Caribou Biosciences Reports $149.1 Million Net Loss for 2024, Decreased Revenue and Increased Expenses

Caribou Biosciences, a clinical-stage CRISPR genome-editing biopharmaceutical company, reported a net loss of $149.1 million for the year ended December 31, 2024, compared to a net loss of $102.1 million in 2023. This increase in net loss is largely attributable to a rise in research and development expenses, which increased by $18.1 million to $130.2 million, and an increase in general and administrative expenses of $8 million to $46.5 million. Licensing and collaboration revenue decreased significantly to $10 million in 2024 from $34.5 million in 2023, primarily due to the termination of a collaboration agreement with AbbVie. The company had $249.4 million in cash, cash equivalents, and marketable securities as of December 31, 2024.

Significant changes in 2024 included a decrease in licensing and collaboration revenue, primarily due to the termination of the AbbVie agreement, and an increase in operating expenses driven by increased research and development activities and general and administrative costs. The company also completed a follow-on public offering in July and August 2023, raising net proceeds of approximately $134.4 million. Additionally, Caribou Biosciences discontinued preclinical research activities associated with its allogeneic CAR-natural killer (NK) cell therapy platform in July 2024, focusing resources on its allogeneic CAR-T cell therapy platform. The company also announced the retirement of its Chief Scientific Officer, effective June 30, 2025.

Caribou Biosciences is advancing four clinical-stage allogeneic CAR-T cell therapy programs targeting hematologic malignancies and autoimmune diseases. These include CB-010 (anti-CD19 CAR-T), CB-011 (anti-BCMA CAR-T), and CB-012 (anti-CLL-1 CAR-T). The company presented data from its ANTLER Phase 1 clinical trial of CB-010 at the 2024 American Society of Clinical Oncology (ASCO) Annual Meeting, showing that partial HLA matching improved progression-free survival. The CaMMouflage Phase 1 trial of CB-011 is ongoing, and the AMpLify Phase 1 trial of CB-012 has progressed through multiple dose levels without dose-limiting toxicities. The company also has ongoing research into in vivo genome-editing capabilities using Cas12a chRDNA guides.

Key operational developments include the ongoing enrollment of patients in multiple Phase 1 clinical trials, the selection of a recommended Phase 2 dose for CB-010, and the advancement of CB-011 and CB-012 through dose escalation. The company has 147 full-time employees as of March 1, 2025, with a significant portion engaged in research, development, and technical operations. Caribou Biosciences anticipates continued operating losses for the foreseeable future and will require substantial additional financing to support its development plans.

Caribou Biosciences expects to continue its clinical development programs, focusing on its allogeneic CAR-T cell therapy platform. The company anticipates increasing expenses as it advances its clinical trials and seeks regulatory approvals. The company's future success depends on the successful development, regulatory approval, and commercialization of its product candidates, which remain subject to significant risks and uncertainties as outlined in the 10-K filing. The company does not anticipate paying dividends in the foreseeable future.