Caribou Biosciences, Inc. (CRBU): Business Model Canvas [Dec-2025 Updated]

You're digging into Caribou Biosciences, Inc. (CRBU) right as they're betting the farm on their allogeneic CAR-T oncology pipeline, specifically vispa-cel and CB-011. As an analyst who's seen countless biotech pivots, understanding their underlying engine-the proprietary chRDNA (CRISPR hybrid RNA-DNA) platform-is key to valuing their next steps. Honestly, seeing them burn through $22.4 million on R&D in Q3 2025 while holding $159.2 million in cash tells a story of high-stakes development, balanced by licensing income of $2.2 million that same quarter. This Business Model Canvas breaks down exactly how they plan to turn that superior genome-editing tech into revenue and, hopefully, life-saving treatments; check out the nine building blocks below to see the full picture.

Caribou Biosciences, Inc. (CRBU) - Canvas Business Model: Key Partnerships

You're looking at the network of external relationships Caribou Biosciences, Inc. relies on to fuel its pipeline and technology platform. These aren't just names on a slide; they represent access to foundational science and the capacity to manufacture and test their cell therapies.

Academic Research Institutions for Foundational IP

Caribou Biosciences, Inc. was founded based on work from pioneers in the field, securing the core technology that underpins its entire platform. The company maintains an exclusive license to the foundational CRISPR-Cas9 work originating from two key places.

• Exclusive license from The University of California.
• Exclusive license from the University of Vienna.
• Co-founder Jennifer Doudna is a UC Berkeley Professor.

Exclusive License with Memorial Sloan Kettering for anti-CD371 scFvs

For its CB-012 program, targeting CLL-1 (CD371) for relapsed or refractory acute myeloid leukemia (r/r AML), Caribou Biosciences, Inc. secured specific binding domains from Memorial Sloan Kettering Cancer Center (MSKCC). This is a critical enabler for that specific allogeneic cell therapy candidate.

The intellectual property covering the anti-CD371 binding domains, in-licensed from MSKCC, has an expected expiration date of 2040, assuming no Patent Term Extension or Patent Term Adjustment is applied. This IP is essential for developing allogeneic CD371-targeted cell therapies, including CAR-T, CAR-NK, or iPSC-derived products.

Contract Manufacturing Organizations (CMOs) for Cell Therapy Production

While specific CMO contracts aren't detailed publicly with dollar amounts, the operational reliance on external manufacturing is evident in the financial reporting. Research and development expenses for the three months ended September 30, 2025, reflected decreases partly due to lower clinical trial-related activities, which included manufacturing for the Company's clinical CAR-T cell therapy product candidates.

Pharmaceutical/Biotech Companies for Licensing Agreements

Revenue from external collaborations provides non-dilutive funding and validates the platform's broader applicability beyond the company's core focus. You can track this stream quarter-over-quarter.

Period Ended	Licensing and Collaboration Revenue
Three Months Ended September 30, 2025	$2.2 million
Three Months Ended September 30, 2024	$2.0 million
Three Months Ended March 31, 2025	$2.4 million
Full Year 2024	$10.0 million

This contrasts with prior periods; for instance, the full year 2023 saw $34.5 million in revenue, which included $24.8 million recognized from the now-terminated AbbVie Collaboration and License Agreement.

Caribou Biosciences, Inc. also has a strategic collaboration with Genus plc, where Genus received an exclusive license for CRISPR-Cas9 in livestock species. Genus invested $5 million in Caribou's Series B equity round as part of that alliance.

Clinical Trial Sites and Investigator Networks for Patient Enrollment

The ongoing Phase 1 trials represent active partnerships with clinical sites to enroll and treat patients, providing the necessary data to advance candidates like vispa-cel (CB-010) and CB-011.

• CB-010 ANTLER trial: Confirmatory cohort size was N=22; optimized profile cohort size was N=35 (as of November 3, 2025).
• CB-011 CaMMouflage trial: 48 patients treated in the dose escalation portion (as of November 3, 2025).
• The company is engaging with a panel of clinicians from community hospitals and academic centers regarding vispa-cel's potential use.

Finance: draft 13-week cash view by Friday.

Caribou Biosciences, Inc. (CRBU) - Canvas Business Model: Key Activities

You're looking at the core engine driving Caribou Biosciences, Inc. right now-the things they absolutely must execute on to move from clinical-stage to commercial-ready. It's all about advancing those two lead allogeneic CAR-T programs.

Advanced CRISPR/chRDNA platform research and development

The R&D spend shows the commitment to the platform, even after strategic prioritization. For the three months ended September 30, 2025, Research and Development expenses were $22.4 million, down from $30.4 million for the same period in 2024. However, looking back to the first quarter of 2025, R&D expenses were $35.5 million. The company's cash, cash equivalents, and marketable securities as of September 30, 2025, stood at $159.2 million, which they expect will fund the operating plan into H2 2027.

The platform's unique selling point in vispa-cel (CB-010) is its genome-editing strategy.

• Vispa-cel is the first allogeneic CAR-T cell therapy in the clinic with a PD-1 knockout.
• This knockout is designed to enhance CAR-T cell activity by limiting premature CAR-T cell exhaustion.

Executing Phase 1 clinical trials (ANTLER, CaMMouflage)

Execution here is measured by patient enrollment, data readouts, and defining the optimal dose. Caribou Biosciences is focused on two main trials as of late 2025.

Trial/Program	Indication	Key Metric/Status (Late 2025)	Relevant Number(s)
ANTLER (CB-010)	Relapsed/Refractory B Cell Non-Hodgkin Lymphoma (r/r B-NHL)	Total patients treated in the trial as of September 2, 2025	84 patients
ANTLER (CB-010)	Second-Line Large B Cell Lymphoma (2L LBCL)	Confirmatory Cohort Size	20 patients
ANTLER (CB-010)	Data Update (Nov 3, 2025)	Patients in Confirmatory Cohort (N) and Optimized Profile (N)	N=22 and N=35
CaMMouflage (CB-011)	Relapsed/Refractory Multiple Myeloma (r/r MM)	Patients treated in dose escalation portion (as of Nov 3, 2025)	48 patients
CaMMouflage (CB-011)	BCMA-naïve Cohort at RDE (as of Sept 24, 2025)	Number of patients evaluable for MRD-negativity	11 evaluable patients

The data coming out of these trials is what drives the next steps. For CB-011, the Recommended Dose for Expansion (RDE) is a single dose of 450 million CAR-T cells following a specific lymphodepletion regimen.

Manufacturing allogeneic CAR-T cell therapies

While specific manufacturing costs aren't detailed, the focus on allogeneic, or off-the-shelf, therapy implies a key activity is establishing scalable, cost-effective production. The company's revenue from licensing and collaboration agreements was $2.2 million for the three months ended September 30, 2025. The overall trailing twelve-month revenue as of Q3 2025 was $9.30 million. These figures support the ongoing operational plan.

Securing regulatory alignment (e.g., FDA interactions for pivotal trial)

Regulatory progress is critical for moving beyond Phase 1. The FDA has given vispa-cel some important designations for B-NHL.

• FDA granted vispa-cel (CB-010) Regenerative Medicine Advanced Therapy (RMAT) designation.
• Vispa-cel also received Orphan Drug and Fast Track designations for B-NHL.
• For the planned pivotal trial in 2L LBCL, the FDA recommended a randomized, controlled trial.
• This trial would focus on CD19-naive patients ineligible for transplant and autologous CAR-T cell therapy.

Intellectual Property (IP) portfolio management and defense

The value of the platform is locked in the IP. Caribou Biosciences maintains a significant portfolio of patent documents.

IP Metric	Count (as of late 2025)
Total Documents Applications and Grants	359
Granted Patents	55
Pending Patents	230

Managing this portfolio is a key activity to protect the core technology. Finance: draft 13-week cash view by Friday.

Caribou Biosciences, Inc. (CRBU) - Canvas Business Model: Key Resources

The foundation of Caribou Biosciences, Inc.'s business model rests heavily on its proprietary technology and the financial runway it provides for development. The core intellectual asset is the proprietary chRDNA (CRISPR hybrid RNA-DNA) genome-editing technology, pronounced 'chardonnay,' which scientists invented to improve the precision of genome edits over first-generation CRISPR-Cas9 systems. This technology is designed for high specificity, efficiency in multiplexed editing, and versatility across cell types. Caribou Biosciences, Inc. applies this platform to develop next-generation, genome-edited cell therapies with best-in-class potential.

Key quantifiable resources supporting operations and development as of late 2025 include:

Resource Metric	Value/Status	As of Date/Context
Cash, Cash Equivalents, and Securities	$159.2 million	September 30, 2025 (Q3 2025)
Patients Dosed in ANTLER Trial (CB-010)	84 patients	September 2, 2025
CB-011 CaMMouflage Trial Patients (Dose Escalation)	48 patients	As of November 3, 2025
Estimated Cash Runway	Into H2 2027	Based on Q3 2025 cash position

Intellectual property forms a critical barrier to entry. Caribou Biosciences, Inc. controls a robust patent portfolio protecting its chRDNA technology and certain allogeneic cell therapy targets. This portfolio covers methods and compositions relating to its Cas9 chRDNA and Cas12a chRDNA guides. Historically, as of August 2021, the company held 48 issued U.S. patents, 218 issued foreign patents, and 85 pending patent applications globally. The technology focus is reinforced by protecting the anti-BCMA binding domain of its CB-011 product candidate.

The human capital is centered around deep expertise in the field. The company's founders include pioneers in CRISPR genome editing, one of whom is a Nobel laureate. The operational capacity relies on its specialized scientific and clinical development personnel who are driving the advancement of its clinical-stage programs, such as vispa-cel (CB-010) and CB-011. The leadership, including President and CEO Rachel Haurwitz, PhD, guides the strategic focus.

The clinical data itself is a rapidly accumulating resource, particularly from the ongoing trials:

• Data from the ANTLER trial (CB-010 for LBCL) is being used to inform a potential pivotal trial plan.
• The CaMMouflage trial (CB-011 for r/r MM) data is being used to determine the recommended dose for expansion (RDE).
• The company is actively enrolling patients in cohorts designed to test specific strategies, such as the HLA matching strategy in the ANTLER trial's confirmatory cohort.

Caribou Biosciences, Inc. (CRBU) - Canvas Business Model: Value Propositions

Caribou Biosciences, Inc. offers value through its next-generation, off-the-shelf allogeneic CAR-T cell therapies, designed to overcome the logistical hurdles of personalized treatments.

Off-the-shelf allogeneic CAR-T for rapid treatment access

• Goal to deliver off-the-shelf allogeneic CAR-T cell therapies for broad patient access and rapid availability.
• The company is developing allogeneic, or off-the-shelf, CAR T-therapies using T cells sourced from healthy donors.

chRDNA technology offering superior genome-editing specificity

The proprietary chRDNA (CRISPR hybrid RNA-DNA) genome-editing technology is a core differentiator, theoretically allowing for concurrent multiple gene edits without compromising the integrity of the genome. This technology provides:

• Specificity: Fewer off-target events versus first-generation CRISPR.
• Efficiency: Multiplexed editing with high genomic integrity and high insertion rates.
• The chRDNA guide technology supports better Cas9 specificity compared with all-RNA guides.

CB-010 (vispa-cel) data on par with approved autologous CAR-T

Clinical data for vispa-cel (CB-010) in relapsed or refractory B cell non-Hodgkin lymphoma (r/r B-NHL) suggest outcomes comparable to established autologous CAR-T therapies. The HLA matching strategy is key to this potential.

Metric	Cohort/Condition	Data Point
Overall Response Rate (ORR)	Confirmatory Cohort ($\geq4$ HLA matches; N=22) as of Sept 29, 2025	82%
Complete Response (CR) Rate	Confirmatory Cohort ($\geq4$ HLA matches; N=22) as of Sept 29, 2025	64%
Progression-Free Survival (PFS)	Confirmatory Cohort ($\geq4$ HLA matches; N=22) as of Sept 29, 2025	51%
PFS (Retrospective)	Patients with $\geq4$ matched HLA alleles	14.4 months
PFS (Retrospective)	Patients with $\leq3$ matched HLA alleles	2.8 months
Patients Treated in ANTLER	All patients as of Sept 2, 2025, safety cutoff	84

The company has 13 manufacturing batches of CB-010 on hand, which is expected to allow approximately 90% of all patients in the planned pivotal trial to receive a dose with $\geq4$ matched alleles.

Potential for outpatient administration, lowering healthcare costs

The generally well-tolerated safety profile observed in all 84 patients treated in the ANTLER trial as of the September 2, 2025, safety data cutoff date supports a shift in care setting.

• Safety profile allows for outpatient use.
• Potential for administration in community hospitals.

Multiplexed editing capability for complex cell engineering

The chRDNA technology enables complex cell engineering, specifically offering multiplexed editing with high genomic integrity and high insertion rates.

For context on the operational scale supporting these value propositions, Caribou Biosciences, Inc. reported $159.2 million in cash, cash equivalents, and marketable securities as of September 30, 2025, with a projected cash runway into H2 2027.

Caribou Biosciences, Inc. (CRBU) - Canvas Business Model: Customer Relationships

You're looking at how Caribou Biosciences, Inc. manages its critical relationships-the ones that keep its pipeline moving from the lab bench to the patient bedside and the capital markets. For a clinical-stage company like Caribou Biosciences, Inc., these aren't just casual interactions; they are highly structured, data-driven engagements that directly impact regulatory success and funding stability.

High-touch, direct engagement with clinical investigators

The core of Caribou Biosciences, Inc.'s clinical execution relies on deep collaboration with the investigators running its trials. This involves detailed protocol discussions, safety monitoring, and data review sessions. You see this commitment in the ongoing ANTLER Phase 1 trial for vispa-cel (CB-010) in relapsed or refractory B cell non-Hodgkin lymphoma (r/r B-NHL). As of September 2, 2025, a total of 84 patients had been dosed across all cohorts in the ANTLER trial. Furthermore, for the CB-011 CaMMouflage trial in relapsed or refractory multiple myeloma (r/r MM), 48 patients were treated in the dose escalation portion as of November 3, 2025.

The relationship extends to managing the data collection for specific cohorts:

• ANTLER confirmatory cohort: 22 patients enrolled, with data expected to show at least six months of follow up for the majority.
• CB-011 dose escalation: Data presentation planned to include safety and efficacy on a minimum of 25 patients with at least three months of follow up.

Scientific communication with Key Opinion Leaders (KOLs)

Translating clinical success into broader adoption requires buy-in from leading experts. Caribou Biosciences, Inc. actively cultivates these relationships through scientific exchange. A prime example is the expert physician panel discussion hosted at the 67th American Society of Hematology (ASH) Annual Meeting on December 6, 2025. This event featured insights from distinguished clinicians like Wayne Ormsby, MD, Justin Thomas, MD, Mehdi Hamadani, MD, and Joseph McGuirk, DO, focusing on how allogeneic CAR-T cell therapy like vispa-cel can expand patient access within community hospitals and academic centers. This direct engagement with KOLs is key to positioning their off-the-shelf therapies for future commercial success.

Investor relations and public disclosures for capital markets

Maintaining investor confidence is a constant relationship management task, especially when navigating the high-burn environment of clinical development. Caribou Biosciences, Inc. manages this through regular financial reporting and strategic updates. As of September 30, 2025, the company held $159.2 million in cash, cash equivalents, and marketable securities. This cash position was projected to fund the current operating plan into the second half of 2027. The company also reported licensing and collaboration revenue of $2.2 million for the three months ended September 30, 2025. The strategic prioritization announced in April 2025, which included a workforce reduction of approximately 32%, was communicated directly to extend this runway. It's a delicate balance: showing progress while managing burn rate.

Regulatory body (FDA) interactions for clinical trial design

The relationship with the U.S. Food and Drug Administration (FDA) dictates the path to market. Caribou Biosciences, Inc. is in active dialogue regarding the next steps for its lead oncology program. Specifically, the FDA has recommended that Caribou Biosciences, Inc. conduct a randomized, controlled trial for vispa-cel in second-line (2L) large B cell lymphoma (LBCL) CD19-naive patients ineligible for transplant and autologous CAR-T cell therapy. The company is interacting with the FDA on the potential pivotal trial design, which is contingent on positive data readouts planned for the second half of 2025. The FDA had previously granted vispa-cel Regenerative Medicine Advanced Therapy (RMAT), Orphan Drug, and Fast Track designations for B-NHL, signaling an established, albeit rigorous, regulatory relationship.

Long-term follow-up with patients in discontinued trials

Even when a program is deprioritized, the commitment to the patients treated remains. Caribou Biosciences, Inc. made the difficult decision to discontinue the Phase 1 clinical trial of CB-012 for relapsed or refractory acute myeloid leukemia (r/r AML). However, the relationship with those patients continues, as they will continue to be followed as part of the Company's long-term follow-up study. This demonstrates a long-term commitment beyond immediate commercial focus. The longest responding patient in the ANTLER trial is in complete response 3 years post infusion and enrolled in the long-term follow-up study.

Here's a quick look at the patient engagement numbers across the key oncology programs as of late 2025:

Trial/Program	Indication	Patient Count (Dosed/Enrolled)	Key Follow-up Metric
ANTLER (CB-010)	r/r B-NHL (Total)	84 patients dosed (as of Sept 2, 2025)	Median follow up for optimized cohort: 11.8 months
ANTLER (CB-010)	r/r B-NHL (Confirmatory Cohort)	22 patients enrolled (as of Sept 29, 2025)	Data expected with $\geq$ 6 months follow up for majority
CaMMouflage (CB-011)	r/r MM (Dose Escalation)	48 patients treated (as of Nov 3, 2025)	Data planned with $\geq$ 3 months follow up on $\geq$ 25 patients

Finance: draft 13-week cash view by Friday.

Caribou Biosciences, Inc. (CRBU) - Canvas Business Model: Channels

You're looking at how Caribou Biosciences, Inc. gets its science and data out to the world, which is crucial for a clinical-stage company. This is all about the pathways to investigators, key opinion leaders (KOLs), and ultimately, prescribers.

Multicenter Phase 1 Clinical Trial Sites (ANTLER, CaMMouflage)

The clinical trials themselves are a primary channel for engagement with the medical community. These sites are where the data is generated and where physicians gain firsthand experience with the investigational therapies.

• ANTLER trial (vispa-cel for r/r B-NHL) had treated 84 patients as of September 2, 2025.
• The ANTLER confirmatory cohort prospectively evaluated the partial HLA matching strategy with 22 patients enrolled.
• CaMMouflage trial (CB-011 for r/r MM) had treated 48 patients in the dose escalation portion as of November 3, 2025.
• The FDA recommended a randomized, controlled trial for the 2L LBCL program.

Here's a quick look at the patient numbers driving the channel engagement:

Trial Program	Indication	Patient Cohort Size/Status	As of Date
ANTLER (vispa-cel)	r/r B-NHL	84 patients treated total	September 2, 2025
ANTLER (vispa-cel)	2L LBCL Confirmatory Cohort	22 patients enrolled	November 3, 2025
CaMMouflage (CB-011)	r/r MM Dose Escalation	48 patients treated	November 3, 2025

Academic Medical Centers and Sophisticated Community Hospitals

Caribou Biosciences is clearly targeting centers capable of handling complex cell therapy administration. The strategy involves demonstrating that their allogeneic approach can move beyond major academic hubs.

• An expert physician panel at ASH 2025 focused on expanding access within sophisticated community hospitals and academic centers.
• Physicians from the following institutions were featured in the December 6, 2025, panel discussion: Utah Cancer Specialists, Bozeman Health, Medical College of Wisconsin, and University of Kansas Cancer Center.

Direct Communication with Physicians via clinicaltrials.gov

Transparency regarding ongoing trials serves as a direct informational channel to the treating physician community.

• Additional information on the ANTLER trial is available under identifier NCT04637763 at clinicaltrials.gov.

Scientific Publications and Medical Conferences (e.g., ASH 2025)

Presenting data at key medical meetings is the primary way to disseminate clinical findings to the broader oncology and hematology audience. The company is focused on delivering these data points in the second half of 2025.

• Caribou Biosciences hosted an ancillary event at the 67th American Society of Hematology (ASH) Annual Meeting and Exposition on Saturday, December 6, 2025, starting at 7:30 AM ET.
• Data from both the ANTLER and CaMMouflage programs were anticipated for disclosure in H2 2025.
• Licensing and collaboration revenue, which reflects external engagement and validation, was $2.2 million for the three months ended September 30, 2025.
• Licensing and collaboration revenue was $2.7 million for the three months ended June 30, 2025.

Caribou Biosciences, Inc. (CRBU) - Canvas Business Model: Customer Segments

You're looking at the core groups Caribou Biosciences, Inc. needs to engage to move its allogeneic CAR-T cell therapies from the clinic toward commercial reality. This isn't just about the patients; it's about the entire ecosystem that validates and delivers these novel treatments. Here's the quick math on the patient populations and partners as of late 2025.

Patients with relapsed/refractory B cell non-Hodgkin lymphoma (LBCL)

This segment is targeted by vispa-cel (CB-010), an allogeneic anti-CD19 CAR-T cell therapy. The clinical data Caribou Biosciences, Inc. is generating directly addresses the needs of this patient group, especially those ineligible for autologous CAR-T cell therapy.

Trial/Cohort	Indication Focus	Patient Count (as of late 2025)
ANTLER Phase 1 (Total Treated)	r/r B cell non-Hodgkin lymphoma	84 patients treated as of September 2, 2025
ANTLER Confirmatory Cohort	Second-line (2L) LBCL with partial HLA matching	20 patients
Vispa-cel Optimized Profile	LBCL	35 patients
Proof-of-Concept Cohort	Relapsed following prior CD19-targeted therapy	Up to 10 patients

Patients with relapsed/refractory multiple myeloma (MM)

CB-011 is the allogeneic anti-BCMA CAR-T cell therapy targeting this segment. The CaMMouflage trial is defining the recommended dose for expansion here.

• Dose escalation portion of the CaMMouflage Phase 1 trial treated 48 patients with r/r MM.
• Caribou Biosciences, Inc. planned to present data on a minimum of 25 patients for CB-011 in the second half of 2025.

Large pharmaceutical and biotech companies seeking licensing deals

These entities are crucial for Caribou Biosciences, Inc.'s non-product revenue and validation through strategic partnerships. The revenue stream from these deals shows ongoing commercial interest in the platform technology.

Reporting Period	Licensing and Collaboration Revenue
Three Months Ended September 30, 2025	$2.2 million
Three Months Ended June 30, 2025	$2.7 million
Three Months Ended March 31, 2025	$2.4 million
Nine Months Ended September 30, 2025 (Year-to-date)	$7.2 million

Clinical investigators and oncologists at major cancer centers

These are the key opinion leaders and site staff running the ANTLER and CaMMouflage trials. They are the gatekeepers to patient access and future pivotal trial execution. If onboarding takes 14+ days, churn risk rises.

• The ANTLER trial is specifically described as a multicenter study.
• Physicians interested in participation can submit requests to clinicaltrials@cariboubio.com.
• The company is interacting with the FDA on a potential pivotal trial design for vispa-cel, which will require expanding the network of participating centers.

Finance: draft 13-week cash view by Friday.

Caribou Biosciences, Inc. (CRBU) - Canvas Business Model: Cost Structure

You're looking at the core spending areas for Caribou Biosciences, Inc. as they push their allogeneic CAR-T candidates through late-stage development. The cost structure is heavily weighted toward getting their science into the clinic and keeping the lights on while managing cash burn.

Dominant Research and Development (R&D) expenses are the largest single operating cost. For the three months ended September 30, 2025, Research and development expenses totaled $22.4 million. This was a decrease from $30.4 million for the same period in 2024.

The R&D spend directly reflects Clinical trial execution and manufacturing costs. The decrease in R&D expenses in Q3 2025 was primarily linked to lower clinical trial-related activities, which includes manufacturing for their clinical CAR-T cell therapy product candidates. Furthermore, the decision to discontinue the Phase 1 clinical trial of CB-010 for lupus involved winding down costs estimated between $0.7 million and $1.5 million.

Personnel costs saw a significant restructuring impact earlier in the year. Caribou Biosciences implemented a strategic pipeline prioritization in Q1 2025, which included reducing its workforce by approximately 32%. As of March 1, 2025, the headcount was 125 full-time employees. The cash impact from this workforce reduction and pipeline prioritization was expected to total between $1.8 million and $2 million, or between $2.5 million and $3.5 million in expected cash payments. The Q3 2025 R&D expense reduction was also attributed to lower personnel-related expenses following this workforce cut.

General and Administrative (G&A) expenses also reflect cost discipline. For the three months ended September 30, 2025, G&A expenses were $9.2 million, down from $9.8 million in the same period in 2024. This decrease was mainly due to lower personnel-related expenses from the workforce reduction. However, this was partially offset by an increase in legal and other service-related expenses.

Regarding Intellectual Property (IP) litigation and maintenance costs, specific standalone figures aren't broken out, but they fall under the G&A category. The increase in G&A expenses was partly due to an increase in legal and other service-related expenses.

Here's a quick look at the key operating expense components for the third quarter of 2025:

Cost Category	Amount (Three Months Ended Sept 30, 2025)	Comparison Point
Research and Development (R&D) Expenses	$22.4 million	Down from $30.4 million in Q3 2024
General and Administrative (G&A) Expenses	$9.2 million	Down from $9.8 million in Q3 2024
Workforce Reduction Cash Cost (Estimated)	$1.8 million to $3.5 million	One-time cost from Q1 2025 restructuring
Lupus Trial Wind-Down Cost (Estimated)	$0.7 million to $1.5 million	One-time cost from Q1 2025 pipeline prioritization

The company's cash position as of September 30, 2025, was $159.2 million in cash, cash equivalents, and marketable securities. Management stated this cash funds the current operating plan into the second half of 2027.

The cost structure is clearly focused on:

• Sustaining the $22.4 million quarterly spend on R&D.
• Managing personnel costs following the 32% workforce reduction.
• Covering clinical trial execution and manufacturing needs for CB-010 and CB-011.
• Keeping G&A expenses disciplined at $9.2 million per quarter.

Finance: draft 13-week cash view by Friday.

Caribou Biosciences, Inc. (CRBU) - Canvas Business Model: Revenue Streams

You're looking at how Caribou Biosciences, Inc. (CRBU) brings in the cash right now, late in 2025. It's a classic biotech model: early-stage revenue from partners funding the pipeline, with the big payoff coming years down the line if vispa-cel or CB-011 get approved. Honestly, the current numbers reflect that development stage.

The primary recognized revenue stream right now is tied to their existing agreements. This isn't product sales yet; it's the money coming in from the deals they've already signed to advance their science.

• Licensing and collaboration revenue
• Milestone payments from existing and future partnerships
• Future product sales of approved allogeneic CAR-T therapies (e.g., vispa-cel)
• Potential upfront payments from new strategic collaborations

Here's the quick math on the most recent concrete figures we have from the third quarter of 2025. You can see the quarterly revenue is lumpy, which is typical when it depends on partnership activity.

Revenue Component	Period	Reported/Estimated Amount (USD)
Licensing and collaboration revenue	Three Months Ended September 30, 2025	$2.2 million (specifically reported as $2,198 thousand)
Full-Year 2025 Revenue Forecast	Full Year 2025 Estimate	$9,295,000

What this estimate hides is the variability. For instance, the Q3 figure of $2.2 million was down sequentially from Q2's $2.67 million, showing that collaboration revenue isn't a smooth, predictable stream yet. Still, analysts have a few different takes on the full-year picture:

• Full-Year 2025 Revenue Estimate: $9.85M
• Alternative Full-Year 2025 Revenue Estimate: $10.95M

The future product sales component is the real prize, of course. Caribou Biosciences is actively working to fund the planned vispa-cel pivotal trial, which is the critical step before any potential net sales revenue can materialize. The company expects its current cash position to last into the second half of 2027 based on the current operating plan, but that pivotal trial funding is the overhang they are currently addressing by exploring multiple options. The potential for milestone payments remains tied directly to clinical success, like the positive data just reported for CB-011 in multiple myeloma.

Finance: draft 13-week cash view by Friday.