Caribou Biosciences — Third Quarter 2026 Earnings Summary

Financial Performance:

• Licensing and other third-party revenue was $1.6 million for the three months ended September 30, 2026, a decrease from $2.2 million in the same period of 2025.
• Research and development expenses were $21.3 million for the quarter, down from $22.4 million in the prior year period.
• General and administrative expenses were $7.9 million for the quarter, down from $9.2 million in the prior year period.
• GAAP net loss was $26.6 million, or $0.25 per share (basic and diluted), compared to a net loss of $27.5 million, or $0.30 per share, in the same period of 2025.
• Cash, cash equivalents, and marketable securities totaled $94.8 million as of September 30, 2026, a reduction from $142.8 million as of December 31, 2025.
• Total assets were $123.0 million as of September 30, 2026, compared to $175.4 million as of December 31, 2025.
• Total stockholders' equity was $76.6 million as of September 30, 2026, compared to $122.2 million as of December 31, 2025.

Guidance and Future Outlook:

• The company has not set a timeline for the completion of its review of strategic alternatives.
• Caribou does not intend to provide further updates unless the Board approves a course of action, the review process concludes, or disclosure is otherwise required.

Business Segments and Product Lines:

• The Board approved a restructuring that includes the planned discontinuation of clinical trials and further development activities for vispa-cel and CB-011.
• Vispa-cel (vispacabtagene regedleucel) is an allogeneic anti-CD19 CAR-T cell therapy for relapsed or refractory B cell non-Hodgkin lymphoma; it holds FDA RMAT, Fast Track, and Orphan Drug designations and is described as pivotal trial-ready with FDA alignment on phase 3 design.
• CB-011 is an allogeneic anti-BCMA CAR-T cell therapy for relapsed or refractory multiple myeloma; it holds FDA RMAT, Fast Track, and Orphan Drug designations and utilizes an immune cloaking strategy with a B2M knockout.

Market and Competitive Landscape:

• The decision to discontinue clinical programs was driven by a challenging financing environment for allogeneic CAR-T cell therapies, which has made securing capital necessary to advance vispa-cel and CB-011 increasingly difficult.
• Vispa-cel is described as the first allogeneic CAR-T cell therapy in the clinic with a PD-1 knockout.
• CB-011 is described as the first allogeneic CAR-T cell therapy in the clinic engineered to enable activity through an immune cloaking strategy with a B2M–HLA-E-peptide fusion protein.

Risks and Challenges:

• The company faces risks associated with the decision to pursue strategic alternatives, including the potential for no successful transaction to maximize stockholder value.
• Risks include the execution of the restructuring and workforce reduction, as well as managing expenses during the review process.
• Forward-looking statements regarding the ability to enter into agreements, the success of transactions, and the sufficiency of cash reserves are subject to uncertainties.
• Cross-trial comparisons with commercially approved autologous CAR-T cell therapies may have no interpretive value due to differences in trial design, patient populations, and protocols.

Management Commentary and Tone:

• The Board of Directors approved the restructuring to explore strategic alternatives to maximize stockholder value, which may include a merger, acquisition, business combination, dissolution, or liquidation.
• Management views the current financing environment as a significant challenge to responsibly advancing the company's two allogeneic CAR-T cell therapy programs.

Other Key Points:

• On October 6, 2026, the Board announced the exploration of strategic alternatives, including a substantial reduction in workforce and other cost reduction measures.
• The company is transitioning from a clinical-stage CRISPR genome-editing biopharmaceutical company to a state of exploring strategic alternatives for its assets.
• The press release includes a cautionary note regarding the interpretation of results from separate trials involving commercially approved autologous CAR-T cell therapies compared to Caribou's vispa-cel.