Caribou Biosciences Q3 revenue declines, to discontinue lead clinical programs
CRBU•Caribou Biosciences said Q3 revenue declined year over year and its net loss narrowed slightly. It plans to discontinue clinical trials and further development of vispa-cel and CB-011, reduce its workforce, and explore strategic alternatives including a merger, asset sale or possible dissolution.
1. Restructuring plans
Caribou Biosciences plans to discontinue clinical trials and further development of vispa-cel and CB-011, reduce its workforce and take other cost-cutting measures. The company is exploring strategic alternatives, including a merger, acquisition, asset sale or possible dissolution, with no timeline set for completing its review.
2. Quarterly results
The company reported a Q3 net loss of $26.61 million, or $0.25 per basic share. Revenue declined year over year, while the net loss narrowed slightly.
