Caribou Biosciences 2025 Q3 Earnings Narrowed Losses and Clinical Progress

Caribou Biosciences reported fiscal 2025 Q3 results on November 13, 2025, with a narrowed net loss of $0.30 per share (vs. $0.38 in 2024 Q3) and revenue growth of 8.6% year-over-year to $2.20 million. The company missed revenue estimates by 14.34% but beat adjusted EPS expectations by 16.67%. Management highlighted clinical advancements in allogeneic CAR-T therapies and a cash runway through 2H 2027.

Revenue

Total revenue rose to $2.20 million in Q3 2025, driven by licensing and collaboration income. Pfizer, a related party, contributed $622,000, while other licensees accounted for $1.58 million, reflecting a 8.6% year-over-year increase.

Earnings/Net Income

The company reduced its net loss to $-27.55 million in Q3 2025, a 20.6% improvement from $-34.68 million in Q3 2024. Despite this progress, Caribou has posted losses for six consecutive years in the same quarter. The EPS loss narrowed to $0.30 from $0.38, underscoring cautious optimism amid ongoing financial challenges.

Price Action

Shares of Caribou edged up 0.89% in the latest trading day, gained 3.20% for the week, but declined 5.04% month-to-date.

Post-Earnings Price Action Review

A strategy of purchasing Caribou shares following a quarterly revenue increase on the earnings report date and holding for 30 days historically delivered an average return of 15.00% over three years. This approach succeeded in six of twelve quarters, though the remaining quarters lacked sufficient revenue growth to trigger a trade.

CEO Commentary

Dr. Rachel Haurwitz emphasized clinical milestones, including positive phase 1 data for vispa-cel (LBCL) and CB-011 (multiple myeloma). The CEO expressed confidence in advancing these therapies as scalable, outpatient-compatible solutions, with regulatory engagement and manufacturing optimization as key priorities.

Guidance

Caribou plans to initiate a phase 3 trial for vispa-cel in 2L LBCL following FDA input and aims to refine its design through ongoing discussions. CB-011 will enter dose expansion by year-end 2025, with 2026 data expected. The company forecasts cash runway through 2H 2027, with $159.2 million in cash as of September 30, 2025, and is exploring options to fully fund the vispa-cel pivotal trial.

Additional News

Caribou’s Q3 GAAP EPS of -$0.30 beat estimates by $0.07, while revenue of $2.2M missed by $0.07M. The company disclosed $159.2 million in cash and marketable securities, sufficient to fund operations through 2H 2027. Zacks Investment Research highlighted the stock’s 40.9% year-to-date gain but assigned a Zacks Rank #4 (Sell) due to unfavorable estimate revisions. Dare Bioscience, a peer in the biomedical industry, is set to report Q3 results on November 13, with an expected loss of $0.33 per share.

Clinical Highlights

Vispa-cel (CB-010) demonstrated 82% overall response rate (ORR) in a confirmatory cohort and 86% ORR in an optimized cohort, with a favorable safety profile. CB-011 achieved 92% ORR in a BCMA-naïve cohort. Both therapies are positioned as best-in-class allogeneic CAR-T candidates, with vispa-cel receiving RMAT, Orphan, and Fast Track designations.

Financial Breakdown

Research and development expenses declined to $22.4 million in Q3 2025, down from $30.4 million in Q3 2024, driven by reduced clinical trial costs and workforce adjustments. General and administrative expenses fell to $9.2 million, reflecting similar efficiency measures.

Strategic Priorities

Caribou remains focused on advancing vispa-cel and CB-011 through pivotal trials, with regulatory engagement and manufacturing scalability as critical enablers. The company’s cash runway through 2H 2027 provides flexibility but underscores the need for additional funding to support its vispa-cel phase 3 trial.

Industry Context

The biomedical and genetics sector, ranked in the top 34% of Zacks industries, faces competitive pressures. Caribou’s allogeneic CAR-T programs, however, differentiate through genome-editing innovations and outpatient administration potential.

Forward-Looking Considerations

Key risks include clinical trial uncertainties, regulatory hurdles, and capital-raising requirements. Investors should monitor FDA feedback on pivotal trial designs, dose expansion data for CB-011 in 2026, and Caribou’s capital-raising activities. The company’s ability to secure funding for the vispa-cel trial will be pivotal to long-term success.