Caribou Biosciences Restructures, Focuses on Cancer Cell Therapies

Caribou Biosciences, a pioneering CRISPR gene editing company, has announced a significant restructuring plan that includes staff layoffs and a strategic shift away from autoimmune disease research. The company will now concentrate its efforts on developing cancer cell therapies, a move that reflects the challenges faced by many biotechnology firms in the current market environment.

Workforce Reduction and Program Discontinuation

Caribou revealed plans to cut approximately 32% of its workforce, affecting about 47 employees based on its reported staff count of 147 as of March 1. This reduction is part of a broader restructuring effort aimed at extending the company's financial runway.

In a notable shift, Caribou has decided to discontinue its lupus treatment program before initiating patient dosing in a planned clinical trial. The company is also halting preclinical research and a Phase 1 study in leukemia. These moves mark a significant departure from the company's previous strategy, which included a pivot towards autoimmune disease research.

Focus on Cancer Cell Therapies

The restructuring allows Caribou to concentrate its resources on two key cancer cell therapy programs:

1. CB-010: A therapy targeting non-Hodgkin's lymphoma, currently in a Phase 1 trial for second-line large B cell lymphoma.
2. CB-011: A treatment for multiple myeloma, also in clinical development.

Caribou CEO Rachel Haurwitz explained the rationale behind the decision, stating, "We recognize the challenges in the current market environment and believe the best approach is to present the most robust datasets for both programs."

Clinical Trial Updates and Financial Outlook

Caribou has announced delays in planned study readouts for its cancer cell therapies. Results from Phase 1 studies in lymphoma and multiple myeloma, originally expected in the current quarter, will now be released in the second half of this year. The company aims to accrue more comprehensive datasets to strengthen its position in the competitive cell therapy landscape.

For CB-010, Caribou plans to report results with the majority of study participants having completed at least six months of follow-up. This extended timeframe will provide greater insight into the treatment's durability. The company will also present data on up to 10 patients who have relapsed following other CD-19-targeted therapies.

Regarding CB-011, Caribou intends to share initial data on at least 25 multiple myeloma patients with a minimum of three months of follow-up later this year.

Financially, Caribou reported approximately $213 million in cash as of the end of March, which is expected to sustain operations through the second half of 2025. The restructuring is projected to extend the company's financial runway through late 2027.