Caribou Biosciences plans to halt vispa-cel, CB-011
Quarter-end cash and marketable securities were $94.8 million; the restructuring includes planned discontinuation of two clinical programs.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Form Type
8-K
Rhea-AI Filing Summary
Caribou Biosciences, Inc. (CRBU) reported third-quarter 2026 licensing and other third-party revenue of $1.607 million, compared with $2.198 million a year earlier. Research and development expense was $21.349 million versus $22.401 million, and general and administrative expense was $7.900 million versus $9.197 million. GAAP net loss was $26.612 million, or $0.25 per share, basic and diluted, versus $27.548 million, or $0.30 per share.
Cash, cash equivalents and marketable securities totaled $94.8 million as of September 30, 2026, compared with $142.845 million as of December 31, 2025. The company said its Board approved a restructuring on October 6, 2026, while Caribou explores strategic alternatives to maximize stockholder value. The restructuring includes planned discontinuation of clinical trials and further development for vispa-cel and CB-011, a substantial workforce reduction and other cost-reduction measures. The review may include a merger, acquisition, business combination or other strategic transactions involving the company or its assets, including dissolution and liquidation.
0 points · 0 major1 major · 2 points
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Hollow bars mark forward-looking points. How the balance works
Positive
- None.
Negative
- Major point. Forward-looking: it has not happened yet and may not happen.Planned discontinuation covers two CAR-T programs.
- Minor pointLicensing revenue declined to $1.607 million from $2.198 million year over year.
Filing Explained
The next stated update point is Board approval of a course or review completion, not a scheduled date.
Caribou says its strategic-alternatives review remains underway, without a set timeline or reported course of action; any transaction-related change to company structure or holders’ ownership remains contingent on a future decision.
As of
Caribou says it will provide no further update unless the Board approves a course of action, the review concludes, or disclosure is otherwise appropriate or required.
Sources and calculations
- Caribou Biosciences Form 8-K, including Exhibit 99.1 (2026-11-05)
- Caribou Biosciences third-quarter 2026 fundamentals (2026Q3)
- Available liquidity against the last reported quarterly operating outflow, in days at that rate ($26,057,000 + $68,743,000) / ($22,518,000 / 92) = 387.3 days
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Key Figures
Licensing and other third-party revenue: $1.607 million
Research and development expenses: $21.349 million
General and administrative expenses: $7.900 million
+3 more
6 metrics
Licensing and other third-party revenue
$1.607 million
Three months ended September 30, 2026; $2.198 million for the same period in 2025
Research and development expenses
$21.349 million
Three months ended September 30, 2026; $22.401 million for the same period in 2025
General and administrative expenses
$7.900 million
Three months ended September 30, 2026; $9.197 million for the same period in 2025
GAAP net loss
$26.612 million
Three months ended September 30, 2026; $27.548 million for the same period in 2025
GAAP net loss per share, basic and diluted
$0.25 per share
Three months ended September 30, 2026; $0.30 per share for the same period in 2025
Cash, cash equivalents, and marketable securities
$94.8 million
As of September 30, 2026; $142.845 million as of December 31, 2025
Key Terms
allogeneic CAR-T cell therapy, PD-1 knockout, Regenerative Medicine Advanced Therapy (RMAT), marketable securities
4 terms
allogeneic CAR-T cell therapy medical
"an allogeneic anti-CD19 CAR-T cell therapy"
A therapy in which immune cells taken from a healthy donor are genetically reprogrammed to recognize and kill cancer cells and then given to a patient; think of it as an off‑the‑shelf, engineered immune weapon rather than one made from the patient’s own tissue. It matters to investors because this approach can be faster and cheaper to manufacture at scale than patient‑specific therapies, but carries additional risks such as immune rejection, regulatory hurdles and complex manufacturing that affect clinical success, costs and commercial potential.
PD-1 knockout technical
"with a 1 PD-1 knockout"
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 (RMAT) regulatory
"granted vispa-cel Regenerative Medicine Advanced Therapy (RMAT)"
A Regenerative Medicine Advanced Therapy (RMAT) is a U.S. regulatory designation for cell, gene and tissue-based treatments addressing serious or life-threatening conditions that shows early evidence of potential benefit. Think of it as a VIP lane with extra access to the regulator — more interaction, guidance and faster review — which can shorten development time and lower costs, making a program more valuable to investors, though it does not guarantee approval.
marketable securities financial
"cash, cash equivalents, and marketable securities"
Marketable securities are financial assets — such as publicly traded stocks, bonds, and short-term government bills — that a company can quickly sell for cash at a known price. Investors watch them because they show how much ready cash a company can access without selling core operations, like keeping money in a highly liquid savings account versus being tied up in a house, and they affect short-term risk, financial flexibility, and balance-sheet strength.
Earnings Snapshot
Licensing and other third-party revenue: $1.607 million
Third quarter 2026
Licensing and other third-party revenue
$1.607 million
Compared with $2.198 million for the three months ended September 30, 2025
Research and development expenses
$21.349 million
Compared with $22.401 million for the three months ended September 30, 2025
General and administrative expenses
$7.900 million
Compared with $9.197 million for the three months ended September 30, 2025
GAAP net loss
$26.612 million
Compared with $27.548 million for the three months ended September 30, 2025
GAAP net loss per share, basic and diluted
$0.25 per share
Compared with $0.30 per share for the three months ended September 30, 2025
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What were CRBU's third-quarter 2026 results?
CRBU reported licensing and other third-party revenue of $1.607 million and a GAAP net loss of $26.612 million, or $0.25 per share, basic and diluted, for the three months ended September 30, 2026.
How much cash and marketable securities did CRBU have at quarter-end?
Caribou had $94.8 million in cash, cash equivalents and marketable securities as of September 30, 2026. The balance was $142.845 million as of December 31, 2025.
What strategic alternatives is CRBU considering?
The Board's review may include a merger, acquisition, business combination or other strategic transactions involving the company or its assets, including dissolution and liquidation. Caribou said the process is intended to explore alternatives to maximize stockholder value.
What is planned for CRBU's vispa-cel and CB-011 programs?
The restructuring includes the planned discontinuation of clinical trials and further development activities for vispa-cel, an anti-CD19 CAR-T cell therapy for relapsed or refractory B cell non-Hodgkin lymphoma, and CB-011, an anti-BCMA CAR-T cell therapy for relapsed or refractory multiple myeloma.
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
________________________________________
FORM 8-K
________________________________________
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): November 5, 2026
________________________________________
(Exact name of Registrant as Specified in Its Charter)
________________________________________
| (State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||
| (Address of Principal Executive Offices) | (Zip Code) | |||||||
Registrant’s Telephone Number, Including Area Code: (510 ) 982-6030
N/A
(Former Name or Former Address, if Changed Since Last Report)
________________________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company ☒
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On November 5, 2026, Caribou Biosciences, Inc., a Delaware corporation (the “Company”), issued a press release announcing the Company’s financial results for the quarter ended September 30, 2026. A copy of this press release is furnished as Exhibit 99.1 and is incorporated herein by reference.
The information in Item 2.02 of this Current Report on Form 8-K (including Exhibit 99.1 attached hereto) is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any filing by the Company under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in any such filing, except as expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
| Exhibit No. | Description | |||||||
| 99.1 | Press Release Issued by Caribou Biosciences, Inc. on November 5, 2026 | |||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Caribou Biosciences, Inc. | |||||||||||
| Date: | November 5, 2026 | By: | /s/ Rachel E. Haurwitz | ||||||||
Rachel E. Haurwitz, Ph.D. President and Chief Executive Officer | |||||||||||
Exhibit 99.1
Caribou Biosciences Reports Third Quarter 2026 Financial Results
BERKELEY, Calif., November 5, 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
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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
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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.
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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 | |||||||
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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 | |||||||||||||||||||
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Caribou Biosciences, Inc. contact:
Peggy Vorwald, PhD
investor.relations@cariboubio.com
media@cariboubio.com
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