Caribou Biosciences (CRBU) Q4 2025 earnings summary

Executive summary

• Advanced two allogeneic CAR-T cell therapy programs, vispa-cel and CB-011, with promising clinical data in 2025.

• Vispa-cel phase 1 data in 2L LBCL showed efficacy and durability comparable to autologous CAR-T therapies.

• Initiated dose expansion for CB-011 in multiple myeloma; initial data expected in 2026.

Financial highlights

• Licensing and collaboration revenue was $3.9M for Q4 2025 and $11.2M for FY 2025, up from $2.1M and $10.0M in 2024.

• R&D expenses decreased to $23.8M for Q4 and $109.4M for FY 2025, down from $30.5M and $130.2M in 2024.

• G&A expenses fell to $8.6M for Q4 and $37.9M for FY 2025, compared to $10.5M and $46.5M in 2024.

• GAAP net loss was $26.5M ($0.28/share) for Q4 and $148.1M ($1.59/share) for FY 2025, slightly improved from 2024.

• Cash, cash equivalents, and marketable securities totaled $142.8M at year-end 2025, down from $249.4M in 2024.

Outlook and guidance

• Cash reserves expected to fund operations, including CB-011 dose expansion and vispa-cel pivotal trial start-up, into 2H 2027.

• Exploring options to fully fund the planned vispa-cel pivotal trial.

• Longer follow-up data for vispa-cel and CB-011 clinical trials anticipated in 2026.