Here are 1-2 brief analogies for Caribou Biosciences:

• Like an evolution of Kite Pharma or Novartis for cell therapies, but using CRISPR gene editing to create universal 'off-the-shelf' treatments for cancer.
• A CRISPR gene editing company, similar to CRISPR Therapeutics, but with a proprietary platform focused on developing universal 'off-the-shelf' cell therapies for cancer.

• CB-010: An allogeneic anti-CD19 CAR-T cell therapy candidate currently in clinical trials for relapsed or refractory B-cell non-Hodgkin lymphoma.
• CB-011: An allogeneic anti-BCMA CAR-T cell therapy candidate for relapsed or refractory multiple myeloma, currently in preclinical development.
• CB-012: An allogeneic anti-CLL-1 CAR-T cell therapy candidate for relapsed or refractory acute myeloid leukemia, currently in preclinical development.
• ChRDNA Genome-Editing Platform: A proprietary CRISPR hybrid RNA-DNA platform designed to improve the specificity and precision of genome editing for therapeutic applications.

• AbbVie Inc. (ABBV)

For the fiscal year ended December 31, 2023, AbbVie Inc. accounted for 100% of Caribou Biosciences' revenue. In prior periods, Novartis Pharma AG (NVS) was also a significant collaboration partner; however, their collaboration agreement was terminated in 2023.

Rachel Haurwitz, PhD, President and Chief Executive Officer

Rachel Haurwitz is a co-founder of Caribou Biosciences, established in 2011, and has served as its President and Chief Executive Officer and a director since the company's inception. She is also a co-founder of Intellia Therapeutics. Haurwitz is an inventor on patents and patent applications related to multiple CRISPR-based technologies. Prior to founding Caribou, she conducted research on CRISPR-Cas biology as a graduate student in Jennifer Doudna's laboratory at the University of California, Berkeley, where she earned her Ph.D. in Molecular and Cell Biology.

Sri Ryali, MBA, Chief Financial Officer

Sri Ryali serves as the Chief Financial Officer for Caribou Biosciences, overseeing corporate finance, accounting, investor relations, and corporate communications. He previously held the position of Chief Financial Officer at Codexis, Inc., a publicly traded enzyme engineering company. Before that, he was the Chief Financial Officer of Eiger BioPharmaceuticals, Inc., a publicly traded, commercial-stage company. Ryali also held various roles of increasing responsibility at Aimmune Therapeutics, Inc., including Vice President of Finance. His career demonstrates a pattern of managing publicly traded or commercial-stage biopharmaceutical companies.

Tina Albertson, MD, PhD, Chief Medical Officer

Tina Albertson is the Chief Medical Officer at Caribou Biosciences.

Tim Kelly, Chief Technology Officer

Tim Kelly is the Chief Technology Officer at Caribou Biosciences. He joined Caribou from Oxford Biomedica Solutions, where he was the Chief Executive Officer and board chair. Prior to that, he served as Chief Operating Officer at Homology Medicines, Inc., where he was responsible for operations, process and platform development, and product manufacturing strategy for gene therapy and gene editing technology. His earlier experience includes leading technical operations at Sarepta, Shire, UCB, and Biogen. Kelly also served as a fighter pilot in the U.S. Air Force.

Ruhi Khan, Chief Business Officer

Ruhi Khan serves as the Chief Business Officer for Caribou Biosciences, where she is responsible for developing and executing business development strategy. She brings over 20 years of experience in business development and investment management within the biotechnology and pharmaceutical industries. Most recently, Khan founded an advisory firm that provided business development and finance advice to life sciences companies, and she has extensive senior management experience as the head of business development for several oncology-focused companies.

The increasing efficacy and adoption of bispecific antibodies in oncology presents an emerging threat. Bispecific antibodies offer a simpler, off-the-shelf therapeutic option that can be more easily administered and potentially less costly than complex allogeneic CAR-T/NK cell therapies. As these antibodies continue to advance clinically and gain market share, they could reduce the addressable patient population and overall market opportunity for Caribou Biosciences' cell therapy candidates, particularly in indications where both modalities compete for similar patient populations.

CB-010 (Vispa-cel) for Relapsed or Refractory B cell Non-Hodgkin Lymphoma (r/r B-NHL), particularly Second-Line Large B cell Lymphoma (2L LBCL)

CB-011 for Relapsed or Refractory Multiple Myeloma (r/r MM)

CB-012 for Relapsed or Refractory Acute Myeloid Leukemia (r/r AML)

• Advancement and Potential Approval of CB-010 (Vispa-cel): Caribou's lead product candidate, CB-010, an allogeneic anti-CD19 CAR-T cell therapy for relapsed or refractory B-cell non-Hodgkin lymphoma (r/r B-NHL), is a significant growth driver. The company has reported positive data from its ANTLER Phase 1 clinical trial, demonstrating efficacy and durability comparable to autologous CAR-T therapies. Caribou plans to present further data in the second half of 2025 and is in discussions with the FDA regarding a potential pivotal Phase 3 clinical trial to be initiated following alignment. Successful progression through trials and eventual regulatory approval and commercialization of CB-010 would represent a substantial new revenue stream.
• Clinical Progress and Expansion of CB-011 (CaMMouflage): CB-011, an allogeneic anti-BCMA CAR-T cell therapy for relapsed or refractory multiple myeloma (r/r MM), has also shown promising first-in-human results from its CaMMouflage Phase 1 clinical trial. Caribou plans to present dose escalation data in the second half of 2025 and intends to move into the dose expansion phase. Continued positive clinical data and advancement of CB-011 through later-stage trials would pave the way for its potential market entry and contribute to future revenue.
• Leveraging its CRISPR Technology Platform and "Off-the-Shelf" Approach: Caribou's next-generation CRISPR technology platform, chRDNA, and its focus on allogeneic (off-the-shelf) cell therapies provide a competitive advantage. This approach aims to offer reduced manufacturing complexity, lower costs, and broader patient accessibility compared to autologous therapies. The successful development and commercialization of these "off-the-shelf" therapies across its pipeline could enable significant market penetration and drive revenue growth in the long term.
• Strategic Collaborations and Partnerships: While current licensing and collaboration revenue has seen a decrease, future strategic initiatives, collaborations, and licensing agreements could significantly influence Caribou's growth trajectory by leveraging external expertise and resources, expanding its pipeline, and broadening its market presence.

Share Issuance

• Caribou Biosciences completed an initial public offering (IPO) in 2021.
• In the third quarter of 2023, Caribou completed an underwritten public offering, issuing 22,115,384 shares of common stock and generating approximately $134.6 million in net proceeds.
• The number of outstanding shares increased by 4.28% in the year leading up to November 5, 2025.

Inbound Investments

• Caribou secured $115 million in an oversubscribed Series C financing round in 2021 to advance its pipeline of allogeneic immune cell therapies and next-generation CRISPR technology platform.
• In March 2021, The Leukemia & Lymphoma Society (LLS) made an equity investment in Caribou Biosciences.
• Pfizer Inc. made a $25 million equity investment in Caribou on June 30, 2023, purchasing 4,690,431 common shares at $5.33 per share, with proceeds used to advance CB-011.

Capital Expenditures

• For the last 12 months as of November 5, 2025, capital expenditures totaled -$2.65 million.
• Projected capital expenditures include $3 million for 2025, $3 million for 2026, and $4 million for 2027.
• These capital expenditures are primarily focused on maintaining and expanding their corporate headquarters and research and development facilities.