Caribou Biosciences extends cash runway, focuses on oncology

BERKELEY, Calif. - Caribou Biosciences, Inc. (NASDAQ: CRBU), a biopharmaceutical company engaged in CRISPR genome-editing technology, has announced strategic changes including workforce reductions and a refocusing of its pipeline on two key oncology programs, CB-010 and CB-011. The company, which has seen its stock decline by over 78% in the past year according to InvestingPro data, is currently trading near its 52-week low of $0.66. The company expects these moves to extend its cash runway into the second half of 2027, according to a statement released today.

The decision to prioritize resources toward the development of CB-010, an anti-CD19 CAR-T cell therapy for large B cell lymphoma, and CB-011, an anti-BCMA CAR-T cell therapy for multiple myeloma, comes amid challenging market conditions. InvestingPro analysis indicates the company’s financial health score is currently weak at 1.6 out of 5, with particularly concerning metrics in profitability and growth. Caribou is discontinuing its CB-010 trial for lupus and the CB-012 trial for acute myeloid leukemia, as well as ceasing preclinical research efforts.

Rachel Haurwitz, PhD, President and CEO of Caribou, expressed the company’s commitment to advancing these programs to address the unmet need for off-the-shelf CAR-T cell therapies for hematologic malignancies. She also acknowledged the contributions of the departing workforce, which amounts to a 32% reduction.

Clinical data from the CB-010 and CB-011 Phase 1 trials are expected to be disclosed in the second half of this year. For CB-010, this will include data from a 20-patient cohort with at least six months of follow-up. CB-011 data will report on a minimum of 25 patients at multiple dose levels with at least three months of follow-up.

Caribou’s financial position remains solid, with $212.5 million in cash, cash equivalents, and marketable securities as of March 31, 2025. The workforce and cost reductions are estimated to result in one-time cash payments between $2.5 and $3.5 million. According to InvestingPro data, the company maintains a healthy current ratio of 7.16 and holds more cash than debt on its balance sheet, though it’s burning through cash rapidly with negative free cash flow of $143 million in the last twelve months. For deeper insights into Caribou’s financial health and detailed analysis, investors can access the comprehensive Pro Research Report, available exclusively to InvestingPro subscribers.

These strategic decisions are designed to ensure Caribou’s ability to deliver potentially valuable data sets and to advance the development of its lead oncology programs. The information in this article is based on a press release statement from Caribou Biosciences, Inc.

In other recent news, Caribou Biosciences reported a narrower-than-expected loss for the fourth quarter of 2024. The company posted a loss of $0.39 per share, outperforming analyst estimates of a $0.42 per share loss. Revenue for the quarter was $2.08 million, which was slightly below the consensus estimate of $2.12 million and a decrease from $3.6 million in the same quarter last year. Caribou ended the year with $249.4 million in cash, cash equivalents, and marketable securities, expected to support operations into the second half of 2026. The company is progressing with four clinical programs targeting hematologic malignancies and autoimmune diseases. Notably, Caribou anticipates two significant clinical data readouts in the first half of 2025. These include results from the ANTLER Phase 1 trial of CB-010 in second-line large B cell lymphoma and initial data from the CaMMouflage Phase 1 trial of CB-011 in relapsed or refractory multiple myeloma. For the full year 2024, Caribou reported a net loss of $149.1 million, an increase from the $102.1 million loss in 2023, primarily due to higher research and development expenses.

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