Executive Summary

Q1 2025 delivered stable licensing revenue of $2.35M and a net loss of $40.0M, with EPS of -$0.43; revenue beat S&P Global consensus while EPS was slightly better than expected . Values retrieved from S&P Global.*
Management pivoted strategically: discontinued CB-010 lupus, CB-012 AML, and preclinical research, and reduced workforce by ~32%, extending cash runway by one year into H2 2027 .
Clinical catalysts now concentrated in H2 2025: CB-010 confirmatory cohort (2L LBCL) and CD19-relapse PoC cohort, plus CB-011 dose escalation data on ≥25 patients and recommended expansion doses; ongoing FDA interactions on CB-010 pivotal trial design .
Near-term stock reaction catalysts: H2 2025 data disclosures for CB-010 and CB-011 and clarity on pivotal trial path for CB-010; strategic focus and extended runway de-risk funding over the next 24–30 months .

What Went Well and What Went Wrong

What Went Well

Strategic prioritization extends runway by ~1 year to fund operations into H2 2027; one-time cash costs estimated at $2.5–$3.5M .
Concentrated clinical execution with clear milestones: minimum six-month follow-up for most of CB-010 2L LBCL cohort; CB-011 dataset with ≥25 patients and deeper lymphodepletion regimen efficacy observations .
Management’s tone confident on off-the-shelf CAR-T potential: “deliver these off-the-shelf allogeneic CAR-T cell therapies that offer the potential for broad access and rapid availability” — Rachel Haurwitz, PhD .

What Went Wrong

Timelines deferred: Both CB-010 and CB-011 data moved from H1 2025 (prior guides) to H2 2025, pushing valuation inflection points later .
GAAP losses remain substantial: Q1 net loss of $39.99M and operating loss of $42.91M, with increased R&D as trials accelerate .
Program breadth reduced: discontinuation of CB-012 AML, CB-010 lupus, and preclinical efforts raises questions on diversification and longer-term optionality .

Financial Results

Quarterly P&L and EPS

Metric	Q3 2024	Q4 2024	Q1 2025
Licensing & Collaboration Revenue ($USD Millions)	$2.024	$2.078	$2.353
Research & Development ($USD Millions)	$30.421	$30.464	$35.531
General & Administrative ($USD Millions)	$9.841	$10.488	$9.735
Total Operating Expenses ($USD Millions)	$40.262	$40.952	$45.266
Loss from Operations ($USD Millions)	($38.238)	($38.875)	($42.913)
Net Loss ($USD Millions)	($34.684)	($35.490)	($39.991)
EPS (Basic & Diluted, $USD)	($0.38)	($0.39)	($0.43)

Q1 2025 Actual vs Wall Street Consensus (S&P Global)

Metric	Actual	Consensus*	Beat/Miss
Revenue ($USD Millions)	$2.353	$1.440*	Beat
EPS ($USD)	($0.43)	($0.4425)*	Beat

Values retrieved from S&P Global.*

Balance Sheet KPIs

Metric	Q3 2024	Q4 2024	Q1 2025
Cash, Cash Equivalents & Marketable Securities ($USD Millions)	$281.015	$249.386	$212.452
Total Assets ($USD Millions)	$344.334	$313.313	$273.656
Total Liabilities ($USD Millions)	$63.131	$60.362	$56.434
Stockholders’ Equity ($USD Millions)	$281.203	$252.951	$217.222

Segment breakdown: Not applicable; revenue is reported as licensing and collaboration revenue without segment disclosure .

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
CB-010 ANTLER data disclosure (2L LBCL confirmatory cohort; CD19-relapse PoC)	2025	H1 2025	H2 2025 with ≥6 months follow-up for majority (2L)	Lowered/Deferred
CB-011 CaMMouflage dose escalation data (≥25 pts; deeper lymphodepletion; rec. doses for expansion)	2025	H1 2025 (≥15 pts)	H2 2025 (≥25 pts; rec. doses)	Raised dataset size; Deferred timing
Cash runway	N/A	Into H2 2026	Into H2 2027	Raised runway
Workforce reduction costs	Q2–Q3 2025	N/A	$2.5–$3.5M; workforce reduction ~$1.8–$2.0M in Q2, trial wind-down $0.7–$1.5M through Q3	New
Pipeline prioritization	N/A	Advancing four clinical programs incl. lupus & AML	Focus on CB-010 (oncology) & CB-011; discontinue CB-012 AML, CB-010 lupus, and preclinical research	Strategic shift
CB-010 pivotal plan	2025	Plan to initiate pivotal Phase 3 in H2 2025 pending FDA alignment	Continued FDA interactions; pivotal design/timeline contingent on positive data & alignment	Maintained with clarified contingencies

Earnings Call Themes & Trends

Note: An earnings call transcript for Q1 2025 was not available in our document set; themes below are drawn from company press releases and 8-Ks.

Topic	Previous Mentions (Q3 2024)	Previous Mentions (Q4 2024)	Current Period (Q1 2025)	Trend
Data timing (CB-010 & CB-011)	Next data in H1 2025	H1 2025 (CB-010 2L LBCL; CB-011 ≥15 pts)	Shift to H2 2025; deeper datasets (CB-011 ≥25 pts)	Deferred timing; larger datasets
HLA matching strategy (CB-010)	Confirm PFS trend with partial HLA matching; enroll ~20 2L LBCL patients	Retrospective analysis supports ≥4 HLA matches; continuing to enroll	Present confirmatory cohort with ≥6 months follow-up; potential pivotal design post-FDA alignment	Validation focus; toward pivotal
Lymphodepletion regimen (CB-011)	Higher cyclophosphamide (500 mg/m²/day) backfill; no DLTs	Dose levels 1–4 cleared; encouraging efficacy with deeper regimen	Rapid enrollment with deeper regimen; recommend expansion doses in H2 2025	Strengthening efficacy observations
Cash runway & OpEx discipline	$281M cash; runway into H2 2026	$249M cash; runway into H2 2026	$212.5M cash; runway into H2 2027 (post prioritization)	Runway extended via cost actions
Pipeline breadth	Four clinical-stage programs incl. lupus & AML	Continued multi-program advancement	Oncology-focused (CB-010/CB-011); discontinued lupus & AML; preclinical stopped	Narrowed focus; capital efficiency
Regulatory path (CB-010)	Plan pivotal Phase 3 in H2 2025 subject to data/FDA	Pivotal H2 2025 if data confirm; FDA alignment required	Ongoing FDA interactions; pivotal design/timeline in H2 update	Maintaining path; awaiting data

Management Commentary

“We look forward to disclosing two robust clinical datasets from these programs in the second half of this year as we focus on our goal to deliver these off-the-shelf allogeneic CAR-T cell therapies that offer the potential for broad access and rapid availability to both patients and healthcare systems.” — Rachel Haurwitz, PhD, President & CEO .
“We recognize the challenges in the current market environment and believe the best approach is to present the most robust datasets for both programs.” — Rachel Haurwitz, PhD .
“To ensure Caribou is strongly positioned to emerge from these challenging times and deliver these potentially value-generating datasets, we have made the difficult decision to strategically prioritize our resources on CB-010 and CB-011 for oncology indications.” — Rachel Haurwitz, PhD .

Q&A Highlights

An earnings call transcript for Q1 2025 was not available in our document set; no Q&A details to report. We will update if a transcript is furnished subsequently.

Estimates Context

Q1 2025 revenue of $2.35M exceeded S&P Global consensus of $1.44M; EPS of -$0.43 was slightly better than the -$0.4425 consensus. Values retrieved from S&P Global.*
With data disclosures deferred to H2 2025 and datasets expanded (especially for CB-011), sell-side models may adjust timelines and clinical probability-weightings; near-term revenue remains driven by licensing/collaboration, which can be lumpy and was not guided .

Key Takeaways for Investors

Strategic narrowing and cost actions extended cash runway to H2 2027, reducing financing overhang ahead of key H2 2025 clinical readouts .
Two H2 2025 clinical datasets are the primary valuation catalysts: CB-010 confirmatory cohort (2L LBCL) plus CD19-relapse cohort, and CB-011 dose escalation (≥25 pts) with recommended expansion doses; watch for FDA pivotal alignment on CB-010 .
Q1 revenue beat consensus; EPS slightly better than expected, but losses remain sizable as R&D intensifies toward readouts . Values retrieved from S&P Global.*
Discontinuation of lupus and AML programs concentrates resources on oncology, improving capital efficiency but reducing pipeline diversification .
Monitor: enrollment pace with deeper lymphodepletion (CB-011), durability and safety profiles vs autologous benchmarks (CB-010), and clarity on pivotal trial design/timing from FDA interactions .
Short-term trading: sentiment likely to key off any interim operational updates and conference appearances; main catalysts are H2 data drops .
Medium-term thesis: If HLA matching strategy confirms outcomes comparable to autologous CAR-T and CB-011 shows robust efficacy with immune cloaking, the off-the-shelf CAR-T value proposition strengthens materially .

Sources

Q1 2025 earnings 8-K and press release:
Pipeline prioritization 8-K and press release:
Prior quarters (trend analysis): Q4 2024 press release and financials ; Q3 2024 press release and financials
BofA conference participation:
S&P Global consensus estimates: Values retrieved from S&P Global.*

Caribou Biosciences, Inc. (CRBU)·Q1 2025 Earnings Summary