Caribou Biosciences, Inc. (CRBU) Bundle
A Brief History of Caribou Biosciences, Inc.
Caribou Biosciences, Inc. was founded in 2011, focusing on the development of transformative therapies using its proprietary CRISPR technology. The company has made significant advancements in the field of genome editing, particularly in the development of allogeneic CAR-T cell therapies.
Key Milestones
- 2011: Caribou Biosciences was established, leveraging CRISPR technology for genetic modifications.
- 2017: The company initiated its first clinical trials for CAR-T cell therapies.
- 2021: Caribou went public, raising approximately $321 million from its IPO.
- 2023: Entered into a strategic partnership with Pfizer, receiving a $25 million equity investment.
- 2024: Continued clinical development and expanded its pipeline of CAR-T therapies.
Financial Performance
As of September 30, 2024, Caribou Biosciences reported significant financial results, reflecting its ongoing investments in research and development:
| Metric | 2024 (Nine Months Ended Sept 30) | 2023 (Nine Months Ended Sept 30) | Change |
|---|---|---|---|
| Licensing and Collaboration Revenue | $7.9 million | $30.9 million | $(23.0 million) |
| Research and Development Expenses | $99.7 million | $80.8 million | $18.9 million |
| General and Administrative Expenses | $36.0 million | $28.7 million | $7.3 million |
| Net Loss | $(113.6 million) | $(67.6 million) | $(46.0 million) |
Stockholder Equity and Market Activity
As of September 30, 2024, Caribou’s stockholder equity was reported as follows:
| Shares Outstanding | Common Stock | Additional Paid-In Capital | Accumulated Deficit | Total Stockholders’ Equity |
|---|---|---|---|---|
| 90,552,687 | $9 | $693.3 million | $(412.9 million) | $281.2 million |
Recent Developments
In 2024, Caribou announced a restructuring of its operations, including the discontinuation of certain preclinical programs and a workforce reduction of approximately 12%. This was part of a strategic decision to focus resources on its lead clinical programs.
As of September 30, 2024, the company had cash, cash equivalents, and marketable securities totaling approximately $281 million, reflecting its need for ongoing capital to fund operations until it can achieve positive cash flows from its product candidates.
A Who Owns Caribou Biosciences, Inc. (CRBU)
Ownership Structure
As of November 1, 2024, Caribou Biosciences, Inc. (CRBU) had approximately 90,552,687 shares of common stock outstanding.
Major Shareholders
The major shareholders of Caribou Biosciences include institutional investors and insiders. The following table summarizes the ownership percentages of significant stakeholders as of September 30, 2024:
| Shareholder | Type of Ownership | Ownership Percentage |
|---|---|---|
| Pfizer Inc. | Institutional Investor | 5.2% |
| BlackRock, Inc. | Institutional Investor | 8.1% |
| The Vanguard Group, Inc. | Institutional Investor | 7.5% |
| Insider Ownership | Management | 3.0% |
| Other Institutional Investors | Various | 76.2% |
Insider Ownership
Insider ownership is a vital component of the company's equity structure. As of September 30, 2024, insiders held approximately 3.0% of the total shares, which includes executives and board members.
Recent Stock Issuances
During the nine months ended September 30, 2024, Caribou issued a total of 1,594,171 shares of common stock under its at-the-market equity offering program. In addition, the company executed a follow-on public offering in July and August 2023, raising approximately $134.4 million in net proceeds.
Financial Overview
As of September 30, 2024, Caribou reported cash, cash equivalents, and marketable securities totaling $281.0 million. The accumulated deficit stood at $412.9 million. The company incurred a net loss of $113.6 million for the nine months ended September 30, 2024.
Institutional Investor Details
Institutional investors represent a significant portion of Caribou's ownership structure. The following table provides detailed information on major institutional shareholders:
| Institution | Securities Held | Percentage of Total Shares |
|---|---|---|
| BlackRock, Inc. | 7,000,000 shares | 8.1% |
| The Vanguard Group, Inc. | 6,500,000 shares | 7.5% |
| Pfizer Inc. | 4,690,431 shares | 5.2% |
| Other Institutional Investors | 68,000,000 shares | 76.2% |
Stock Performance
As of September 30, 2024, Caribou's stock price was approximately $7.30. This represents a significant variation from previous valuations, influenced by market conditions and the company's financial performance.
Conclusion on Ownership and Financial Health
Caribou Biosciences, Inc. is primarily owned by institutional investors, which constitute over 76% of its equity. Insider ownership is modest, reflective of the company's structure and governance. The financial position indicates a reliance on equity financing, with substantial cash reserves but a significant accumulated deficit.
Caribou Biosciences, Inc. (CRBU) Mission Statement
Overview
Caribou Biosciences, Inc. is a biotechnology company focused on developing innovative allogeneic CAR-T cell therapies for cancer and autoimmune diseases. The mission of Caribou is to leverage its proprietary CRISPR genome-editing technology to create transformative therapies that improve patient outcomes.
Mission Statement Details
The company aims to deliver advanced cell therapies that harness the potential of the immune system, utilizing its pioneering genome-editing platform. This mission is encapsulated in the following key components:
- Innovation: Drive scientific advancement through cutting-edge research in genome editing.
- Patient-Centric Approach: Focus on developing therapies that significantly improve the lives of patients with limited treatment options.
- Collaboration: Establish strategic partnerships to enhance research and development capabilities.
- Sustainability: Commit to ethical practices in research, development, and commercialization of therapies.
Financial Performance
As of September 30, 2024, Caribou Biosciences reported significant financial metrics that reflect its operational activities and financial health:
| Financial Metric | Amount (in thousands) |
|---|---|
| Net Loss for Q3 2024 | $34,684 |
| Net Loss for Nine Months 2024 | $113,615 |
| Accumulated Deficit (as of September 30, 2024) | $412,900 |
| Cash, Cash Equivalents, and Marketable Securities | $281,015 |
| Research and Development Expenses (Nine Months 2024) | $99,689 |
| General and Administrative Expenses (Nine Months 2024) | $35,969 |
| Licensing and Collaboration Revenue (Nine Months 2024) | $7,917 |
Strategic Partnerships and Collaborations
Caribou has engaged in several strategic collaborations to advance its research and development initiatives:
- Partnership with Pfizer, which included a $25 million equity investment to support the development of CAR-T therapies.
- Collaboration with Edge Animal Health for joint research projects.
Research and Development Focus
The company is concentrating on several key product candidates:
- CB-011: An allogeneic CAR-T cell therapy targeting BCMA for multiple myeloma.
- CB-012: A therapy designed for the treatment of acute lymphoblastic leukemia (ALL).
Recent Developments
In July 2024, Caribou announced a workforce reduction of approximately 12% to streamline operations and focus resources on its CAR-T platform.
| Event | Date | Details |
|---|---|---|
| Workforce Reduction | July 2024 | Reduction of 21 positions to enhance operational efficiency. |
| Private Placement with Pfizer | June 29, 2023 | Issuance of 4,690,431 shares for $25 million. |
Future Outlook
Caribou continues to advance its mission through ongoing clinical trials and strategic investments. The company remains focused on achieving regulatory approvals for its product candidates, aiming to bring innovative therapies to market for patients in need.
How Caribou Biosciences, Inc. (CRBU) Works
Overview of Operations
Caribou Biosciences, Inc. (CRBU) operates in the biotechnology sector, focusing primarily on developing allogeneic CAR-T cell therapies. As of 2024, the company has not yet generated revenue from product sales.
Financial Performance
For the nine months ended September 30, 2024, Caribou reported a net loss of $113.6 million, compared to a net loss of $67.6 million for the same period in 2023. The significant increase in losses is attributed to higher operating expenses.
Revenue Breakdown
The following table summarizes Caribou's licensing and collaboration revenue for the three and nine months ended September 30, 2024, and 2023:
| Period | 2024 Revenue (in thousands) | 2023 Revenue (in thousands) | Change (in thousands) |
|---|---|---|---|
| Three Months Ended September 30 | $2,024 | $23,662 | ($21,638) |
| Nine Months Ended September 30 | $7,917 | $30,919 | ($23,002) |
Operating Expenses
Operating expenses for the nine months ended September 30, 2024, totaled $135.7 million, an increase from $109.5 million in 2023. This increase is primarily due to:
- Research and development expenses: $99.7 million in 2024, compared to $80.8 million in 2023.
- General and administrative expenses: $36.0 million in 2024, compared to $28.7 million in 2023.
Cash Flow Analysis
For the nine months ended September 30, 2024, Caribou's cash flows were as follows:
| Cash Flow Category | 2024 (in thousands) | 2023 (in thousands) | Change (in thousands) |
|---|---|---|---|
| Cash used in operating activities | ($102,730) | ($71,912) | ($30,818) |
| Cash provided by investing activities | $70,677 | ($36,709) | $107,386 |
| Cash provided by financing activities | $12,861 | $154,341 | ($141,480) |
Liquidity Position
As of September 30, 2024, Caribou reported cash, cash equivalents, and marketable securities totaling $281.0 million. The company expects this will be sufficient to fund operations for at least the next 12 months.
Stockholder Equity
As of September 30, 2024, Caribou's stockholders' equity stood at $281.2 million, with an accumulated deficit of $412.9 million.
Strategic Partnerships
Caribou has entered into significant licensing and collaboration agreements, including a notable agreement with Pfizer, which provided $25.0 million in equity investment in June 2023. This funding is earmarked for the development of their anti-BCMA CAR-T cell therapy product candidate.
Research and Development Focus
Research and development expenses are a critical component of Caribou's operations. The company has allocated significant resources to advance clinical trials for its CAR-T cell therapy product candidates, which include:
- CB-011 for oncology treatment.
- Various preclinical and clinical research initiatives.
Recent Developments
In July 2024, Caribou announced a workforce reduction of 12% and the discontinuation of preclinical research on its allogeneic CAR-NK platform, recording $0.6 million in restructuring charges.
Market Position and Future Outlook
Caribou is positioned within a competitive biotechnology market, focusing on innovative therapies. The company's future growth will depend on successful clinical trials and the ability to secure additional funding.
How Caribou Biosciences, Inc. (CRBU) Makes Money
Overview of Revenue Streams
Caribou Biosciences, Inc. primarily generates revenue through licensing and collaboration agreements. As of the nine months ended September 30, 2024, the total revenue from licensing and collaboration was $7.9 million, a significant decrease from $30.9 million in the same period in 2023, largely due to the termination of the AbbVie Agreement which accounted for a substantial portion of past revenues.
| Revenue Type | Q3 2024 ($ thousands) | Q3 2023 ($ thousands) | Change ($ thousands) |
|---|---|---|---|
| Licensing and Collaboration Revenue | 2,024 | 23,662 | (21,638) |
| Total Revenue (Nine Months) | 7,917 | 30,919 | (23,002) |
Key Licensing Agreements
The revenue decline is primarily attributed to the loss of the AbbVie Agreement, which previously contributed $24.5 million in revenue. In contrast, the Information Rights Agreement with Pfizer saw an increase, contributing $1.2 million in 2024 compared to $622,000 in 2023.
| Licensee | Q3 2024 ($ thousands) | Q3 2023 ($ thousands) | Change ($ thousands) |
|---|---|---|---|
| AbbVie | — | 21,476 | (21,476) |
| Pfizer | 622 | 622 | — |
| Edge Animal Health | 1,402 | 1,564 | (162) |
Operating Expenses
Despite the decrease in revenue, Caribou's operating expenses increased, reflecting ongoing investments in research and development. For the nine months ended September 30, 2024, total operating expenses were $135.7 million, compared to $109.5 million in 2023.
| Expense Type | Q3 2024 ($ thousands) | Q3 2023 ($ thousands) | Change ($ thousands) |
|---|---|---|---|
| Research and Development | 99,689 | 80,796 | 18,893 |
| General and Administrative | 35,969 | 28,740 | 7,229 |
Net Loss
Caribou reported a net loss of $113.6 million for the nine months ended September 30, 2024, compared to a loss of $67.6 million in the same period of 2023. This reflects the higher operating expenses coupled with significantly reduced revenue.
| Period | Net Loss ($ millions) |
|---|---|
| Q3 2024 | 113.6 |
| Q3 2023 | 67.6 |
Cash Position and Funding
As of September 30, 2024, Caribou had cash, cash equivalents, and marketable securities totaling $281 million. The company continues to rely on equity financing and collaborations to fund operations.
| Cash Position | Amount ($ millions) |
|---|---|
| Cash and Cash Equivalents | 31.97 |
| Marketable Securities | 249.03 |
Future Outlook
Caribou is focusing on advancing its CAR-T cell therapy product candidates and aims to generate revenue from product sales in the future. The company's ability to achieve profitability will depend on successful clinical trials and regulatory approvals.
| Future Milestones | Expected Timeline |
|---|---|
| Clinical Trials | 2025 |
| Regulatory Approvals | Dependent on trial outcomes |
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Resources:
- Caribou Biosciences, Inc. (CRBU) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Caribou Biosciences, Inc. (CRBU)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Caribou Biosciences, Inc. (CRBU)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.