Caribou Biosciences (NASDAQ: CRBU) is a clinical-stage biotechnology company developing allogeneic CAR-T cell therapies for cancer treatment. Revenue comes from license agreements and collaboration agreements, including upfront license fees, annual maintenance fees, milestone payments, research and development payments, and royalties on net sales of licensed products. The company has no approved products as of the 10-K filed March 5, 2026. Its lead product candidate, CB-011, is an allogeneic anti-BCMA CAR-T cell therapy being evaluated in the CaMMouflage phase 1 clinical trial for multiple myeloma. In June 2023, Pfizer made a $25.0 million equity investment in the company, with proceeds designated for the BCMA product candidate development program. The company is headquartered in Berkeley, California, with laboratory and office space under leases extended through March 31, 2033. Net cash used in operating activities was $111.0 million for the year ended December 31, 2025, compared to $138.2 million for the year ended December 31, 2024.

Revenue model

License and collaboration agreements generating nonrefundable upfront license fees, annual maintenance fees, regulatory and commercial milestone payments, research and development payments, and royalties on net sales of licensed products. The company also receives patent cost reimbursements from third parties, recording $1.2 million in each of FY2025 and FY2024 as a reduction to general and administrative expenses.

Products and services

CB-011: allogeneic anti-BCMA CAR-T cell therapy in phase 1 clinical trial (CaMMouflage) for multiple myeloma. The company also licenses its CRISPR-based genome editing technology platform to third parties.

Customers and end markets

Pharmaceutical and biotechnology collaboration partners. End market is oncology, specifically hematologic malignancies including multiple myeloma. Pfizer, Inc. is a known equity investor and information rights partner under agreements entered June 29, 2023.

Value-chain role

Drug developer and technology licensor. Relies on contract manufacturing organizations (CMOs) and contract research organizations (CROs) for manufacturing and clinical operations. No commercial products as of the 10-K filed March 5, 2026.

Geographic exposure

Headquartered in Berkeley, California. No commercial geographic revenue mix disclosed in the excerpts. Subject to FDA regulation in the United States and GDPR in the EU for data handling. Contingent future exposure to international markets upon regulatory approval.

Source: SEC 10-K, filed 2026-03-05

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