Caribou Biosciences(CRBU) - 2024 Q4 - Annual Results

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$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$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$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$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$372,404,000 in 2023[25]. - Total assets decreased to $313,313,000 as of December 31, 2024, down 27.5$432,209,000 in 2023[25]. - Total stockholders' equity decreased to $252,951,000 as of December 31, 2024, down 31.2$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].