010 GALLOP Phase 1 clinical trials; facility and other allocated expenses; and personnel-related expenses, including stock-based compensation; partially offset by a reduction in expenses relating to licenses, other R&D expenses, and consulting services.

G&A expenses: General and administrative expenses were $9.7 million for the three months ended March 31, 2025, compared to $14.6 million for the same period in 2024. The decrease was primarily due to lower legal expenses, including the accrual of a litigation settlement expense in 2024, other service-related expenses, and personnel-related expenses, including stock-based compensation and salary and benefit expenses.

Net loss: Caribou reported a net loss of $40.0 million for the three months ended March 31, 2025, compared to $41.2 million for the same period in 2024.

About CB-010
CB-010 is an allogeneic anti-CD19 CAR-T cell therapy being evaluated in patients with relapsed or refractory B cell non-Hodgkin lymphoma (r/r B-NHL) in the ongoing ANTLER Phase 1 clinical trial. To Caribou’s knowledge, CB-010 is the first allogeneic CAR-T cell therapy in the clinic with a PD-1 knockout, a genome-editing strategy designed to enhance CAR-T cell activity by limiting premature CAR-T cell exhaustion. The FDA granted CB-010 Regenerative Medicine Advanced Therapy (RMAT), Orphan Drug, and Fast Track designations for B-NHL. Additional information on the ANTLER trial (NCT04637763) can be found at clinicaltrials.gov.

About CB-011
CB-011 is an allogeneic anti-BCMA CAR-T cell therapy being evaluated in patients with relapsed or refractory multiple myeloma (r/r MM) in the CaMMouflage Phase 1 trial. To Caribou’s knowledge, CB-011 is the first allogeneic CAR-T cell therapy in the clinic that is engineered to enable activity through an immune cloaking strategy with a B2M knockout and insertion of a B2M–HLA-E fusion protein to blunt immune-mediated rejection. CB-011 has been granted Fast Track and Orphan Drug designations by the FDA. Additional information on the CaMMouflage trial (NCT05722418) can be found at clinicaltrials.gov.

About Caribou Biosciences, Inc.
Caribou Biosciences is a clinical-stage CRISPR genome-editing biopharmaceutical company dedicated to developing transformative therapies for patients with devastating diseases. The Company’s genome-editing platform, including its Cas12a chRDNA technology, enables superior precision to develop cell therapies that are armored to potentially improve activity against diseases. Caribou is focused on CB-010 and CB-011 as off-the-shelf CAR-T cell therapies that have the potential to provide broad access and rapid treatment for patients with hematologic malignancies. Follow the Company @CaribouBio and visit www.cariboubio.com.

Forward-looking statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “could,” “intend,” “target,” “project,” “contemplate,” “believe,” “estimate,” “predict,” “potential,” or “continue,” or the negative of these terms or other similar expressions, although not all forward-looking statements contain these words. These forward-looking statements include, without limitation, statements related to Caribou’s strategy, plans, and objectives, and expectations regarding its clinical programs, including its expectations relating to (i) the timing of reporting ANTLER Phase 1 clinical trial data in H2 2025 from both the additional 2L and prior CD19 relapsed LBCL patient cohorts and the timing of an ANTLER pivotal clinical trial; (ii) the timing of reporting dose escalation data in H2 2025 from the ongoing CaMMouflage Phase 1 clinical trial for CB-011 in r/r MM; (iii) expected one-time costs associated with its cost-reduction initiatives; and (iv) its expected funding runway of cash, cash equivalents, and marketable securities. Management believes that these forward-looking statements are reasonable as and when made. However, such forward-looking statements are subject to risks and uncertainties, and actual results may differ materially from any future results expressed or implied by the forward-looking statements. Risks and uncertainties include, without limitation, risks inherent in the development of allogeneic CAR-T cell therapy products; uncertainties related to the initiation, cost, timing, progress, and results of its current and future research and development programs and clinical trials; the risk that initial, preliminary, or interim clinical trial data will not ultimately be predictive of the safety and efficacy of Caribou’s product candidates or that clinical outcomes may differ as patient enrollment continues and as more patient data becomes available; the risk that preclinical study results observed will not be borne out in human patients or different conclusions or considerations are reached once additional data have been received and fully evaluated; the ability to obtain key regulatory input and approvals; and risks related to its limited operating history, history of net operating losses, financial position, and its ability to raise additional capital as needed to fund its operations and product candidate development, as well as other risk factors described from time to time in Caribou’s filings with the Securities and Exchange Commission (SEC), including its Annual Report on Form 10-K for the year ended December 31, 2024, and subsequent SEC filings. In light of the significant uncertainties in these forward-looking statements, you should not rely upon forward-looking statements as predictions of future events. Except as required by law, Caribou undertakes no obligation to update publicly any forward-looking statements for any reason.

Caribou Biosciences, Inc.
Condensed Consolidated Balance Sheet Data
(in thousands)
(unaudited)
		March 31, 2025			December 31, 2024
Cash, cash equivalents, and marketable securities		$	212,452		$	249,386
Total assets			273,656			313,313
Total liabilities			56,434			60,362
Total stockholders’ equity			217,222			252,951
Total liabilities and stockholders' equity		$	273,656		$	313,313

Caribou Biosciences, Inc.
Condensed Consolidated Statement of Operations
(in thousands, except share and per share data)
(unaudited)
		Three Months Ended March 31,
			2025			2024
Licensing and collaboration revenue		$	2,353		$	2,429
Operating expenses:
Research and development			35,531			33,788
General and administrative			9,735			14,643
Total operating expenses			45,266			48,431
Loss from operations			(42,913)			(46,002)
Other income
Change in fair value of the MSKCC success payments liability			334			303
Other income, net			2,588			4,465
Total other income			2,922			4,768
Net loss		$	(39,991)		$	(41,234)
Other comprehensive loss:
Net unrealized loss on available-for-sale marketable securities, net of tax			(88)			(352)
Net comprehensive loss		$	(40,079)		$	(41,586)
Net loss per share, basic and diluted		$	(0.43)		$	(0.46)
Weighted-average common shares outstanding, basic and diluted			92,679,493			89,302,937

Caribou Biosciences, Inc. contacts:
Investors:
Amy Figueroa, CFA
investor.relations@cariboubio.com

Media:
Peggy Vorwald, PhD
media@cariboubio.com

FAQ

What is CRBU's cash runway after Q1 2025 results?

Caribou Biosciences has $212.5 million in cash, cash equivalents, and marketable securities, which is expected to fund operations into H2 2027.

How many employees did Caribou Biosciences (CRBU) lay off in 2025?

Caribou Biosciences reduced its workforce by approximately 32% as part of its strategic pipeline prioritization announced on April 24, 2025.

What clinical trials did CRBU discontinue in 2025?

Caribou discontinued its Phase 1 clinical trial of CB-010 for lupus, Phase 1 trial of CB-012 for acute myeloid leukemia, and preclinical research programs.

When will Caribou Biosciences (CRBU) release CB-010 and CB-011 clinical data?

Caribou plans to present clinical data for both CB-010 and CB-011 in the second half of 2025.

What was Caribou Biosciences' (CRBU) net loss in Q1 2025?

Caribou reported a net loss of $40.0 million for the first quarter of 2025.