10-Q · May 7, 2026
Caribou Biosciences reported Q1 2026 revenue of $2.4 million, consistent with the prior year, while reducing its net loss to $25.1 million from $40 million in the same quarter last year. The company significantly cut…
Earnings analysis · 10-Q
CRBU earnings analysis
Filed August 13, 2026 · Our reading of the company's report
The latest report
Caribou’s Q2 revenue declined to $1.499 million from approximately $2 million sequentially and $3 million year over year, while the diluted loss improved to $(0.24) per share from $(0.58) in the prior-year quarter.…
Read full summary
Caribou’s Q2 revenue declined to $1.499 million from approximately $2 million sequentially and $3 million year over year, while the diluted loss improved to $(0.24) per share from $(0.58) in the prior-year quarter. Liquidity of $113.8 million is expected to fund the current operating plan through the end of 2027, but the company is still evaluating financing alternatives to fully fund ANTLER-3. The filing provided no new numeric EPS or revenue guidance and disclosed no material changes to existing risk factors.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.24
- Gross margin
- 100.0%
What stood out
-
Revenue Declined Sequentially and YoY
Q2 revenue was $1.499 million, down from approximately $2 million in Q1 2026 and approximately $3 million in Q2 2025, indicating sequential and year-over-year contraction.
-
Per-Share Loss Improved
Reported GAAP loss was $(0.24) per diluted share versus $(0.26) in Q1 2026 and $(0.58) in Q2 2025, an improvement of $0.02 sequentially and $0.34 year over year.
-
Gross Margin Remained 100%
Gross margin was 100.0%, consistent with the company’s recent quarterly history, although the revenue base remained only $1.499 million.
-
Cash Runway Extends Through 2027
Management said $113.8 million of cash, cash equivalents and marketable securities as of June 30, 2026 is expected to fund the current operating plan through the end of 2027.
-
Disclosure Controls Effective
Management reported that disclosure controls were effective as of June 30, 2026, and that there were no changes in internal control during the quarter that materially affected or were reasonably likely to materially affect those controls.
What to watch
-
ANTLER-3 Funding Requirement
The company is evaluating financing options to fully fund the planned ANTLER-3 trial despite stating that $113.8 million of liquidity supports the current operating plan through the end of 2027; additional funding may therefore be required for the trial.
-
Continuing Operating Losses
Caribou remains loss-making, reporting a $(0.24) diluted EPS loss in Q2 2026 while generating only $1.499 million of revenue, underscoring continuing dependence on cash resources or future financing.
-
Revenue and Clinical Execution Risk
Revenue declined to $1.499 million from approximately $3 million in Q2 2025, while the company continues to depend on development-program execution and clinical progress to support future commercial potential.
-
No New Risk-Factor Updates
The 10-Q states there were no material changes to the risk factors previously disclosed in the Form 10-K; therefore, no newly added quantified risk factor was identified in this filing.
Management's outlook
No numeric revenue or EPS range was provided. Management stated that $113.8 million of cash, cash equivalents and marketable securities as of June 30, 2026 is expected to fund the current operating plan through the end of 2027, while the company evaluates options to fully fund the planned ANTLER-3 trial.
Earlier filings 4
10-K · March 5, 2026
Caribou has narrowed to a two-program strategy focused on allogeneic CAR‑T candidates vispa‑cel (anti‑CD19) and CB‑011 (anti‑BCMA) built on its proprietary chRDNA genome‑editing platform and has taken cost actions…
10-K · March 10, 2025
Caribou Biosciences is a clinical-stage CRISPR genome‑editing company focused on four allogeneic CAR‑T programs (CB‑010, CB‑011, CB‑012 and CB‑011) leveraging its chRDNA technology to enable multiplex edits and armoring…
10-Q · November 6, 2024
Caribou reported licensing and collaboration revenue of $2,024,000 for the quarter ended September 30, 2024, down sharply from $23,662,000 in the year-ago quarter. The company recorded a three-month net loss of…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.