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Sep 30, 2021
Caribou Biosciences Q3 2021 Earnings Report
Caribou Biosciences reported third quarter 2021 financial results.
Key Takeaways
Caribou Biosciences reported a net loss of $21.0 million for the third quarter of 2021. The company ended the quarter with $435.3 million in cash and cash equivalents, including $321.0 million in net proceeds from its IPO.
On track to achieve key milestones, including plan to disclose initial clinical data in 2022 for lead product candidate CB-010
Expanded leadership with appointments of Ran Zheng and Dara Richardson-Heron, M.D., to board of directors and Ruhi Khan as chief business officer
Ended third quarter with strong cash position of $435.3 million
Published data demonstrating the significantly improved specificity of Caribou’s proprietary CRISPR hybrid RNA-DNA (chRDNA) guide technology compared to all-RNA guides.
Caribou Biosciences
Caribou Biosciences
Caribou Biosciences Revenue by Segment
Revenue by Segment
Licensing and collaboration Revenue
CapyFin.com Forward Guidance
Caribou expects to disclose initial data from the ongoing ANTLER Phase 1 trial in patients with relapsed or refractory B-NHL in 2022 and expects to file an Investigational New Drug (IND) application for its CB-011 program in 2022.
Positive Outlook
- CB-010: Caribou expects to disclose initial data from the ongoing ANTLER Phase 1 trial in patients with relapsed or refractory B-NHL in 2022.
- CB-010 is an allogeneic anti-CD19 CAR-T cell therapy derived from healthy donor T cells engineered using Cas9 chRDNA technology to introduce a CD19-specific CAR into the TRAC gene locus, thus eliminating expression of the T cell receptor to reduce the risk of graft versus host disease.
- CB-011: Caribou expects to file an Investigational New Drug (IND) application for its CB-011 program in 2022.
- CB-011 is an allogeneic anti-BCMA CAR-T cell therapy derived from healthy donor T cells that is being developed as a potential treatment for relapsed or refractory multiple myeloma.
- CB-012: Caribou expects to file an IND application for its CB-012 program in 2023.
Challenges Ahead
- Risks inherent in drug development such as those associated with the initiation, cost, timing, progress, and results of current and future research and development programs, preclinical studies, and clinical trials
- Risks described from time to time in Caribou’s filings with the Securities and Exchange Commission, including its final prospectus filed on July 23, 2021.
- Net loss was $21.0 million for the third quarter of 2021, compared to $7.9 million for the third quarter of 2020.
- The company recorded a non-cash expense of $2.4 million related to the change in fair value of the success payments liability under its license agreement with Memorial Sloan Kettering Cancer Center (MSKCC) in the third quarter of 2021, primarily related to the increase in the fair value of Caribou’s common stock following the IPO.
- General and administrative expenses were $6.8 million in the third quarter of 2021, compared to $3.2 million in the third quarter of 2020.