Caribou Biosciences Reports Third Quarter 2026 Financial Results

The restructuring includes planned discontinuation of both clinical programs as strategic alternatives include dissolution and liquidation.

Rhea-AI Summary

Caribou Biosciences (Nasdaq: CRBU) reported a narrower third-quarter 2026 net loss while preparing to discontinue development of both clinical programs. GAAP net loss was $26.612 million, or $0.25 per share, versus $27.548 million, or $0.30 per share, a year earlier. Licensing and other third-party revenue fell to $1.607 million from $2.198 million. Research and administrative expenses both declined.

Cash, cash equivalents and marketable securities totaled $94.800 million at September 30, versus $142.845 million at December 31, 2025. The restructuring announced October 6 includes planned discontinuation of vispa-cel and CB-011 trials and development, a substantial workforce reduction and other cost cuts. Caribou cited financing challenges. Its strategic review may include a merger, acquisition, other transactions, or dissolution and liquidation; no completion timeline has been set.

10 points · 0 major

NegativeiHow this balance works

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2 major · 11 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Moderate pointThird-quarter GAAP net loss narrowed to $26.612 million, or $0.25 per share, from $27.548 million, or $0.30.
• Minor pointNine-month GAAP net loss narrowed to $75.979 million, or $0.75 per share, from $121.637 million, or $1.31.
• Minor pointThird-quarter research and development expenses declined to $21.349 million from $22.401 million a year earlier.
• Minor pointNine-month research and development expenses declined to $60.902 million from $85.624 million a year earlier.
• Minor pointThird-quarter administrative expenses declined to $7.900 million from $9.197 million a year earlier.

5 minor points

• Minor pointNine-month administrative expenses declined to $23.862 million from $29.335 million a year earlier.
• Minor pointNine-month operating impairment charges were zero, compared with $12.150 million a year earlier.
• Minor pointNine-month equity investment impairment was zero, compared with $9.158 million a year earlier.
• Minor pointTotal liabilities declined to $46.393 million at September 30, 2026, from $53.192 million at December 31, 2025.
• Minor point. Forward-looking: it has not happened yet and may not happen.Additional cost reductions are planned under the board-approved restructuring.

Negative

• Major point. Forward-looking: it has not happened yet and may not happen.Vispa-cel and CB-011 trials and further development face planned discontinuation under the restructuring announced October 6, 2026.
• Major point. Forward-looking: it has not happened yet and may not happen.Dissolution and liquidation remain possible outcomes of the strategic review, which has no set completion timeline.
• Moderate point. Forward-looking: it has not happened yet and may not happen.A substantial workforce reduction is planned as part of the restructuring.
• Moderate pointFinancing challenges have made securing capital to advance both programs increasingly difficult, Caribou said.
• Moderate pointCash, cash equivalents and marketable securities declined to $94.800 million from $142.845 million at December 31, 2025.

6 minor points

• Minor pointThird-quarter licensing and other third-party revenue declined to $1.607 million from $2.198 million a year earlier.
• Minor pointNine-month licensing and other third-party revenue declined to $5.503 million from $7.218 million a year earlier.
• Minor pointThird-quarter other income, net, declined to $1.030 million from $1.852 million a year earlier.
• Minor pointNine-month other income, net, declined to $3.282 million from $7.412 million a year earlier.
• Minor pointTotal assets declined to $123.026 million at September 30, 2026, from $175.367 million at December 31, 2025.
• Minor pointStockholders’ equity declined to $76.633 million at September 30, 2026, from $122.175 million at December 31, 2025.

Key Figures

Licensing and other third-party revenue: $1.6 million vs. $2.2 million Research and development expenses: $21.3 million vs. $22.4 million General and administrative expenses: $7.9 million vs. $9.2 million +3 more

Licensing and other third-party revenue

$1.6 million vs. $2.2 million

Q3 2026 vs. Q3 2025

Research and development expenses

$21.3 million vs. $22.4 million

Q3 2026 vs. Q3 2025

General and administrative expenses

$7.9 million vs. $9.2 million

Q3 2026 vs. Q3 2025

GAAP net loss

$26.6 million vs. $27.5 million

Q3 2026 vs. Q3 2025

Net loss per share

$0.25 vs. $0.30

Basic and diluted; Q3 2026 vs. Q3 2025

Cash, cash equivalents, and marketable securities

$94.8 million vs. $142.8 million

As of September 30, 2026 vs. December 31, 2025

Previous Earnings Reports

1 past event · Latest: Aug 13

Same Type 1 event

1. Aug 13

   Quarterly earnings

   24h Move

   -1.9%

   Q2 release reported response data for both programs later slated for discontinuation.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

allogeneic, car-t, pd-1 knockout, regenerative medicine advanced therapy, +1 more

5 terms

allogeneic medical

"vispa-cel is an allogeneic anti-CD19 CAR-T cell therapy"

Allogeneic describes a process or material involving different individuals of the same species, such as cells, tissues, or organs donated from one person to another. It is important to investors because products or treatments based on allogeneic sources can enable scalable, off-the-shelf solutions, potentially reducing costs and increasing accessibility in healthcare and biotech industries.

car-t medical

"an allogeneic anti-CD19 CAR-T cell therapy evaluated in patients"

CAR-T is a type of cancer therapy that reprograms a patient’s own immune cells to seek and destroy specific cancer cells, like teaching guard dogs a new scent to track intruders. It matters to investors because CAR-T treatments can command high prices, drive strong revenue for successful developers, and carry regulatory and manufacturing risks that can sharply affect a company’s valuation and long-term growth prospects.

pd-1 knockout technical

"with a PD-1 knockout, a genome-editing strategy"

PD-1 knockout is a laboratory change that disables the PD-1 gene in immune cells so they no longer carry a protein that acts like a brake on immune activity. Think of it as cutting the handbrake on immune cells so they can attack tumors or infected cells more aggressively. For investors, this matters because disabling PD-1 can increase a therapy’s potential effectiveness and market value but also raises safety and regulatory risks that affect clinical success and commercial prospects.

regenerative medicine advanced therapy regulatory

"granted vispa-cel Regenerative Medicine Advanced Therapy (RMAT)"

Regenerative Medicine Advanced Therapy (RMAT) is a U.S. regulatory designation for cell, gene, and tissue‑based therapies intended to treat serious or life‑threatening conditions; it gives developers a “fast lane” with more frequent agency interaction and eligibility for accelerated review pathways. For investors, an RMAT label signals that a therapy may reach market faster and face less regulatory uncertainty than a standard program, which can raise the potential value and reduce timeline risk—though it is not a guarantee of approval.

fast track regulatory

"RMAT, Fast Track, and Orphan Drug designations"

A fast track designation is a regulatory label that speeds up the review and communication between a drug developer and regulators for treatments addressing serious illnesses or unmet medical needs. For investors, it matters because it can shorten development time and reduce regulatory delays—like getting a VIP lane at the airport—raising the chance of earlier market access and potential revenue, though it does not guarantee approval.

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BERKELEY, Calif., Nov. 05, 2026 (GLOBE NEWSWIRE) -- Caribou Biosciences, Inc. (Nasdaq: CRBU) today reported financial results for the third quarter of 2026.

Third quarter 2026 financial results
Licensing and other third-party revenue: Revenue from licensing and other third-party agreements was $1.6 million for the three months ended September 30, 2026, compared to $2.2 million for the same period in 2025.

R&D expenses: Research and development expenses were $21.3 million for the three months ended September 30, 2026, compared to $22.4 million for the same period in 2025.

G&A expenses: General and administrative expenses were $7.9 million for the three months ended September 30, 2026, compared to $9.2 million for the same period in 2025.

GAAP net loss and net loss per share, basic and diluted: Caribou reported a GAAP net loss of $26.6 million, or $0.25 per share, basic and diluted, for the three months ended September 30, 2026, compared to $27.5 million, or $0.30 per share, basic and diluted.

Cash, cash equivalents, and marketable securities: Caribou had $94.8 million in cash, cash equivalents, and marketable securities as of September 30, 2026, compared to $142.8 million as of December 31, 2025.

October 6, 2026 announcement
On October 6, 2026, Caribou announced that its Board of Directors had approved a restructuring of operations as the company conducts a process to explore strategic alternatives to maximize stockholder value, which may include, but are not limited to, a merger, acquisition, business combination, or other strategic transactions involving the company and/or its assets, including dissolution and liquidation.

Included in the restructuring is the planned discontinuation of Caribou's clinical trials and further development activities for vispa-cel and CB-011, a substantial reduction in workforce, and other cost reduction measures. The Board took these actions in view of the current financing environment for allogeneic CAR-T cell therapies, which has made it increasingly challenging to secure the capital necessary to responsibly advance vispa-cel and CB-011.

Caribou has not set a timeline for the completion of the review of strategic alternatives, does not intend to provide further updates unless and until the Board has approved a course of action, the review process is concluded, or disclosure is otherwise determined to be appropriate or required.

About vispacabtagene regedleucel
Vispacabtagene regedleucel (vispa-cel; formerly known as CB-010) is an allogeneic anti-CD19 CAR-T cell therapy evaluated in patients with relapsed or refractory B cell non-Hodgkin lymphoma (r/r B-NHL). To Caribou’s knowledge, vispa-cel 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. Vispa-cel is pivotal trial-ready, with FDA alignment already reached on the phase 3 clinical trial design. To Caribou’s knowledge, vispa-cel is the first allogeneic CAR-T cell therapy to demonstrate safety, efficacy, and durability on par with autologous CAR-T cell therapies. The FDA granted vispa-cel Regenerative Medicine Advanced Therapy (RMAT), Fast Track, and Orphan Drug designations for B-NHL.

About CB-011
CB-011 is an allogeneic anti-BCMA CAR-T cell therapy evaluated in patients with relapsed or refractory multiple myeloma (r/r MM). 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-peptide fusion protein to blunt immune-mediated rejection. Clinical data from the CB-011 CaMMouflage phase 1 trial has demonstrated the potential for deep, durable responses in patients with r/r MM. The FDA granted CB-011 RMAT, Fast Track, and Orphan Drug designations for r/r MM.

About Caribou Biosciences, Inc.
On October 6, 2026, Caribou Biosciences announced that it will explore strategic alternatives to maximize stockholder value, including the planned discontinuation of clinical trials and further development activities for two allogeneic CAR-T cell therapy programs, vispacabtagene regedleucel (vispa-cel) and CB-011. Prior to this announcement, Caribou was a clinical-stage CRISPR genome-editing biopharmaceutical company dedicated to developing transformative therapies for patients with devastating diseases. For more information, please visit www.cariboubio.com.

Forward-looking statements and important information
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, but are not limited to, any statements regarding Caribou's plans to explore opportunities to maximize stockholder value and ability to enter into any agreements or transactions in connection with the exploration of potential strategic transactions, or if entered into, that any such agreements or transactions will be successful or on attractive terms; plans for cost reductions, including the timing and cost of a workforce reduction; the beneficial characteristics, safety, efficacy, therapeutic effects, and potential advantages of its CAR-T cell therapy product candidates; and the sufficiency of estimated 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 associated with Caribou's decision to pursue strategic alternatives to maximize stockholder value and to discontinue clinical trials and further development of Caribou's two allogeneic CAR-T cell therapy programs, vispa-cel and CB-011; the strategic alternative process, including identifying and executing one or more transactions that maximize stockholder value; implementing a restructuring and workforce reduction; and managing expenses; 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, 2025, and in other 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.

Caution should be exercised when interpreting results from separate trials involving commercially approved autologous CAR-T cell therapies. The results of autologous CAR-T cell therapies referenced in this press release have been derived from publicly available reports of clinical trials not conducted by Caribou, and Caribou has not performed any head-to-head trials comparing any of these autologous CAR-T cell therapies with vispa-cel. As such, the results of these autologous CAR-T cell therapy clinical trials may not be comparable to clinical results for vispa-cel. The autologous CAR-T cell therapy clinical trials vary in material ways from the ANTLER clinical trial for vispa-cel including with respect to trial design and duration, patient population, patient characteristics, clinical trial phase, treatment protocols, investigators, and other important factors. As a result, cross-trial comparisons may have no interpretive value on Caribou’s existing or future clinical results.

Caribou Biosciences, Inc. Condensed Consolidated Balance Sheet Data (in thousands) (unaudited)
	September 30, 2026				December 31, 2025
Cash, cash equivalents, and marketable securities	$	94,800			$	142,845
Total assets		123,026				175,367
Total liabilities		46,393				53,192
Total stockholders’ equity		76,633				122,175
Total liabilities and stockholders' equity	$	123,026			$	175,367

Caribou Biosciences, Inc. Condensed Consolidated Statement of Operations (in thousands, except share and per share data) (unaudited)
	Three Months Ended September 30,								Nine Months Ended September 30,
	2026				2025				2026				2025
Licensing and other third-party revenue	$	1,607			$	2,198			$	5,503			$	7,218
Operating expenses:
Research and development		21,349				22,401				60,902				85,624
General and administrative		7,900				9,197				23,862				29,335
Impairment charges		—				—				—				12,150
Total operating expenses		29,249				31,598				84,764				127,109
Loss from operations		(27,642	)			(29,400	)			(79,261	)			(119,891	)
Other income (expense):
Impairment of equity investment		—				—				—				(9,158	)
Other income, net		1,030				1,852				3,282				7,412
Total other income (expense)		1,030				1,852				3,282				(1,746	)
Net loss		(26,612	)			(27,548	)			(75,979	)			(121,637	)
Other comprehensive (loss) income
Net unrealized (loss) gain on available-for-sale marketable securities, net of tax		(9	)			53				(183	)			(162	)
Net comprehensive loss	$	(26,621	)		$	(27,495	)		$	(76,162	)		$	(121,799	)
Net loss per share, basic and diluted	$	(0.25	)		$	(0.30	)		$	(0.75	)		$	(1.31	)
Weighted-average common shares outstanding, basic and diluted		107,535,856				93,293,099				101,503,853				93,002,678

Caribou Biosciences, Inc. contact:
Peggy Vorwald, PhD
investor.relations@cariboubio.com
media@cariboubio.com

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were Caribou Biosciences’ third-quarter 2026 financial results?

Caribou reported a GAAP net loss of $26.612 million, or $0.25 per share, compared with $27.548 million, or $0.30 per share, a year earlier. Licensing and other third-party revenue was $1.607 million, versus $2.198 million.

Which programs does Caribou Biosciences plan to discontinue?

Caribou plans to discontinue clinical trials and further development of vispa-cel and CB-011. The restructuring also includes a substantial workforce reduction and other cost reductions. The company cited difficulty securing financing to advance the programs.

When will Caribou Biosciences provide updates on its strategic review?

Caribou does not intend to provide further updates until the board approves a course of action, the review concludes, or disclosure is otherwise appropriate or required. No timeline has been set for completing the review.