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what it is
Caribou uses CRISPR gene editing to build off-the-shelf cancer cell therapies.
how it gets paid
Last year Caribou Biosciences made $11M in revenue.
why it's growing
Revenue grew 11.7% last year. Revenue rose 228% vs. prior year, while EPS worsened 337% vs. prior year.
what just happened
Revenue hit $7M, but EPS fell to -$1.31, so the top line looked better than the business underneath it.
At a glance
C++ balance sheet — some cracks in the foundation
-$1.65 fy2024 eps est
$10M fy2024 rev est
n/a operating margin
2.05 beta
xvary composite: 41/100 — below average
What they do
Caribou uses CRISPR gene editing to build off-the-shelf cancer cell therapies.
Caribou's edge is its editing platform and early clinical position. Platform → the core tech stack → so what: if its chRDNA approach improves precision, your upside comes from two Phase 1 programs instead of one science project. CB-010 already has 3 FDA designations, which gives the lead asset more regulatory attention than most tiny biotech peers.
How they make money
$11M
annual revenue · their business grew +11.7% last year
total revenue
$11M
+11.7%
The products that matter
allogeneic CAR-T cell therapy
CB-011 (vispa-cel)
lead program · Phase 3 planning expected in 2026
it is one of the two assets carrying the equity story, and management expects Phase 3 planning in 2026 for large B-cell lymphoma. If you own the stock, this is the program you are really underwriting.
lead asset
allogeneic CAR-T cell therapy
CB-012
second lead program · earlier stage
it is the second lead therapy, aimed at acute myeloid leukemia. Earlier stage means more scientific risk and a longer wait before the program can matter to revenue.
pipeline depth
technology partnership revenue
CRISPR Platform Licensing
$11M · 100% of reported revenue
this generated all $11M of reported revenue in the last year. It helps pay for the lab, but it does not prove commercial demand for a therapy.
current cash source
Key numbers
n/a
operating margin
Prior margin KPI failed sanity check — verify in filings. Operating margin → profit after running the business → so what: Caribou is nowhere near self-funding.
$11M
annual revenue
That is the full revenue base against a ~$182M market cap, which tells you this stock trades on future science, not current sales.
$23M
long-term debt
Debt is 11% of capital. Debt → borrowed money → so what: leverage is not the main problem; operating losses are.
2.05
beta
Beta → stock volatility versus the market → so what: you should expect bigger swings than the average stock.
Financial health
C++
strength
- balance sheet grade C++ — below average — limited financial resources
- risk rank 3 — safer than 50% of stocks
- price stability 5 / 100
- long-term debt $23M (11% of capital)
C++ — below average. watch for debt servicing and cash burn.
Total return vs. market
Return history isn't available for CRBU right now.
source: institutional data · return history unavailable
What just happened
loss widened
Revenue hit $7M, but EPS fell to -$1.31, so the top line looked better than the business underneath it.
Quarterly revenue rose 228% vs. prior year, while EPS worsened 337% vs. prior year. That is the quiet part out loud: more reported revenue did not fix the loss structure.
$7M
revenue
$1.31
eps
n/a
n/a
the number that mattered
$7M matters because one quarter produced about 64% of the full-year $11M revenue base, which shows how lumpy this business is.
-
The beat came from a smaller loss, not from a stronger businessA $0.28 loss versus a -$0.33 estimate is better than feared. It still leaves CRBU unprofitable and dependent on outside capital or partner support.
-
Revenue stayed at $3.9M, which keeps the whole story anchored to clinical progressWith no commercial product sales, even a decent quarter still looks like a research company living on licensing economics. Your next real catalyst is data, not margin expansion.
source: EDGAR filing
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What could go wrong
the #1 risk is CB-011 or CB-012 failing to produce durable efficacy and safety data.
med
clinical trial failure
There are no commercial products here. If CB-011 or CB-012 disappoints in trials, the market loses the main reason it is assigning a $182M valuation to the company.
This is a pipeline-first stock. If the pipeline stumbles, the equity usually follows.
med
financing and dilution
A C++ balance sheet, negative EPS, and roughly $10M of expected revenue mean operations are not funding themselves. Clinical-stage biotech math often ends with another capital raise.
If financing arrives before stronger data does, existing shareholders can pay for progress through dilution.
med
partner revenue concentration
All $11M of reported revenue came from collaboration and licensing. That is 100% concentration in a line item that is less durable than product revenue.
If a partner steps back, revenue can fall fast while research spending keeps going.
med
extreme stock volatility
A 2.05 beta and 5 / 100 price stability tell you this stock trades on changing expectations. Small data updates can move the equity more than broad market moves do.
Even if the science stays intact, the path for your returns can still be chaotic.
With 100% of reported revenue coming from licensing and no approved products, a setback would pressure sentiment and financing options at the same time.
source: institutional data · regulatory filings · risk analysis
Pay attention to
clinical catalyst
CB-011 Phase 3 planning in 2026
Management expects to outline Phase 3 plans for large B-cell lymphoma in 2026. That is the clearest line between a platform story and a later-stage asset story.
earnings
next-quarter EPS estimate: -$0.33
The next report is expected around March 16, 2026. If losses widen again, the financing question moves closer to center stage.
valuation spread
price targets run from $4 to $32
That is not precision. It is the street admitting valuation depends on future trial data, not what the current business earns.
revenue quality
all reported revenue still comes from partners
The last reported $11M was all collaboration and licensing revenue. Until that changes, every quarter is still a read on outside support for the science.
Analyst rankings
risk profile
average
risk rank 3 — typical risk profile — neither especially safe nor risky.
chart momentum
below average
momentum rank 4 — analysts see underperformance risk in the near term.
source: institutional data
Institutional activity
institutional ownership data for CRBU is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$2
current price
n/a
target midpoint · n/a from current
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