Caribou Biosciences to explore strategic alternatives, halt two CAR-T programs

Caribou Biosciences announced on October 6, 2026, that its board had approved a review of strategic alternatives and a plan to wind down both of its allogeneic CAR-T cell therapy programs. The company said it plans to discontinue vispa-cel, aimed at relapsed or refractory B cell non-Hodgkin lymphoma, and CB-011, aimed at relapsed or refractory multiple myeloma.¹

CEO Rachel Haurwitz said vispa-cel is pivotal trial-ready, with FDA alignment already reached on the phase 3 clinical trial design.¹ She attributed the decision to market conditions, saying the current financing environment for allogeneic CAR-T cell therapies has made it increasingly difficult to raise the capital needed to keep developing the programs.¹

The board has set up a Transaction Committee and approved a process to evaluate options that could include a merger, acquisition, business combination, or other strategic transaction involving the company or its assets.¹ Wedbush Securities Inc. has been retained as exclusive financial advisor for the process.¹ The company said it has not set a timeline for completing the review and will provide updates only once the board acts, the review concludes, or disclosure otherwise becomes appropriate or required.¹

As part of the restructuring, Caribou expects total restructuring expenses of about $15 million to $19 million, including roughly $10 million to $11 million in severance and related costs and $5 million to $8 million to wind down the ANTLER and CaMMouflage phase 1 trials.¹ Most affected employees are expected to leave in the fourth quarter of 2026, with a limited group staying on to support the strategic process and wind-down activities.¹

Separately, the filing said Chief Financial Officer Sriram Ryali's employment will end on the date the company signs a binding agreement for a strategic alternative, and that departure would be treated as a termination without cause under his employment agreement.¹ As of June 30, 2026, Caribou held $113.8 million in cash, cash equivalents, and marketable securities.¹