Caribou Biosciences Halts CAR-T Programs and Seeks Buyer
Caribou Biosciences Inc is discontinuing its CAR-T cell therapy programs and exploring strategic alternatives after shares plunged 40% in after-hours trading.
Shares of Caribou Biosciences Inc fell as much as 40% in after-hours trading on Tuesday following the announcement that the company will discontinue its CAR-T cell therapy programs. The biotechnology firm is halting the development of CB-011, a treatment for multiple myeloma, and vispa-cel, a treatment for B cell non-Hodgkin lymphoma.
Company leadership cited challenging financing conditions for allogeneic CAR-T cell therapies as the reason for the pivot. CEO Rachel Haurwitz noted that vispa-cel was trial-ready and had FDA alignment on the phase 3 clinical trial design before the decision to stop development. The halted programs had previously received Fast Track, Orphan Drug, and Regenerative Medicine Advanced Therapy designations from the Food and Drug Administration.
In response to the program cancellations, the company will implement workforce and cost reductions expected to be completed by the fourth quarter of 2026. The Board of Directors has initiated a process to evaluate strategic alternatives, including potential mergers, acquisitions, or business combinations. Wedbush Securities Inc has been appointed as the exclusive financial advisor for this review process.
