Caribou Biosciences, Inc.
For the period ended Sep 30, 2026. Filed Nov 5, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2026 · Filed Nov 5, 2026
CRBU$0.45+8.8%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-06-30; filed 2026-08-13.
0001619856-26-000055
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-11-05.
0001619856-26-000061
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 134 previous paragraphs and 73 current paragraphs.
43 unchanged; 23 reworded; 7 added; 65 removed; 3 previous and 0 current paragraphs rearranged.
Tables are not compared: 4 previous and 4 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (7)
Current report
On October 6, 2026, we announced that, on October 2, 2026, our Board of Directors (“Board”) approved a restructuring of our operations (“2026 Restructuring”) as we conduct a process to explore strategic alternatives to maximize stockholder value, which may include, but are not limited to, a merger, acquisition, business combination, or other strategic alternative transactions involving our company and/or its assets, including dissolution and liquidation. Our Board established a transaction committee to explore, evaluate, and make recommendations to our Board regarding strategic alternatives and engaged Wedbush Securities Inc. as the exclusive financial advisor to assist in the strategic alternatives process.
Current report
Included in our 2026 Restructuring is the planned discontinuation of our clinical trials and further development activities for our two clinical-stage allogeneic chimeric antigen receptor (“CAR”)-T (“CAR-T”) cell therapies (vispa-cel and CB-011), a substantial reduction of our workforce, and other cost reduction measures. Our Board took these actions in view of the current financing environment for allogeneic CAR-T cell therapies, which has made it increasingly challenging to secure the capital necessary to responsibly advance our vispa-cel and CB-011 CAR-T cell therapy programs. We also intend to terminate applicable contracts, resolve various intellectual property licensing agreements, and seek ways to sublease our facilities or terminate facility leases. We have not set a timeline for the completion of our review of strategic alternatives, and we do not intend to provide further updates unless and until our Board has approved a course of action, the review process is concluded, or disclosure is otherwise determined to be appropriate or required. We cannot provide any commitment regarding when or if this strategic alternatives process will result in any type of transaction, and there can be no assurance that such activities will result in any agreements or transactions that will enhance stockholder value.
Current report
Our net losses for the three months ended September 30, 2026, and September 30, 2025, were $26.6 million and $27.5 million, respectively. Our net losses for the nine months ended September 30, 2026, and September 30, 2025, were $76.0 million and $121.6 million, respectively. We had an accumulated deficit of $672.5 million as of September 30, 2026. Following our announced 2026 Restructuring, we expect to incur certain expenses related to one-time severance payments, continued healthcare coverage, costs to wind down the ANTLER phase 1 clinical trial and CaMMouflage phase 1 clinical trial, and costs associated with the anticipated sublease or termination of our facility leases.
Current report
Research and development expenses decreased by $1.1 million to $21.3 million for the three months ended September 30, 2026, from $22.4 million for the three months ended September 30, 2025. This decrease was primarily related to decreases of $1.2 million in personnel-related expenses related to our reduction in workforce and strategic pipeline prioritization in 2025 and $0.5 million in other facilities and allocated expenses; partially offset by an increase of $0.5 million in other research and development expenses.
Current report
Comparison of the Nine Months Ended September 30, 2026, and September 30, 2025
Current report
We have incurred significant operating losses since our inception. We have not generated any revenue from product sales, and, following the planned discontinuation of our vispa-cel and CB-011 CAR-T cell therapy programs, we do not expect to generate revenue from sales of any product candidates.
Current report
Comparison of the Nine Months Ended September 30, 2026, and September 30, 2025
Removed paragraphs (65)
Previous report
We are a clinical-stage Clustered Regularly Interspaced Short Palindromic Repeats (“CRISPR”) genome-editing biopharmaceutical company dedicated to developing transformative therapies for patients with devastating diseases. Our genome-editing platform is based on our novel chRDNA (CRISPRh ybrid RNA-DNA, pronounced “chardonnay”) technology, which enables more precise genome editing of allogeneic cell therapies. Our allogeneic, or off-the-shelf, chimeric antigen receptor (“CAR”)-T (“CAR-T”) cell therapy product candidates are manufactured in advance with cells from healthy donors, with the goal of enabling broad patient access, rapid patient treatment, and increased manufacturing scale. Our allogeneic CAR-T cell therapy product candidates in clinical development are directed at established cell surface targets against which autologous CAR-T cell therapeutics have already demonstrated clinical proof of concept, CD19 and B cell maturation antigen (“BCMA”). We use our chRDNA technologies to armor our allogeneic CAR-T cell therapies through multiple genome-editing strategies, such as checkpoint disruption and immune cloaking, to enhance activity against hematologic malignancies.
Previous report
We are advancing two clinical-stage allogeneic CAR-T cell therapies for the treatment of patients with hematologic malignancies:
Previous report
•Vispa-cel: an allogeneic anti-CD19 CAR-T cell therapy that has been evaluated in our multicenter, open-label ANTLER phase 1 clinical trial in patients with relapsed or refractory B cell non-Hodgkin lymphoma (“r/r B-NHL”)
Previous report
•CB-011: an allogeneic anti-BCMA CAR-T cell therapy that is being evaluated in our multicenter, open-label CaMMouflage phase 1 clinical trial in patients with relapsed or refractory multiple myeloma (“r/r MM”)
Previous report
Vispa-cel has received regenerative medicine advanced therapy (“RMAT”) designation for relapsed or refractory large B cell lymphoma (“r/r LBCL”), fast track designation for r/r B-NHL, and orphan drug designation for follicular lymphoma (“FL”) from the U.S. Food and Drug Administration (“FDA”). CB-011 has received RMAT, fast track, and orphan drug designations for r/r MM from the FDA.
Previous report
To our knowledge, vispa-cel is the first clinical-stage allogeneic CAR-T cell therapy with a genome-edited knockout of the PDCD1 gene to prevent PD-1 expression on the CAR-T cell surface. On May 7, 2026, we announced that we reached alignment with the FDA on the design of ANTLER-3, our planned pivotal phase 3 clinical trial for vispa-cel. ANTLER-3 will be a randomized, controlled clinical trial expected to enroll approximately 250 CD19-naïve second-line (“2L”) large B cell lymphoma (“LBCL”) patients who are not eligible for transplant and not candidates or not eligible for autologous CAR-T cell therapy based on access challenges or medical criteria, including the urgent need for therapy. Patients in the investigational arm will receive a single dose of 80x106 viable CAR-T cells following a lymphodepletion (“LD”) regimen of cyclophosphamide at 60 mg/kg/day for two days and fludarabine at 25 mg/m²/day for five days. Patients in the comparator arm will be treated with an investigator’s choice of a standard-of-care regimen: rituximab (“R”), gemcitabine, and oxaliplatin (“R-GemOx”); polatuzumab vedotin (“Pola”) and R-GemOx (“Pola-RGO”); or tafasitamab and lenalidomide. Crossover to the vispa-cel arm will be permitted after progressive disease. The primary endpoint will be progression-free survival (“PFS”). Clinical trial sites will include both academic and sophisticated community centers in the United States and globally.
Previous report
On June 11, 2026, we announced that 85 patients with r/r B-NHL were treated in the ANTLER phase 1 clinical trial. As of the March 6, 2026, data cutoff date, 27 2L LBCL patients received a single dose of vispa-cel manufactured from a donor younger than 30 years old with at least two matched human leukocyte antigen (“HLA”) alleles between patient and donor. This 27-patient subgroup best represents the treatment regimen and patient population for ANTLER-3. The results for this subgroup included an 82% overall response rate (“ORR”), a 67% complete response (“CR”) rate, and 17.1-month median PFS. Vispa-cel is generally well tolerated. In the 27-patient subgroup, there were no reports of graft-versus-host disease (“GvHD”) or grade 3 or higher immune effector cell-associated neurotoxicity syndrome (“ICANS”), and there was one (4%) grade 3 or higher cytokine release syndrome (“CRS”). Other adverse events of special interest included six (22%) grade 3 or higher infections, five (21%; 5/24) grade 3 or higher prolonged cytopenias, and one (4%) grade 3 or higher immune effector cell-associated hemophagocytic lymphohistiocytosis-like syndrome (“IEC-HS”). In the 27-patient subgroup, one vispa-cel-related death occurred due to IEC-HS and one possibly related death occurred due to progressive multifocal leukoencephalopathy.
Previous report
To our knowledge, CB-011 is the first clinical-stage allogeneic CAR-T cell therapy incorporating an immune cloaking approach that includes both the removal of the endogenous beta-2-microglobulin (“B2M”) protein and insertion of a beta-2-microglobulin–human-leukocyte-antigen-E–peptide transgene (“B2M–HLA-E”). Forty-eight fourth-line or later (“4L+”) patients were enrolled in the dose escalation portion of our CaMMouflage phase 1 clinical trial, which evaluated two different LD regimens and multiple CAR-T cell dose levels. The eligibility criteria required that patients had been treated with three or more prior lines of therapy including a proteasome inhibitor, an immunomodulatory drug, and an anti-CD38 antibody. Patients who received treatment with a BCMA-targeted therapy, but not an autologous CAR-T cell therapy, more than three months prior to enrollment in dose escalation were permitted. The CB-011 recommended dose for expansion (“RDE”) is 450x106 viable CAR-T cells following an LD regimen of 500 mg/m 2 cyclophosphamide and 30 mg/m 2 fludarabine daily for three days. In the dose escalation portion of our CaMMouflage phase 1 clinical trial, 12 patients were treated with the RDE.
Previous report
On June 11, 2026, we announced longer follow-up data from the dose escalation portion of our CaMMouflage clinical trial. As of the May 26, 2026, efficacy data cutoff date, the 12-patient, BCMA-naïve cohort treated with the RDE had the following outcomes: an ORR of 92%, a complete response or stringent complete response (“≥CR”) rate of 83%, and 91% of evaluable patients achieved minimal residual disease (“MRD”) negativity (≤10-5). Fifty percent of patients were in ≥CR at 15 months. The median follow-up for these 12 patients was 17.7 months. As of the April 20, 2026, safety data cutoff date, CB-011 showed a manageable safety profile across all patients with no cases of GvHD, immune effector cell-associated enterocolitis (“IEC-EC”), parkinsonism, or cranial nerve palsies (N=48). In all patients treated with the selected LD regimen (N=35), there was one CB-011-related death due to immune effector cell-associated hematotoxicity and three unrelated deaths due to pneumonia, respiratory syncytial virus, and respiratory acidosis, respectively. In the 12-patient BCMA-naïve RDE cohort, there were no reports of grade 3 or higher ICANS and one (8%) grade 3 or higher CRS. Other adverse events of special interest in the RDE cohort included three (25%) grade 3 or higher infections, one (8%) grade 3 or higher IEC-HS, and five (42%; 5/12) grade 3 or higher prolonged cytopenias. We initiated the dose expansion portion of the CaMMouflage phase 1 clinical trial in late 2025, which is ongoing and includes enrollment of BCMA-naive and BCMA-exposed patient cohorts.
Previous report
Our net losses for the three months ended June 30, 2026, and June 30, 2025, were $24.3 million and $54.1 million, respectively. Our net losses for the six months ended June 30, 2026, and June 30, 2025, were $49.4 million and $94.1 million, respectively. We had an accumulated deficit of $645.9 million as of June 30, 2026. Our net losses and operating losses may fluctuate from quarter to quarter and year to year depending primarily on the timing of expenses associated with our clinical trials and development of our product candidates. We anticipate that our expenses will increase substantially as we:
Previous report
•progress our clinical trials for our vispa-cel and CB-011 CAR-T cell therapy product candidates, particularly as we advance vispa-cel in ANTLER-3, our planned pivotal phase 3 clinical trial;
Previous report
•hire additional personnel, as needed;
Previous report
•acquire or in-license intellectual property, new technologies, and/or additional product candidates;
Previous report
•expand, maintain, enforce, and defend our intellectual property portfolio;
Previous report
•seek regulatory and marketing approvals for our vispa-cel and CB-011 CAR-T cell therapy product candidates if our clinical trials are successful;
Previous report
•expand manufacturing capabilities and supply chain capacity for our vispa-cel and CB-011 CAR-T cell therapy product candidates;
Previous report
•experience any delays, challenges, or other issues associated with any of the above, including the failure of clinical trials meeting endpoints, generation of clinical trial data subject to differing interpretations, or the occurrence of potential safety issues or other development or regulatory challenges;
Previous report
•make royalty, milestone, or other payments under current, and any future, in-license or assignment agreements with third parties;
Previous report
•establish a sales, marketing, and distribution infrastructure to commercialize any product candidates for which we obtain marketing approval; and
Previous report
•continue to operate as a public company, including defending against any future class action securities litigation and shareholder derivative lawsuits.
Previous report
We do not own or operate any manufacturing facilities. We use multiple contract manufacturing organizations (“CMOs”) to individually manufacture, under current good manufacturing processes, our chRDNA guides, Cas9 and Cas12a proteins, plasmids, and adeno-associated virus serotype 6 (“AAV6”) vectors used in the manufacture of our CAR-T cell therapy product candidates as well as the CAR-T cell therapy product candidates themselves. We expect to continue to rely on our CMOs for manufacturing our clinical trial materials, and most of these CMOs have capabilities for commercial manufacturing. Additionally, we may decide to build our own manufacturing facility in the future to provide greater flexibility and control over our clinical or commercial manufacturing needs.
Previous report
We have not generated any revenue from product sales to date and do not expect to generate any revenue from the sale of products in the foreseeable future. We cannot predict if, when, or to what extent we will generate revenue from the commercialization and sale of our CAR-T cell therapy product candidates if we succeed in obtaining regulatory approval for such product candidates.
Previous report
Clinical development activities are central to our business model. Product candidates in later stages of clinical development generally have higher development costs than those in earlier stages of clinical development, primarily due to the increased size and duration of later-stage clinical trials. We expect that our research and development expenses will increase substantially for the foreseeable future as we continue to implement our business strategy; advance our CAR-T cell therapy product candidates through clinical trials; conduct translational research to support our product candidates; seek regulatory approvals for our product candidates that successfully complete clinical trials; and hire additional personnel to support our clinical development efforts.
Previous report
The successful development of our CAR-T cell therapy product candidates is highly uncertain. Accordingly, at this time, we cannot reasonably estimate or know the nature, timing, and costs of the efforts that will be necessary to complete the development of our product candidates. We are also unable to predict when, if ever, we will generate revenue and material net cash inflows from the commercialization and sale of any of our product candidates for which we may obtain marketing approval. We may never succeed in achieving regulatory approval for any of our product candidates. The duration, costs, and timing of clinical trials and development of our product candidates will depend on a variety of factors, including:
Previous report
•sufficiency of our financial and other resources;
Previous report
•acceptance of our CRISPR chRDNA genome-editing technology;
Previous report
•ability to develop differentiating features so that our products have a competitive edge;
Previous report
•establishment, maintenance, enforcement, and defense of our patents and other intellectual property rights;
Previous report
•our ability to not infringe, misappropriate, or otherwise violate third-party intellectual property rights;
Previous report
•successful enrollment in, and completion of, our clinical trials of our CAR-T cell therapy product candidates;
Previous report
•data from our clinical trials that support an acceptable risk-benefit profile of our vispa-cel and CB-011 CAR-T cell therapy product candidates for the intended patient populations and that demonstrate safety and efficacy;
Previous report
•entry into new collaboration or other agreements to further the development of our CAR-T cell therapy product candidates;
Previous report
•successful development of our internal process development and transfer to CMOs;
Previous report
•establishment and maintenance of agreements with CMOs and suppliers for clinical and commercial supplies and scaling up manufacturing processes and capabilities to support our clinical trials;
Previous report
•receipt of timely responses and marketing approvals from applicable regulatory authorities;
Previous report
•grant of nonpatent regulatory exclusivity for our CAR-T cell therapy product candidates;
Previous report
•establishment of sales, marketing, and distribution capabilities necessary for commercialization of our CAR-T cell therapy product candidates, if approved by the applicable regulatory authorities, whether by us or in collaboration with third parties;
Previous report
•maintenance of a continued acceptable safety profile of our products post-approval;
Previous report
•acceptance of our CAR-T cell therapy product candidates, if approved by the applicable regulatory authorities, by patients, the medical community, and third-party payors;
Previous report
•ability of our products to compete with other therapies and treatment options;
Showing the first 40 of 65 passages. Open the source sections for the rest.
Reworded paragraphs (23)
Previous wording
This Form 10-Q contains “forward-looking” statements within the meaning of Section 27A of the Securities Act of 1933, as amended (“Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (“Exchange Act”). All statements, other than statements of historical facts, contained in this Form 10-Q are forward-looking statements, including statements regarding our business strategy, plans, and objectives; expectations regarding our clinical-stage CAR-T cell therapy product candidates, including our expectations about the development timelines for such product candidates; the expected timing of disclosure of clinical data; expectations regarding the safety, efficacy, and potential advantages of our CAR-T cell therapy product candidates; expectations about our future regulatory filings and interactions with regulatory authorities, including expectations about ANTLER-3, our planned pivotal phase 3 clinical trial for vispacabtagene regedleucel (“vispa-cel,” formerly CB-010); our results of operations and financial position; plans and objectives of management for future operations; and the like. In some cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “could,” “intend,” “target,” “project,” “contemplate,” “believe,” “estimate,” “predict,” “potential,” or “continue” or the negative of these terms or other similar expressions, although not all forward-looking statements contain these words.
Current wording
This Form 10-Q contains “forward-looking” statements within the meaning of Section 27A of the Securities Act of 1933, as amended (“Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (“Exchange Act”). All statements, other than statements of historical facts, contained in this Form 10-Q are forward-looking statements, including statements regarding our plans to explore opportunities to maximize stockholder value and our ability to enter into any agreements or transactions in connection with the exploration of potential strategic alternative transactions, or if entered into, that any such agreements or transactions will be successful or on attractive terms; our plans for cost reductions, including the timing and cost of a workforce reduction; and the sufficiency of our estimated cash, cash equivalents, and marketable securities. Such forward-looking statements are subject to risks and uncertainties, and actual results may differ materially from any future results expressed or implied by the forward-looking statements. Risks and uncertainties include, without limitation, risks associated with our decision to pursue strategic alternatives to maximize stockholder value and to discontinue clinical trials and further development of our two allogeneic CAR-T cell therapy programs, vispacabtagene regedleucel (“vispa-cel”) and CB-011; the strategic alternatives process, including identifying and executing one or more transactions that maximize stockholder value; implementing a restructuring and workforce reduction; and managing expenses. In some cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “could,” “intend,” “target,” “project,” “contemplate,” “believe,” “estimate,” “predict,” “potential,” or “continue” or the negative of these terms or other similar expressions, although not all forward-looking statements contain these words.
Previous wording
As a result of many factors, including but not limited to the risks described in the section of our Form 10-K titled “Risk Factors,” in the section entitled “Risk Factors” in this Form 10-Q, and in other filings we make with the SEC, the events and circumstances reflected in our forward-looking statements may not be achieved or may not occur, and actual results could differ materially from those described in or implied by the forward-looking statements. As a result of these risks, you should not place undue reliance on these forward-looking statements. We assume no obligation to revise or update any forward-looking statements for any reason, except as required by law.
Current wording
As a result of many factors, including but not limited to the risks described in Part I, Item 1A, “Risk Factors,” in our Form 10-K as well in the section entitled “Risk Factors” in this Form 10-Q, and in other filings we make with the SEC, the events and circumstances reflected in our forward-looking statements may not be achieved or may not occur, and actual results could differ materially from those described in or implied by the forward-looking statements. As a result of these risks, you should not place undue reliance on these forward-looking statements. We assume no obligation to revise or update any forward-looking statements for any reason, except as required by law.
Previous wording
Since our founding in 2011, we have devoted substantially all of our resources to organizing and staffing, business planning, raising capital, expanding our genome-editing platform technologies, developing our CAR-T cell therapy product candidates and building our pipeline, creating and maintaining our intellectual property portfolio, and establishing arrangements with third parties for the manufacture, testing, and clinical trial evaluations of our CAR-T cell therapy product candidates. We do not have any products approved for commercial sale and have not generated any revenue from product sales. We have incurred operating losses since commencement of our operations.
Current wording
Since our founding in 2011, we have devoted substantially all of our resources to organizing and staffing, business planning, raising capital, expanding our genome-editing platform technologies, developing our CAR-T cell therapy product candidates and building our pipeline, creating and maintaining our intellectual property portfolio, and establishing arrangements with third parties for the manufacture, testing, and clinical trial evaluations of our CAR-T cell therapy product candidates. We have incurred significant operating losses since our inception. We have not generated any revenue from product sales, and, following the planned discontinuation of our vispa-cel and CB-011 CAR-T cell therapy programs, we do not expect to generate revenue from sales of any product candidates.
Previous wording
For the foreseeable future, we expect substantially all our revenue will be generated from licensing and other third-party agreements. See Note 2 to the consolidated financial statements included in our Form 10-K for additional information about our revenue recognition policy related to our licensing and other third-party agreements.
Current wording
We have not generated any revenue from product sales to date and do not expect to generate any revenue from the sale of products in the foreseeable future. See Note 2 to the consolidated financial statements included in our Form 10-K for additional information about our revenue recognition policy related to our licensing and other third-party agreements.
Previous wording
To date, all of our revenue has been earned from licensing, collaboration, and other third-party agreements, including agreements with related parties. Under these agreements, we may license rights to certain intellectual property controlled by us. The terms of these arrangements typically include payments to us of one or more of the following: nonrefundable, upfront license fees or exclusivity fees; annual maintenance fees; regulatory and/or commercial milestone payments; research and development payments; and royalties on the net sales of products and/or services. Each of these payments results in licensing and other revenue. Revenue under such agreements was $1.5 million and $2.7 million for the three months ended June 30, 2026, and June 30, 2025, respectively, and $3.9 million and $5.0 million for the six months ended June 30, 2026, and June 30, 2025, respectively. See Notes 5 and 7 to our unaudited condensed consolidated financial statements included elsewhere in this Form 10-Q for additional information.
Current wording
To date, all of our revenue has been earned from licensing, collaboration, and other third-party agreements, including agreements with related parties. These agreements may include licenses to certain intellectual property owned or controlled by us. The terms of these agreements typically include payments to us of one or more of the following: nonrefundable, upfront license fees or exclusivity fees; annual maintenance fees; regulatory and/or commercial milestone payments; research and development payments; and royalties on the net sales of products and/or services. Each of these payments results in licensing and other revenue. Revenue under such agreements was $1.6 million and $2.2 million for the three months ended September 30, 2026, and September 30, 2025, respectively, and $5.5 million and $7.2 million for the nine months ended September 30, 2026, and September 30, 2025, respectively. See Notes 5 and 7 to our unaudited condensed consolidated financial statements included elsewhere in this Form 10-Q for additional information.
Previous wording
•costs incurred in connection with the clinical development and manufacturing of our CAR-T cell therapy product candidates, including under agreements with CMOs, suppliers, contract research organizations (“CROs”), and clinical sites; and
Current wording
•costs incurred in connection with the clinical development and manufacturing of our CAR-T cell therapy product candidates, including under agreements with contract manufacturing organizations (“CMOs”), suppliers, contract research organizations (“CROs”), and clinical sites; and
Previous wording
Licensing and other third-party revenue decreased by $1.1 million to $3.9 million for the six months ended June 30, 2026, from $5.0 million for the six months ended June 30, 2025. This decrease primarily relates to the recognition of a $1.0 million milestone payment under a license agreement for the six months ended June 30, 2025, with no comparable milestone revenue recognized for the six months ended June 30, 2026.
Current wording
Licensing and other third-party revenue decreased by $0.6 million to $1.6 million for the three months ended September 30, 2026, from $2.2 million for the three months ended September 30, 2025. This decrease primarily relates to the recognition of $0.6 million in revenue under our Information Rights Agreement with Pfizer, Inc. (“Pfizer”), dated June 29, 2023, now expired, for the three months ended September 30, 2025, with no comparable revenue recognized for the three months ended September 30, 2026.
Previous wording
General and administrative expenses decreased by $2.5 million to $7.9 million for the three months ended June 30, 2026, from $10.4 million for the three months ended June 30, 2025. This decrease was primarily related to decreases of (i) $0.9 million in personnel-related expenses related to the reduction in workforce and strategic pipeline prioritization; (ii) $0.8 million in legal and other service-related expenses; and (iii) $0.7 million in other facilities and allocated expenses.
Current wording
General and administrative expenses decreased by $1.3 million to $7.9 million for the three months ended September 30, 2026, from $9.2 million for the three months ended September 30, 2025. This decrease was primarily related to decreases of (i) $0.5 million in personnel-related expenses related to our reduction in workforce and strategic pipeline prioritization in 2025; (ii) $0.5 million in legal and other service-related expenses; and (iii) $0.3 million in patent prosecution and maintenance costs.
Previous wording
Total other income (expense) increased by $7.6 million for the three months ended June 30, 2026, as compared to the three months ended June 30, 2025.
Current wording
Total other income (expense) decreased by $0.8 million for the three months ended September 30, 2026, as compared to the three months ended September 30, 2025.
Previous wording
Other income, net decreased by $1.6 million for the three months ended June 30, 2026, compared to the three months ended June 30, 2025. This decrease was primarily related to a $1.1 million decrease in interest income earned from marketable securities.
Current wording
Other income, net decreased by $0.8 million for the three months ended September 30, 2026, compared to the three months ended September 30, 2025. This decrease was primarily related to a $0.9 million decrease in interest income earned from marketable securities.
Previous wording
Licensing and other third-party revenue decreased by $1.2 million to $1.5 million for the three months ended June 30, 2026, from $2.7 million for the three months ended June 30, 2025. This decrease primarily relates to the recognition of a $1.0 million milestone payment under a license agreement for the three months ended June 30, 2025, with no comparable milestone revenue recognized for the three months ended June 30, 2026.
Current wording
Licensing and other third-party revenue decreased by $1.7 million to $5.5 million for the nine months ended September 30, 2026, from $7.2 million for the nine months ended September 30, 2025. This decrease primarily relates to the recognition of a $1.0 million milestone payment under a license agreement for the nine months ended September 30, 2025, with no comparable milestone revenue recognized for the nine months ended September 30, 2026, and a $0.6 million decrease in revenue recognized from Pfizer.
Previous wording
Research and development expenses decreased by $23.7 million to $39.6 million for the six months ended June 30, 2026, from $63.2 million for the six months ended June 30, 2025. This decrease was primarily related to decreases of (i) $11.0 million in external CMO and CRO activities for our clinical CAR-T cell therapy product candidates, driven by decreases of (a) $6.8 million in CRO activities for our clinical trials and (b) $4.2 million due to CMO activities; (ii) $5.4 million in personnel-related expenses related to the reduction in workforce and strategic pipeline prioritization; (iii) $4.9 million in other research and development expenses primarily related to the reduction in workforce and strategic pipeline prioritization; (iv) $1.6 million in other facilities and allocated expenses; and (v) $0.8 million in expenses related to licenses, sublicensing revenue, and milestones.
Current wording
Research and development expenses decreased by $24.7 million to $60.9 million for the nine months ended September 30, 2026, from $85.6 million for the nine months ended September 30, 2025. This decrease was primarily related to decreases of (i) $10.8 million in external CMO and CRO activities for our clinical CAR-T cell therapy product candidates, driven by decreases of (a) $6.7 million due to CMO activities and (b) $4.1 million in CRO activities for our clinical trials; (ii) $6.5 million in personnel-related expenses related to our reduction in workforce and strategic pipeline prioritization in 2025; (iii) $4.5 million in other research and development expenses primarily related to our reduction in workforce and strategic pipeline prioritization in 2025; (iv) $2.1 million in other facilities and allocated expenses; and (v) $0.8 million in expenses related to licenses, sublicensing revenue, and milestones.
Previous wording
General and administrative expenses decreased by $4.2 million to $16.0 million for the six months ended June 30, 2026, from $20.1 million for the six months ended June 30, 2025. This decrease was primarily related to decreases of (i) $2.1 million in personnel-related expenses related to the reduction in workforce and strategic pipeline prioritization; (ii) $1.2 million in legal and other service-related expenses; and (iii) $0.8 million in other facilities and allocated expenses.
Current wording
General and administrative expenses decreased by $5.5 million to $23.9 million for the nine months ended September 30, 2026, from $29.3 million for the nine months ended September 30, 2025. This decrease was primarily related to decreases of (i) $2.6 million in personnel-related expenses related to our reduction in workforce and strategic pipeline prioritization in 2025; (ii) $1.8 million in legal and other service-related expenses; (iii) $0.7 million in other facilities and allocated expenses; and (iv) $0.4 million in patent prosecution and maintenance costs.
Previous wording
Impairment charges were zero for the three months ended June 30, 2026, compared to $12.2 million for the three months ended June 30, 2025, in conjunction with the previously announced strategic pipeline prioritization. These charges include $7.4 million related to tenant improvements, $2.6 million for the right-of-use asset, and $2.2 million for lab equipment.
Current wording
Impairment charges were zero for the nine months ended September 30, 2026, compared to $12.2 million for the nine months ended September 30, 2025, in conjunction with our strategic pipeline prioritization in 2025. These 2025 charges include $7.4 million related to tenant improvements, $2.6 million for the right-of-use asset, and $2.2 million for lab equipment.
Previous wording
Total other income (expense) increased by $5.9 million for the six months ended June 30, 2026, as compared to the six months ended June 30, 2025.
Current wording
Total other income (expense) increased by $5.0 million for the nine months ended September 30, 2026, as compared to the nine months ended September 30, 2025.
Previous wording
Impairment of equity investment was zero for the three months ended June 30, 2026, compared to $9.2 million related to our equity investment in Edge for the three months ended June 30, 2025. See Note 3 to our unaudited condensed consolidated financial statements included elsewhere in this Form 10-Q for additional information.
Current wording
Impairment of equity investment was zero for the nine months ended September 30, 2026, compared to $9.2 million for the nine months ended September 30, 2025, related to our equity investment in Edge. See Note 3 to our unaudited condensed consolidated financial statements included elsewhere in this Form 10-Q for additional information.
Previous wording
Other income, net decreased by $3.3 million for the six months ended June 30, 2026, compared to the six months ended June 30, 2025. This decrease was primarily related to a $2.5 million decrease in interest income earned from marketable securities.
Current wording
Other income, net decreased by $4.1 million for the nine months ended September 30, 2026, compared to the nine months ended September 30, 2025. This decrease was primarily related to a $3.4 million decrease in interest income earned from marketable securities.
Previous wording
Since our inception through June 30, 2026, we have raised an aggregate net proceeds of $871.4 million to fund our operations through our initial public offering (“IPO”); sales of convertible preferred stock; a follow-on public offering; proceeds from our licensing, licensing and collaboration, service, and patent assignment agreements, including sales of Intellia stock; private placements; at-the-market equity offerings; and government grants.
Current wording
Since our inception through September 30, 2026, we have raised an aggregate net proceeds of $875.4 million to fund our operations through sales of shares of our capital stock, including our at-the-market equity offering program; proceeds from our licensing, licensing and collaboration, service, and patent assignment agreements, including sales of Intellia stock; and government grants.
Previous wording
As of June 30, 2026, we had cash, cash equivalents, and marketable securities of $113.8 million.
Current wording
As of September 30, 2026, we had cash, cash equivalents, and marketable securities of $94.8 million.
Previous wording
We will continue to be dependent on equity financing, debt financing, licensing arrangements, and/or other forms of capital raises, including structured or other non-dilutive financings, to fund operating expenses, including to fully fund ANTLER-3, our planned pivotal phase 3 trial for vispa-cel, at least until we are able to generate significant positive cash flows from our operations. We have no current ongoing material financing commitments, such as lines of credit or guarantees, that are expected to affect our liquidity over the next five years, except for our lease commitments and payments under certain of our license agreements as described in Notes 4 and 8 to our unaudited condensed consolidated financial statements included elsewhere in this Form 10-Q.
Current wording
We have no current ongoing material financing commitments, such as lines of credit or guarantees, that are expected to affect our liquidity over the next five years, except for our lease commitments and payments under certain of our license agreements as described in Notes 4 and 8 to our unaudited condensed consolidated financial statements included elsewhere in this Form 10-Q.
Previous wording
Net cash used in operating activities was $49.8 million for the six months ended June 30, 2026, compared to $65.0 million for the six months ended June 30, 2025. The decrease was due to decreases in research and development expenses and general and administrative expenses, excluding the effect of non-cash items; partially offset by a decrease in net changes in our operating assets and liabilities primarily related to a decrease in net changes in accounts payable.
Current wording
Net cash used in operating activities was $72.3 million for the nine months ended September 30, 2026, compared to $90.2 million for the nine months ended September 30, 2025. The decrease was due to decreases in research and development expenses and general and administrative expenses, excluding the effect of non-cash items; partially offset by a decrease in net changes in our operating assets and liabilities primarily related to a decrease in net changes in accounts payable.
Previous wording
Net cash provided by investing activities was $42.9 million for the six months ended June 30, 2026, compared to $73.4 million for the six months ended June 30, 2025. The decrease was primarily driven by a decrease in proceeds from maturities of marketable securities.
Current wording
Net cash provided by investing activities was $62.3 million for the nine months ended September 30, 2026, compared to $84.3 million for the nine months ended September 30, 2025. The decrease was primarily driven by a decrease in proceeds from maturities of marketable securities.
Previous wording
Net cash provided by financing activities was $20.6 million for the six months ended June 30, 2026, compared to $0.5 million for the six months ended June 30, 2025. The increase was primarily driven by proceeds from the issuance of common stock under the ATM Sales Agreement, net of offering expenses, for the six months ended June 30, 2026. We did not sell any common stock pursuant to the ATM Sales Agreement during the six months ended June 30, 2025.
Current wording
Net cash provided by financing activities was $23.6 million for the nine months ended September 30, 2026, compared to $0.8 million for the nine months ended September 30, 2025. The increase was primarily driven by proceeds from the issuance of common stock under the ATM Sales Agreement, net of offering expenses, for the nine months ended September 30, 2026. We did not sell any common stock pursuant to the ATM Sales Agreement during the nine months ended September 30, 2025.
Rearranged previous paragraphs (3)
Previous report — wording carried elsewhere
Research and development expenses decreased by $8.8 million to $18.9 million for the three months ended June 30, 2026, from $27.7 million for the three months ended June 30, 2025. This decrease was primarily related to decreases of (i) $3.3 million in external CMO and CRO activities for our clinical CAR-T cell therapy product candidates, driven by decreases of (a) $2.4 million in CRO activities for our clinical trials and (b) $0.9 million due to CMO activities; (ii) $2.6 million in personnel-related expenses related to the reduction in workforce and strategic pipeline prioritization; (iii) $2.0 million in other research and development expenses primarily related to the reduction in workforce and strategic pipeline prioritization; (iv) $0.6 million in other facilities and allocated expenses; and (v) $0.3 million in expenses related to licenses, sublicensing revenue, and milestones.
Previous report — wording carried elsewhere
Impairment charges were zero for the six months ended June 30, 2026, compared to $12.2 million for the six months ended June 30, 2025, in conjunction with the previously announced strategic pipeline prioritization. These charges include $7.4 million related to tenant improvements, $2.6 million for the right-of-use asset, and $2.2 million for lab equipment.
Previous report — wording carried elsewhere
Impairment of equity investment was zero for the six months ended June 30, 2026, compared to $9.2 million for the six months ended June 30, 2025, related to our equity investment in Edge. See Note 3 to our unaudited condensed consolidated financial statements included elsewhere in this Form 10-Q for additional information.