Summary of Caribou Biosciences (CRBU) Conference Call Company Overview - **Company**: Caribou Biosciences (CRBU) - **Industry**: Biotechnology, specifically focused on cell therapies for cancer treatment Key Points Pipeline Strategy - Caribou has prioritized the development of two key programs: **CB10** for lymphoma and **CB11** for myeloma, while discontinuing two phase one programs in AML and lupus [3][4] - The company has extended its cash runway guidance from the second half of 2026 to the second half of 2027, allowing for more strategic advancements in its pipeline [4][28] - The focus on CB10 and CB11 is driven by encouraging efficacy data, particularly CB10 showing potential comparable to autologous CAR T therapies [4][5] Clinical Trials and Efficacy Metrics - For CB10, success will be measured by overall response rate, complete response rate, and duration of response, with a focus on a cohort of 20 patients with partial HLA matching [6][7] - The trial has shifted to include second-line patients, as the initial cohort was primarily third-line and later patients [9][10] - The company aims to demonstrate that modest HLA matching can yield outcomes similar to autologous CAR T therapies [7][8] Market Need and Competitive Landscape - The unmet need for cell therapies is significant, with only **20%** of lymphoma patients and **10%** of myeloma patients currently receiving autologous CAR T therapies [16][17] - Physicians expect AlloCAR therapies to have efficacy on par with bispecific therapies, targeting an overall response rate of **60-70%** [17][21] - The convenience of an off-the-shelf AlloCAR therapy is seen as a critical factor for adoption, addressing both rapid access and scalability [20][21] Manufacturing and Supply Chain - Caribou's manufacturing process allows for **200-300 doses** from a single run, significantly enhancing scalability compared to autologous CAR T strategies [26][27] - The company outsources manufacturing to contract manufacturing organizations (CMOs), allowing flexibility without heavy capital investment in infrastructure [27] Financial Guidance and Future Steps - The current guidance allows for critical data updates but does not include pivotal trials for CB10 or dose expansion for CB11 [28][29] - There is potential for preparatory work for pivotal studies ahead of raising necessary capital [29] Investor Insights - A common investor question revolves around the durability of outcomes for AlloCAR therapies, with evidence from long-term patients showing sustained complete responses [31][32] - The company emphasizes that AlloCAR therapies can indeed drive durable responses, which is a key differentiator in the market [32] Additional Important Insights - The evolving patient characteristics in trials indicate a shift towards a population more representative of those receiving autologous CAR T therapies, enhancing the relevance of the data [10][11] - The company is actively discussing trial designs with the FDA, indicating a proactive approach to regulatory engagement [13] This summary encapsulates the critical insights from the Caribou Biosciences conference call, highlighting the company's strategic focus, clinical developments, market positioning, and financial outlook.

Core Viewpoint - Caribou Biosciences, Inc. (CRBU) has been upgraded to a Zacks Rank 2 (Buy), indicating a positive trend in earnings estimates which is a significant factor influencing stock prices [1][4]. Earnings Estimates and Revisions - The Zacks Consensus Estimate for Caribou Biosciences indicates an expected loss of -$1.37 per share for the fiscal year ending December 2025, reflecting a year-over-year change of 17% [9]. - Over the past three months, the Zacks Consensus Estimate for Caribou Biosciences has increased by 23.2%, suggesting a positive outlook for the company's earnings [9]. Zacks Rating System - The Zacks rating system is based solely on a company's changing earnings picture, which is tracked through EPS estimates from sell-side analysts [2]. - The system classifies stocks into five groups, with Zacks Rank 1 (Strong Buy) to Zacks Rank 5 (Strong Sell), and has shown an impressive track record, with Zacks Rank 1 stocks generating an average annual return of +25% since 1988 [8]. - The upgrade of Caribou Biosciences to a Zacks Rank 2 places it in the top 20% of Zacks-covered stocks, indicating strong potential for market-beating returns in the near term [11].

[PART I. FINANCIAL INFORMATION](index=3&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements (Unaudited)](index=3&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) Outlines the unaudited condensed consolidated financial statements, including balance sheets, operations, equity, cash flows, and related notes [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Condensed Consolidated Balance Sheets (in thousands) | ASSETS | March 31, 2025 | December 31, 2024 | | :--------------------------------- | :------------- | :---------------- | | Cash and cash equivalents | $29,417 | $16,293 | | Marketable securities, short-term | $179,048 | $193,244 | | Total current assets | $217,323 | $219,377 | | Total assets | $273,656 | $313,313 | | **LIABILITIES AND STOCKHOLDERS' EQUITY** | | | | Total current liabilities | $28,491 | $30,651 | | Total liabilities | $56,434 | $60,362 | | Total stockholders' equity | $217,222 | $252,951 | | TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $273,656 | $313,313 | - Total assets decreased by **$39.66 million** from **$313.313 million** as of December 31, 2024, to **$273.656 million** as of March 31, 2025, primarily driven by a decrease in marketable securities (short-term and long-term)[11](index=11&type=chunk) - Total stockholders' equity decreased by **$35.729 million** from **$252.951 million** as of December 31, 2024, to **$217.222 million** as of March 31, 2025, mainly due to the accumulated deficit increasing to **$488.381 million**[11](index=11&type=chunk) [Condensed Consolidated Statements of Operations and Comprehensive Loss](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Loss) Condensed Consolidated Statements of Operations and Comprehensive Loss (in thousands) | Metric | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :------------------------------------------------ | :-------------------------------- | :-------------------------------- | | Licensing and collaboration revenue | $2,353 | $2,429 | | 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) | | Net loss | $(39,991) | $(41,234) | | Net loss per share, basic and diluted | $(0.43) | $(0.46) | - Net loss decreased by **$1.243 million**, from **$41.234 million** in Q1 2024 to **$39.991 million** in Q1 2025, primarily due to a significant decrease in general and administrative expenses[13](index=13&type=chunk) - Operating expenses decreased by **$3.165 million**, from **$48.431 million** in Q1 2024 to **$45.266 million** in Q1 2025, mainly driven by a **$4.908 million** reduction in general and administrative expenses[13](index=13&type=chunk) [Condensed Consolidated Statements of Stockholders' Equity](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Stockholders%27%20Equity) Changes in Stockholders' Equity (in thousands) | Item | December 31, 2024 | March 31, 2025 | | :-------------------------------- | :---------------- | :------------- | | Total Stockholders' Equity | $252,951 | $217,222 | | Additional Paid-In Capital | $701,077 | $705,427 | | Accumulated Deficit | $(448,390) | $(488,381) | | Common Stock Shares Outstanding | 92,378,577 | 93,004,602 | - Total stockholders' equity decreased by **$35.729 million** from December 31, 2024, to March 31, 2025, primarily due to a net loss of **$39.991 million**, partially offset by **$3.882 million** in stock-based compensation expense and **$0.468 million** from ESPP issuances[16](index=16&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Condensed Consolidated Statements of Cash Flows (in thousands) | Cash Flow Activity | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :-------------------------------- | :-------------------------------- | :-------------------------------- | | Net cash used in operating activities | $(36,725) | $(37,203) | | Net cash provided by investing activities | $49,381 | $22,956 | | Net cash provided by financing activities | $468 | $12,485 | | Net increase (decrease) in cash, cash equivalents, and restricted cash | $13,124 | $(1,762) | | Cash, cash equivalents, and restricted cash — End of Period | $29,463 | $49,446 | - Net cash used in operating activities slightly decreased by **$0.478 million** to **$36.725 million** in Q1 2025 compared to **$37.203 million** in Q1 2024[19](index=19&type=chunk) - Net cash provided by investing activities significantly increased by **$26.425 million** to **$49.381 million** in Q1 2025, primarily due to lower purchases of marketable securities[19](index=19&type=chunk) - Net cash provided by financing activities substantially decreased by **$12.017 million** to **$0.468 million** in Q1 2025, mainly due to the absence of common stock issuances under the ATM Sales Agreement, which provided **$11.329 million** in Q1 2024[19](index=19&type=chunk) [Notes to Unaudited Condensed Consolidated Financial Statements](index=7&type=section&id=Notes%20to%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) [1. Description of the Business, Organization, and Liquidity](index=7&type=section&id=1.%20Description%20of%20the%20Business%2C%20Organization%2C%20and%20Liquidity) - Caribou Biosciences, Inc. is a clinical-stage CRISPR genome-editing biopharmaceutical company focused on developing allogeneic CAR-T cell therapies for devastating diseases[22](index=22&type=chunk) - The company has incurred operating losses and negative cash flows since inception, with an accumulated deficit of **$488.4 million** as of March 31, 2025[24](index=24&type=chunk) - Management expects existing cash, cash equivalents, and marketable securities of **$212.5 million** as of March 31, 2025, to fund operations for at least the next 12 months[24](index=24&type=chunk) [2. Summary of Significant Accounting Policies](index=7&type=section&id=2.%20Summary%20of%20Significant%20Accounting%20Policies) - No changes to significant accounting policies disclosed in the annual consolidated financial statements for the year ended December 31, 2024[25](index=25&type=chunk) - The unaudited condensed consolidated financial statements are prepared in accordance with U.S. GAAP and include accounts of wholly-owned subsidiaries, with intercompany transactions eliminated[26](index=26&type=chunk) Licensee Revenue and Accounts Receivable/Contract Assets Concentration | Licensee | Revenue (3 Months Ended March 31, 2025) | Revenue (3 Months Ended March 31, 2024) | Accounts Receivable and Contract Assets (As of March 31, 2025) | Accounts Receivable and Contract Assets (As of December 31, 2024) | | :--------- | :-------------------------------------- | :-------------------------------------- | :------------------------------------------------------------- | :------------------------------------------------------------- | | Licensee A | 26.2 % | 25.3 % | * | * | | Licensee B | 16.8 % | 23.1 % | 60.7 % | 49.3 % | | Licensee C | 26.4 % | 25.6 % | * | * | | Licensee D | * | * | 10.9 % | * | | Total | 69.4 % | 74.0 % | 71.6 % | 49.3 % | - The company is evaluating the impact of new accounting pronouncements ASU 2023-09 (Income Taxes) and ASU 2024-03 (Expense Disaggregation), not expecting a material impact from ASU 2023-09[31](index=31&type=chunk)[32](index=32&type=chunk) [3. Fair Value Measurements and Fair Value of Financial Instruments](index=9&type=section&id=3.%20Fair%20Value%20Measurements%20and%20Fair%20Value%20of%20Financial%20Instruments) - Financial instruments are classified into Level 1 (money market funds, U.S. Treasury bills), Level 2 (commercial paper, corporate debt securities, U.S. government agency bonds), and Level 3 (MSKCC success payments liability) based on observability of inputs[33](index=33&type=chunk) Fair Value Measurements of Assets and Liabilities (in thousands) | Category | Total (March 31, 2025) | Level 1 (March 31, 2025) | Level 2 (March 31, 2025) | Level 3 (March 31, 2025) | | :-------------------------------- | :--------------------- | :----------------------- | :----------------------- | :----------------------- | | Total fair value of assets | $212,452 | $149,944 | $62,508 | $0 | | Total fair value of liabilities | $451 | $0 | $0 | $451 | | Total (December 31, 2024) | $249,386 | $181,123 | $68,263 | $0 | | Total (December 31, 2024) | $785 | $0 | $0 | $785 | - The MSKCC success payments liability, a Level 3 financial instrument, decreased from **$785 thousand** as of December 31, 2024, to **$451 thousand** as of March 31, 2025, reflecting a **$334 thousand** gain recognized in other income[34](index=34&type=chunk)[37](index=37&type=chunk) - Key assumptions for MSKCC success payments liability valuation include a common stock fair value of **$0.91 per share** as of March 31, 2025 (down from **$1.59** as of December 31, 2024), a risk-free interest rate of **4.58%**, and expected volatility of **105%**[38](index=38&type=chunk) [4. Significant Agreements](index=12&type=section&id=4.%20Significant%20Agreements) - No material changes to significant agreements since December 31, 2024[39](index=39&type=chunk) - Agreements include nonrefundable upfront payments, annual license maintenance fees, sublicensing fees, patent prosecution reimbursements, success payments, regulatory/clinical/commercial milestones, and royalty payments, contingent on milestones and agreement effectiveness[40](index=40&type=chunk) - As of March 31, 2025, potential future payments for development, regulatory, and sales milestones under license and assignment agreements totaled approximately **$159.9 million**[42](index=42&type=chunk) [5. Revenue](index=12&type=section&id=5.%20Revenue) Revenue by Geographic Location (in thousands) | Geographic Location | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :------------------ | :-------------------------------- | :-------------------------------- | | United States | $2,224 | $2,269 | | Rest of world | $129 | $160 | | Total | $2,353 | $2,429 | - The company recognized **$1.8 million** of revenue from performance obligations satisfied at a point in time and **$0.6 million** from performance obligations satisfied over time for both Q1 2025 and Q1 2024[43](index=43&type=chunk) - Transaction prices allocated to remaining unsatisfied performance obligations were approximately **$5.4 million** as of March 31, 2025, down from **$8.3 million** as of March 31, 2024. Approximately **$2.8 million** is expected to be recognized in the next 12 months[48](index=48&type=chunk) [6. Balance Sheet Items](index=14&type=section&id=6.%20Balance%20Sheet%20Items) Prepaid Expenses and Other Current Assets (in thousands) | Item | March 31, 2025 | December 31, 2024 | | :-------------------------------- | :------------- | :---------------- | | Prepaid contract manufacturing and clinical costs | $3,315 | $3,919 | | Prepaid insurance | $540 | $889 | | Other | $2,263 | $1,781 | | Total | $6,118 | $6,589 | Property and Equipment, Net (in thousands) | Item | March 31, 2025 | December 31, 2024 | | :-------------------------------- | :------------- | :---------------- | | Total property and equipment, gross | $32,569 | $32,166 | | Less: accumulated depreciation and amortization | $(14,050) | $(12,885) | | Property and equipment, net | $18,519 | $19,281 | Accrued Expenses and Other Current Liabilities (in thousands) | Item | March 31, 2025 | December 31, 2024 | | :-------------------------------- | :------------- | :---------------- | | Accrued research and development expenses | $12,530 | $12,020 | | Accrued employee compensation and related expenses | $4,518 | $8,560 | | Accrued patent expenses | $731 | $769 | | Accrued expenses related to sublicensing revenues | $565 | $592 | | Other | $1,544 | $1,679 | | Total | $19,888 | $23,620 | [7. Related Party Transactions](index=14&type=section&id=7.%20Related%20Party%20Transactions) - No new related party transactions since December 31, 2024, except as noted[52](index=52&type=chunk) - Recognized **$0.6 million** in revenue from the Information Rights Agreement with Pfizer for both Q1 2025 and Q1 2024[53](index=53&type=chunk) - Related party deferred revenue from Pfizer was approximately **$3.1 million** as of March 31, 2025 (**$2.5 million** current, **$0.6 million** long-term), down from **$3.7 million** as of December 31, 2024[53](index=53&type=chunk) [8. Commitments and Contingencies](index=15&type=section&id=8.%20Commitments%20and%20Contingencies) - The company enters into various cancellable agreements (CMOs, CROs, licensors) in the ordinary course of business, with contingent payments for milestones that are uncertain to estimate[54](index=54&type=chunk) - No material indemnification claims were probable or reasonably possible as of March 31, 2025, or December 31, 2024[55](index=55&type=chunk) - The Bergman class action lawsuit was settled for **$3.9 million**, with final approval granted on February 18, 2025. The Saylor class action lawsuit was voluntarily dismissed without prejudice on April 27, 2025. Two shareholder derivative complaints were consolidated into a single action, which is at a preliminary stage[57](index=57&type=chunk)[58](index=58&type=chunk)[60](index=60&type=chunk) [9. Common Stock](index=16&type=section&id=9.%20Common%20Stock) Common Stock Reserved for Future Issuances | Item | As of March 31, 2025 | As of December 31, 2024 | | :-------------------------------- | :------------------- | :---------------------- | | Stock options, issued and outstanding | 14,022,265 | 10,782,103 | | Stock options, authorized for future issuances | 7,902,961 | 7,618,931 | | Stock available under ESPP | 2,655,169 | 2,139,666 | | Unvested RSUs | 2,217,789 | 1,297,327 | | Total common stock reserved for future issuances | 26,798,184 | 21,838,027 | - The company has a shelf registration statement on Form S-3, effective until August 16, 2025, allowing for the sale of up to **$400.0 million** of various securities, with **$239.4 million** remaining available as of March 31, 2025[62](index=62&type=chunk)[113](index=113&type=chunk) - Under its at-the-market (ATM) equity offering program, the company did not issue any shares during Q1 2025, but issued **1,594,171 shares** for **$11.3 million** net proceeds in Q1 2024[63](index=63&type=chunk)[64](index=64&type=chunk) [10. Stock-Based Compensation](index=16&type=section&id=10.%20Stock-Based%20Compensation) Stock Option Activity (Three Months Ended March 31, 2025) | Item | Stock Options | Weighted Average Exercise Price | | :-------------------------------- | :------------ | :------------------------------ | | Outstanding at December 31, 2024 | 10,782,103 | $7.47 | | Options granted | 3,335,888 | $1.43 | | Options cancelled or forfeited | (95,726) | $7.53 | | Outstanding at March 31, 2025 | 14,022,265 | $6.04 | | Exercisable at March 31, 2025 | 6,515,145 | $8.14 | - The weighted average grant date fair value for stock options granted in Q1 2025 was **$1.07** (**3,335,888 options**), significantly lower than **$4.59** in Q1 2024 (**2,913,727 options**)[67](index=67&type=chunk) Stock-Based Compensation Expense (in thousands) | Category | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :------------------------ | :-------------------------------- | :-------------------------------- | | Research and development | $1,743 | $1,617 | | General and administrative | $2,139 | $2,371 | | Total | $3,882 | $3,988 | | Stock options | $3,175 | $3,489 | | RSUs | $585 | $427 | | ESPP | $122 | $72 | - Total unrecognized stock-based compensation expense was **$21.1 million** for employee stock options (expected over **2.8 years**) and **$6.1 million** for unvested RSUs (expected over **3.2 years**) as of March 31, 2025[67](index=67&type=chunk)[69](index=69&type=chunk) [11. Income Taxes](index=18&type=section&id=11.%20Income%20Taxes) - No income tax expense was recorded for the three months ended March 31, 2025, and March 31, 2024, due to operating losses[72](index=72&type=chunk) [12. Net Loss Per Share](index=19&type=section&id=12.%20Net%20Loss%20Per%20Share) Net Loss Per Share (in thousands, except share and per share amounts) | Metric | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :------------------------------------------------ | :-------------------------------- | :-------------------------------- | | Net loss | $(39,991) | $(41,234) | | Weighted-average common shares outstanding, basic and diluted | 92,679,493 | 89,302,937 | | Net loss per share, basic and diluted | $(0.43) | $(0.46) | - Basic and diluted net loss per share are the same due to the company being in a net loss position, making all common stock equivalents anti-dilutive[73](index=73&type=chunk) Potentially Dilutive Securities (Anti-Dilutive) | Item | As of March 31, 2025 | As of March 31, 2024 | | :------------------------ | :------------------- | :------------------- | | Stock options outstanding | 14,022,265 | 12,094,332 | | RSUs issued and outstanding | 2,217,789 | 1,128,191 | | Shares committed under ESPP | 509,727 | 108,788 | | Total | 16,749,781 | 13,331,311 | [13. Segment Information](index=19&type=section&id=13.%20Segment%20Information) - The company operates as a single reportable segment focused on developing allogeneic CAR-T cell therapies[74](index=74&type=chunk) - The Chief Operating Decision Maker (CODM) assesses performance and allocates resources based on consolidated net loss[74](index=74&type=chunk) Reportable Segment Profit and Loss (in thousands) | Metric | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :-------------------------------- | :-------------------------------- | :-------------------------------- | | Licensing and collaboration revenue | $2,353 | $2,429 | | Research and development | $32,736 | $31,574 | | General and administrative | $7,484 | $12,158 | | Other segment items | $4,712 | $4,396 | | Other income, net | $(2,588) | $(4,465) | | Segment and consolidated net loss | $(39,991) | $(41,234) | [14. Subsequent Events](index=20&type=section&id=14.%20Subsequent%20Events) - On April 24, 2025, the company announced a strategic pipeline prioritization, discontinuing the GALLOP phase 1 trial (CB-010 for lupus), AMpLify phase 1 clinical trial (CB-012 for AML), and preclinical research to focus on CB-010 and CB-011 oncology programs[76](index=76&type=chunk) - The strategic prioritization included a workforce reduction of **47 employees** (approximately **32%** of the company), with estimated expenses of **$2.5 million** to **$3.5 million** for severance and clinical trial wind-down costs[76](index=76&type=chunk) - On May 7, 2025, the company received a Nasdaq deficiency letter for its common stock closing below **$1.00** for **30 consecutive business days**, initiating a **180-calendar day** period to regain compliance[77](index=77&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=21&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management's analysis of financial condition and operations, detailing business overview, strategic shifts, and financial performance [Overview](index=21&type=section&id=Overview) - Caribou Biosciences is a clinical-stage CRISPR genome-editing biopharmaceutical company developing allogeneic CAR-T cell therapies, utilizing its chRDNA technology for precise genome editing[81](index=81&type=chunk) - The company is advancing two clinical-stage allogeneic CAR-T cell therapies for hematologic malignancies: CB-010 (anti-CD19 for r/r B-NHL) and CB-011 (anti-BCMA for r/r MM). CB-010 has RMAT and fast track designations, while CB-011 has fast track designation[82](index=82&type=chunk)[83](index=83&type=chunk) - A strategic pipeline prioritization on April 24, 2025, led to the discontinuation of the GALLOP (CB-010 for lupus) and AMpLify (CB-012 for AML) clinical trials and preclinical research, along with a **32%** workforce reduction, to focus resources on CB-010 and CB-011 oncology programs[85](index=85&type=chunk)[76](index=76&type=chunk) - The company has incurred operating losses since inception, with a net loss of **$40.0 million** in Q1 2025 and an accumulated deficit of **$488.4 million** as of March 31, 2025[88](index=88&type=chunk) [Components of Results of Operations](index=23&type=section&id=Components%20of%20Results%20of%20Operations) - All revenue to date is from licensing and collaboration agreements, including upfront fees, annual maintenance fees, milestone payments, R&D payments, and royalties[91](index=91&type=chunk) - Research and development expenses include external costs (CMO/CRO services, licenses) and internal costs (personnel, facilities). These costs are expensed as incurred, with prepaid amounts deferred[94](index=94&type=chunk)[97](index=97&type=chunk) - General and administrative expenses primarily cover personnel, intellectual property, consulting, and allocated overhead. These are expected to increase with clinical trial success and potential commercialization[101](index=101&type=chunk)[102](index=102&type=chunk) - Other income mainly consists of interest income from cash and marketable securities and changes in the fair value of the MSKCC success payments liability[103](index=103&type=chunk) [Results of Operations](index=26&type=section&id=Results%20of%20Operations) Summary of Results of Operations (in thousands) | Metric | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | Change | | :------------------------------------------------ | :-------------------------------- | :-------------------------------- | :----- | | Licensing and collaboration revenue | $2,353 | $2,429 | $(76) | | Research and development | $35,531 | $33,788 | $1,743 | | General and administrative | $9,735 | $14,643 | $(4,908) | | Total operating expenses | $45,266 | $48,431 | $(3,165) | | Loss from operations | $(42,913) | $(46,002) | $3,089 | | Net loss | $(39,991) | $(41,234) | $1,243 | - Licensing and collaboration revenue slightly decreased by **$0.076 million** to **$2.353 million** in Q1 2025, with Pfizer contributing **$0.622 million** in both periods[105](index=105&type=chunk)[106](index=106&type=chunk) - Research and development expenses increased by **$1.7 million** to **$35.5 million** in Q1 2025, driven by a **$3.9 million** increase in external CMO and CRO activities, partially offset by a **$2.5 million** decrease in license-related expenses[107](index=107&type=chunk) - General and administrative expenses decreased significantly by **$4.9 million** to **$9.7 million** in Q1 2025, primarily due to a **$4.5 million** reduction in legal expenses, including a **$3.9 million** securities class action litigation settlement expense in Q1 2024[108](index=108&type=chunk) - Total other income decreased by **$1.8 million** in Q1 2025, mainly due to a **$1.9 million** decrease in interest income from marketable securities[109](index=109&type=chunk)[110](index=110&type=chunk) [Liquidity, Capital Resources, and Capital Requirements](index=27&type=section&id=Liquidity%2C%20Capital%20Resources%2C%20and%20Capital%20Requirements) - As of March 31, 2025, the company had **$212.5 million** in cash, cash equivalents, and marketable securities[112](index=112&type=chunk) - Management expects existing capital to fund operations for at least the next 12 months[115](index=115&type=chunk) - The company has a shelf registration statement with **$239.4 million** available as of March 31, 2025, and an ATM equity offering program with **$83.1 million** remaining[113](index=113&type=chunk) - Future funding requirements are dependent on clinical trial progress, regulatory approvals, manufacturing, personnel, intellectual property, and potential commercialization, with continued reliance on equity/debt financing or collaborations[117](index=117&type=chunk)[119](index=119&type=chunk) [Strategic Investment](index=30&type=section&id=Strategic%20Investment) - On June 29, 2023, Pfizer invested approximately **$25.0 million** in Caribou Biosciences by purchasing **4,690,431 shares** of common stock at **$5.33 per share**[121](index=121&type=chunk) - Proceeds from the Pfizer Investment are to be used for the development program of the allogeneic anti-BCMA CAR-T cell therapy product candidate (CB-011) for **36 months**[121](index=121&type=chunk) - An Information Rights Agreement grants Pfizer a **30-day** right of first negotiation for potential grants of rights to develop/commercialize a BCMA Product Candidate and provides Pfizer with quarterly updates and access to clinical data[122](index=122&type=chunk) [Cash Flows](index=30&type=section&id=Cash%20Flows) Summary of Cash Flows (in thousands) | Cash Flow Activity | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | Change | | :-------------------------------- | :-------------------------------- | :-------------------------------- | :----- | | Cash used in operating activities | $(36,725) | $(37,203) | $478 | | Cash provided by investing activities | $49,381 | $22,956 | $26,425 | | Cash provided by financing activities | $468 | $12,485 | $(12,017) | | Net increase (decrease) in cash, and cash equivalents, and restricted cash | $13,124 | $(1,762) | $14,886 | - Net cash provided by investing activities increased significantly by **$26.4 million** in Q1 2025, primarily due to lower purchases of marketable securities[125](index=125&type=chunk) - Net cash provided by financing activities decreased by **$12.0 million** in Q1 2025, mainly due to the absence of proceeds from ATM common stock issuances, which occurred in Q1 2024[126](index=126&type=chunk) [Critical Accounting Policies and Significant Judgments and Estimates](index=31&type=section&id=Critical%20Accounting%20Policies%20and%20Significant%20Judgments%20and%20Estimates) - No material changes to critical accounting policies or estimates since the audited consolidated financial statements for the year ended December 31, 2024[127](index=127&type=chunk) [Recently Issued Accounting Pronouncements](index=31&type=section&id=Recently%20Issued%20Accounting%20Pronouncements) - Refer to Note 2 for information regarding recently issued accounting pronouncements, including ASU 2023-09 and ASU 2024-03[128](index=128&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=31&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) States no material changes to market risk exposure during the quarter, referring to the previous Form 10-K for detailed discussion - No material changes to market risk during the three months ended March 31, 2025[129](index=129&type=chunk) [Item 4. Controls and Procedures](index=31&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls and procedures were effective as of March 31, 2025, with no material changes to internal control over financial reporting - Management concluded that disclosure controls and procedures were effective as of March 31, 2025[131](index=131&type=chunk) - No changes in internal control over financial reporting materially affected or are reasonably likely to materially affect internal control during the three months ended March 31, 2025[132](index=132&type=chunk) [PART II. OTHER INFORMATION](index=32&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Item 1. Legal Proceedings](index=32&type=section&id=Item%201.%20Legal%20Proceedings) Details the company's legal proceedings, including class action lawsuits and shareholder derivative complaints, with updates on settlements and dismissals - The Bergman class action lawsuit, challenging disclosures related to CB-010, was settled for **$3.9 million**, with final court approval granted on February 18, 2025[135](index=135&type=chunk) - The Saylor class action lawsuit, alleging violations of the Exchange Act regarding CB-010's safety, efficacy, and financial statements, was voluntarily dismissed without prejudice on April 27, 2025[136](index=136&type=chunk) - Two shareholder derivative complaints, alleging breach of fiduciary duties by directors and officers, were consolidated into a single action (In re Caribou Biosciences, Inc. Derivative Litigation) and are currently in the preliminary stage[137](index=137&type=chunk) [Item 1A. Risk Factors](index=32&type=section&id=Item%201A.%20Risk%20Factors) Updates risk factors, primarily concerning Nasdaq minimum bid price non-compliance, potential delisting, and impacts of a reverse stock split - The company is not in compliance with Nasdaq's Minimum Bid Price Rule, having received a deficiency letter on May 7, 2025, due to its common stock closing below **$1.00** for **30 consecutive business days**[139](index=139&type=chunk) - The company has **180 calendar days** (until November 3, 2025) to regain compliance by having its stock close at or above **$1.00** for at least **10 consecutive business days**[140](index=140&type=chunk) - A reverse stock split may be implemented to regain compliance, but there is no assurance it will sustain the stock price or prevent delisting, and it could lead to dilution from future issuances[141](index=141&type=chunk)[144](index=144&type=chunk) - Delisting from Nasdaq could negatively impact liquidity, market price, investor interest, ability to raise equity financing, and the company's reputation[142](index=142&type=chunk) [Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities](index=34&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%2C%20Use%20of%20Proceeds%2C%20and%20Issuer%20Purchases%20of%20Equity%20Securities) Confirms no unregistered sales of equity securities by the company during the three months ended March 31, 2025 - No unregistered sales of equity securities occurred during the three months ended March 31, 2025[145](index=145&type=chunk) [Item 5. Other Information](index=34&type=section&id=Item%205.%20Other%20Information) Provides details on the Nasdaq deficiency notice, plans to address it, Rule 10b5-1 trading arrangements, and an advisory consulting agreement - The company received a Nasdaq Notice on May 7, 2025, for non-compliance with the **$1.00** minimum bid price rule, with a compliance deadline of November 3, 2025[146](index=146&type=chunk)[147](index=147&type=chunk) - The company is monitoring its stock price and evaluating options, including a potential reverse stock split, which requires stockholder approval at the upcoming June 12, 2025, Annual Meeting[149](index=149&type=chunk) - CFO Sriram Ryali entered into a Rule 10b5-1 'sell-to-cover' trading arrangement for RSUs on January 2, 2025. CEO Rachel Haurwitz's similar arrangement was modified on February 5, 2025, to allow cash payment of withholding taxes for a specific RSU vesting[151](index=151&type=chunk)[152](index=152&type=chunk) - Steven B. Kanner, Ph.D., the Chief Scientific Officer, will retire on June 30, 2025, and has entered into a one-year advisory consulting agreement, effective July 1, 2025, for **$6,400 per month**[154](index=154&type=chunk) [Item 6. Exhibits](index=36&type=section&id=Item%206.%20Exhibits) Lists all exhibits filed with the Form 10-Q, including corporate governance documents, employment agreements, certifications, and XBRL documents - The exhibits include the Amended and Restated Certificate of Incorporation and Bylaws, Description of Common Stock, Officer Employment Agreement for Sri Ryali, Advisory Consulting Agreement for Steven B. Kanner, and various certifications (302 and 906)[155](index=155&type=chunk) - XBRL instance and taxonomy documents are also filed as exhibits[155](index=155&type=chunk) [Signatures](index=37&type=section&id=Signatures) Contains the required signatures of the principal executive and financial officers, certifying the report's filing - The report is signed by Rachel E. Haurwitz, President and Chief Executive Officer, and Sriram Ryali, Chief Financial Officer, on May 8, 2025[160](index=160&type=chunk)

[Form 8-K: Caribou Biosciences, Inc. Current Report](index=1&type=section&id=Form%208-K%3A%20Caribou%20Biosciences%2C%20Inc.%20Current%20Report) This Form 8-K details Caribou Biosciences' strategic pipeline prioritization, cost reductions, and clinical trial timeline updates [Results of Operations and Financial Condition](index=2&type=section&id=Item%202%2E02%20Results%20of%20Operations%20and%20Financial%20Condition) Caribou Biosciences reported a preliminary unaudited cash balance of **$212.5 million** as of March 31, 2025, and announced strategic pipeline prioritization Preliminary Cash, Cash Equivalents, and Marketable Securities | Metric | Value (Preliminary, Unaudited) | | :--- | :--- | | Cash, cash equivalents, and marketable securities | $212.5 million | - The announced financial estimate is **preliminary** and may be **materially different** from the final reported figures for the quarter ended March 31, 2025, as the company finalizes its financial statements[7](index=7&type=chunk) [Costs Associated with Exit or Disposal Activities](index=2&type=section&id=Item%202%2E05%20Costs%20Associated%20with%20Exit%20or%20Disposal%20Activities) Caribou is undergoing strategic restructuring, including a **32%** workforce reduction and **$2.5M-$3.5M** in charges, to extend its cash runway into H2 2027 - The company is prioritizing its lead oncology programs: **CB-010** (ANTLER trial for B cell non-Hodgkin lymphoma) and **CB-011** (CaMMouflage trial for multiple myeloma)[9](index=9&type=chunk) - The company has discontinued: the **GALLOP** phase 1 trial (CB-010 for lupus), the **AMpLify** phase 1 trial (CB-012 for acute myeloid leukemia), and **all preclinical research**[9](index=9&type=chunk) Workforce Reduction Details | Metric | Value | | :--- | :--- | | Workforce Reduction | 47 employees (~32%) | | Expected Completion | End of Q2 2025 | Estimated Restructuring Costs | Cost Category | Estimated Amount | Expected Timing | | :--- | :--- | :--- | | **Total Restructuring Costs** | **$2.5M - $3.5M** | - | | Workforce Reduction Costs | $1.8M - $2.0M | Q2 2025 | | Clinical Trial Wind-down Costs | $0.7M - $1.5M | Through Q3 2025 | - As a result of the restructuring, the company's cash runway is now expected to fund operations into the **second half of 2027**[11](index=11&type=chunk) [Other Events](index=3&type=section&id=Item%208%2E01%20Other%20Events) Caribou announced updated timelines for presenting ANTLER and CaMMouflage clinical trial data in H2 2025 - Initial data from the ANTLER phase 1 trial's confirmatory cohort (CB-010 in 2L LBCL) is now planned for presentation in **H2 2025**, with at least six months of follow-up for most patients[13](index=13&type=chunk) - Dose escalation data from the CaMMouflage phase 1 trial (CB-011 in r/r MM) is also planned for presentation in **H2 2025**, including data from at least 25 patients[13](index=13&type=chunk) [Financial Statements and Exhibits](index=3&type=section&id=Item%209%2E01%20Financial%20Statements%20and%20Exhibits) This section lists the Form 8-K exhibits, primarily the press release detailing strategic changes and financial updates Exhibits Filed | Exhibit No. | Description | | :--- | :--- | | 99.1 | Press Release Issued by Caribou Biosciences, Inc. on April 24, 2025 |

Core Insights - Caribou Biosciences, Inc. is a clinical-stage CRISPR genome-editing biopharmaceutical company focusing on developing allogeneic CAR-T cell therapies for hematologic malignancies, with two lead programs, CB-010 and CB-011, expected to disclose clinical data in H2 2025 [1][2][17] Financial Overview - As of March 31, 2025, Caribou had $212.5 million in cash, cash equivalents, and marketable securities, down from $249.4 million as of December 31, 2024, which is expected to fund operations into H2 2027 [10][21] - Licensing and collaboration revenue for Q1 2025 was $2.4 million, consistent with the same period in 2024 [11] - Research and development expenses increased to $35.5 million in Q1 2025 from $33.8 million in Q1 2024, primarily due to ongoing clinical trials [12] - General and administrative expenses decreased to $9.7 million in Q1 2025 from $14.6 million in Q1 2024, attributed to lower legal and personnel-related expenses [13] - The net loss for Q1 2025 was $40.0 million, slightly improved from a net loss of $41.2 million in Q1 2024 [14] Clinical Program Updates - CB-010 is an allogeneic anti-CD19 CAR-T cell therapy for large B cell lymphoma, while CB-011 is an allogeneic anti-BCMA CAR-T cell therapy for multiple myeloma [3][4] - Caribou is currently enrolling a 20-patient confirmatory cohort in the ANTLER Phase 1 clinical trial for CB-010, with data expected in H2 2025 [7][8] - Encouraging efficacy has been observed in the ongoing CaMMouflage Phase 1 clinical trial for CB-011, with plans to present data in H2 2025 [7][18] Strategic Initiatives - The company has implemented a strategic pipeline prioritization, focusing resources on lead oncology programs and reducing workforce by approximately 32%, which is expected to extend the cash runway by one year [5][10] - Discontinued clinical trials include CB-010 for lupus and CB-012 for relapsed or refractory acute myeloid leukemia, with ongoing follow-up for patients previously treated [5]

Company Overview - Caribou Biosciences, Inc. is a clinical-stage CRISPR genome-editing biopharmaceutical company focused on developing transformative therapies for patients with severe diseases [3] - The company's genome-editing platform utilizes Cas12a chRDNA technology, which offers superior precision for developing cell therapies aimed at improving activity against diseases [3] Product Focus - Caribou is concentrating on two off-the-shelf CAR-T cell therapies, CB-010 and CB-011, which have the potential to provide broad access and rapid treatment for patients suffering from hematologic malignancies [3] Upcoming Events - Rachel Haurwitz, PhD, the president and CEO of Caribou, will participate in a fireside chat at the BofA Securities 2025 Health Care Conference on May 13th at 2:35 PM PDT [1] - Webcasts of the event will be available on Caribou's website for at least 30 days following the event [2]

Core Insights - Caribou Biosciences is strategically prioritizing its lead oncology programs, CB-010 and CB-011, while implementing workforce and cost reduction initiatives to extend its cash runway into H2 2027 [1][13] - The company plans to disclose robust clinical datasets for CB-010 and CB-011 in H2 2025, which are expected to demonstrate efficacy in treating hematologic malignancies [2][14] Pipeline Prioritization - Caribou is focusing resources on CB-010 and CB-011, discontinuing the GALLOP Phase 1 trial for lupus and the AMpLify Phase 1 trial for acute myeloid leukemia [5][7] - The workforce reduction is approximately 32%, with expected cash savings of $2.5 to $3.5 million from these strategic decisions [13] Clinical Programs - CB-010 is an allogeneic anti-CD19 CAR-T cell therapy for B cell non-Hodgkin lymphoma, with data expected to show outcomes comparable to approved autologous CAR-T therapies [6][10] - CB-011 is an allogeneic anti-BCMA CAR-T cell therapy for multiple myeloma, with ongoing dose escalation trials showing encouraging efficacy [4][11] Financial Position - As of March 31, 2025, Caribou expects to report $212.5 million in cash, cash equivalents, and marketable securities [8] - The strategic changes are anticipated to extend the company's cash runway by one year, allowing operations to continue into H2 2027 [13] Upcoming Milestones - In H2 2025, Caribou plans to present data from the ANTLER Phase 1 trial for CB-010, including safety and efficacy data from a 20-patient cohort [14] - For CB-011, the company will present dose escalation data and recommended doses for expansion from the ongoing CaMMouflage Phase 1 trial [14]

Group 1: Earnings Performance - Caribou Biosciences reported a quarterly loss of $0.39 per share, slightly better than the Zacks Consensus Estimate of a loss of $0.40, and consistent with the loss of $0.39 per share from the previous year, indicating an earnings surprise of 2.50% [1] - The company posted revenues of $2.08 million for the quarter ended December 2024, missing the Zacks Consensus Estimate by 18.23%, and down from $3.56 million in the same quarter last year [2] - Over the last four quarters, Caribou has surpassed consensus EPS estimates three times, but has only topped revenue estimates once [2] Group 2: Stock Performance and Outlook - Caribou Biosciences shares have declined approximately 27% since the beginning of the year, contrasting with the S&P 500's decline of 1.9% [3] - The current consensus EPS estimate for the upcoming quarter is -$0.44 on revenues of $3.5 million, and for the current fiscal year, it is -$1.78 on revenues of $11.4 million [7] - The estimate revisions trend for Caribou is currently unfavorable, resulting in a Zacks Rank 4 (Sell), indicating expected underperformance in the near future [6] Group 3: Industry Context - The Medical - Biomedical and Genetics industry, to which Caribou belongs, is currently ranked in the top 26% of over 250 Zacks industries, suggesting a favorable industry outlook [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5]

Clinical Development - The company is advancing four clinical-stage allogeneic CAR-T cell therapy programs targeting hematologic malignancies and autoimmune diseases, with CB-010 receiving RMAT designation for relapsed or refractory large B cell lymphoma (r/r LBCL) and fast track designations for r/r B-NHL and refractory systemic lupus erythematosus (SLE) from the FDA[32]. - CB-010 is being evaluated in the ANTLER phase 1 clinical trial with 16 patients enrolled at three dose levels: 40x10, 80x10, and 120x10 viable CAR-T cells, with dose level 2 (80x10) selected as the recommended phase 2 dose (RP2D)[40]. - In the ANTLER trial, patients receiving CB-010 from donors with at least four matching HLA alleles showed improved progression-free survival (PFS) compared to those with fewer matches[41]. - CB-011, an anti-BCMA CAR-T cell therapy, is being evaluated in the CaMMouflage phase 1 clinical trial, with dose levels ranging from 50x10 to 800x10 viable CAR-T cells cleared without any observed dose-limiting toxicities (DLTs)[43]. - CB-012, an anti-CLL-1 CAR-T cell therapy, is being evaluated in the AMpLify phase 1 clinical trial, with dose levels from 25x10 to 300x10 viable CAR-T cells cleared without DLTs[43]. - The ongoing clinical trials for CB-010 are being conducted in multiple countries, including the United States, Australia, and Israel, indicating a broad geographical focus for its clinical development[58]. - A total of 46 patients were evaluated in the ANTLER trial, showing a safety profile consistent with anti-CD19 CAR-T therapies, with no grade 3+ cytokine release syndrome (CRS) observed[72]. - The GALLOP phase 1 trial is evaluating CB-010 for LN and ERL, focusing on safety and initial clinical activity with a single dose of 80x10 viable CAR-T cells[76]. - CB-011 has received fast track and orphan drug designations for r/r MM from the FDA, indicating significant regulatory support[81]. - CB-012 is being evaluated in the AMpLify phase 1 trial for r/r AML, utilizing a fully human scFv targeting CLL-1 licensed from MSKCC[88]. - The AMpLify trial is designed to assess the maximum tolerated dose (MTD) and overall response rate (ORR) at active dose levels of CB-012[95]. Technology and Innovation - The company is developing in vivo genome-editing capabilities using Cas12a chRDNA guides, aiming to demonstrate functional gene disruptions in animal models[44]. - The company’s chRDNA genome-editing technologies enable enhanced activity of allogeneic cell therapies through strategies like checkpoint disruption and immune cloaking, improving genomic integrity and reducing off-target edits[36]. - The chRDNA technology demonstrates a gene insertion efficiency of approximately 76-80% for site-specific gene insertions, with over 60% of manufacturing-scale CAR-T cells achieving all four intended edits[52]. - The chRDNA platform is designed to reduce off-target editing events significantly compared to first-generation CRISPR systems, enhancing the specificity of genome editing[51]. - The company employs immune cloaking strategies to enhance the persistence of CAR-T cells in circulation, aiming to reduce rapid immune-mediated rejection[56]. - The company aims to enhance CAR-T cell activity by employing a PD-1 knockout strategy, which is expected to maintain CAR-T cells in a higher activity state for a longer duration, potentially improving therapeutic outcomes[54][59]. - The company is focused on developing allogeneic CAR-T cell therapies targeting hematologic malignancies and autoimmune diseases, utilizing its chRDNA genome-editing technologies[48]. - The company is exploring strategic collaborations to maximize the value of its genome-editing technologies across multiple indications[102]. Market Opportunity - The estimated number of individuals diagnosed with NHL in the U.S. in 2024 is 80,620, representing 4% of all cancers, highlighting the significant market opportunity for the company's therapies[62]. - Allogeneic CAR-T cell therapies offer broad patient access, with only approximately 20% of patients currently receiving commercially available autologous CAR-T therapies due to long wait times and manufacturing limitations[34]. - The company is developing additional allogeneic CAR-T cell therapies against targets with limited treatment options, such as CB-012 for r/r AML[48]. Financial Overview - For the years ended December 31, 2024, and 2023, the company incurred net losses of $149.1 million and $102.1 million, respectively, with an accumulated deficit of $448.4 million as of December 31, 2024[218]. - The company has not commercialized any products and has never generated revenue from product sales, focusing almost all financial resources on research and development[218]. - The company anticipates continued significant operating losses as it seeks to advance product candidates through preclinical development and clinical trials[219]. - The company anticipates substantial additional financing will be needed for the development and commercialization of its product candidates, particularly for CAR-T cell therapy[222]. - Future capital requirements may increase significantly due to factors such as establishing a sales and marketing infrastructure and potential royalty payments[224]. - The company expects to finance cash needs through equity offerings, debt financings, and strategic collaborations until substantial product revenues are generated[229]. - Significant commercialization expenses are anticipated if marketing approval is obtained for product candidates, especially if no partners are found to share costs[222]. Regulatory Environment - The regulatory framework for biologics requires substantial time and financial resources for compliance with various authorities, including the FDA and EMA[133]. - The IND application must be submitted and cleared by the FDA before initiating human clinical trials, with a 30-day automatic effectiveness period unless a clinical hold is placed[137]. - The FDA requires a clinical trial sponsor to submit a diversity action plan for clinical trials, which must include enrollment goals by sex, ethnicity, and age, unless a waiver is granted[142]. - The FDA has established a timeline for reviewing resubmissions, with two months for class 1 and six months for class 2 resubmissions[158]. - The FDA's approval of a BLA is contingent upon the product candidate being safe, pure, and potent, and the manufacturing facility meeting required standards[153]. - The FDA may impose post-approval studies, including phase 4 clinical trials, and may require testing and surveillance programs to monitor products after commercialization[159]. - Current product candidates have been designated as fast track products, allowing for greater interactions with the FDA and potential rolling reviews of applications[161]. - Breakthrough therapy designations may be granted if preliminary clinical evidence indicates substantial improvement over available therapies[162]. - Orphan drug designation is available for drugs intended for rare diseases, providing exclusivity for seven years if the drug is the first approved for that indication[174]. Competition and Market Landscape - The company faces substantial competition from larger pharmaceutical companies and academic institutions, which have greater financial and technical resources[125]. - Autologous T cell therapies directed at CD19, such as Kymriah®, Yescarta®, and Breyanzi®, are experiencing increased market adoption[127]. - 2seventy bio's Abecma® and Legend Biotech's Carvykti® have shown success in pivotal trials for earlier lines of r/r MM and are expected to gain label extensions[127]. Employee and Community Engagement - The company has 147 total employees, all of whom are full-time, with 39 holding advanced degrees[203]. - The company has implemented a comprehensive talent strategy, including competitive salaries and performance-based incentives, to attract and retain talent[204]. - The company is committed to environmental sustainability, offering pre-tax commuter benefits and promoting bicycle use among employees[213][214]. - The company has established a culture advisory group to enhance workplace culture based on employee feedback[210]. - The company actively participates in community outreach efforts, including STEM programs and volunteer opportunities for employees[212].

Financial Performance - Caribou reported a net loss of $149.1 million for the full year 2024, compared to a net loss of $102.1 million in 2023[15]. - The net loss for the year ended December 31, 2024, was $149,105,000, compared to a net loss of $102,070,000 in 2023, reflecting a year-over-year increase of 46.1%[27]. - The net loss per share, basic and diluted, for the year ended December 31, 2024, was $1.65, compared to $1.38 in 2023[27]. Revenue and Expenses - Licensing and collaboration revenue decreased to $10.0 million for the full year 2024, compared to $34.5 million in 2023, primarily due to the termination of the AbbVie Collaboration and License Agreement[13]. - For the three months ended December 31, 2024, licensing and collaboration revenue was $2,077,000, a decrease of 41.7% from $3,558,000 in the same period of 2023[27]. - Total operating expenses for the year ended December 31, 2024, were $176,610,000, an increase of 17.3% compared to $150,536,000 in 2023[27]. - Research and development expenses increased to $130.2 million for the full year 2024, up from $112.1 million in 2023, driven by costs to advance clinical pipeline programs[13]. - Research and development expenses for the year ended December 31, 2024, were $130,153,000, an increase of 16.1% from $112,075,000 in 2023[27]. - General and administrative expenses rose to $46.5 million for the full year 2024, compared to $38.5 million in 2023, mainly due to legal and personnel-related expenses[14]. - General and administrative expenses increased to $46,457,000 for the year ended December 31, 2024, up 20.9% from $38,461,000 in 2023[27]. Cash and Assets - Caribou reported $249.4 million in cash, cash equivalents, and marketable securities as of December 31, 2024, down from $372.4 million as of December 31, 2023, with expectations to fund operations into H2 2026[12]. - Cash, cash equivalents, and marketable securities decreased to $249,386,000 as of December 31, 2024, down 33.1% from $372,404,000 in 2023[25]. - Total assets decreased to $313,313,000 as of December 31, 2024, down 27.5% from $432,209,000 in 2023[25]. - Total stockholders' equity decreased to $252,951,000 as of December 31, 2024, down 31.2% from $368,401,000 in 2023[25]. Clinical Trials and Developments - The company plans to present clinical data from the ANTLER Phase 1 trial of CB-010 and the CaMMouflage Phase 1 trial of CB-011 in H1 2025[2]. - Caribou is enrolling approximately 20 additional patients in the ongoing ANTLER Phase 1 clinical trial to confirm the HLA matching strategy[4]. - The company expects to initiate a pivotal Phase 3 clinical trial for CB-010 in H2 2025, pending data confirmation and FDA agreement[11]. - CB-011 has shown encouraging signs of efficacy in patients treated at active dose levels following a deeper lymphodepletion regimen[10]. Management Changes - Caribou appointed Sri Ryali as chief financial officer in January 2025, enhancing its finance and investor relations functions[7]. Shareholder Information - The weighted-average common shares outstanding for the year ended December 31, 2024, were 90,317,925, compared to 73,807,597 in 2023, reflecting a 22.4% increase[27].