Sign in

You're signed outSign in or to get full access.

CB

Caribou Biosciences, Inc. (CRBU)·Q4 2024 Earnings Summary

Executive Summary

  • Q4 2024 licensing and collaboration revenue was $2.077 million; net loss was $35.5 million and EPS was $(0.39), with cash and marketable securities of $249.4 million and runway expected into H2 2026 .
  • Management highlighted two near-term catalysts in H1 2025: CB-010 ANTLER Phase 1 data in 2L LBCL and prior CD19-relapsed LBCL cohorts, and CB-011 CaMMouflage Phase 1 dose-escalation data on at least 15 patients; a pivotal Phase 3 for CB-010 is planned for H2 2025 pending data and FDA alignment .
  • CB-011 cleared dose levels 1–4 with no observed dose-limiting toxicities; deeper lymphodepletion (cyclophosphamide 500 mg/m2/day + fludarabine 30 mg/m2/day x3 days) continues with encouraging efficacy signals; CB-012 AMpLify is enrolling at dose level 4 (300×10^6 cells) .
  • Wall Street consensus estimates (EPS and revenue) from S&P Global were unavailable, so beat/miss analysis vs Street cannot be determined; adjust expectations post H1 2025 data disclosures (S&P Global consensus unavailable).

What Went Well and What Went Wrong

What Went Well

  • CB-011 safety profile remained clean through dose level 4, with “no observed dose-limiting toxicities” and “encouraging signs of efficacy” under the deeper lymphodepletion regimen .
  • CB-010 program advancing with HLA matching strategy; management reiterated goal “to develop an allogeneic CAR-T cell therapy that can drive outcomes on par with autologous CAR-T cell therapies” and expects ANTLER data in H1 2025 .
  • Cash runway into H2 2026 provides operational flexibility to execute multiple clinical disclosures in 2025 .

What Went Wrong

  • Licensing and collaboration revenue declined year over year in Q4 due to the terminated AbbVie agreement, with $24.8 million recognized in 2023 (incl. $20.8 million deferred) not repeating in 2024, pressuring top line and comparisons .
  • Full-year G&A rose to $46.5 million in 2024 (vs $38.5 million in 2023), driven by legal and service-related expenses, including litigation settlement costs, highlighting non-operational headwinds .
  • Net loss remained elevated; Q4 net loss was $(35.5) million and EPS $(0.39), broadly similar to Q4 2023, underscoring the pre-revenue clinical-stage profile and continued investment in pipeline trials .

Financial Results

Sequential Performance (Q2 → Q3 → Q4 2024)

Metric (Units)Q2 2024Q3 2024Q4 2024
Licensing & collaboration revenue ($USD Thousands)$3,464 $2,024 $2,077
Research & development expense ($USD Thousands)$35,480 $30,421 $30,464
General & administrative expense ($USD Thousands)$11,485 $9,841 $10,488
Total operating expenses ($USD Thousands)$46,965 $40,262 $40,952
Loss from operations ($USD Thousands)$(43,501) $(38,238) $(38,875)
Net loss ($USD Thousands)$(37,697) $(34,684) $(35,490)
Net loss per share ($USD)$(0.42) $(0.38) $(0.39)
Cash, cash equivalents & marketable securities ($USD Thousands)$311,773 $281,015 $249,386

Year-over-Year Comparison (Q4 2023 vs Q4 2024)

Metric (Units)Q4 2023Q4 2024
Licensing & collaboration revenue ($USD Thousands)$3,558 $2,077
Research & development expense ($USD Thousands)$31,279 $30,464
General & administrative expense ($USD Thousands)$9,721 $10,488
Total operating expenses ($USD Thousands)$41,000 $40,952
Loss from operations ($USD Thousands)$(37,442) $(38,875)
Net loss ($USD Thousands)$(34,505) $(35,490)
Net loss per share ($USD)$(0.39) $(0.39)
Cash, cash equivalents & marketable securities ($USD Thousands)$372,404 $249,386

KPIs and Program Status

KPIQ2 2024Q3 2024Q4 2024
CB-010 ANTLER (2L LBCL) additional patients (planned/ongoing)~20 planned; initiate HLA-matched cohorts ~20 enrolling, confirm PFS trend with partial HLA match ~20 enrolling; data in H1 2025
CB-010 prior CD19-relapsed LBCL cohort (planned/ongoing)Up to 10 planned Up to 10 enrolling Up to 10 enrolling
CB-011 CaMMouflage dose levels clearedDL1–3 cleared; escalating Escalating to DL4; no DLTs DL1–4 cleared; no DLTs; deeper lymphodepletion
CB-012 AMpLify AMLDL1 cleared; enrolling DL2 DL2 concluded; enrolling DL3 Enrolling DL4 (300×10^6 cells)
CB-010 GALLOP (lupus)Plan to initiate by YE 2024 Fast Track for SLE; plan initiate by YE 2024 Sites activating; RP2D 80×10^6 with HLA matching

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
CB-010 ANTLER data (2L LBCL & prior CD19-relapsed cohorts)H1 2025H1 2025 (Q3 guide) H1 2025 (reaffirmed) Maintained
CB-010 ANTLER pivotal Phase 3 initiation (subject to data/FDA)H2 2025H2 2025 planned (Q3 guide) H2 2025 planned (reaffirmed) Maintained
CB-011 CaMMouflage dose-escalation dataInitially YE 2024; updated H1 2025YE 2024 (Q2 guide) H1 2025; ≥15 patients at active doses Raised timeline to H1 2025 (slipped from YE 2024)
CB-012 AMpLify updates2024–2025Ongoing dose escalation updates (Q2/Q3 guides) Ongoing updates as trial advances Maintained
CB-010 GALLOP (lupus)Initiation YE 2024; updates 2025Plan to initiate YE 2024 (Q2/Q3) Sites activating; updates as trial advances Progressing to activation stage
Cash runwayThrough H2 2026Into H2 2026; extended vs prior Into H2 2026 Maintained

Earnings Call Themes & Trends

TopicPrevious Mentions (Q2 2024)Previous Mentions (Q3 2024)Current Period (Q4 2024)Trend
CB-010 efficacy and HLA matching strategyRetrospective analysis suggests improved efficacy with ≥4 HLA matches; initiate prospective cohorts Enrolling ~20 2L LBCL to confirm PFS trend; plan pivotal in H2 2025 Expect H1 2025 data; ambition to be “on par” with autologous CAR-T outcomes Strengthening evidence; approaching pivotal planning
CB-011 regimen and efficacyInitial dose-escalation data guided for YE 2024 Deeper cyclophosphamide; efficacy observations; present H1 2025 DL1–4 cleared, no DLTs; “encouraging signs of efficacy”; H1 2025 ≥15-patient dataset Positive signals; broader dataset coming
Autoimmune expansion (CB-010 GALLOP)Plan initiation by YE 2024 Fast Track for SLE; plan YE 2024 start Sites activating; RP2D 80×10^6; HLA matching Progressing from planning to activation
Legal and G&A headwindsNoted increases in Q2 G&A from legal/service-related expenses Patent costs uplift; mixed G&A Legal and settlement costs drove full-year G&A increase Elevated non-operational spend
Leadership updatesSAB autoimmune expert appointed (Dr. Laufer) CMO appointed (Dr. Albertson) CFO appointed (Sri Ryali), CSO retiring and transitioning to advisor Team bolstered; transition in R&D leadership

Management Commentary

  • “We expect to present data from the ANTLER Phase 1 trial of CB-010 in patients with second-line large B cell lymphoma… Our goal for this program is to develop an allogeneic CAR-T cell therapy that can drive outcomes on par with those achieved by autologous CAR-T cell therapies.” – Rachel Haurwitz, CEO .
  • “We continue to observe encouraging signs of efficacy in patients treated with CB-011 at active dose levels following a deeper lymphodepletion regimen.” – Management statement .
  • “Only 20% of second-line DLBCL patients are accessing auto CAR Ts… If we… develop an allo CAR T that is on par with the auto CAR Ts… [we] have the potential… to make meaningful inroads on the 80% of patients who are not.” – Rachel Haurwitz (Q&A) .
  • “Data, data, data… these datasets will drive really critical decisions for our team… potential to launch a pivotal study by the end of this year [for CB-010], … and a more fulsome [CB-011] update in the first half of this year.” – Rachel Haurwitz (Q&A) .
  • On CSO transition: “His leadership has been critical to the development of our off-the-shelf CAR-T cell therapy technologies and to the development of our clinical pipeline.” – Rachel Haurwitz .

Q&A Highlights

  • Field and access: Management emphasized low patient access to autologous CAR-Ts (~20% in 2L DLBCL; ~10% in myeloma per peer commentary), positioning allogeneic CAR-Ts to expand reach if efficacy is “on par” .
  • Strategy across oncology and immunology: Caribou continues oncology programs driven by data while expanding into autoimmune (lupus) and exploring broader autoimmune indications with CB-010/CB-011 and potential new constructs via chRDNA platform .
  • Near-term catalysts: H1 2025 data readouts in CB-010 and CB-011 will inform pivotal planning (CB-010) and next steps for CB-011; management underscored a data-driven decision framework .

Estimates Context

  • S&P Global consensus estimates for Q2–Q4 2024 EPS and revenue were unavailable due to request limits; therefore, beat/miss analysis vs Street cannot be provided at this time (S&P Global consensus unavailable).
  • Given the company’s licensing revenue profile and upcoming H1 2025 clinical data disclosures, Street estimates may pivot more on probability-adjusted pipeline milestones than near-term revenue/earnings; revisit post-disclosures .

Key Takeaways for Investors

  • The next major stock catalysts are the H1 2025 clinical data disclosures: CB-010 ANTLER (2L LBCL and prior CD19-relapsed cohorts) and CB-011 CaMMouflage dose-escalation (≥15 patients); Phase 3 initiation for CB-010 targeted for H2 2025 pending data and FDA alignment .
  • Safety and efficacy signals for CB-011 improved under deeper lymphodepletion with no DLTs through DL4; magnitude and durability of responses in the expanded dataset will shape development trajectory and valuation sensitivity .
  • Revenue comparisons remain pressured year over year due to the terminated AbbVie agreement; operating expenses are steady sequentially, but full-year G&A was elevated by legal and settlement costs—monitor litigation-related spending and any settlements’ cash impact .
  • Cash of $249.4 million and runway into H2 2026 provide sufficient capital to reach multiple data inflection points without near-term financing; any positive data could de-risk paths to pivotal and strengthen financing optionality .
  • The lupus (GALLOP) program is progressing from initiation to site activation with RP2D and HLA matching strategy—successful read-through from oncology could broaden the autoimmune opportunity set .
  • Leadership additions (CFO, prior CMO), and CSO’s planned advisory transition suggest operational readiness for pivotal planning and external communications through 2025 .
  • With Street consensus unavailable this quarter, traders should focus on timing, scope, and quality of H1 2025 data as primary narrative drivers, while keeping watch on legal expense trajectory and guidance updates .