CRBU · Caribou Biosciences, Inc.

Caribou Biosciences announced Q1 2026 financial results alongside key clinical progress, highlighting FDA alignment on the pivotal ANTLER-3 phase 3 trial for vispa-cel in second-line large B-cell lymphoma patients ineligible for autologous CAR-T due to access or medical reasons. The trial will randomize ~250 CD19-naïve patients to a single 80x10^6 vispa-cel dose versus standard-of-care like Pola-BR or R-GemOx, with progression-free survival as the primary endpoint and crossover permitted post-progression. CEO Rachel Haurwitz emphasized vispa-cel's differentiated off-the-shelf profile with robust responses in high-risk patients unmet by current non-curative regimens. Longer phase 1 ANTLER data is slated for a 2026 medical conference. For CB-011 in relapsed/refractory multiple myeloma, RMAT designation was granted based on strong initial data (92% ORR, 75% CR/sCR at recommended dose in BCMA-naïve cohort), with CaMMouflage trial dose expansion ongoing and 2026 data updates anticipated. Financially, licensing revenue held steady at $2.4M, while operating expenses dropped 37% to $28.7M, driven by 42% R&D reduction from lower manufacturing/research activities, workforce cuts, and pipeline prioritization post-April 2025 restructuring, plus 17% G&A decline from personnel and legal savings. Net loss narrowed to $25.1M from $40.0M YoY. Cash position of $118.6M as of March 31 supports CB-011 expansion and vispa-cel trial startup into 2H 2027, though additional funding is being pursued for full pivotal trial support. Balance sheet shows total assets at $149M and equity at $102M.