Caribou recorded licensing and collaboration revenue of $3.9 million in Q4 and $11.2 million for full year 2025, up from $2.1 million and $10.0 million a year earlier. R&D expenses fell to $23.8 million in Q4 and $109.4 million for 2025, while G&A expenses declined to $8.6 million and $37.9 million, respectively. GAAP net loss narrowed to $26.5 million in Q4 and $148.1 million for the year, with non-GAAP net loss of $126.8 million after excluding $21.3 million of impairment charges.

As of December 31, 2025, Caribou held $142.8 million in cash, cash equivalents and marketable securities, down from $249.4 million a year earlier. Management expects this balance to fund current operations, including CB-011 dose expansion and initial vispa-cel pivotal trial start-up activities, into the second half of 2027 and is evaluating additional financing options.

The vispa-cel ANTLER Phase 1 data in second-line large B cell lymphoma demonstrated efficacy and durability on par with autologous CAR-T, and Caribou is engaging with the FDA on pivotal trial design. For CB-011 in relapsed or refractory multiple myeloma, the company initiated dose expansion following supportive translational data correlating CAR-T expansion with deep, durable responses.

Caribou will present at the Leerink 2026 Global Healthcare Conference on March 10 with a fireside chat, and plans to report longer follow-up from the ANTLER Phase 1 data and initial CB-011 dose expansion results later in 2026.