Caribou Biosciences Reports Fourth Quarter and Full Year 2025 Financial Results and Provides Business Update

Core Viewpoint - Caribou Biosciences, Inc. reported strong execution in 2025, advancing two allogeneic CAR-T cell therapy programs, vispa-cel and CB-011, with promising clinical data and ongoing engagement with the FDA for pivotal trial designs [2][8]. Financial Performance - Licensing and collaboration revenue for Q4 2025 was $3.9 million, and $11.2 million for the full year, an increase from $2.1 million and $10.0 million in 2024, driven by prior licensing agreements [6]. - R&D expenses decreased to $23.8 million in Q4 2025 and $109.4 million for the full year, down from $30.5 million and $130.2 million in 2024, primarily due to workforce reduction and strategic pipeline prioritization [7]. - General and administrative expenses were $8.6 million for Q4 2025 and $37.9 million for the full year, compared to $10.5 million and $46.5 million in 2024, reflecting lower legal and personnel-related expenses [9]. - Caribou reported a GAAP net loss of $26.5 million, or $0.28 per share, for Q4 2025, and a full-year net loss of $148.1 million, or $1.59 per share, compared to a net loss of $35.5 million, or $0.39 per share, and $149.1 million, or $1.65 per share, in 2024 [11]. - Non-GAAP net loss for 2025 was $126.8 million, or $1.36 per share, compared to $149.1 million, or $1.65 per share, in 2024, excluding non-cash impairment charges [12]. Clinical Highlights - Vispa-cel, an allogeneic anti-CD19 CAR-T cell therapy, showed efficacy and durability comparable to autologous CAR-T therapies in the ANTLER phase 1 trial for second-line large B cell lymphoma (LBCL) [3][8]. - CB-011, an allogeneic anti-BCMA CAR-T cell therapy, is currently in the CaMMouflage phase 1 trial for relapsed or refractory multiple myeloma (r/r MM), with initial dose expansion data expected later in 2026 [4][8]. Upcoming Events - Caribou will participate in the Leerink 2026 Global Healthcare Conference on March 10, 2026, with a fireside chat scheduled for 8:00 am ET [5]. Cash Position - As of December 31, 2025, Caribou had $142.8 million in cash, cash equivalents, and marketable securities, down from $249.4 million in 2024, which is expected to fund operations into the second half of 2027 [13].