Caribou stops two cell therapy programs and starts a substantial workforce reduction
Stock photo
The filing ends both programs. Caribou Biosciences will discontinue development of vispa-cel and CB-011, make a substantial workforce reduction and explore strategic alternatives, according to a Form 8-K filed Tuesday.
Most departures are expected this quarter.
Caribou estimates restructuring expenses of $15m to $19m. That includes about $10m to $11m for severance, continued health coverage and related costs, plus $5m to $8m to wind down two phase 1 trials.
The company reported $113.8m of cash, cash equivalents and marketable securities as of June 30.
The board is considering a merger, acquisition, business combination or another transaction. It has set no timeline, and no deal has been announced.
