Revenue: As of FY2026 Q1, the actual value is USD 2.397 M, beating the estimate of USD 2.181 M.

EPS: As of FY2026 Q1, the actual value is USD -0.26, beating the estimate of USD -0.315.

EBIT: As of FY2026 Q1, the actual value is USD -26.28 M.

Caribou Biosciences, Inc. operates as a single reportable and operating segment, focusing on developing allogeneic CAR-T cell therapies .

Revenue

• Licensing and Other Third-party Revenue: $2.4 million for the three months ended March 31, 2026, a slight increase from $2.4 million for the same period in 2025 .
  • Geographical Disaggregation (Three Months Ended March 31, 2026 vs. 2025):
    • United States: $2.3 million vs. $2.2 million .
    • Rest of world: $0.1 million vs. $0.1 million .

Operating Expenses

• Total Operating Expenses: $28.7 million for the three months ended March 31, 2026, a decrease from $45.3 million for the same period in 2025 .
• Research and Development Expenses: Decreased by $14.9 million to $20.6 million for the three months ended March 31, 2026, from $35.5 million for the same period in 2025 . This decrease was primarily due to a $7.7 million reduction in external CMO and CRO activities, a $3.0 million decrease in other research and development expenses, a $2.8 million decrease in personnel-related expenses, a $0.9 million decrease in other facilities and allocated expenses, and a $0.5 million decrease in expenses related to licenses, sublicensing revenue, and milestones .
• General and Administrative Expenses: Decreased by $1.7 million to $8.1 million for the three months ended March 31, 2026, from $9.7 million for the same period in 2025, mainly due to a $1.2 million decrease in personnel-related expenses and a $0.5 million decrease in legal and other service-related expenses .

Other Income

• Total Other Income: Decreased by $1.7 million for the three months ended March 31, 2026, compared to the same period in 2025, primarily due to a $1.4 million decrease in interest income from marketable securities .

Net Loss

• Net Loss: - $25.1 million for the three months ended March 31, 2026, compared to - $40.0 million for the same period in 2025 .
• Accumulated Deficit: - $621.6 million as of March 31, 2026 .

Cash Flow

• Net Cash Used in Operating Activities: - $27.0 million for the three months ended March 31, 2026, a decrease from - $36.7 million for the same period in 2025 .
• Net Cash Provided by Investing Activities: $24.0 million for the three months ended March 31, 2026, a decrease from $49.4 million for the same period in 2025, primarily due to decreased proceeds from maturities of marketable securities and higher purchases of marketable securities .
• Net Cash Provided by Financing Activities: $2.7 million for the three months ended March 31, 2026, an increase from $0.5 million for the same period in 2025, driven by proceeds from the at-the-market (ATM) Sales Agreement .
• Cash, Cash Equivalents, and Marketable Securities: $118.6 million as of March 31, 2026 .

Operational Metrics (Clinical Development)

• Vispa-cel (ANTLER Phase 1 Clinical Trial): As of September 2, 2025, 84 patients with relapsed or refractory B-cell non-Hodgkin lymphoma (r/r B-NHL) were enrolled, with the Recommended Phase 2 Dose (RP2D) set at 80x10⁶ viable CAR-T cells . The Optimized Profile Cohort (35 CD19-naïve LBCL patients, as of September 29, 2025) showed an Overall Response Rate (ORR) of 86%, a Complete Response (CR) Rate of 63%, and Progression-Free Survival (PFS) at 12 months of 53% . Safety data for the Optimized Profile Cohort (N=35) indicated no cases of GvHD or Grade 3 or greater immune effector cell-associated neurotoxicity syndrome (ICANS), 1% experienced Grade 3 or greater CRS, and 28% experienced prolonged cytopenias .
• CB-011 (CaMMouflage Phase 1 Clinical Trial): As of September 24, 2025, 48 fourth-line or later (4L+) relapsed or refractory multiple myeloma (r/r MM) patients were enrolled in dose escalation, with the Recommended Dose for Expansion (RDE) selected at 450x10⁶ viable CAR-T cells . The RDE Cohort Outcomes (12 BCMA-naïve patients, as of September 24, 2025) reported an ORR of 92%, a CR/stringent CR (sCR) Rate of 75%, and Minimal Residual Disease (MRD) negativity in 91% of evaluable patients .

Future Outlook and Strategy

Caribou Biosciences, Inc. expects its $118.6 million in cash, cash equivalents, and marketable securities as of March 31, 2026, to fund operations for at least the next 12 months . The company anticipates continued substantial losses and will require additional capital, likely through equity financing, debt financing, or collaborations, to fund operating expenses, including the planned vispa-cel pivotal Phase 3 trial . Future expenses are projected to increase with clinical trial progression, intellectual property portfolio expansion, and potential commercialization efforts, maintaining reliance on contract manufacturing organizations for clinical trial materials .