Caribou Biosciences Halts Entire CAR-T Pipeline and Launches Strategic Review Including Potential Sale

Caribou Biosciences announced it is halting all clinical development and launching a formal strategic review to explore a potential merger, acquisition, business combination, or other strategic transaction involving the company or its assets. The company said it is discontinuing both of its allogeneic CAR-T programs: vispa-cel, which was being developed for relapsed and refractory B-cell non-Hodgkin lymphoma, and CB-011, targeting relapsed and refractory multiple myeloma. The move effectively eliminates Caribou's entire clinical pipeline.

Alongside the pipeline halt, the company announced a workforce reduction to conserve operational capital, marking a sweeping restructuring regardless of its available cash reserves. The combined announcements represent a fundamental pivot away from Caribou's core cell therapy strategy.

Shares collapsed roughly 43% in premarket trading on Wednesday, among the largest single-day declines in the broader market session. Both Leerink Partners and RBC Capital downgraded the stock to their respective neutral-equivalent ratings, each cutting their price target to $1, reflecting the loss of the company's commercialization prospects.