Company Overview - Caribou Biosciences Inc is a clinical-stage biopharmaceutical company focused on developing genome-edited allogeneic cell therapies for treating hematologic malignancies in the US and internationally [3] Financial and Operational Developments - On July 16 2024 Caribou disclosed in an SEC filing that it discontinued preclinical research activities associated with its allogeneic CAR-NK platform and reduced its workforce by 21 positions or approximately 12% to extend its cash runway [1] - Following this announcement Caribou's stock price fell 33% to close at $264 per share on July 17 2024 [1] Clinical Trial and Product Updates - On June 2 2024 Caribou issued a press release announcing updated clinical data from the ongoing ANTLER Phase 1 trial indicating that a single dose of CB-010 has the potential to rival the safety efficacy and durability of approved autologous CAR-T cell therapies [6] - In response to this announcement Evercore ISI analysts downgraded Caribou stock to "in line" and dropped their price target to $300 from $1300 [6] - Caribou's stock price fell 2552% to close at $2145 per share on June 3 2024 following the announcement [6] Legal and Regulatory Matters - A class action lawsuit was filed on behalf of all persons and entities that purchased or otherwise acquired Caribou Biosciences Inc securities between July 14 2023 and July 16 2024 [3] - The complaint alleges that Caribou misled investors regarding the efficacy of its lead drug candidate CB-010 overstating its safety efficacy and durability relative to approved autologous CAR-T cell therapies [4] - The complaint also alleges that Caribou failed to disclose significant risks of insufficient cash liquidity and capital to fund its current business operations including preclinical research activities associated with the allogeneic CAR-NK platform [4] - Shareholders who want to serve as lead plaintiff for the class must submit their application to the court by February 24 2025 [5]
Caribou Biosciences, Inc. Shareholders are Encouraged to Contact Robbins LLP for Information About the Lead Plaintiff Deadline in the CRBU Class Action