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SEC filingCaribou Biosciences, Inc. reported a net loss of $148.1 million for the fiscal year ended December 31, 2025, a slight improvement from a net loss of $149.1 million in the prior year. Total operating expenses were $159.5 million, driven primarily by research and development costs of $109.4 million and general and administrative expenses of $37.9 million. The company generated $11.2 million in licensing and collaboration revenue. As of December 31, 2025, Caribou had cash, cash equivalents, and marketable securities totaling $142.8 million, which it expects to fund operations for at least the next 12 months. The company's strategic focus remains on advancing its two clinical-stage allogeneic CAR-T cell therapy product candidates, vispa-cel and CB-011, following a pipeline prioritization and workforce reduction announced in April 2025.
Caribou Biosciences reported a net loss of $148.1 million for the fiscal year ended December 31, 2025, compared to a net loss of $149.1 million in the prior year. Total operating expenses were $159.5 million, consisting of research and development expenses of $109.4 million, general and administrative expenses of $37.9 million, and impairment charges of $12.2 million. The company generated $11.2 million in licensing and collaboration revenue. Net loss per share was $2.00 for both basic and diluted shares. The company's accumulated deficit increased to $596.5 million as of December 31, 2025.
The company's sole revenue source was licensing and collaboration revenue of $11.2 million for the fiscal year ended December 31, 2025. This revenue included $2,487 from related parties. The company has not commercialized any products and has never generated revenue from product sales. All revenue to date has come from licensing arrangements and collaborations related to its genome-editing technologies.
Caribou Biosciences operates at a significant loss with no gross profit reported. The company's operating loss was $148.3 million for the fiscal year ended December 31, 2025. Research and development expenses represented approximately 69% of total operating expenses, reflecting the company's focus on clinical development of its allogeneic CAR-T cell therapy product candidates. General and administrative expenses accounted for approximately 24% of total operating expenses.
Net cash used in operating activities was $111.0 million for the fiscal year ended December 31, 2025. The company had cash, cash equivalents, and marketable securities totaling $142.8 million as of December 31, 2025, consisting of $12.4 million in cash and cash equivalents and $130.5 million in marketable securities. Total assets were $175.4 million, with current assets of $145.2 million. Total liabilities were $53.2 million, resulting in stockholders' equity of $122.2 million.
The company expects its cash, cash equivalents, and marketable securities to fund current operations through at least the next 12 months. Caribou's strategic focus is on advancing its two clinical-stage allogeneic CAR-T cell therapy product candidates: vispa-cel for relapsed or refractory B-cell non-Hodgkin lymphoma and CB-011 for relapsed or refractory multiple myeloma. The company disclosed that it does not have sufficient funds to conduct its planned pivotal clinical trial for vispa-cel and will need to raise additional capital. Key risk factors include the need for substantial additional financing, uncertainties in clinical development, regulatory approval challenges, and intense competition in the cell therapy space.