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.

Financial Results for the Three Months Ended March 31, 2026 and 2025

Segment Revenue

Licensing and other third-party revenue was $2,397 thousand for the three months ended March 31, 2026, which was unchanged from $2,353 thousand for the same period in 2025.

Operating Expenses

Research and development (R&D) expenses decreased to $20,611 thousand for the three months ended March 31, 2026, compared to $35,531 thousand for the same period in 2025. This decrease was primarily due to reduced external contract manufacturing and research organization activities, workforce reduction, strategic pipeline prioritization, and lower facilities and allocated expenses. General and administrative (G&A) expenses were $8,066 thousand for the three months ended March 31, 2026, down from $9,735 thousand for the same period in 2025. The reduction in G&A was mainly attributed to personnel-related expenses from the workforce reduction and strategic pipeline prioritization, as well as lower legal expenses. Total operating expenses were $28,677 thousand for the three months ended March 31, 2026, compared to $45,266 thousand for the same period in 2025.

Operating and Net Loss

Loss from operations improved to -$26,280 thousand for the three months ended March 31, 2026, from -$42,913 thousand for the same period in 2025. Other income, net was $1,195 thousand for the three months ended March 31, 2026, compared to $2,922 thousand for the same period in 2025. Net loss was -$25,085 thousand for the three months ended March 31, 2026, an improvement from -$39,991 thousand for the same period in 2025. Net comprehensive loss was -$25,211 thousand for the three months ended March 31, 2026, compared to -$40,079 thousand for the same period in 2025.

Cash, Cash Equivalents, and Marketable Securities

Caribou Biosciences, Inc. reported $118,627 thousand in cash, cash equivalents, and marketable securities as of March 31, 2026, a decrease from $142,845 thousand as of December 31, 2025.

Balance Sheet Data

Total assets were $148,998 thousand as of March 31, 2026, down from $175,367 thousand as of December 31, 2025. Total liabilities were $46,980 thousand as of March 31, 2026, compared to $53,192 thousand as of December 31, 2025. Total stockholders’ equity was $102,018 thousand as of March 31, 2026, compared to $122,175 thousand as of December 31, 2025.

Operational Highlights

Caribou Biosciences, Inc. achieved alignment with the FDA on the pivotal ANTLER-3 trial design for vispa-cel in second-line large B cell lymphoma (2L LBCL). Vispa-cel has been granted Regenerative Medicine Advanced Therapy (RMAT), Fast Track, and Orphan Drug designations for B-NHL by the FDA. CB-011 received RMAT designation from the FDA for relapsed or refractory multiple myeloma (r/r MM) on March 31, 2026. Initial clinical data for CB-011 in a 12-patient cohort of BCMA-naïve r/r MM patients showed a 92% overall response rate, 75% complete response (CR) or stringent CR rate, and 91% minimal residual disease negativity.

Outlook / Guidance

Caribou Biosciences, Inc. expects its current cash, cash equivalents, and marketable securities to fund its operating plan, including CB-011 dose expansion and vispa-cel pivotal trial start-up activities, into the second half of 2027. The company is actively exploring various options to fully fund the planned vispa-cel pivotal trial. Longer follow-up data for the vispa-cel phase 1 clinical trial and updates on CB-011 dose escalation and initial dose expansion data are anticipated in 2026.