Executive Summary

Q2 2025 revenue of $2.67M beat S&P Global consensus $1.64M by ~$1.02M (≈62%); Primary EPS (normalized) of -$0.35 beat consensus -$0.40 by $0.05, while GAAP EPS was -$0.58 due to non-cash impairments . Consensus values marked with an asterisk; Values retrieved from S&P Global.*
Non-recurring, non-cash impairment charges of $21.3M widened GAAP net loss to $54.1M; non-GAAP net loss was $32.8M after excluding impairments .
Cash, cash equivalents, and marketable securities were $183.9M; management reiterated funding runway into H2 2027 following April pipeline prioritization and cost reductions .
Near-term catalysts: two “robust” clinical datasets expected in H2 2025 (CB-010 ANTLER confirmatory cohort and CB-011 CaMMouflage dose escalation) and potential FDA alignment on ANTLER pivotal trial design .

What Went Well and What Went Wrong

What Went Well
- Revenue outperformed expectations; licensing and collaboration revenue was $2.67M, up sequentially and above consensus . Consensus values marked with an asterisk; Values retrieved from S&P Global.*
- Operating discipline: R&D expenses fell to $27.7M (from $35.5M YoY) and G&A to $10.4M (from $11.5M YoY), reflecting pipeline prioritization and workforce reduction .
- Strategic momentum: “We remain on track to report robust datasets from both programs this year,” said CEO Rachel Haurwitz, highlighting encouraging Phase 1 efficacy for CB-010 and CB-011 and positioning for broad access with allogeneic, off-the-shelf therapies .
What Went Wrong
- GAAP loss widened materially due to non-recurring, non-cash impairment charges ($21.3M), driving GAAP EPS to -$0.58 vs. -$0.42 YoY .
- Cash decreased to $183.9M from $212.5M in Q1 2025 and $249.4M at YE 2024, reflecting ongoing clinical trial investment and non-cash charges .
- Revenue remained modest and dependent on licensing/collaboration agreements, underscoring limited near-term commercial visibility while programs advance in early-phase trials .

Financial Results

Year-over-Year (Q2 2024 → Q2 2025)

Metric	Q2 2024	Q2 2025
Licensing & collaboration revenue ($USD Millions)	$3.46	$2.67
GAAP EPS ($USD)	-$0.42	-$0.58
Non-GAAP EPS ($USD)	-$0.42	-$0.35
Net loss ($USD Millions)	$37.70	$54.10
R&D expense ($USD Millions)	$35.48	$27.69
G&A expense ($USD Millions)	$11.49	$10.40
Impairment charges ($USD Millions)	$0.00	$21.31

Quarter-over-Quarter (Q1 2025 → Q2 2025)

Metric	Q1 2025	Q2 2025
Licensing & collaboration revenue ($USD Millions)	$2.35	$2.67
GAAP EPS ($USD)	-$0.43	-$0.58
Net loss ($USD Millions)	$39.99	$54.10
R&D expense ($USD Millions)	$35.53	$27.69
G&A expense ($USD Millions)	$9.74	$10.40
Cash & equivalents at quarter-end ($USD Millions)	$212.45	$183.95

Q2 2025 vs S&P Global Consensus

Metric	Consensus	Actual	Surprise
Revenue ($USD Millions)	$1.64*	$2.67	+$1.02M (≈+62%)
Primary EPS (normalized, $USD)	-$0.40*	-$0.35	+$0.05 (beat)

Consensus values marked with an asterisk; Values retrieved from S&P Global.

Revenue Breakdown (Q2 2025)

Component	Q2 2025
Licensing & collaboration revenue ($USD Millions)	$2.67

KPIs (Q2 2025)

KPI	Q2 2025
Weighted-average shares (basic & diluted)	93,028,698
Non-GAAP net loss ($USD Millions)	$32.79
Cash runway (management expectation)	Into H2 2027

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Cash runway	Multi-year	Into H2 2026 (YE 2024 outlook)	Into H2 2027 (post-prioritization)	Raised runway (extended)
Clinical data disclosure – CB-010 ANTLER (2L LBCL confirmatory cohort; CD19-relapse cohort)	2025	H1 2025 target	H2 2025 target	Timeline pushed (H2)
Clinical data disclosure – CB-011 CaMMouflage dose escalation	2025	H1 2025 target	H2 2025 target	Timeline pushed (H2)

Earnings Call Themes & Trends

(Note: Q2 2025 earnings call transcript was not available in our sources; themes derive from company press releases.)

Topic	Previous Mentions (Q4 2024 & Q1 2025)	Current Period (Q2 2025)	Trend
R&D execution (CB-010)	Confirmatory cohort enrollment; aim to match autologous outcomes; HLA matching strategy highlighted	Completed enrollment of 20-patient confirmatory cohort; initial data expected H2 2025	Progressing to data readout
R&D execution (CB-011)	Dose escalation cleared multiple dose levels; deeper cyclophosphamide regimen; expansion dose decision pending	Completed planned dose escalation enrollment; initial data in H2 2025 on ≥25 patients, multiple dose levels	Advancing toward expansion
Regulatory/pivotal path (CB-010)	Planning pivotal Phase 3 post-positive data, FDA alignment targeted	Ongoing FDA interactions on potential pivotal trial design; timeline contingent on data and alignment	Regulatory engagement increasing
Cost structure & runway	YE 2024 runway into H2 2026; Q1 prioritization extended runway by ~1 year	Runway reiterated into H2 2027	Strengthened liquidity outlook
Portfolio focus	Broader pipeline in Q4; later strategic focus on CB-010/CB-011 (workforce reduction, discontinuations)	Oncology focus maintained; preclinical and other programs curtailed	Focused, capital-efficient

Management Commentary

“Caribou is advancing allogeneic CAR-T cell programs to deliver off-the-shelf therapies designed for rapid treatment and broad patient access… Our clinical programs… continue to generate encouraging Phase 1 results.” — Rachel Haurwitz, PhD, President & CEO .
“Initial safety and efficacy data on the confirmatory cohort (20 patients)… with partial HLA matching… as well as an update on the larger, maturing dataset… [and] pivotal trial design and timeline, contingent on positive data and FDA alignment.” .
On CB-011: “Initial safety and efficacy data on a minimum of 25 patients at multiple dose levels… recommended dose(s) for expansion and plans for dose expansion.” .

Q&A Highlights

The Q2 2025 earnings call transcript was not available in our document and internet search workflow; no verbatim Q&A could be reviewed. Company commentary centers on H2 2025 data disclosures and ongoing FDA interactions for CB-010’s pivotal pathway .

Estimates Context

Q2 2025: Revenue $2.67M vs consensus $1.64M (beat ≈62%); Primary EPS (normalized) -$0.35 vs consensus -$0.40 (beat $0.05). Consensus values marked with an asterisk; Values retrieved from S&P Global.*
With GAAP EPS at -$0.58 due to $21.3M non-cash impairments, Street models may refine normalization assumptions and non-recurring items in forward quarters .
Street coverage remains limited (EPS estimates count: 4; revenue estimates count: 6), increasing the potential for model dispersion.*

Key Takeaways for Investors

Near-term binary catalysts: two “robust” Phase 1 datasets in H2 2025 (CB-010 and CB-011) and potential FDA alignment for CB-010 pivotal design—likely primary drivers of stock direction and liquidity optionality .
Cost actions extended runway into H2 2027, providing flexibility to reach multiple clinical inflection points without near-term financing; monitor cash burn vs planned disclosures .
Q2 print showed a revenue beat and normalized EPS beat; GAAP miss driven by non-recurring, non-cash impairment—focus on normalized EPS for comp to Street while tracking any recurring cost trends .
R&D expense reductions signal disciplined execution; watch for any scale-up costs as CB-011 moves toward dose expansion and CB-010 transitions to pivotal planning .
The narrative continues to position allogeneic CAR-T as offering rapid availability and broad access; data quality in H2 2025 is crucial to validate parity vs autologous therapies (efficacy, durability, safety) .
Expect estimate revisions post-H2 data; positive efficacy/safety could compress time to pivotal and de-risk the platform, while weaker outcomes could re-introduce funding and development timeline risks .
Trading lens: headline sensitivity around H2 data timing, cohort sizes, and FDA interactions; limited revenue base and early-stage profile mean the stock will trade more on clinical/regulatory signals than quarterly P&L.

Sources

Q2 2025 8-K press release, financial tables, and business update .
Q1 2025 8-K press release and financials .
Q4 2024 8-K press release and financials .
Strategic pipeline prioritization press release (Apr 24, 2025) .
Company Investor Relations press release archive and SEC exhibit links .

Consensus values marked with an asterisk; Values retrieved from S&P Global.*

Caribou Biosciences, Inc. (CRBU)·Q2 2025 Earnings Summary