CRBUNasdaqBiological Products, (No Diagnostic Substances)US GAAP · USD

Caribou Biosciences, Inc.

Caribou Biosciences, Inc. is a clinical-stage CRISPR genome-editing biopharmaceutical company focused on developing allogeneic, or off-the-shelf, cell therapies for cancer. Its core platform is chRDNA (CRISPR hybrid RNA-DNA) genome-editing technology, which the company uses to engineer more precise cell therapies and to improve activity through approaches such as checkpoint disruption and immune cloaking. The company’s lead programs are vispa-cel (formerly CB-010), an anti-CD19 CAR-T therapy for relapsed or refractory B-cell non-Hodgkin lymphoma, and CB-011, an anti-BCMA CAR-T therapy for relapsed or refractory multiple myeloma. Caribou is still in the development stage and currently generates revenue from licensing and collaboration agreements rather than product sales.

Revenue11.2m USD
+11.7 %y/y
Operating profit (EBIT)-148m USD
+11.0 %y/y
EBIT margin-1,329.4%
+337.8 ppy/y
Net income-148m USD
+0.7 %y/y
Free cash flow-112m USD
+21.5 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

-200-150-100-50050m USD2020: 12 m USD2020: EBIT -36 m USD20202021: 9.6 m USD2021: EBIT -67 m USD20212022: 14 m USD2022: EBIT -106 m USD20222023: 34 m USD2023: EBIT -116 m USD20232024: 10.0 m USD2024: EBIT -167 m USD20242025: 11 m USD2025: EBIT -148 m USD202511-148
RevenueOperating profit (EBIT)

Business

Share of revenue
Genome-editing platform0 %

The chRDNA CRISPR-Cas12a platform used to engineer more precise allogeneic cell therapies and other therapeutic applications.

Clinical-stage cell therapy candidates0 %

Allogeneic CAR-T product candidates in clinical development for hematologic malignancies, including vispa-cel and CB-011.

Licensing and collaboration revenue100 %

Upfront fees, maintenance fees, milestones, R&D reimbursements, and royalties from third-party licensing arrangements.

Customers

Caribou does not yet sell commercial products to patients or hospitals; its current revenue comes from licensing and collaboration partners that pay for rights to use its intellectual property. These partners can include biopharmaceutical companies and other third parties that want access to Caribou’s genome-editing technology, research programs, or product rights. If its therapies are approved in the future, the end customers would shift to physicians, cancer centers, hospitals, and patients with hematologic malignancies. The company also depends on contract research organizations, clinical sites, and contract manufacturers as operational customers and service providers supporting development.

Licensing and collaboration partners

Third parties that license Caribou intellectual property and pay upfront fees, maintenance fees, milestones, R&D funding, or royalties.

Clinical development ecosystem

CROs, clinical sites, CMOs, and suppliers that support the advancement and manufacturing of vispa-cel and CB-011.

Future oncology treatment providers

Hospitals, cancer centers, and physicians that would prescribe or administer approved CAR-T therapies in hematologic malignancies.

Patients with hematologic malignancies

Patients with relapsed or refractory B-cell non-Hodgkin lymphoma and multiple myeloma who are the intended beneficiaries of the pipeline.

Strategy

Caribou’s strategy is to advance its two clinical-stage allogeneic CAR-T programs while continuing to build value from its chRDNA genome-editing platform. The company is focused on demonstrating that off-the-shelf cell therapies can improve patient access, speed treatment, and scale manufacturing relative to autologous CAR-T approaches. Because it is not yet commercial, financing strategy is central: the company expects to fund operations through equity, debt, collaborations, strategic alliances, and licensing arrangements. It also seeks to preserve and expand the value of its intellectual property through partnerships, in-licensing opportunities, and continued technological innovation.

Progress clinical-stage CAR-T programsShort term

Clinical proof of concept and later-stage data are necessary to create value and support regulatory and partnering opportunities.

Secure non-dilutive and dilutive fundingShort term

The company has no product sales and must fund ongoing R&D and trials before commercialization.

Expand platform and partnership valueMedium term

Broader applicability of chRDNA can create additional programs and licensing opportunities beyond the lead assets.

Geography

Q1/2026

Caribou is headquartered in the United States and its business is primarily organized around U.S.-based research, clinical development, and corporate operations. The company’s current revenue is not tied to product sales geography; instead, it comes from licensing and collaboration agreements that may involve third parties in multiple regions. As a clinical-stage biotech, its geographic exposure is driven more by where trials are run, where partners are located, and where regulatory approvals would be sought than by commercial sales footprints. The company also notes exposure to global capital markets and geopolitical conditions, which can affect financing access and development timelines.

United States94 %
Other countries (US filing)5.8 %

Share of the revenue the company reports by geography.

Risks

Caribou faces the classic risks of a clinical-stage biotechnology company: long development timelines, uncertain clinical efficacy, regulatory dependence, and the possibility that it never reaches profitable commercialization. Its current business model depends on external financing and collaboration revenue, so capital market volatility, higher interest rates, and geopolitical disruption can directly constrain operations. The company also disclosed a Nasdaq listing compliance issue related to its share price, which adds financing and market-access risk. More broadly, competition in cell therapy and genome editing is intense, and larger rivals may have greater resources, manufacturing capacity, and clinical development experience.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Clinical development failure1Need for additional capital2Nasdaq delisting risk3Competitive pressure in genome editing and cell therapy4Regulatory and manufacturing execution risk5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Clinical development failureImpact: CriticalLikelihood: High

    Lead programs are still in phase 1, so efficacy, safety, or durability issues could prevent advancement or approval.

    Exposure: vispa-cel and CB-011

  2. Need for additional capitalImpact: HighLikelihood: High

    The company has no product sales and expects to fund operations through equity, debt, collaborations, and licensing, which may not be available on acceptable terms.

    ExposureOngoing R&DClinical trialsCorporate overhead
  3. Nasdaq delisting riskImpact: HighLikelihood: High

    The company disclosed non-compliance with the minimum bid price requirement, which could affect liquidity and financing access.

    Exposure: CRBU common stock

  4. Competitive pressure in genome editing and cell therapyImpact: HighLikelihood: High

    Larger competitors may have more capital, manufacturing scale, and clinical experience, making it harder to win development and partnering opportunities.

    Exposure: Platform and pipeline differentiation

  5. Regulatory and manufacturing execution riskImpact: HighLikelihood: High

    Allogeneic CAR-T products require successful regulatory review, commercial-scale manufacturing, and distribution capabilities before revenue can be generated.

    Exposure: Future commercialization

Accounting

Judgemental items
Licensing and collaboration revenue recognition

Revenue comes from upfront fees, maintenance fees, milestones, R&D payments, and royalties, so recognition depends on contract structure and performance obligations.

Impact: Can create uneven quarterly revenue and judgment around timing

Research and development expense recognition

R&D costs are expensed as incurred, including clinical, manufacturing, CRO, and consulting costs.

Impact: Major driver of operating loss volatility

Long-lived asset impairment

Management tests assets for recoverability when events indicate carrying values may not be recoverable.

Impact: Potential non-cash write-downs

Prepaid expenses and deferred R&D payments

Payments made before goods or services are received are capitalized and recognized later as work is performed.

Impact: Affects timing of expense recognition and period comparability

Publicly listed companies with a comparable business focus.

Last updated: 24/09/2026