Caribou halts CAR-T programs and weighs strategic options after funding shortfall

On October 6, 2026, Caribou Biosciences said it would stop developing its two allogeneic CAR-T candidates—vispa-cel for certain non-Hodgkin lymphomas and CB-011 for multiple myeloma—and begin reviewing strategic alternatives.

The company said it could not secure the funding needed to advance the programs in the current financing climate for allogeneic CAR-T therapies. CEO Rachel Haurwitz told STAT that raising money for vispa-cel’s planned Phase 3 trial proved too difficult, despite working with the FDA on the trial design.

Potential options include a merger, acquisition, business combination, or transactions involving the company or its assets. Caribou hired Wedbush Securities as its exclusive financial adviser; it has not set a timetable for the review.

Caribou also plans substantial workforce reductions, expected to be mostly complete in the fourth quarter of 2026. It reported $113.8 million in cash, equivalents, and marketable securities as of June 30, 2026.

The news marks a sharp reversal from the company’s August update, which said its cash could fund its then-current operating plan through the end of 2027—though it was still exploring ways to fully fund the pivotal vispa-cel trial. The strategic review has no announced outcome yet.