000161985612--31Q3false2024462xbrli:sharesiso4217:USDiso4217:USDxbrli:sharescrbu:subsidiarycrbu:segmentxbrli:pureutr:sqftcrbu:position00016198562024-01-012024-09-3000016198562024-11-0100016198562024-09-3000016198562023-12-310001619856us-gaap:RelatedPartyMember2023-12-310001619856us-gaap:RelatedPartyMember2024-09-300001619856us-gaap:RelatedPartyMember2024-07-012024-09-300001619856us-gaap:RelatedPartyMember2024-01-012024-09-300001619856us-gaap:RelatedPartyMember2023-07-012023-09-300001619856us-gaap:RelatedPartyMember2023-01-012023-09-3000016198562024-07-012024-09-3000016198562023-07-012023-09-3000016198562023-01-012023-09-300001619856us-gaap:CommonStockMember2023-12-310001619856us-gaap:AdditionalPaidInCapitalMember2023-12-310001619856us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-12-310001619856us-gaap:RetainedEarningsMember2023-12-310001619856us-gaap:CommonStockMember2024-01-012024-03-310001619856us-gaap:AdditionalPaidInCapitalMember2024-01-012024-03-3100016198562024-01-012024-03-310001619856us-gaap:CommonStockMembercrbu:AtTheMarketOfferingNetOfOfferingExpenseMember2024-01-012024-03-310001619856us-gaap:AdditionalPaidInCapitalMembercrbu:AtTheMarketOfferingNetOfOfferingExpenseMember2024-01-012024-03-310001619856crbu:AtTheMarketOfferingNetOfOfferingExpenseMember2024-01-012024-03-310001619856us-gaap:RetainedEarningsMember2024-01-012024-03-310001619856us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-01-012024-03-310001619856us-gaap:CommonStockMember2024-03-310001619856us-gaap:AdditionalPaidInCapitalMember2024-03-310001619856us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-03-310001619856us-gaap:RetainedEarningsMember2024-03-3100016198562024-03-310001619856us-gaap:CommonStockMember2024-04-012024-06-300001619856us-gaap:AdditionalPaidInCapitalMember2024-04-012024-06-3000016198562024-04-012024-06-300001619856us-gaap:RetainedEarningsMember2024-04-012024-06-300001619856us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-04-012024-06-300001619856us-gaap:CommonStockMember2024-06-300001619856us-gaap:AdditionalPaidInCapitalMember2024-06-300001619856us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-06-300001619856us-gaap:RetainedEarningsMember2024-06-3000016198562024-06-300001619856us-gaap:CommonStockMember2024-07-012024-09-300001619856us-gaap:AdditionalPaidInCapitalMember2024-07-012024-09-300001619856us-gaap:RetainedEarningsMember2024-07-012024-09-300001619856us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-07-012024-09-300001619856us-gaap:CommonStockMember2024-09-300001619856us-gaap:AdditionalPaidInCapitalMember2024-09-300001619856us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-09-300001619856us-gaap:RetainedEarningsMember2024-09-300001619856us-gaap:CommonStockMember2022-12-310001619856us-gaap:AdditionalPaidInCapitalMember2022-12-310001619856us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-12-310001619856us-gaap:RetainedEarningsMember2022-12-3100016198562022-12-310001619856us-gaap:CommonStockMember2023-01-012023-03-310001619856us-gaap:AdditionalPaidInCapitalMember2023-01-012023-03-3100016198562023-01-012023-03-310001619856us-gaap:CommonStockMembercrbu:AtTheMarketOfferingNetOfOfferingExpenseMember2023-01-012023-03-310001619856us-gaap:AdditionalPaidInCapitalMembercrbu:AtTheMarketOfferingNetOfOfferingExpenseMember2023-01-012023-03-310001619856crbu:AtTheMarketOfferingNetOfOfferingExpenseMember2023-01-012023-03-310001619856us-gaap:RetainedEarningsMember2023-01-012023-03-310001619856us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-01-012023-03-310001619856us-gaap:CommonStockMember2023-03-310001619856us-gaap:AdditionalPaidInCapitalMember2023-03-310001619856us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-03-310001619856us-gaap:RetainedEarningsMember2023-03-3100016198562023-03-310001619856us-gaap:CommonStockMember2023-04-012023-06-300001619856us-gaap:AdditionalPaidInCapitalMember2023-04-012023-06-3000016198562023-04-012023-06-300001619856us-gaap:CommonStockMemberus-gaap:PrivatePlacementMember2023-04-012023-06-300001619856us-gaap:AdditionalPaidInCapitalMemberus-gaap:PrivatePlacementMember2023-04-012023-06-300001619856us-gaap:PrivatePlacementMember2023-04-012023-06-300001619856us-gaap:RetainedEarningsMember2023-04-012023-06-300001619856us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-04-012023-06-300001619856us-gaap:CommonStockMember2023-06-300001619856us-gaap:AdditionalPaidInCapitalMember2023-06-300001619856us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-06-300001619856us-gaap:RetainedEarningsMember2023-06-3000016198562023-06-300001619856us-gaap:CommonStockMember2023-07-012023-09-300001619856us-gaap:AdditionalPaidInCapitalMember2023-07-012023-09-300001619856us-gaap:CommonStockMembercrbu:FollowUpOfferingNetOfOperatingExpenseMember2023-07-012023-09-300001619856us-gaap:AdditionalPaidInCapitalMembercrbu:FollowUpOfferingNetOfOperatingExpenseMember2023-07-012023-09-300001619856crbu:FollowUpOfferingNetOfOperatingExpenseMember2023-07-012023-09-300001619856us-gaap:RetainedEarningsMember2023-07-012023-09-300001619856us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-07-012023-09-300001619856us-gaap:CommonStockMember2023-09-300001619856us-gaap:AdditionalPaidInCapitalMember2023-09-300001619856us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-09-300001619856us-gaap:RetainedEarningsMember2023-09-3000016198562023-09-300001619856crbu:LicenseeAMemberus-gaap:CustomerConcentrationRiskMemberus-gaap:SalesRevenueNetMember2024-07-012024-09-300001619856crbu:LicenseeAMemberus-gaap:CustomerConcentrationRiskMemberus-gaap:SalesRevenueNetMember2024-01-012024-09-300001619856crbu:LicenseeAMemberus-gaap:CustomerConcentrationRiskMemberus-gaap:AccountsReceivableMember2024-01-012024-09-300001619856crbu:LicenseeAMemberus-gaap:CustomerConcentrationRiskMemberus-gaap:AccountsReceivableMember2023-01-012023-12-310001619856crbu:LicenseeBMemberus-gaap:CustomerConcentrationRiskMemberus-gaap:SalesRevenueNetMember2023-07-012023-09-300001619856crbu:LicenseeBMemberus-gaap:CustomerConcentrationRiskMemberus-gaap:SalesRevenueNetMember2023-01-012023-09-300001619856crbu:LicenseeCMemberus-gaap:CustomerConcentrationRiskMemberus-gaap:SalesRevenueNetMember2024-07-012024-09-300001619856crbu:LicenseeCMemberus-gaap:CustomerConcentrationRiskMemberus-gaap:SalesRevenueNetMember2024-01-012024-09-300001619856crbu:LicenseeDMemberus-gaap:CustomerConcentrationRiskMemberus-gaap:SalesRevenueNetMember2024-01-012024-09-300001619856crbu:LicenseeEMemberus-gaap:CustomerConcentrationRiskMemberus-gaap:SalesRevenueNetMember2024-07-012024-09-300001619856crbu:LicenseeFMemberus-gaap:CustomerConcentrationRiskMemberus-gaap:SalesRevenueNetMember2024-07-012024-09-300001619856crbu:LicenseeGMemberus-gaap:CustomerConcentrationRiskMemberus-gaap:AccountsReceivableMember2024-07-012024-09-300001619856crbu:MajorCustomersMemberus-gaap:CustomerConcentrationRiskMemberus-gaap:SalesRevenueNetMember2024-07-012024-09-300001619856crbu:MajorCustomersMemberus-gaap:CustomerConcentrationRiskMemberus-gaap:SalesRevenueNetMember2023-07-012023-09-300001619856crbu:MajorCustomersMemberus-gaap:CustomerConcentrationRiskMemberus-gaap:SalesRevenueNetMember2024-01-012024-09-300001619856crbu:MajorCustomersMemberus-gaap:CustomerConcentrationRiskMemberus-gaap:SalesRevenueNetMember2023-01-012023-09-300001619856crbu:MajorCustomersMemberus-gaap:CustomerConcentrationRiskMemberus-gaap:AccountsReceivableMember2024-01-012024-09-300001619856crbu:MajorCustomersMemberus-gaap:CustomerConcentrationRiskMemberus-gaap:AccountsReceivableMember2023-01-012023-12-310001619856us-gaap:USTreasuryBillSecuritiesMember2024-09-300001619856us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasuryBillSecuritiesMember2024-09-300001619856us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasuryBillSecuritiesMember2024-09-300001619856us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasuryBillSecuritiesMember2024-09-300001619856us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasuryBillSecuritiesMember2024-09-300001619856crbu:UsGovernmentAgencyBondsMember2024-09-300001619856us-gaap:FairValueMeasurementsRecurringMembercrbu:UsGovernmentAgencyBondsMember2024-09-300001619856us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMembercrbu:UsGovernmentAgencyBondsMember2024-09-300001619856us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMembercrbu:UsGovernmentAgencyBondsMember2024-09-300001619856us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMembercrbu:UsGovernmentAgencyBondsMember2024-09-300001619856us-gaap:CommercialPaperMember2024-09-300001619856us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialPaperMember2024-09-300001619856us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialPaperMember2024-09-300001619856us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialPaperMember2024-09-300001619856us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialPaperMember2024-09-300001619856us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MoneyMarketFundsMember2024-09-300001619856us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MoneyMarketFundsMember2024-09-300001619856us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MoneyMarketFundsMember2024-09-300001619856us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MoneyMarketFundsMember2024-09-300001619856us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2024-09-300001619856us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2024-09-300001619856us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2024-09-300001619856us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2024-09-300001619856us-gaap:FairValueMeasurementsRecurringMember2024-09-300001619856us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2024-09-300001619856us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2024-09-300001619856us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2024-09-300001619856us-gaap:FairValueMeasurementsRecurringMembercrbu:MSKCCSuccessPaymentsLiabilityMember2024-09-300001619856us-gaap:FairValueInputsLevel1Membercrbu:MSKCCSuccessPaymentsLiabilityMemberus-gaap:FairValueMeasurementsRecurringMember2024-09-300001619856us-gaap:FairValueInputsLevel2Membercrbu:MSKCCSuccessPaymentsLiabilityMemberus-gaap:FairValueMeasurementsRecurringMember2024-09-300001619856us-gaap:FairValueInputsLevel3Membercrbu:MSKCCSuccessPaymentsLiabilityMemberus-gaap:FairValueMeasurementsRecurringMember2024-09-300001619856us-gaap:USTreasuryBillSecuritiesMember2023-12-310001619856us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasuryBillSecuritiesMember2023-12-310001619856us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasuryBillSecuritiesMember2023-12-310001619856us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasuryBillSecuritiesMember2023-12-310001619856us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasuryBillSecuritiesMember2023-12-310001619856us-gaap:CommercialPaperMember2023-12-310001619856us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialPaperMember2023-12-310001619856us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialPaperMember2023-12-310001619856us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialPaperMember2023-12-310001619856us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialPaperMember2023-12-310001619856us-gaap:FairValueMeasurementsRecurringMembercrbu:UsGovernmentAgencyBondsMember2023-12-310001619856us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMembercrbu:UsGovernmentAgencyBondsMember2023-12-310001619856us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMembercrbu:UsGovernmentAgencyBondsMember2023-12-310001619856us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMembercrbu:UsGovernmentAgencyBondsMember2023-12-310001619856us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MoneyMarketFundsMember2023-12-310001619856us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MoneyMarketFundsMember2023-12-310001619856us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MoneyMarketFundsMember2023-12-310001619856us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MoneyMarketFundsMember2023-12-310001619856us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2023-12-310001619856us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2023-12-310001619856us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2023-12-310001619856us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2023-12-310001619856us-gaap:FairValueMeasurementsRecurringMember2023-12-310001619856us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001619856us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001619856us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001619856us-gaap:FairValueMeasurementsRecurringMembercrbu:MSKCCSuccessPaymentsLiabilityMember2023-12-310001619856us-gaap:FairValueInputsLevel1Membercrbu:MSKCCSuccessPaymentsLiabilityMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001619856us-gaap:FairValueInputsLevel2Membercrbu:MSKCCSuccessPaymentsLiabilityMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001619856us-gaap:FairValueInputsLevel3Membercrbu:MSKCCSuccessPaymentsLiabilityMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001619856us-gaap:USTreasuryBillSecuritiesMember2024-09-300001619856crbu:UsGovernmentAgencyBondsMember2024-09-300001619856us-gaap:CommercialPaperMember2024-09-300001619856us-gaap:MoneyMarketFundsMember2024-09-300001619856us-gaap:CorporateDebtSecuritiesMember2024-09-300001619856us-gaap:USTreasuryBillSecuritiesMember2023-12-310001619856us-gaap:CommercialPaperMember2023-12-310001619856crbu:UsGovernmentAgencyBondsMember2023-12-310001619856us-gaap:MoneyMarketFundsMember2023-12-310001619856us-gaap:CorporateDebtSecuritiesMember2023-12-310001619856us-gaap:FairValueInputsLevel3Membercrbu:MSKCCSuccessPaymentsLiabilityMember2023-12-310001619856us-gaap:FairValueInputsLevel3Membercrbu:MSKCCSuccessPaymentsLiabilityMember2024-01-012024-09-300001619856us-gaap:FairValueInputsLevel3Membercrbu:MSKCCSuccessPaymentsLiabilityMember2024-09-300001619856crbu:MSKCCSuccessPaymentsLiabilityMember2024-07-012024-09-300001619856crbu:MSKCCSuccessPaymentsLiabilityMember2023-07-012023-09-300001619856crbu:MSKCCSuccessPaymentsLiabilityMember2024-01-012024-09-300001619856crbu:MSKCCSuccessPaymentsLiabilityMember2023-01-012023-09-300001619856crbu:MeasurementInputFairValueOfCommonStockMember2023-12-310001619856us-gaap:MeasurementInputRiskFreeInterestRateMember2023-12-310001619856us-gaap:MeasurementInputPriceVolatilityMember2023-12-310001619856crbu:MeasurementInputProbabilityOfAchievingMultipleOfInitialSharePriceMembersrt:MinimumMember2023-12-310001619856crbu:MeasurementInputProbabilityOfAchievingMultipleOfInitialSharePriceMembersrt:MaximumMember2023-12-310001619856us-gaap:MeasurementInputExpectedTermMembersrt:MinimumMember2023-01-012023-12-310001619856us-gaap:MeasurementInputExpectedTermMembersrt:MaximumMember2023-01-012023-12-310001619856crbu:MeasurementInputFairValueOfCommonStockMember2024-09-300001619856crbu:CollaborationAndLicenseAgreementWithAbbVieMember2023-07-012023-09-300001619856crbu:CollaborationAndLicenseAgreementWithAbbVieMember2023-01-012023-09-300001619856crbu:CollaborationAndLicenseAgreementWithAbbVieMember2024-07-012024-09-300001619856crbu:CollaborationAndLicenseAgreementWithAbbVieMember2024-01-012024-09-300001619856crbu:IntelliaTherapeuticsIncMember2024-07-012024-09-300001619856crbu:IntelliaTherapeuticsIncMember2023-07-012023-09-300001619856crbu:IntelliaTherapeuticsIncMember2024-01-012024-09-300001619856crbu:IntelliaTherapeuticsIncMember2023-01-012023-09-300001619856us-gaap:PatentsMembercrbu:IntelliaTherapeuticsIncMember2024-07-012024-09-300001619856us-gaap:PatentsMembercrbu:IntelliaTherapeuticsIncMember2023-07-012023-09-300001619856us-gaap:PatentsMembercrbu:IntelliaTherapeuticsIncMember2024-01-012024-09-300001619856us-gaap:PatentsMembercrbu:IntelliaTherapeuticsIncMember2023-01-012023-09-300001619856country:US2024-07-012024-09-300001619856country:US2023-07-012023-09-300001619856country:US2024-01-012024-09-300001619856country:US2023-01-012023-09-300001619856us-gaap:NonUsMember2024-07-012024-09-300001619856us-gaap:NonUsMember2023-07-012023-09-300001619856us-gaap:NonUsMember2024-01-012024-09-300001619856us-gaap:NonUsMember2023-01-012023-09-300001619856us-gaap:TransferredAtPointInTimeMember2024-07-012024-09-300001619856us-gaap:TransferredOverTimeMember2024-07-012024-09-300001619856us-gaap:TransferredAtPointInTimeMember2023-07-012023-09-300001619856us-gaap:TransferredOverTimeMember2023-07-012023-09-300001619856us-gaap:TransferredAtPointInTimeMember2024-01-012024-09-300001619856us-gaap:TransferredOverTimeMember2024-01-012024-09-300001619856us-gaap:TransferredAtPointInTimeMember2023-01-012023-09-300001619856us-gaap:TransferredOverTimeMember2023-01-012023-09-3000016198562023-10-012024-09-300001619856crbu:LaboratoryEquipmentMember2024-09-300001619856crbu:LaboratoryEquipmentMember2023-12-310001619856us-gaap:LeaseholdImprovementsMember2024-09-300001619856us-gaap:LeaseholdImprovementsMember2023-12-310001619856us-gaap:ComputerEquipmentMember2024-09-300001619856us-gaap:ComputerEquipmentMember2023-12-310001619856us-gaap:FurnitureAndFixturesMember2024-09-300001619856us-gaap:FurnitureAndFixturesMember2023-12-310001619856us-gaap:ConstructionInProgressMember2024-09-300001619856us-gaap:ConstructionInProgressMember2023-12-310001619856crbu:PfizerMember2024-07-012024-09-300001619856crbu:PfizerMemberus-gaap:RelatedPartyMember2023-06-290001619856crbu:PfizerMemberus-gaap:RelatedPartyMember2024-01-012024-09-300001619856crbu:PfizerMemberus-gaap:RelatedPartyMember2023-07-012023-09-300001619856crbu:PfizerMemberus-gaap:RelatedPartyMember2023-01-012023-09-300001619856crbu:PfizerMemberus-gaap:RelatedPartyMember2024-09-300001619856crbu:PfizerMemberus-gaap:RelatedPartyMember2023-12-310001619856us-gaap:ConvertiblePreferredStockMembercrbu:EdgeAnimalHealthMember2024-06-012024-06-300001619856us-gaap:ConvertiblePreferredStockMembercrbu:EdgeAnimalHealthMember2024-06-300001619856crbu:EdgeAnimalHealthMember2024-07-012024-09-300001619856crbu:EdgeAnimalHealthMember2024-01-012024-09-300001619856crbu:EdgeAnimalHealthMember2023-01-012023-12-310001619856crbu:EdgeCas9LicenseAgreementMember2024-05-160001619856crbu:EdgeCas9LicenseAgreementMember2020-05-152020-05-150001619856crbu:EdgeCas9LicenseAgreementMember2024-01-012024-09-300001619856crbu:EdgeCas9LicenseAgreementMember2023-07-012023-09-300001619856crbu:EdgeCas9LicenseAgreementMember2023-01-012023-09-300001619856us-gaap:StockOptionMember2024-09-300001619856us-gaap:StockOptionMember2023-12-310001619856us-gaap:EmployeeStockOptionMember2024-09-300001619856us-gaap:EmployeeStockOptionMember2023-12-310001619856us-gaap:EmployeeStockMember2024-09-300001619856us-gaap:EmployeeStockMember2023-12-310001619856us-gaap:RestrictedStockMember2024-09-300001619856us-gaap:RestrictedStockMember2023-12-3100016198562022-08-090001619856crbu:AtTheMarketATMOfferingMembersrt:MaximumMember2022-08-092022-08-090001619856crbu:PublicStockOfferingMember2023-07-012023-08-310001619856crbu:PublicStockOfferingMember2023-08-310001619856us-gaap:OverAllotmentOptionMember2023-07-012023-08-310001619856crbu:AtTheMarketATMOfferingMember2024-01-012024-09-300001619856crbu:AtTheMarketATMOfferingMember2024-09-300001619856crbu:A2021EquityIncentivePlanMember2024-09-3000016198562023-01-012023-12-310001619856us-gaap:ShareBasedPaymentArrangementEmployeeMember2024-07-012024-09-300001619856us-gaap:ShareBasedPaymentArrangementEmployeeMember2023-07-012023-09-300001619856us-gaap:ShareBasedPaymentArrangementEmployeeMember2024-01-012024-09-300001619856us-gaap:ShareBasedPaymentArrangementEmployeeMember2023-01-012023-09-300001619856srt:MinimumMember2024-01-012024-09-300001619856srt:MaximumMember2024-01-012024-09-300001619856srt:MinimumMember2023-01-012023-09-300001619856srt:MaximumMember2023-01-012023-09-300001619856crbu:RestrictedStockUnitsRSUAndPerformanceBasedRSUsMember2024-01-012024-09-300001619856crbu:RestrictedStockUnitsRSUAndPerformanceBasedRSUsMember2023-12-310001619856crbu:RestrictedStockUnitsRSUAndPerformanceBasedRSUsMember2024-09-300001619856us-gaap:RestrictedStockUnitsRSUMember2024-09-300001619856us-gaap:RestrictedStockUnitsRSUMember2024-01-012024-09-300001619856us-gaap:PerformanceSharesMember2024-09-300001619856crbu:EmployeeStockPurchasePlanTwoThousandTwentyOneMember2021-07-222024-06-300001619856us-gaap:ResearchAndDevelopmentExpenseMember2024-07-012024-09-300001619856us-gaap:ResearchAndDevelopmentExpenseMember2023-07-012023-09-300001619856us-gaap:ResearchAndDevelopmentExpenseMember2024-01-012024-09-300001619856us-gaap:ResearchAndDevelopmentExpenseMember2023-01-012023-09-300001619856us-gaap:GeneralAndAdministrativeExpenseMember2024-07-012024-09-300001619856us-gaap:GeneralAndAdministrativeExpenseMember2023-07-012023-09-300001619856us-gaap:GeneralAndAdministrativeExpenseMember2024-01-012024-09-300001619856us-gaap:GeneralAndAdministrativeExpenseMember2023-01-012023-09-300001619856us-gaap:EmployeeStockOptionMember2024-07-012024-09-300001619856us-gaap:EmployeeStockOptionMember2023-07-012023-09-300001619856us-gaap:EmployeeStockOptionMember2024-01-012024-09-300001619856us-gaap:EmployeeStockOptionMember2023-01-012023-09-300001619856crbu:EmployeeStockPurchasePlanMember2024-07-012024-09-300001619856crbu:EmployeeStockPurchasePlanMember2023-07-012023-09-300001619856crbu:EmployeeStockPurchasePlanMember2024-01-012024-09-300001619856crbu:EmployeeStockPurchasePlanMember2023-01-012023-09-300001619856us-gaap:RestrictedStockUnitsRSUMember2024-07-012024-09-300001619856us-gaap:RestrictedStockUnitsRSUMember2023-07-012023-09-300001619856us-gaap:RestrictedStockUnitsRSUMember2023-01-012023-09-300001619856crbu:TwoThousandSeventeenPlanMember2024-01-012024-09-300001619856crbu:TwoThousandSeventeenPlanMember2023-01-012023-09-300001619856us-gaap:EmployeeStockOptionMember2024-01-012024-09-300001619856us-gaap:EmployeeStockOptionMember2023-01-012023-09-300001619856crbu:RestrictedStockUnitsRSUAndPerformanceBasedRSUsMember2024-01-012024-09-300001619856crbu:RestrictedStockUnitsRSUAndPerformanceBasedRSUsMember2023-01-012023-09-300001619856us-gaap:EmployeeStockMember2024-01-012024-09-300001619856us-gaap:EmployeeStockMember2023-01-012023-09-3000016198562024-07-162024-07-160001619856crbu:TinaAlbertsonMember2024-01-012024-09-300001619856crbu:TinaAlbertsonMember2024-07-012024-09-300001619856crbu:RachelHaurwitzMember2024-01-012024-09-300001619856crbu:RachelHaurwitzMember2024-07-012024-09-300001619856crbu:RachelHaurwitzMember2024-09-30
目錄
美國
證券交易委員會
華盛頓特區20549
______________________________________
表格 10-Q
______________________________________
（標記一）
x根據1934年證券交易法第13或15(d)節的季度報告
截至季度結束日期的財務報告2024年9月30日
或者
o根據1934年證券交易法第13或15(d)節的轉型報告書
在過渡期從到
委託文件編號：001-39866001-40631
______________________________________
全球領先的CRISPR基因編輯生物製藥公司Caribou Biosciences，Inc。
（依據其憲章指定的註冊名稱）
______________________________________
特拉華州45-3728228
（註冊或組織的）州或其他司法轄區
公司成立或組織）		（IRS僱主
唯一識別號碼）
第2929街, Suite 105
伯克利, 加利福尼亞州
94710
，（主要行政辦公地址）(郵政編碼)
公司電話號碼，包括區號：（510) 982-6030
______________________________________
根據法案第12（b）條註冊的證券：
每一類的名稱交易標誌在其上註冊的交易所的名稱
普通股，每股面值爲$0.0001CRBU
The 納斯達克資本市場全球貨幣選擇市場
請勾選以下選項以指示註冊人是否在過去12個月內(或在註冊人需要提交此類報告的較短時間內)已提交證券交易法1934年第13或15(d)條所要求提交的所有報告，並且在過去90天內已受到此類報告提交要求的影響。Yes x 否o
請在以下勾選方框表示註冊人是否已在Regulation S-T Rule 405規定的前12個月(或在註冊人需要提交此類文件的較短期間內)提交了每個互動數據文件。Yes x 否o
請勾選標記以說明註冊人是大型快速申報人、加速申報人、非加速申報人、較小的報告公司還是新興成長型公司。請查看《交易所法》第120億.2條中「大型快速申報人」、「加速申報人」、「較小的報告公司」和「新興成長型公司」的定義。
大型加速報告人o加速文件提交人o
非加速文件提交人x較小的報告公司x
新興成長公司x
如果是新興成長型企業，請勾選複選標記，表明註冊者已選擇不使用延長過渡期來符合根據證券交易法第13(a)條規定提供的任何新財務會計準則。 o
請勾選是否註冊公司是外殼公司（根據《證券交易法》第12b-2規則定義）。是o 否x
截至2024年11月1日，註冊人持有 90,552,687全稱爲普通股，每股面值爲 0.0001 美元。

目錄
目錄
i
目錄
第一部分——財務信息
項目1.基本報表。
鹿島生物科學公司及其子公司
彙編的綜合資產負債表
（未經審計）
(以千爲單位，除每股數據外)
9月30日,
2024		12月31日,
2023
資產
流動資產
現金及現金等價物$31,970 $51,162 
短期可交易證券196,208 277,665 
應收賬款184 148 
合同資產798 1,425 
其他應收款1,683 2,286 
預付費用和其他流動資產6,583 6,155 
總流動資產237,426 338,841 
非流動資產
股票投資9,272 7,753 
可交易證券, 長期52,837 43,577 
資產和設備，淨值19,565 18,270 
經營租賃權益資產20,493 22,182 
其他4,741 1,586 
資產總計$344,334 $432,209 
負債和股東權益
流動負債
應付賬款$2,704 $3,120 
應計費用及其他流動負債25,448 21,135 
經營租賃負債，流動負債
1,178 1,200 
遞延營業收入（$2,487 截至2024年9月30日和2023年12月，從關聯方處的
2,829 2,847 
流動負債合計32,159 28,302 
開多期債務
遞延營業收入，減去流動部分（$1,865 和 $3,730 分別於2024年9月30日和2023年12月從關聯方處的
3,947 6,102 
MSKCC成功支付責任負債1,005 2,939 
非流動經營租賃負債
25,463 25,908 
遞延稅款負債557 557 
負債合計63,131 63,808 
業務承諾和或有事項（注9）
股東權益
普通股，每股面值 $，授權股數：百萬股；發行股數：分別爲2024年6月30日和2023年12月31日：百萬股；流通股數：分別爲2024年6月30日和2023年12月31日：百萬股0.0001每股股票價格爲300,000,000 2024年9月30日和2023年12月31日授權發行的股份數量; 90,552,687 和 88,448,948 截至2024年9月30日和2023年12月31日分別發行並流通的股份
9 8 
股本溢價693,305 667,648 
累計其他綜合收益
789 30 
累積赤字(412,900)(299,285)
股東權益總額281,203 368,401 
負債和股東權益總計$344,334 $432,209 
附帶說明是這些未經審計的簡化合並財務報表的組成部分。
1
目錄
鹿島生物科學公司及其子公司
聯合綜合收益及損失簡明合併報表
（未經審計）
(以千爲單位，除每股數據外)
截至9月30日的三個月截至9月30日的九個月
2024202320242023
許可和合作營業收入（包括2024年9月30日結束的三個月和九個月分別爲$，以及2023年9月30日結束的三個月和九個月分別爲$，來自關聯方）622 和 $3,488 許可和合作營業收入（包括2024年9月30日結束的三個月和九個月分別爲$，以及2023年9月30日結束的三個月和九個月分別爲$，來自關聯方）622 和 $1,772 許可和合作營業收入（包括2024年9月30日結束的三個月和九個月分別爲$，以及2023年9月30日結束的三個月和九個月分別爲$，來自關聯方）
$2,024 $23,662 $7,917 $30,919 
營業費用：
研發30,421 28,584 99,689 80,796 
一般行政9,841 9,711 35,969 28,740 
營業費用總計40,262 38,295 135,658 109,536 
經營虧損(38,238)(14,633)(127,741)(78,617)
其他收入：
股權證券公允價值變動(14)(4)(116)3 
MSKCC成功支付責任的公允價值變動(164)(139)1,934 395 
其他收入，淨額3,732 4,774 12,308 10,654 
其他總收入
3,554 4,631 14,126 11,052 
淨損失(34,684)(10,002)(113,615)(67,565)
其他綜合收益:
Net unrealized gain on available-for-sale marketable securities, net of tax
1,108 155 759 537 
綜合收益淨虧損$(33,576)$(9,847)$(112,856)$(67,028)
基本和稀釋每股淨虧損$(0.38)$(0.12)$(1.26)$(0.98)
基本和稀釋加權普通股份90,455,900 83,783,992 90,034,799 68,878,921 
附帶說明是這些未經審計的簡化合並財務報表的組成部分。
2
目錄
鹿島生物科學公司及其子公司
股東權益的簡化合並報表
（未經審計）
（以千爲單位，除股份數量外）
普通股股本所對應的賬面超額支付
資本
累計其他綜合損益
累計
赤字		股東權益合計
股份金額
截至2023年12月31日餘額88,448,948$8 $667,648 $30 $(299,285)$368,401 
按照員工股票購買計劃（ESPP）發行普通股
122,035— 667 — — 667 
按照期權行權發行普通股
134,347— 489 — — 489 
按照我們的ATM方案發行普通股，減去發行費用
1,594,1711 11,329 — — 11,330 
按照RSU解禁發行普通股
15,000— — — — — 
股票補償費用—— 3,988 — — 3,988 
淨損失—— — — (41,234)(41,234)
其他綜合損失—— — (352)— (352)
截至2024年3月31日的餘額90,314,501$9 $684,121 $(322)$(340,519)$343,289 
在員工股票購買計劃下發行普通股
400— 2 — — 2 
通過期權行使發行普通股
47,870— 129 — — 129 
股票補償費用—— 4,738 — — 4,738 
淨損失—— — — (37,697)(37,697)
其他綜合收益—— — 3 — 3 
截至2024年6月30日的餘額90,362,771$9 688,990 $(319)$(378,216)$310,464 
按ESPP發行普通股
138,743— 246 — — 246 
根據RSUs解鎖發行普通股
51,173— — — — — 
股票補償費用—— 4,069 — — 4,069 
淨損失—— — — (34,684)(34,684)
其他綜合收益—— — 1,108 — 1,108 
2024年9月30日餘額90,552,687$9 $693,305 $789 $(412,900)$281,203 
2022年12月31日的餘額61,029,184$6 $499,598 $(1,518)$(197,215)$300,871 
按ESPP發行普通股
70,271— 404 — — 404 
通過期權行使發行普通股
55,433— 115 — — 115 
在我們的ATm招股中發行普通股，扣除發行費用後
168,635— 1,007 — — 1,007 
股票補償費用—— 3,131 — — 3,131 
淨損失—— — — (28,044)(28,044)
其他綜合收益—— — 788 — 788 
截至2023年3月31日的餘額61,323,523$6 $504,255 $(730)$(225,259)$278,272 
通過期權行使發行普通股
86,085— 236 — — 236 
輝瑞定向增發發行普通股
4,690,431— 17,290 — — 17,290 
股票補償費用—— 3,585 — — 3,585 
淨損失—— — — (29,519)(29,519)
其他綜合損失—— — (406)— (406)
資產負債表- 2023年6月30日66,100,039$6 $525,366 $(1,136)$(254,778)$269,458 
根據ESPP發行普通股
68,183— 382 — — 382 
行使期權發行普通股
83,407— 372 — — 372 
RSUs獲得後發行普通股
63,596— — — — — 
隨即公開發行發行普通股，扣除發行費用
22,115,3842 134,423 — — 134,425 
股票補償費用—— 3,478 — — 3,478 
淨損失—— — — (10,002)(10,002)
其他綜合收益
—— — 155 — 155 
餘額-2023年9月30日88,430,609$8 $664,021 $(981)$(264,780)$398,268 
附帶說明是這些未經審計的簡化合並財務報表的組成部分。
3
目錄
鹿島生物科學公司及其子公司
簡明的綜合現金流量表
（未經審計）
（以千計）
截至9月30日的九個月
20242023
經營活動產生的現金流量：
淨損失$(113,615)$(67,565)
調整爲淨損失到經營活動現金流量淨使用：
折舊和攤銷2,743 2,785 
固定資產處置損益
4 (34)
許可和合作營業收入的非現金代價(1,634)(61)
股權證券公允價值變動116 (3)
股票補償費用12,795 10,194 
MSKCC成功付款責任公平價值變動(1,934)(395)
收購的未完成研發項目1,625 — 
可交易證券投資折價累計，淨額
(3,708)(6,042)
非現金租賃費用1,690 1,551 
經營性資產和負債變動:
應收賬款(36)(931)
合同資產628 588 
其他應收款603 (130)
預付費用和其他流動資產(428)852 
其他(3,155)(30)
應付賬款(125)1,089 
應計費用及其他流動負債4,341 2,848 
待攤收入，流動和長期(2,173)(16,337)
經營租賃負債(467)(291)
經營活動使用的淨現金流量(102,730)(71,912)
投資活動產生的現金流量：
出售和到期的有市場流通的證券收益
325,553 283,193 
購買有市場流通的證券(248,889)(310,566)
購買固定資產(4,362)(9,336)
用於獲取未完成研究和開發的付款(1,625)— 
投資活動產生的淨現金流量70,677 (36,709)
籌資活動產生的現金流量：
公開跟進發行的淨收益，減去發行費用
— 134,536 
與輝瑞簽署的定向增發普通股所得款項
— 17,290 
行使期權所得款項
619 1,508 
公司股票期權計劃下發行的普通股所得款項
913 — 
與我們的ATM有關的普通股發行所得款項，減去發行費用
11,329 1,007 
籌資活動產生的現金淨額12,861 154,341 
現金、現金等價物和受限制現金的淨（增加）減少(19,192)45,720 
期初現金、現金等價物和受限制現金51,208 58,384 
期末現金、現金等價物和受限制現金$32,016 $104,104 
現金、現金等價物和受限制現金的調節
現金及現金等價物$31,970 $104,058 
受限現金46 46 
資產負債表上的現金、現金等價物和受限制現金
$32,016 $104,104 
補充現金流量信息：
支付的所得稅費用$— $170 
非現金投資和籌資活動的補充安排：
購買固定資產和設備，包括應付賬款和應計費用$373 $556 
計入應計費用的發行費用$— $113 
附帶說明是這些未經審計的簡化合並財務報表的組成部分。
4
目錄
鹿島生物科學公司及其子公司
簡明合併財務報表註釋
（未經審計）
1. 業務、組織和流動性的描述
業務和組織
Caribou Biosciences, Inc.（「公司」 或 「我們」）處於臨床階段 C聚集的 R定期地 I間隔 Short Palindromic Repeats（「CRISPR」）基因組編輯生物製藥公司致力於爲患有毀滅性疾病的患者開發變革性療法。我們的基因組編輯平台，包括我們的新型 chrDNA (CRISPR h混合動力 RNA-DNA，或 「chrDNA」（發音爲 「chardonnay」）技術，可以進行更精確的基因組編輯，從而開發出能夠提高抗病活性的細胞療法。我們正在推進來自嵌合抗原受體（「CAR」）t（「CAR-T」）細胞平台的異基因或現成細胞療法產品線，將其作爲患者隨時可用的治療方法。
我們於2011年10月成立爲特拉華州公司，並總部設在加利福尼亞州伯克利。我們持有 四個 全資子公司：Antler Holdco，LLC，於2019年4月在特拉華州成立；Microbe Holdco，LLC，於2020年6月在特拉華州成立；Arboreal Holdco，LLC，於2020年11月在特拉華州成立；以及Biloba Holdco，LLC，在2021年4月在特拉華州成立。我們的全資子公司持有我們的股權投資，並沒有經營活動。
流動性
自成立以來，我們一直出現運營虧損和負現金流，並且截至$；412.9 2024年9月30日，我們在截至2024年9月30日的九個月內出現了$；113.6 截止2024年6月30日的六個月中，公司錄得淨虧損$兩百萬並使用了$三百萬現金進行運營。102.7 百萬美元的經營活動現金流出。我們預計將繼續出現巨額虧損，我們實現和維持盈利能力的能力將取決於產品候選品的成功開發、監管批准和商業化，以及我們產生足夠營業收入以支持我們的成本結構。我們可能永遠無法實現盈利，除非我們達到這一目標，否則我們需要繼續籌集額外資本。我們的管理層預計，截至2024年9月30日的現金、現金等價物和可交易證券$；281.0 百萬美元將足以支持我們當前的營運計劃，至少從本季度報告表格10-Q（「10-Q表格」）的日期起的未來12個月。
2. 重要會計政策之摘要
基本報表中披露的年度合併財務報表附註2中的重要會計政策未發生變化，該報表已列入我們在10-K表格中的年度報告中（「10-K表格」）。
呈報依據及合併原則
我們未經審計的簡明綜合財務報表已按照美國通用會計準則（「U.S. GAAP」）編制，包括我們的帳戶和完全擁有的子公司的帳戶。所有公司間帳戶和交易在合併中被消除。
使用估計
按照美國通用會計準則編制的未經審計的簡明合併基本報表要求我們的管理層進行估計和假設，這些估計和假設會影響資產和負債的報告金額；未經審計的簡明合併基本報表日期披露的附帶資產和負債；以及適用報告期間的營業收入、收入和費用的報告金額。我們會定期評估我們的估計和假設，包括與營業收入確認、股票補償支出、研發活動相關的應計費用、評估Memorial Sloan Kettering Cancer Center（「MSKCC」）成功支付責任的價值、經營租賃權益資產和負債以及所得稅有關的估計。我們的管理層會基於歷史經驗和其他各種假設進行估計，他們認爲在此情況下是合理的，其結果構成了對於資產和負債的賬面價值的判斷，這些價值並非來自於其他來源的明顯信息。實際結果可能與這些估計差異很大。
5
目錄
板塊
我們將我們的業務作爲報告的經營部門進行運營和管理，這是開發同種異體CAR-t細胞治療業務。我們的總裁兼首席執行官，即首席營運決策者，通過彙總的財務信息來分配資源和評估財務績效。所有資產都保存在美國。 之一 我們將我們的業務作爲報告的經營部門進行運營和管理, 這是開發同種異體CAR-t細胞治療業務。我們的總裁兼首席執行官, 即首席營運決策者, 通過彙總的財務信息來分配資源和評估財務績效。所有長期資產都保存在美國。
信貸風險集中度和其他不確定性
潛在使我們面臨信用風險集中的金融工具包括現金及現金等價物、應收賬款、合同資產、其他應收款、以及可交易證券和股權證券。幾乎所有的現金及現金等價物存款均存放在四家金融機構的帳戶中，我們的帳戶餘額超過聯邦保險限額。我們通過投資高級別工具、限制與某一發行人的風險敞口，監控這些金融機構和發行人的持續信用狀況來降低風險。
代表我們營業收入、應收賬款和合同資產10%或更多的執照持有人如下：
 
營業收入
營業收入
應收賬款和
合同資產
 
三個月結束
九個月結束截至
截至2023年9月30日年 度報告
2024		截至
截至12月31日公允價值
2023
 2024年9月30日2023年9月30日2024年9月30日2023年9月30日
甲方
34.9 %*24.2 %*68.5 %47.5 %
乙方
*90.8 %*79.1 %**
許可證持有者C
30.7 %*23.6 %***
許可證持有者D
**20.5 %***
許可證持有者E
14.0 %*****
許可證持有者F
11.2 %*****
許可證持有者G
****15.9 %*
總計90.8 %90.8 %68.3 %79.1 %84.4 %47.5 %
* 少於10%
我們監控經濟情況，以識別可能表明我們的應收賬款中有哪些是無法收回的，或者合同資產是否應減值的事實或情況。 No 截至2024年9月30日或2023年12月31日，按照賬面計提的信用損失準備金或合同資產減值。
最近未採納的會計聲明

2023年10月，財務會計準則委員會（「FASB」）發佈了《會計準則更新》（「ASU」）2023-06，披露改進：對SEC披露更新和簡化計劃的規範修訂。該ASU將會計準則法典（「ASC」）中的要求與美國證券交易委員會（「SEC」）宣佈的撤銷《S-X和S-k法規中的某些披露要求》進行了調整。 ASC中每個修訂主題的有效日期要麼是SEC從S-X或S-k法規中撤銷相關披露要求的日期，要麼是2027年6月30日，如果SEC在那個日期前沒有撤銷要求。不允許提前採用。我們目前正在評估新指南的影響，並不認爲採納ASU 2023-06會對我們的綜合財務報表產生實質影響。
2023年11月，FASB發佈了ASU 2023-07號文件，即《片段披露（主題280）：改進可披露片段披露的內容》。該ASU要求公共實體按季度和年度披露其可披露片段的重要費用和其他片段項目信息。只有一個可披露片段的公共實體必須按照ASU 2023-07中的披露要求，並在跨季度和年度基礎上適用ASC 280中的所有現有片段披露和調節要求。ASU 2023-07自2023年12月15日後開始的財政年度起生效，並且自2024年12月15日後開始的財政年度內的中期時段起生效，允許提前採納。我們目前正在評估採納ASU 2023-07的影響。
2023年12月，FASB發佈了ASU 2023-09，關於所得稅（主題740）的增值：改進所得稅披露。根據這項ASU要求，上市實體每年都要披露特定類別的稅率。
6
目錄
和解，以及按司法管轄區分類披露繳納的所得稅。 ASU 2023-09 適用於2024年12月15日後開始的財政年度，允許提前採納。我們目前正在評估新指南的影響，並且預計 ASU 2023-09 的採納不會對我們的合併財務報表產生實質影響。
2024年3月，FASB發佈了ASU No. 2024-02《編碼改進-修訂稿，去除對概念聲明的引用》。ASU 2024-02的修訂澄清並簡化了美國通用會計準則內對於某些概念聲明的引用。ASU 2024-02將於2024年12月15日後開始的財政年度生效，允許提前適用。我們目前正在評估採納ASU 2024-02的影響。
3. 金融工具的公允價值計量和公允價值
層次1-相同資產或負債的活躍市場上的報價。
一級在活躍市場上報價的相同資產或負債。
二級除了一級價格之外的可觀察輸入，例如類似資產或負債的報價價格，不活躍市場中的報價價格，或者其他可以通過資產或負債的全部期限實質性得到驗證的可觀察市場數據。
三級——由於市場活動較少或根本沒有支持的不可觀察輸入，對資產或負債的公允價值具有重要影響。
以公允價值計量的資產和負債根據對公允價值測量具有重要影響的最低輸入級別進行分類。我們對特定輸入對於整體公允價值測量的重要性的評估，需要我們的管理層做出判斷並考慮與資產或負債相關的因素。
我們的金融工具包括一級、二級和三級金融工具。我們通常將我們可交易證券分類爲一級或二級。當可觀察市場價格用於交易較不活躍的市場中的相同證券時，證券被分類爲二級。當相同證券的可觀察市場價格不可用時，這些證券會使用基準曲線、類似證券基準定價、板塊分組、矩陣定價和估值模型進行定價。這些估值模型屬於定價提供商或經紀商擁有，其中包括多個輸入，按優先順序大致爲：基準收益率、報告的交易、經紀/經銷商報價、發行人點差、雙向市場、基準證券、競價、報價以及包括市場研究出版物在內的參考數據。對於某些證券類型，可能會使用額外的輸入，或者一些標準輸入可能不適用。評估者可能會根據市場情況在任何給定日期爲任何證券基於市場條件對輸入排序，且並非所有列出的輸入都可以用於任何給定日期進行證券估值的評估過程。觀察估值輸入能力的變化可能導致在公允價值層次內重新分類某些證券的級別。我們在引起轉移的實際事件或導致轉移發生的情況所在期間確認受影響公允價值層次內的轉移。在2024年9月30日和2023年結束的九個月內並未發生此類轉移。一級金融工具由貨幣市場基金投資和美國國債組成。二級金融工具由短期債券、公司債券和美國政府機構債券組成。當金融資產和負債的公允價值是通過定價模型、貼現現金流方法或類似技術確定，並且至少有一個重要的模型假設或輸入是不可觀察時，金融資產和負債被視爲三級。三級金融工具包括MSKCC成功支付責任。
7
目錄
以下表格列出了我們的金融工具，這些工具按照公平價值層次結構內的級別進行了定期估值（單位：千元）：
2024年9月30日的公允價值衡量
總計一級二級三級
資產：    
美國國債（$5,596 包括在現金及現金等價物中）
$193,812 $193,812 $— $— 
美國政府機構債券（$3,973 現金及現金等價物中包含）
31,515 — 31,515 — 
商業票據（$5,990 現金及現金等價物中包含）
30,203 — 30,203 — 
貨幣型基金投資（包含在現金及現金等價物中）16,411 16,411 — — 
企業債券9,074 — 9,074 — 
資產的總公允價值$281,015 $210,223 $70,792 $— 
負債：    
MSKCC成功支付責任負債$1,005 $— $— $1,005 
負債的總公平價值$1,005 $— $— $1,005 
 2023年12月31日的公允價值衡量
 總計一級二級三級
資產：    
美國國債（$23,527 包括在現金及現金等價物中）
$262,439 $262,439 $— $— 
商業票據 ($9,759 包括在現金及現金等價物中)
40,373 — 40,373 — 
美國政府機構債券
40,185 — 40,185 — 
貨幣市場基金投資 (包括在現金及現金等價物中)
17,876 17,876 — — 
企業債券
11,531 — 11,531 — 
資產的總公允價值$372,404 $280,315 $92,089 $— 
負債：    
MSKCC成功支付責任負債$2,939 $— $— $2,939 
負債的總公平價值$2,939 $— $— $2,939 
8
目錄
2024年9月30日和2023年12月31日的現金等價物、可供出售的證券的公允價值和攤銷成本，按主要安防類型分類，在以下表格中呈現（以千爲單位）：
 截至2024年9月30日
 
分期償還的
成本基礎
未實現的
收益
未實現的
虧損
預計
公正價值
美國國債（$5,596 現金及現金等價物中的一部分)
$193,198 $617 $(3)$193,812 
美國政府機構債券（$3,973 現金及現金等價物中的一部分)
31,380 136 (1)31,515 
商業本票（$5,990 現金及現金等價物中的一部分)
30,173 32 (2)30,203 
貨幣型基金投資（包含在現金等價物中）
16,411 — — 16,411 
企業債券9,064 10 — 9,074 
所有基金類型和可交易證券$280,226 $795 $(6)$281,015 
分類爲:   
現金及現金等價物  $31,970 
短期可交易證券  196,208 
可交易證券, 長期  52,837 
所有基金類型和可交易證券  $281,015 
 截至2023年12月31日
 
分期償還的
成本基礎
未實現的
收益
未實現的
虧損
預計
公正價值
美國國債（$23,527 包括在現金及現金等價物中）
$262,328 $331 $(220)$262,439 
商業短期債券（$9,759 包括在現金及現金等價物中）
40,386 — (13)40,373 
美國政府機構債券
40,295 1 (111)40,185 
貨幣型基金投資（包括在現金等價物中）
17,876 — — 17,876 
企業債券
11,489 50 (8)11,531 
所有基金類型和可交易證券$372,374 $382 $(352)$372,404 
    
分類爲:
現金及現金等價物$51,162 
短期可交易證券277,665 
可交易證券, 長期43,577 
所有基金類型和可交易證券$372,404 
以下表格顯示了按合同到期日分類的可供出售的有價證券的公允價值（以千爲單位）：
2024年9月30日
一年內到期$196,208 
1至5年內到期52,837 
總計$249,045 

9
目錄
下表總結了我們三級財務責任的公允價值變化情況（以千爲單位）：
 MSKCC 成功支付
負債
2023年12月31日結餘爲$2,939 
公允價值變動(1,934)
2024年9月30日的餘額$1,005 
我們爲MSKCC成功支付的責任按公允價值計量，變動被確認爲其他收入的一部分，直至成功支付的責任支付或到期。我們記錄了$0.21百萬美元和0.1百萬 作爲其他收入的MSKCC成功支付責任公允價值變動的損失 分別爲2024年和2023年截至9月30日的三個月內，我們在未經審計的綜合損益簡表中記錄了MSKCC成功支付責任公允價值變動的損失$1.9萬美元和0.4百萬 作爲其他收入的MSKCC成功支付責任公允價值變動的收益 在2024年和2023年9月30日結束的未經審計的簡明綜合損益表中，其他收益。
下表總結了用於估值MSKCC成功支付責任的關鍵假設。
 截至
12月31日,
2023
普通股的公允價值$5.73 
無風險利率
 3.88%
預期波動率
 79%
達到初始股票價格倍數的概率(1)
5.2可以降低至0.75%每年18.1%
預期剩餘合同期限(年)
3.7至5.2
(1)斯隆·凱特琳癌症中心有權在特定時間段內，根據我們普通股的公允價值是否按照特定價值倍數增長而獲得一定的成功支付，成功支付基於我們普通股的公允價值與$每股進行比較。（「初始股價」）。有關我們與斯隆·凱特琳癌症中心協議的更多信息，請參閱附在我們10-K表格中的合併財務報表附註4。5.1914 每股調整後的未來拆股並股比較（「初始股價」），如我們普通股的市場公允價值與後者相等，蒙特福證券交換公司有權獲得一定的成功支付。有關我們與MSKCC的協議的更多信息，請參閱包括在我們的10-K表格中的合併財務報表的附註4。
預期波動率的計算是通過結合有關類似上市公司股票的歷史波動率信息，與我們股票的歷史波動率和引伸波幅相匹配的期間所估算得出的。無風險利率、預期波動率和預期期限假設取決於自我們Cb-012產品候選物的AMpLify階段1臨床試驗啓動（利用根據2020年11月13日與MSKCC（「MSKCC協議」）簽訂的獨家許可協議下許可的專有技術和知識產權）直到該產品候選物獲得美國食品和藥物管理局（「FDA」）的上市許可的估計時機。此外，我們還考慮了在MSKCC成功支付責任的計算中估計的估值計算日期數量和時機。
截至2024年9月30日，我們未注意到任何重大變化影響了MSKCC成功支付責任公允價值計算中所使用的輸入，除了我們的普通股公允價值變更爲$1.96每股.
4. 重要協議。
自2023年12月31日起，我們重大協議的關鍵條款沒有發生重大變化。有關我們重大協議的更多信息，請參閱包含在我們第10-K表格中的合併財務報表附註4。
在2023年9月30日結束的三個月內，我們確認了$21.5 百萬美元營業收入，涉及截至2021年2月9日（經修改，「AbbVie協議」）與AbbVie製造業管理無限公司（「AbbVie」）的合作與許可協議，截至2023年9月30日的九個月內，我們確認了$24.5 百萬美元的營業收入在AbbVie協議下確認。 No 截至2024年9月30日和12月31日，由於AbbVie協議於2023年10月25日生效終止，AbbVie協議在截至2024年9月30日的三個月和九個月內確認了營業收入。截至2024年9月30日和2023年12月31日，我們沒有任何金額記錄在
10
目錄
我們合併資產負債表中與艾伯維公司協議相關的應收賬款、合同資產或遞延營業收入。
我們重要的協議可能包括不可退還的預付款； 年度許可證維護費； 轉讓費； 償還專利申請和維護費的義務； 成功支付； 監管臨床和商業里程碑； 以及版稅支付。 我們作出此類支付的義務取決於里程碑的實現，許可產品的商業化，以及協議的繼續有效。
截至2024年9月30日的三個月和2023年，我們在未經審計的綜合損益表中將研發費用記錄爲$0.21百萬美元和0.4百萬美元，分別與我們的許可協議有關。截至2024年9月30日的九個月和2023年，我們在未經審計的綜合損益表中將研發費用記錄爲$1.8萬美元和1.2 百萬美元，分別與我們的重要協議有關。截至2024年9月30日的三個月和2023年，我們在未經審計的綜合損益表中將研發費用記錄爲$0.11百萬美元和0.4百萬美元，分別作爲專利申請和維護成本的一般和行政費用，在未經審計的綜合損益表中，其中包括專利申請和維護成本的退費$0.41百萬美元和0.1截至2024年9月30日和2023年，我們分別記錄了$0.5萬美元和2.2 百萬，作爲專利申請和維護成本的一般和管理費用，在我們的未經審計的簡明綜合損益表中，其中包括專利申請和維護成本的報銷$0.91百萬美元和1.3百萬。
截至2024年9月30日，某些許可和轉讓協議中包含了我們爲了開發、監管和銷售里程碑可能未來支付的金額，總計約爲$159.9股票回購活動以及因員工基於股票的補償目的而重新發行國庫股的情況如下：
5. 收入
訂閱和支持收入包括以下內容（以百萬美元爲單位）：
我們根據我們的許可證持有人和合作者的研發活動地點，將營業收入按地理市場進行了細分。 以下表格總結了截至2024年9月30日和2023年9月30日止三個和九個月的地理位置的營業收入（以千爲單位）：
 截至9月30日的三個月截至9月30日的九個月
 2024202320242023
美國$1,657 $23,285 $7,370 $30,416 
世界其他地區367 377 547 503 
總計$2,024 $23,662 $7,917 $30,919 
截至2024年9月30日止三個月，我們確認了營業收入$1.4 百萬與在某一時點履約的服務相關的營業收入，以及我們確認了百萬與逐步履約的服務相關的營業收入$0.6 百萬與逐步履約的服務相關的營業收入。
在2023年9月30日結束的三個月內，我們認定了$1.6 營業收入$百萬與一時點交付的履約義務有關，我們認定了$22.1 百萬的營業收入與隨時間交付的履約義務有關，其中包括與現已終止的艾伯維公司協議關聯的$百萬許可和合作收入。21.5 百萬的營業收入與隨時間履行的履約義務相關，其中包括現在已終止的艾伯維公司協議關聯的$百萬許可和合作收入。
2024年9月30日結束的九個月內，我們確認了$營業收入6.0 百萬美元的營業收入與一次性履約責任有關，並確認了$1.9 百萬美元的營業收入與逐步履約責任有關。
截至2023年9月30日，我們認定了營業收入$5.8 百萬，與一時性履約義務有關的營業收入，和我們確認了$25.1 百萬，與逐步履行履約義務有關的營業收入，其中包括$24.5 百萬來自於現已終止的艾伯維公司協議的許可和合作營業收入。
11
目錄
合同餘額
應收賬款涉及我們對已完成（或部分完成）績效義務的未來獲得報酬的權利。我們的應收賬款餘額代表了我們向許可證持有人開具發票並且在報告期末尚未結算的金額。
合同資產是我們授予被許可人的許可證而產生的對價權利，當該權利存在除時間流逝以外的條件時。我們的合同資產餘額代表報告期末未計費的其他許可協議中的版稅和里程碑付款。
合同負債包括遞延營業收入，與之相關的是發票給付的金額，或從受許可方所收取的預付款金，這些金額先於我們對相關履約義務的滿足。截至2024年9月30日和2023年12月31日，我們的遞延營收主要來源於與輝瑞公司（「Pfizer」）履約義務相關的預付款。其餘的遞延營收與受許可協議下收到的預付款相關，這些協議還包括不可退還的年度許可費，這些費用被視爲許可續約的重要權益，並在受許可方付款並開始續約期時確認。
The following table presents changes in our contract assets and liabilities during the nine months ended September 30, 2024 (in thousands):
Balance as of
December 31,
2023		Additions
Deductions
Balance as of
September 30,
2024
Accounts receivable$148 $4,757 $(4,721)$184 
Contract assets:
Unbilled accounts receivable$1,425 $2,663 $(3,290)$798 
Contract liabilities:
Deferred revenue, current and long-term$8,949 $1,250 $(3,423)$6,776 
During the nine months ended September 30, 2024, and 2023, we recognized $2.2 million and $23.2 million of revenue, respectively, which was included in the opening contract liabilities balances at the beginning of the respective periods.
Transaction Prices Allocated to Remaining Performance Obligations
Remaining performance obligations represent in aggregate the amount of a transaction price that has been allocated to performance obligations not delivered as of the end of a reporting period. The value of transaction prices allocated to remaining unsatisfied performance obligations as of September 30, 2024, was approximately $6.8 million. We expect to recognize approximately $2.8 million of remaining performance obligations as revenue in the next 12 months and to recognize the remainder thereafter.
Capitalized Contract Acquisition Costs and Fulfillment Costs
We did not incur any expenses to obtain our existing contracts, and costs to fulfill those contracts do not generate or enhance our resources. As such, no costs to obtain or fulfill a contract have been capitalized in any period.
12
Table of Contents
6. Balance Sheet Items
Other receivables consisted of the following (in thousands):
 September 30,
2024		December 31,
2023
Patent cost reimbursements$936 $1,403 
Accrued interest on marketable securities747 702 
Other— 181 
Total$1,683 $2,286 
Prepaid expenses and other current assets consisted of the following (in thousands):
 September 30,
2024		December 31,
2023
Prepaid contract manufacturing and clinical costs$3,279 $3,942 
Prepaid insurance1,100 993 
Other2,204 1,220 
Total$6,583 $6,155 
Property and equipment, net, consisted of the following (in thousands):
 September 30,
2024		December 31,
2023
Lab equipment$18,276 $15,581 
Leasehold improvements11,493 2,235 
Computer equipment906 895 
Furniture and equipment697 499 
Construction in progress— 8,204 
Total property and equipment, gross31,372 27,414 
Less: accumulated depreciation and amortization(11,807)(9,144)
Property and equipment, net$19,565 $18,270 
Depreciation and amortization expenses related to property and equipment were $1.1 million and $1.6 million for the three months ended September 30, 2024, and 2023, respectively. Depreciation and amortization expenses related to property and equipment were $2.7 million and $2.8 million, for the nine months ended September 30, 2024, and 2023, respectively.
Accrued expenses and other current liabilities consisted of the following (in thousands):
 September 30,
2024		December 31,
2023
Accrued research and development expenses$12,150 $8,720 
Accrued employee compensation and related expenses7,087 9,517 
Accrued securities litigation settlement
3,900 — 
Accrued patent expenses839 613 
Accrued expenses related to sublicensing revenues483 802 
Credit card liability
16 377 
Other973 1,106 
Total$25,448 $21,135 
13
Table of Contents
7. Related Party Transactions
Since December 31, 2023, there have been no new related party transactions, except as set forth below. For further information regarding our related parties, see Note 7 to the consolidated financial statements included in our Form 10-K.
Pfizer Investment
During the three months ended September 30, 2024, we recognized $0.6 million of revenue from our Information Rights Agreement with Pfizer, dated June 29, 2023, pursuant to which we had originally allocated $7.5 million as a contract with a customer under ASC Topic 606. During the nine months ended September 30, 2024, we recognized $1.9 million of revenue from Pfizer. During each of the three- and nine-month periods ended September 30, 2023, we recognized $0.6 million of revenue from Pfizer. As of September 30, 2024, there was approximately $4.4 million of related party deferred revenue ($2.5 million included in current liabilities and $1.9 million included in long-term liabilities) related to our performance obligation to Pfizer. As of December 31, 2023, there was approximately $6.2 million of related party deferred revenue ($2.5 million included in current liabilities and $3.7 million included in long-term liabilities) related to our performance obligation to Pfizer.
Edge Animal Health
In June 2024, we received additional shares of convertible preferred stock pursuant to anti-dilution rights associated with the Exclusive License Agreement for Veterinary Therapeutics (as amended, “Edge chRDNA License Agreement”) with Edge Animal Health (“Edge”), a private company and related party. Edge issued 1,623,275 shares of convertible preferred stock to us with an estimated fair value of $1.6 million, based on management’s best estimate and judgment. The Edge chRDNA License Agreement is a contract with a customer under ASC 606. We did not recognize any revenue in connection with the Edge chRDNA License Agreement during the three months ended September 30, 2024. We recognized $1.6 million as revenue during the nine months ended September 30, 2024. We did not recognize any revenue in connection with the Edge chRDNA License Agreement in 2023.
On May 16, 2023, we entered into an Exclusive License Agreement for Veterinary Therapeutics (CRISPR-Cas9) (“Edge Cas9 License Agreement”), under which we granted Edge an exclusive worldwide license to certain CRISPR-Cas9 intellectual property rights in the field of veterinary therapeutics. Previously, on May 15, 2020, we entered into an Option for an Exclusive License under which Edge could exercise its option within three years upon payment of a total of $1.2 million, which option Edge exercised and paid $1.2 million, and we entered into the Edge Cas9 License Agreement. We did not recognize any revenue in connection with the Edge Cas9 License Agreement in 2024. We did not recognize any revenue in connection with the Edge Cas9 License Agreement during the three months ended September 30, 2023. We recognized $1.2 million of revenue in connection with the Edge Cas9 License Agreement during the nine months ended September 30, 2023.
8. Leases
Operating Lease Obligations
As of September 30, 2024, we had operating leases for our laboratory and office spaces in Berkeley, California, consisting of approximately 75,000 square feet, with remaining lease terms up to 7.8 years. Certain of our laboratory and office space lease agreements include options to extend the terms for a period of five years and also contain provisions for future rent increases. In addition to base rent, we pay our share of operating expenses and taxes.
The components of lease costs, which are included in our unaudited condensed consolidated statements of operations and comprehensive loss, were as follows (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Operating lease cost(1)
$1,950 $1,937 $5,822 $5,749 
Short-term lease cost63 63 188 188 
Total lease cost$2,013 $2,000 $6,010 $5,937 
(1)Includes $0.7 million of variable lease cost related to operating expenses and taxes for each of the three- month periods ended September 30, 2024, and September 30, 2023. Includes $2.0 million and $1.9 million of variable lease cost related to operating expenses and taxes for the nine months ended September 30, 2024, and 2023, respectively.
14
Table of Contents
Supplemental information related to our leases was as follows (in thousands):
Nine Months Ended September 30,
 20242023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$2,624 $2,597 
The following table summarizes the weighted-average remaining lease term and weighted-average discount rate for our corporate laboratory and office leases:
September 30,
2024		December 31,
2023
Weighted-average remaining lease term (years)6.77.4
Weighted-average discount rate11.3 %11.3 %
The following table summarizes a maturity analysis of our operating lease liabilities showing the aggregate lease payments as of September 30, 2024 (in thousands):
Remainder of 2024(1)
$797 
20254,411 
20265,720 
20275,922 
20286,122 
Thereafter15,993 
Total future undiscounted lease payments
38,965 
Less imputed interest(12,324)
Total discounted lease payments26,641 
Less current portion of lease liability(1,178)
Noncurrent portion of lease liability$25,463 
(1)Reflects an offset of $0.3 million related to incentives expected to be received in 2024.
9. Commitments and Contingencies
Research, Manufacturing, and License Agreements
We enter into various agreements in the ordinary course of business, such as those with contract manufacturing organizations (“CMOs”), suppliers, clinical research organizations (“CROs”), clinical trial sites, licensors, assignors, and the like. These agreements provide for termination by either party in certain circumstances, generally with less than one-year notice and are, therefore, cancellable contracts and, if cancelled, are not anticipated to have a material effect on our unaudited condensed consolidated financial condition, results of operations, or cash flows.
Some of these agreements also include contingent payments that will become payable if and when certain development, regulatory, clinical, and/or commercial milestones are achieved by us. As of September 30, 2024, satisfaction and timing of such contingent payments are uncertain and thus cannot be reasonably estimated.
Guarantees and Indemnifications
In the ordinary course of business, we enter into agreements that contain a variety of representations and warranties and provide for certain indemnifications by us. Our exposure under these agreements is unknown because claims may be made against us in the future. As of September 30, 2024, and December 31, 2023, we did not have any material indemnification claims that were probable or reasonably possible, and consequently, we have not recorded related liabilities.
15
Table of Contents
Litigation
From time to time, we may become involved in litigation arising in the ordinary course of business. We record a liability for such litigation when it is probable that future losses will be incurred and if such losses can be reasonably estimated. Significant judgment by us is required to determine both probability and the estimated amount.

On April 11, 2023, a putative class action lawsuit was filed in the U.S. District Court for the Northern District of California against our company and certain of our officers and current and former members of our board of directors, Bergman v. Caribou Biosciences, Inc., et al., Case Number 23-cv-01742 (“Bergman Case”). The Bergman complaint challenged disclosures regarding our company’s business, operations, and prospects, specifically with respect to the alleged durability of CB-010’s therapeutic effect and the product candidate’s clinical and commercial prospects, in alleged violation of Sections 11 and 15 of the Securities Act of 1933, as amended (“Securities Act”), and Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, as amended (“Exchange Act”). On September 18, 2023, plaintiffs filed an amended complaint adding the initial public offering (“IPO”) underwriters as defendants and making substantially the same allegations as the original complaint. On November 14, 2023, we filed a motion to dismiss the amended complaint for failure to state a claim. Motion to dismiss briefing was completed on February 21, 2024. On April 22, 2024, we reached an agreement in principle with plaintiffs to settle the Bergman Case for $3.9 million, which was included in general and administrative expense for the three months ended March 31, 2024, in exchange for a full release of the putative class’s claims against us and all our current and former officers, current and former members of our board of directors, the IPO underwriters, and the other named defendant. The parties filed a settlement agreement with the court on June 26, 2024, and, on October 15, 2024, the court issued an order preliminarily approving the settlement and setting a final settlement approval hearing for February 18, 2025.
10. Common Stock
Common stock reserved for future issuances consisted of the following:
As of
September 30, 2024		As of
December 31, 2023
Stock options, issued and outstanding11,611,364 9,410,404 
Stock options, authorized for future issuances6,827,620 5,952,012 
Stock available under ESPP2,139,666 1,516,355 
Unvested RSUs and PSUs1,302,846 205,357 
Total common stock reserved for future issuances21,881,496 17,084,128 
Shelf Registration Statement
On August 9, 2022, we filed a shelf registration statement on Form S-3 (“Shelf Registration Statement”) with the SEC. The Shelf Registration Statement allows us to sell from time to time up to $400.0 million of common stock, preferred stock, debt securities, warrants, rights, or units comprised of any combination of these securities, for our own account in one or more offerings (including the $100.0 million of common stock reserved for our at-the-market equity offering program). The SEC declared the Shelf Registration Statement effective on August 16, 2022. The terms of any offering under the Shelf Registration Statement will be established at the time of such offering, as described in a prospectus supplement to the Shelf Registration Statement to be filed with the SEC prior to the completion of any such offering.
In July and August 2023, we issued and sold a total of 22,115,384 shares of our common stock in an underwritten follow-on public offering at a price to the public of $6.50 per share, which included the full exercise of the underwriters’ right to purchase 2,884,615 additional shares of our common stock. The total gross proceeds from the offering were approximately $143.7 million ($134.4 million net of underwriting discounts and commissions and offering expenses). The shares were issued pursuant to the Shelf Registration Statement.
At-the-market Equity Offering Program
On August 9, 2022, we entered into an at-the-market Open Market Sale AgreementSM (“ATM Sales Agreement”) with Jefferies LLC (“Jefferies”), pursuant to which, through Jefferies as sales agent, we may from time to time, sell shares of our common stock having an aggregate offering price of up to $100.0 million in gross proceeds under the Shelf Registration Statement. As of September 30, 2024, we have sold 1,762,806 shares of our common stock under the ATM Sales Agreement, at an average price per share of $7.32 for aggregate gross proceeds of $12.9 million ($12.3 million net of offering expenses).
16
Table of Contents
11. Stock-Based Compensation
Equity Incentive Plans
In July 2021, our board of directors adopted, and our stockholders approved, the 2021 Equity Incentive Plan (“2021 Plan”) that became effective on July 22, 2021. As of September 30, 2024, we had 6,827,620 shares available for issuance under the 2021 Plan.
The following table summarizes stock option activity under our equity incentive plans during the nine months ended September 30, 2024:
Stock Options Weighted-
Average
Exercise Price		Weighted-
Average
Remaining
Contractual
Term (years)
Aggregate
Intrinsic Value (in thousands)(1)
Outstanding at December 31, 20239,410,404$8.03 8.0$6,432 
Options granted3,528,7025.97  
Options exercised(182,217)3.39  
Options cancelled or forfeited(1,145,525)8.35  
Outstanding at September 30, 202411,611,364$7.44 7.4$41 
Exercisable at September 30, 20245,810,961$8.03 6.1$41 
Vested and expected to vest at September 30, 202411,611,364$7.44 7.4$41 
(1)The aggregate intrinsic value is calculated as the difference between the stock option exercise price and the estimated fair value of the underlying common stock at the end of each reporting period referenced above.
Grant Date Fair Value
During the three months ended September 30, 2024, and 2023, we granted 391,525 and 384,095 stock options to employees with a weighted average grant date fair value of $1.49 and $3.64, respectively. During the nine months ended September 30, 2024, and 2023, we granted 3,528,702 and 3,406,801 stock options to employees with a weighted average grant date fair value of $4.09 and $3.91, respectively.
We estimated the fair value of each employee stock option award on the grant date using the Black-Scholes option-pricing model based on the following assumptions:
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Volatility75.8%
74.2% to 74.6%
75.7% to 75.9%
74.2% to 75.0%
Expected term (in years)6.06.0
5.0 to 6.0
5.0 to 6.0
Risk-free interest rate
3.7% to 3.8%
4.1% to 4.6%
3.7% to 4.5%
3.5% to 4.6%
Expected dividend yield0.0%0.0%0.0%0.0%
As of September 30, 2024, there was $24.5 million of unrecognized stock-based compensation expense related to employee stock options that is expected to be recognized over a weighted-average period of 2.6 years.
17
Table of Contents
Restricted Stock Units
During the nine months ended September 30, 2024, we granted 1,342,842 restricted stock units (“RSUs”) to employees, and we did not grant any performance-based RSUs (“PSUs”) to employees under the 2021 Plan. A summary of the status of and change in unvested RSUs and PSUs as of September 30, 2024, was as follows:
Number of Shares Underlying Outstanding RSUs and PSUsWeighted-Average Grant Date Fair Value per RSU and PSU
Unvested, January 1, 2024205,357$8.49 
Granted1,342,8425.71
Vested(66,173)10.07
Forfeited(179,180)7.17
Unvested, September 30, 20241,302,846$5.73 
On August 22, 2022, we granted PSUs to our executive officers, which will vest contingent upon the achievement of a clinical milestone for CB-010 during a performance period ending December 31, 2024, and the executive officer’s continued employment during the performance period. As of September 30, 2024, the achievement of this milestone was not considered probable and, therefore, no stock-based compensation was recorded.
As of September 30, 2024, the total unrecognized stock-based compensation expense related to unvested RSUs was $5.7 million, which is expected to be recognized over the remaining weighted-average vesting period of 2.9 years. As of September 30, 2024, there was approximately $0.4 million of unrecognized stock-based compensation expense related to unvested PSUs.
Employee Stock Purchase Plan (“ESPP”)
In July 2021, our board of directors adopted, and our stockholders approved, the ESPP, which became effective on July 22, 2021. We issued 468,745 shares of common stock under the ESPP as of September 30, 2024. We recorded $0.1 million in accrued liabilities related to contributions withheld as of September 30, 2024.
Stock-Based Compensation Expense
We recorded stock-based compensation expense related to employee equity-based awards grants in our unaudited condensed consolidated statements of operations and comprehensive loss as follows (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Research and development$1,638 $1,464 $5,248 $4,324 
General and administrative2,431 2,014 7,547 5,870 
Total$4,069 $3,478 $12,795 $10,194 
The above stock-based compensation expense related to the following equity-based awards (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Stock options$3,530 $3,188 $10,909 $9,188 
ESPP80 96 309 427 
RSUs459 194 1,577 579 
Total$4,069 $3,478 $12,795 $10,194 
12. 401(k) Savings Plan
In 2017, we established a defined-contribution savings plan under Section 401(k) of the Internal Revenue Code of 1986, as amended (“Tax Code”). Our 401(k) plan is available to all employees and allows participants to defer a portion of
18
Table of Contents
their annual compensation on a pretax basis subject to applicable laws. We also provide a 4% match for employee contributions up to a certain limit. During the nine months ended September 30, 2024, and 2023, we contributed $0.9 million and $0.8 million, respectively, to our 401(k) plan.
13. Income Taxes
No income tax expense was recorded during each of the three- and nine-month periods ended September 30, 2024, and 2023 due to our operating losses.
14. Net Loss Per Share
The following table sets forth the computation of the basic and diluted net loss per share (in thousands, except share and per share amounts):
Three Months Ended
September 30,		Nine Months Ended
September 30,
2024202320242023
Numerator:
Net loss$(34,684)$(10,002)$(113,615)$(67,565)
Denominator:
Weighted-average common shares outstanding used to compute net loss per share, basic and diluted90,455,900 83,783,992 90,034,799 68,878,921 
Net loss per share, basic and diluted$(0.38)$(0.12)$(1.26)$(0.98)
Because we were in a net loss position for all periods presented, basic net loss per share is the same as diluted net loss per share for all periods, as the inclusion of all common stock equivalents outstanding would have been anti-dilutive. Potentially dilutive securities that were not included in the diluted per share calculations because they would be anti-dilutive were as follows:
As of
September 30,
2024		As of
September 30,
2023
Stock options outstanding11,611,3649,523,394
RSUs issued and outstanding
1,259,377168,438
Shares committed under ESPP304,434134,276
13,175,1759,826,108
15. Restructuring Charge
On July 16, 2024, we announced that we had discontinued preclinical research activities associated with our allogeneic CAR-NK platform and reduced our workforce by 21 positions, or approximately 12%. The workforce reduction was completed during the third quarter of 2024. As a result, we recorded a total of $0.6 million in non-recurring restructuring charges during the three months ended September 30, 2024, consisting primarily of cash severance costs, continuation of benefits, and transition support services for impacted employees.
19
Table of Contents
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
You should read the following discussion and analysis of our financial condition and results of operations together with our unaudited condensed consolidated financial statements and the related notes included in Part I, Item 1, of this Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2024 (“Form 10-Q”) and with the audited consolidated financial statements and the related notes for the fiscal year ended December 31, 2023 included in our Annual Report on Form 10-K (“Form 10-K”) filed with the U.S. Securities and Exchange Commission (“SEC”) on March 11, 2024.
Special Note Regarding Forward-Looking Statements
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 and preclinical development programs, including our expectations about the timing of such programs; the expected timing of disclosure of clinical data from such programs; the safety, efficacy, and potential advantages of our product candidates; future regulatory filings and interactions with regulatory authorities; our results of operations and financial position; and plans and objectives of management for future operations. 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.
As a result of many factors, including but not limited to risks related to our limited operating history, history of net operating losses, financial position and our ability to raise additional capital as needed to fund our operations and product candidate development; risks inherent in the development of cell therapy products; risks associated with the initiation, cost, timing, progress, and results of current and future research and development programs, preclinical studies, and clinical trials; the risk that initial, preliminary, or interim clinical trial data will not ultimately be predictive of the safety and efficacy of our product candidates or that clinical outcomes may differ as patient enrollment continues and as more clinical data becomes available or different conclusions or considerations are reached once additional data have been received and fully evaluated; the risk that preclinical study results will not be borne out in human patients; risks related to our ability to obtain and maintain regulatory approval for our product candidates; risks that our product candidates, if approved, may not gain market acceptance due to negative public opinion and increased regulatory scrutiny of cell therapies involving genome editing; risks related to our ability to meet future regulatory standards with respect to our products; risks related to our ability to establish and/or maintain intellectual property rights covering our product candidates and genome-editing technology; risks of third parties asserting that our product candidates infringe their patents; risks related to developments of our competitors and our industry; risks related to our reliance on third parties to conduct our clinical trials and manufacture our product candidates; risks caused by public health crises or geopolitical events on our business and operations; and other risks described in greater detail in the section of our Form 10-K titled “Risk Factors,” 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.
Overview
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, including our novel chRDNA (CRISPR hybrid RNA-DNA, or “chRDNA,” pronounced “chardonnay”) technology, enables more precise genome editing to develop cell therapies that are armored to improve activity against diseases. We are advancing a pipeline of allogeneic, or off-the-shelf, cell therapies from our chimeric antigen receptor (“CAR”) T (“CAR-T”) cell platform as readily available therapeutic treatments for patients.
We are currently focused on advancing our allogeneic cell therapies for the treatment of hematologic malignancies and autoimmune diseases. Our therapies are directed at established cell surface targets for which autologous CAR-T cell therapeutics have already demonstrated clinical proof of concept, including CD19 and B cell maturation antigen (“BCMA”), as well as other targets such as C-type lectin-like molecule-1 (“CLL-1,” also known as CD371). We use our
20
Table of Contents
chRDNA technologies to armor our cell therapies through multiple genome-editing strategies, such as checkpoint disruption, immune cloaking, or a combination of these two strategies, to enhance activity against devastating diseases.

Our lead product candidate, CB-010, is an allogeneic anti-CD19 CAR-T cell therapy that is being evaluated in patients with relapsed or refractory large B cell non-Hodgkin lymphoma (“r/r B-NHL”) in our ongoing ANTLER phase 1 clinical trial. To our knowledge, CB-010 is the first clinical-stage allogeneic anti-CD19 CAR-T cell therapy with programmed cell death protein 1 (“PD-1”) removed from the CAR-T cell surface by a genome-edited knockout of the PDCD1 gene.
In our ANTLER phase 1 clinical trial, 16 patients with multiple subtypes of aggressive r/r B-NHL were enrolled in the dose escalation portion of the clinical trial, and three dose levels of CB-010 were evaluated: dose level 1 (40x106 viable CAR-T cells, n=8), dose level 2 (80x106 viable CAR-T cells, n=5), and dose level 3 (120x106 viable CAR-T cells, n=3). Following the conclusion of the dose escalation portion of our ANTLER clinical trial, we began enrolling second-line (“2L”) large B cell lymphoma (“LBCL”) patients in the dose expansion phase of our ANTLER clinical trial, which is still ongoing. Dose level 2 (80x106 viable CAR-T cells) was selected as the recommended phase 2 dose (“RP2D”). In early June 2024, we presented safety, efficacy, and translational data for the first 46 patients evaluated in our ANTLER phase 1 clinical trial during a poster presentation at the 2024 American Society of Clinical Oncology (“ASCO”) Annual Meeting. CB-010 was generally well-tolerated with adverse events as expected for anti-CD19 CAR-T cell therapies. A retrospective analysis of the ANTLER clinical trial data showed that patients who received a dose of CB-010 manufactured from a healthy donor who shared four or more matching human leukocyte antigen (“HLA”) alleles with the patient (referred to as “partial HLA matching”) demonstrated the potential for improved efficacy. Based on these data, we have begun dosing a cohort of approximately 20 2L LBCL patients to prospectively evaluate whether partial HLA matching improves patient outcomes. In addition, we are enrolling approximately 10 patients who have relapsed following any prior CD19-targeted therapy in a proof-of-concept cohort, which will also incorporate partial HLA matching. We plan to report initial data from both cohorts in the first half of 2025. Upon confirmation of improved outcomes in 2L LBCL patients receiving a partially HLA matched dose of CB-010, we expect to initiate a pivotal phase 3 clinical trial in the second half of 2025, following agreement with the U.S. Food and Drug Administration (“FDA”) on a pivotal trial design. CB-010 received regenerative medicine advanced therapy (“RMAT”) designation for relapsed or refractory LBCL, fast track designation for r/r B-NHL, and orphan drug designation for follicular lymphoma (“FL”) from the FDA.

We are expanding our clinical development of CB-010 to include autoimmune diseases, and we plan to evaluate CB-010 in our multicenter, open label, GALLOP phase 1 clinical trial in adult patients with lupus nephritis (“LN”) and extrarenal lupus (“ERL”), which will incorporate partial HLA matching. We expect to initiate our GALLOP clinical trial by year-end 2024. CB-010 received fast track designation for refractory systemic lupus erythematosus (“SLE”) from the FDA.

Our second product candidate, CB-011, is an allogeneic CAR-T cell therapy that is, to our knowledge, the first anti-BCMA 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”). This strategy is designed to reduce CAR-T cell rejection by both patient T cells and natural killer (“NK”) cells to potentially enable more durable antitumor activity. CB-011 is being evaluated in our CaMMouflage phase 1 clinical trial in adult patients with relapsed or refractory multiple myeloma (“r/r MM”), and we are currently enrolling patients in the dose escalation portion of the CaMMouflage trial. Recently, we implemented a lymphodepletion regimen that includes a higher dose of cyclophosphamide than was part of the original protocol, and we plan to present initial dose escalation data from our CaMMouflage phase 1 clinical trial in the first half of 2025. CB-011 received fast track and orphan drug designations for r/r MM from the FDA.

The third product candidate from our CAR-T cell platform is CB-012, an allogeneic CAR-T cell therapy targeting CLL-1. CB-012 is, to our knowledge, the first allogeneic CAR-T cell therapy with both checkpoint disruption and immune cloaking strategies. We believe that CLL-1 is an attractive target for acute myeloid leukemia (“AML”) due to its expression on myeloid cancer cells, its enrichment on leukemic stem cells, and its absence on hematopoietic stem cells (“HSCs”). CB-012 is being evaluated in our AMpLify phase 1 clinical trial in adult patients with relapsed or refractory AML (“r/r AML”), and we are currently enrolling patients in the dose escalation portion of the AMpLify phase 1 trial. We plan to provide updates on dose escalation as our AMpLify phase 1 clinical trial advances. CB-012 received fast track and orphan drug designations for r/r AML from the FDA.
Since our founding in 2011, we have devoted substantially all our resources to organizing and staffing, business planning, raising capital, expanding our genome-editing platform technologies, developing our 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 product candidates. We do not have any products
21
Table of Contents
approved for commercial sale and have not generated any revenue from product sales. We have incurred operating losses since commencement of our operations.
To date, we have primarily funded our operations through proceeds from the sales of our capital stock, revenue from our license and collaboration agreements, and proceeds from the sale of shares of Intellia Therapeutics, Inc. (“Intellia”) common stock.
Our net losses for the three months ended September 30, 2024, and 2023, were $34.7 million and $10.0 million, respectively. Our net losses for the nine months ended September 30, 2024, and 2023, were $113.6 million and $67.6 million, respectively. We had an accumulated deficit of $412.9 million as of September 30, 2024. 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 nonclinical studies and our other research and development expenses. We anticipate that our expenses will increase substantially as we:
•advance clinical trials for our CAR-T cell therapy product candidates;
•continue our current research programs and our preclinical and clinical development of our current product candidates and any other product candidates we identify and choose to develop;
•further develop our genome-editing technologies;
•acquire or in-license new technologies;
•expand, maintain, enforce, and defend our intellectual property portfolio;
•seek regulatory and marketing approvals for any of our product candidates that successfully complete clinical trials, if any;
•establish and expand manufacturing capabilities and supply chain capacity for our product candidates;
•add operational, legal, financial, and management information systems to support growth initiatives;
•hire additional personnel as we advance our product candidates;
•experience any delays, challenges, or other issues associated with any of the above, including the failure of clinical trials meeting endpoints, the generation of unanticipated preclinical study results or clinical trial data subject to differing interpretations, or the occurrence of potential safety issues or other development or regulatory challenges;
•make royalty, milestone, or other payments under current, and any future, in-license or assignment agreements;
•establish a sales, marketing, and distribution infrastructure to commercialize any product candidates for which we obtain regulatory approval; and
•continue to operate as a public company.

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 cell therapy product candidates as well as the CAR-T cell therapy product candidates themselves. We expect to continue to rely on CMOs for the manufacturing of our preclinical study and clinical trial materials, and most of our current CMOs have capabilities for commercial manufacturing. Additionally, we may decide to bring certain manufacturing functions in house and/or build our own manufacturing facility in the future to provide greater flexibility and control over our clinical and commercial manufacturing needs.
Because of the numerous risks and uncertainties associated with therapeutic product development, we may never achieve profitability and, unless and until we are able to develop and commercialize our product candidates, we will need to continue to raise additional capital. Until we can generate significant revenue from product sales, if ever, we expect to finance our operations through equity offerings (including our at-the-market equity offering program), debt financings, collaborations and strategic alliances, licensing arrangements, or other sources. There are no assurances that we will be successful in obtaining an adequate level of financing to support our business plans as needed on acceptable terms, or at all. If we raise additional funds through collaborations, strategic alliances, or licensing arrangements with third parties, we may have to relinquish valuable rights to our intellectual property, future revenue streams, research programs, or product candidates or grant licenses on terms that may not be favorable to us. If we are unable to raise capital as and when needed
22
Table of Contents
or on attractive terms, we may have to significantly delay, reduce, or discontinue the development and commercialization of our product candidates or scale back or terminate our pursuit of new in-licenses and acquisitions.
On July 16, 2024, we announced that we had discontinued preclinical research activities associated with our allogeneic CAR-NK platform and had reduced our workforce by 21 positions, or approximately 12%. This workforce reduction, together with other cost containment measures, is expected to extend our cash runway by at least six months into the second half of 2026, which will enable us to focus resources on our allogeneic CAR-T cell therapy platform and on rapidly advancing our four oncology and autoimmune disease clinical programs through certain milestones expected in 2025. In connection with the workforce reduction, we recorded a total of $0.6 million in non-recurring restructuring charges during the three months ended September 30, 2024, consisting primarily of cash severance costs, continuation of benefits, and transition support services for impacted employees.
Components of Results of Operations
Licensing and Collaboration Revenue
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. If our development efforts for our product candidates are successful and result in regulatory approval and commercialization, we may generate revenue in the future from product sales. We cannot predict if, when, or to what extent we will generate revenue from the commercialization and sale of our product candidates if we succeed in obtaining regulatory approval for these product candidates.
To date, all our revenue consists of licensing and collaboration revenue earned from collaboration and/or licensing agreements entered into with third parties, including related parties. Under these agreements, we 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 collaboration revenue. Revenue under such licensing and collaboration agreements was $2.0 million and $23.7 million for the three months ended September 30, 2024, and 2023, respectively, and $7.9 million and $30.9 million for the nine months ended September 30, 2024, and 2023, respectively. See Notes 4, 5, and 7 to our unaudited condensed consolidated financial statements included elsewhere in this Form 10-Q for additional information.
For additional information about our revenue recognition policy related to our licensing and collaboration agreements, see Note 2 to the consolidated financial statements included in our Form 10-K.
For the foreseeable future, we expect substantially all our revenue will be generated from licensing and collaboration agreements.
Operating Expenses
Research and Development Expenses
Our research and development expenses consist of internal and external expenses incurred in connection with the development of our product candidates and our platform technologies, and our in-licensing, assignment, and other third-party agreements.
External costs include:
•costs associated with acquiring technology and intellectual property licenses that have no alternative future uses, sublicensing revenues, and milestones;
•costs incurred in connection with the preclinical and clinical development and manufacturing of our product candidates, including under agreements with CMOs, suppliers, clinical research organizations (“CROs”), and clinical sites; and
•other research and development costs, including laboratory materials and supplies, and consulting services.
Internal costs include:
•personnel-related costs, including salaries, benefits, and share-based compensation expense, for our research and development personnel; and
23
Table of Contents
•allocated facilities and other overhead expenses, including expenses for rent, facilities maintenance, and depreciation.
We expense research and development costs as incurred. Costs of certain activities are recognized based on an evaluation of the progress to completion of specific tasks. However, payments made prior to the receipt of goods or services that will be used or rendered for future research and development activities are deferred and capitalized as prepaid expenses and other current assets on our unaudited condensed consolidated balance sheets. The capitalized amounts are recognized as expenses as the goods are delivered or as related services are performed. We separately track certain external costs on a program-by-program basis; however, we do not track costs that are deployed across multiple programs.
Research and development activities are central to our business strategy. 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 product candidates through clinical trials and later stages of development; conduct preclinical studies and clinical trials for our other product candidates; seek regulatory approvals for any product candidates that successfully complete clinical trials; and seek to identify, in-license, acquire, and/or develop additional product candidates.
The successful development of our CAR-T cell therapy product candidates, as well as other potential future product candidates, is highly uncertain. Accordingly, 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 regulatory approval. We may never succeed in achieving regulatory approval for any of our product candidates. The duration, costs, and timing of preclinical studies, clinical trials, and development of our product candidates will depend on a variety of factors, including:
•sufficiency of our financial and other resources;
•acceptance of our CRISPR chRDNA genome-editing technology and other new technologies we may develop or in-license;
•the ability to develop differentiating features so that our products have a competitive edge;
•establishment, maintenance, enforcement, and defense of our patents and other intellectual property rights;
•the ability to not infringe, misappropriate, or otherwise violate third-party intellectual property rights;
•clearance of IND applications to initiate clinical trials on new product candidates;
•successful enrollment in, and completion of, our clinical trials on our product candidates;
•generation of data from our clinical trials that support an acceptable risk-benefit profile of our product candidates for the intended patient populations and that demonstrate safety and efficacy;
•entry into collaborations to further the development of our product candidates or for the development of new product candidates;
•successful development of our internal process development and transfer to CMOs;
•maintenance of, and compliance with, our agreements with CMOs and suppliers for clinical and commercial supplies and scaling up manufacturing processes and capabilities to support our clinical trials;
•receipt of marketing approvals from applicable regulatory authorities;
•grant of regulatory exclusivity for our product candidates;
•establishment of sales, marketing, and distribution capabilities necessary for commercialization of our product candidates if and when approved by the applicable regulatory authorities, whether by us or in collaboration with third parties;
•maintenance of a continued acceptable safety profile of our products post-approval;
•acceptance of our product candidates, if and when approved by the applicable regulatory authorities, by patients, the medical community, and third-party payors;
24
Table of Contents
•ability of our products to compete with other therapies and treatment options;
•establishment and maintenance of healthcare coverage and adequate reimbursement; and
•expanded indications and patient populations for our products.
The following table summarizes our research and development expenses for the periods indicated:
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
(in thousands)(in thousands)
External costs:
Expenses related to licenses, sublicensing revenue, and milestones
$375 $968 $4,429 $2,141 
Services provided by CROs, CMOs, and third parties that conduct preclinical studies and clinical trials on our behalf
13,060 11,928 37,215 32,345 
Other research and development expenses3,655 3,352 18,065 12,181 
Total external costs17,090 16,248 59,709 46,667 
Internal costs:
Personnel-related expenses9,869 8,836 30,344 25,702 
Facilities and other allocated expenses3,462 3,500 9,636 8,427 
Total internal costs13,331 12,336 39,980 34,129 
Total research and development expenses$30,421 $28,584 $99,689 $80,796 
General and Administrative Expenses
Our general and administrative expenses consist primarily of personnel-related costs, intellectual property costs, consulting costs, and allocated overhead, including rent, equipment depreciation, and utilities. Personnel-related costs consist of salaries, benefits, and stock-based compensation for our general and administrative personnel. Intellectual property costs include expenses for filing, prosecuting, and maintaining patents and patent applications, including certain patents and patent applications that we license from third parties. We are entitled to receive reimbursement from third parties of a portion of the costs for filing, prosecuting, and maintaining certain patents and patent applications. We accrue for these reimbursements as the respective expenses are incurred and classify such reimbursements as a reduction of general and administrative expenses. During the three months ended September 30, 2024, and 2023, we recorded $0.4 million and $0.2 million, respectively, of patent cost reimbursements as a reduction to general and administrative expense. During the nine months ended September 30, 2024, and 2023, we recorded $0.9 million and $1.3 million, respectively, of patent cost reimbursements as a reduction to general and administrative expense.
We expect that our general and administrative expenses will increase in the future as a result of expanding our operations, including preparing for potential commercialization of our product candidates, and additional facility occupancy costs, as well as other expenses necessary to support the growth and operations of a clinical-stage public company.
Other Income
Other income consists primarily of interest income earned on cash and marketable securities and the change in fair value of the Memorial Sloan Kettering Cancer Center (“MSKCC”) success payments liability under our Exclusive License Agreement, dated November 13, 2020, with MSKCC (“MSKCC Agreement”).
25
Table of Contents
Results of Operations
Comparison of the Three Months Ended September 30, 2024, and 2023
The following table summarizes our results of operations for the periods indicated:
Three Months Ended September 30,
20242023Change
(in thousands)
Licensing and collaboration revenue$2,024 $23,662 $(21,638)
Operating expenses:
Research and development30,421 28,584 1,837 
General and administrative9,841 9,711 130 
Total operating expenses40,262 38,295 1,967 
Loss from operations(38,238)(14,633)(23,605)
Other income:
Change in fair value of equity securities(14)(4)(10)
Change in fair value of the MSKCC success payments liability(164)(139)(25)
Other income, net3,732 4,774 (1,042)
Total other income3,554 4,631 (1,077)
Net loss$(34,684)$(10,002)$(24,682)
Licensing and Collaboration Revenue

Licensing and collaboration revenue decreased by $21.6 million to $2.0 million for the three months ended September 30, 2024, from $23.7 million for the three months ended September 30, 2023. This decrease was primarily related to a decrease of $21.5 million of revenue recognized under the now-terminated Collaboration and License Agreement, dated February 9, 2021 (as amended, “AbbVie Agreement”) with AbbVie Manufacturing Management Unlimited Company (“AbbVie”).
The following table summarizes our revenue by licensee for the periods indicated:
Three Months Ended September 30,
20242023Change
(in thousands)
AbbVie$— $21,476 $(21,476)
Pfizer, related party
622 622 — 
Other licensees1,402 1,564 (162)
Total licensing and collaboration revenue
$2,024 $23,662 $(21,638)
Research and Development Expenses
Research and development expenses increased by $1.8 million to $30.4 million for the three months ended September 30, 2024, from $28.6 million for the three months ended September 30, 2023. This increase was primarily related to (i) a net increase of $1.1 million in external CMO and CRO activities for our clinical CAR-T cell therapy product candidates, driven by (a) an increase of $1.4 million in CRO activities for clinical trials; partially offset by (b) a decrease of $0.3 million due to timing of CMO activities; (ii) an increase of $1.0 million in personnel-related expenses, including stock-based compensation, primarily due to severance and other related expenses recorded as a result of the July 2024 workforce reduction; and (iii) an increase of $0.3 million in other research and development expenses to advance preclinical and clinical research for our programs, as well as other consulting services related to research and development; partially offset by a decrease of $0.6 million in expenses related to licenses, sublicensing revenue, and milestones.
General and Administrative Expenses

26
Table of Contents
General and administrative expenses increased by $0.1 million to $9.8 million for the three months ended September 30, 2024, from $9.7 million for the three months ended September 30, 2023. This increase was primarily related to increases of $0.4 million in patent prosecution and maintenance costs; partially offset by a decrease of $0.3 million in legal and other service-related expenses.
Total Other Income
Total other income decreased by $1.1 million for three months ended September 30, 2024, as compared to the three months ended September 30, 2023.
We recognized a loss related to the change in the fair value of the MSKCC success payments liability in the amount of $0.2 million and $0.1 million, for the three months ended September 30, 2024, and 2023, respectively.
Other income, net decreased by $1.0 million during the three months ended September 30, 2024, compared to September 30, 2023. This decrease was primarily related to a $1.0 million decrease in interest income earned from marketable securities.
Comparison of the Nine Months Ended September 30, 2024, and 2023
The following table summarizes our results of operations for the periods indicated:
Nine Months Ended September 30,
20242023Change
(in thousands)
Licensing and collaboration revenue$7,917 $30,919 $(23,002)
Operating expenses:
Research and development99,689 80,796 18,893 
General and administrative35,969 28,740 7,229 
Total operating expenses135,658 109,536 26,122 
Loss from operations(127,741)(78,617)(49,124)
Other income:
Change in fair value of equity securities(116)3 (119)
Change in fair value of the MSKCC success payments liability1,934 395 1,539 
Other income, net12,308 10,654 1,654 
Total other income14,126 11,052 3,074 
Net loss$(113,615)$(67,565)$(46,050)
Licensing and Collaboration Revenue

Licensing and collaboration revenue decreased by $23.0 million to $7.9 million for the nine months ended September 30, 2024, from $30.9 million for the nine months ended September 30, 2023. This decrease was primarily related to a decrease of $24.5 million in revenue recognized under the now-terminated AbbVie Agreement; partially offset by (i) an increase of $1.2 million in revenue recognized under our Information Rights Agreement with Pfizer, dated June 29, 2023; and (ii) a net increase of $0.5 million in revenue recognized under our agreements with Edge, driven by (a) an increase of $1.6 million related to the Edge chRDNA License Agreement; partially offset by (b) a decrease of $1.2 million related to the Edge Cas9 License Agreement.
27
Table of Contents
The following table summarizes our revenue by licensee for the periods indicated:
Nine Months Ended September 30,
20242023Change
(in thousands)
AbbVie$— $24,458 $(24,458)
Edge Animal Health, related party
1,623 1,150 473 
Pfizer, related party
1,865 622 1,243 
Other licensees4,429 4,689 (260)
Total licensing and collaboration revenue
$7,917 $30,919 $(23,002)
Research and Development Expenses
Research and development expenses increased by $18.9 million to $99.7 million for the nine months ended September 30, 2024, from $80.8 million for the nine months ended September 30, 2023. This increase was primarily related to (i) an increase of $5.9 million in other research and development expenses to advance preclinical and clinical research for our programs, as well as other consulting services related to research and development; (ii) a net increase of $4.9 million in external CMO and CRO activities for our clinical CAR-T cell therapy product candidates, driven by (a) an increase of $10.5 million in CRO activities for clinical trials; partially offset by (b) a decrease of $5.6 million due to timing of CMO activities; (iii) an increase of $4.6 million in personnel-related expenses, including stock-based compensation, due to headcount increases; (iv) an increase of $2.3 million in expenses related to licenses, sublicensing revenue, and milestones; and (v) an increase of $1.2 million in other facilities and allocated expenses.
General and Administrative Expenses
General and administrative expenses increased by $7.2 million to $36.0 million for the nine months ended September 30, 2024, from $28.7 million for the nine months ended September 30, 2023. This increase was primarily related to increases of $5.4 million in legal, and other service-related expenses, including $3.9 million of accrued costs for the securities litigation settlement and $2.7 million in personnel-related expenses, including stock-based compensation, due to headcount increases; partially offset by a decrease of $0.7 million in patent prosecution and maintenance costs.
Total Other Income
Total other income increased by $3.1 million for the nine months ended September 30, 2024, as compared to the nine months ended September 30, 2023.
We recognized a gain related to the change in the fair value of the MSKCC success payments liability in the amount of $1.9 million and $0.4 million, for the nine months ended September 30, 2024, and 2023, respectively.
Other income, net increased by $1.7 million during the nine months ended September 30, 2024, compared to September 30, 2023. This increase was primarily related to a $1.7 million increase in interest income earned from marketable securities.
Liquidity, Capital Resources, and Capital Requirements
Sources of Liquidity
Since our inception, we have not generated any revenue from product sales and have incurred significant operating losses and negative cash flows from our operations. We have funded our operations through sales of our capital stock, including sales of our convertible preferred stock, which generated approximately $150.1 million in aggregate net proceeds through 2021; from our initial public offering (“IPO”) in 2021, which generated approximately $321.0 million in net proceeds; and from our underwritten follow-on public offering in 2023, which generated approximately $134.4 million in net proceeds. We have also received approximately $88.4 million in net proceeds from the sale of Intellia common stock through 2020. Additionally, we received a $25.0 million equity investment from Pfizer through a private placement transaction in June 2023. Through September 30, 2024, we received approximately $99.8 million from licensing agreements, licensing and collaboration agreements, a service agreement, patent assignments, and government grants, including $36.7 million that we received from AbbVie under the now-terminated AbbVie Agreement.
28
Table of Contents

On August 9, 2022, we filed a universal shelf registration statement on Form S-3 (“Shelf Registration Statement”) with the SEC, which allows us to, from time to time, sell up to $400.0 million of common stock, preferred stock, debt securities, warrants, rights, or units comprised of any combination thereof (including the $100.0 million of common stock reserved for our at-the-market equity offering program). The Shelf Registration Statement was declared effective by the SEC on August 16, 2022.
On August 9, 2022, we entered into an at-the-market Open Market Sale AgreementSM (“ATM Sales Agreement”) with Jefferies LLC (“Jefferies”), pursuant to which, upon the terms and subject to the conditions and limitations set forth in the ATM Sales Agreement, we may, from time to time, in our sole discretion, issue and sell, through Jefferies, acting as sales agent, up to $100.0 million of our shares of common stock under the Shelf Registration Statement, by any method permitted by law deemed to be an “at the market offering” as defined in Rule 415(a)(4) of the Securities Act. Jefferies uses commercially reasonable efforts consistent with its normal sales and trading practices to sell shares from time to time, based upon our instructions (including any price or size limits or other customary parameters or conditions we may impose). We pay Jefferies a commission equal to 3.0% of the aggregate gross proceeds of any shares sold through Jefferies pursuant to the ATM Sales Agreement. As of September 30, 2024, we have sold 1,762,806 shares of our common stock under the ATM Sales Agreement, at an average price per share of $7.32 for aggregate gross proceeds of $12.9 million ($12.3 million net of offering expenses).
In July and August 2023, we issued and sold a total of 22,115,384 shares of our common stock in an underwritten follow-on public offering at a price to the public of $6.50 per share, which included the full exercise of the underwriters’ right to purchase 2,884,615 additional shares of our common stock. The total gross proceeds from the offering were approximately $143.7 million ($134.4 million net of underwriting discounts and commissions and offering expenses). The shares were sold under the Shelf Registration Statement.

As of September 30, 2024, we had cash, cash equivalents, and marketable securities of $281.0 million. We will continue to be dependent upon equity financing, debt financing, collaboration and licensing arrangements, and/or other forms of capital raises at least until we are able to generate significant positive cash flows from our operations. We have no current ongoing material contractual commitments that are expected to affect our liquidity over the next five years, except for our lease commitments and payments under certain of our agreements with CMOs, suppliers, CROs, clinical trial sites, licensors, assignors, and the like. On April 22, 2024, we reached an agreement in principle with plaintiffs in the securities litigation to settle the case for $3.9 million and, on October 15, 2024, the court issued an order preliminarily approving the settlement pending a final settlement approval hearing. For information regarding our material contractual obligations and commitments and other contingencies, refer to Notes 4, 8, and 9 to our unaudited condensed consolidated financial statements included elsewhere in this Form 10-Q.

Based on our current operating plan, we expect that our existing cash, cash equivalents, and marketable securities will be sufficient to fund our operations for at least the next 12 months from the date of this Form 10-Q. We have based these estimates on our current assumptions, which may require future adjustments based on our ongoing business decisions.
Strategic Investment

On June 29, 2023, we entered into a Securities Purchase Agreement with Pfizer Inc. (“Pfizer”) pursuant to which we issued and sold to Pfizer 4,690,431 shares of our common stock, par value $0.0001 per share, at a purchase price of $5.33 per share, for aggregate gross proceeds of approximately $25.0 million in a private placement transaction (“Pfizer Investment”). The issuance and sale of the shares to Pfizer closed on June 30, 2023. We granted certain registration rights to Pfizer under the Securities Purchase Agreement covering the resale of the shares. Unless otherwise agreed by Pfizer, we have agreed to use the proceeds from the Pfizer Investment solely in connection with (i) the development program for our allogeneic anti-BCMA CAR-T cell therapy known as CB-011 product candidate that is being evaluated in our CaMMouflage clinical trial and/or (ii) any other single-targeted anti-BCMA CAR-T cell therapy using an anti-BCMA single-chain variable fragment owned or controlled by us (collectively, cell therapies described in clauses (i) and (ii) are referred to as a “BCMA Product Candidate”), for 36 months beginning on June 29, 2023.
On June 29, 2023, in connection with the Pfizer Investment, we and Pfizer also entered into an Information Rights Agreement, having a 36-month term. Under the Information Rights Agreement, we granted Pfizer a 30 calendar day right of first negotiation if we commence or engage with any third party with respect to a potential grant of rights to develop and/or commercialize a BCMA Product Candidate, including, without limitation, a license agreement, a co-promotion/co-commercialization agreement, a profit share agreement, a joint venture agreement, or an asset sale agreement (a “Grant of Program Rights”). If we and Pfizer do not reach an agreement with respect to a Grant of Program Rights within the 30-day period, then we may pursue negotiations and enter into an agreement with any third party. If we and such third party do not
29
Table of Contents
reach agreement on the Grant of Program Rights within a specified time period, Pfizer’s right of first negotiation will be reinstated. Under the Information Rights Agreement, we also granted Pfizer the right to designate one representative to serve on our scientific advisory board. Through an information sharing committee, we provide calendar quarter updates to Pfizer regarding the development program for a BCMA Product Candidate. Additionally, we provide Pfizer access to any preclinical or interim or final clinical data (including raw data) and results generated as part of the development program for a BCMA Product Candidate at the same time that we provide such data to a third party (other than to our service providers or the FDA or other regulatory authorities), subject to certain confidentiality exceptions.
Funding Requirements
Our primary use of cash is to fund operating expenses and research and development expenditures. Cash used to fund operating expenses is impacted by the timing of when we pay these expenses, as reflected in the change in our outstanding accounts payable, accrued expenses, and prepaid expenses.
Our future funding requirements will depend on many factors, including the following:
•the initiation, progress, timing, costs, and results of preclinical studies and clinical trials for our product candidates;
•the clinical development plans we establish for our product candidates;
•the number and characteristics of the new product candidates that we develop;
•the outcome, timing, and cost of meeting regulatory requirements established by the FDA and other comparable foreign regulatory authorities;
•whether we enter into any collaboration agreements and the terms of any such agreements;
•the cost of filing and prosecuting our patent applications, and maintaining and enforcing our patents and other intellectual property rights;
•the extent to which we acquire or in-license other product candidates and/or new technologies;
•the cost of defending intellectual property disputes, including patent infringement actions brought by third parties against our products after we receive regulatory approval;
•the effect of competing technological and market developments;
•the cost and timing of completion of commercial-scale outsourced manufacturing activities;
•the cost and timing of completion of clinical-scale and commercial-scale internal manufacturing activities, if we elect to conduct these activities ourselves;
•increases in the number of our employees and expansion of our physical facilities to support growth initiatives;
•the cost of establishing sales, marketing, and distribution capabilities for any product candidates for which we may receive regulatory approval in regions where we choose to commercialize our products without a partner;
•the amount of revenue, if any, received from commercial sales of our product candidates, should any of our product candidates receive regulatory approval;
•the achievement of milestones or occurrence of other developments that trigger payments by or to third parties;
•our implementation of various computerized informational systems and efforts to enhance operational systems;
•the impact of public health crises or geopolitical events on our clinical development or operations;
•the impact of inflationary pressures on the cost of our operations; and
•the costs associated with being a public company.
Furthermore, our operating plans may change, and we expect to need additional funds to meet operational needs and capital requirements for clinical trials and other research and development expenditures.
30
Table of Contents
Because of the numerous risks and uncertainties associated with the development of human therapeutics, we may never achieve profitability and, unless and until we are able to develop and commercialize our product candidates, we will need to continue to raise additional capital; however, funding may not be available to us on acceptable terms, or at all. If we are unable to obtain adequate financing when needed, we may have to delay, reduce the scope of, or suspend one or more of our preclinical studies, clinical trials, research and development programs, and/or commercialization efforts. We may seek to raise any necessary additional capital through a combination of equity offerings (including our at-the-market equity offering program), debt financings, collaborations and strategic alliances, licensing arrangements, or other sources. If we raise additional capital through debt financing, we may be subject to covenants limiting or restricting our ability to take specific actions, such as incurring additional debt, making capital expenditures, or declaring dividends. If we raise additional capital through the sale of equity or convertible debt securities, the issuance of these securities could result in dilution to our stockholders. If we raise additional capital through marketing and distribution arrangements or other collaborations, strategic alliances, or licensing arrangements with third parties or other sources, we may have to relinquish certain valuable rights to our product candidates, technologies, future revenue streams, or research programs or grant licenses on terms that may not be favorable to us.
Cash Flows
Comparison of the Nine Months Ended September 30, 2024, and 2023
The following table summarizes our cash flows for the periods indicated:
Nine Months Ended September 30,
20242023
Change
(in thousands)
Cash used in operating activities$(102,730)$(71,912)$(30,818)
Cash provided by (used in) investing activities70,677 (36,709)107,386 
Cash provided by financing activities12,861 154,341 (141,480)
Net (decrease) increase in cash, and cash equivalents, and restricted cash$(19,192)$45,720 $(64,912)
Cash Used in Operating Activities
Net cash used in operating activities was $102.7 million and $71.9 million for the nine months ended September 30, 2024, and 2023, respectively.
Cash used in operating activities for the nine months ended September 30, 2024, was primarily due to our net loss of $113.6 million, adjusted by non-cash charges of $11.7 million and net changes in our operating assets and liabilities of $0.8 million. Our non-cash charges were primarily comprised of (i) $12.8 million of stock-based compensation, (ii) $2.7 million of depreciation and amortization expense, (iii) $1.7 million of non-cash lease expense, and (iv) $1.6 million of acquired in-process research and development; which were partially offset by (i) accretion of discounts on our marketable securities investments of $3.7 million, (ii) change in the fair value of the MSKCC success payments liability of $1.9 million, and (iii) non-cash consideration for licensing and collaboration revenue of $1.6 million. The changes in our operating assets and liabilities were primarily due to (i) increases of $3.2 million in other assets and $0.4 million in prepaid expenses and other current assets, and (ii) decreases of $2.2 million in deferred revenue, current and long-term and $0.5 million in operating lease liabilities; partially offset by (i) decreases of $0.6 million in other receivables and $0.6 million in contract assets, and (ii) an increase of $4.3 million in accrued expenses and other current liabilities.
Cash used in operating activities for the nine months ended September 30, 2023, was primarily due to our net loss of $67.6 million, adjusted by non-cash charges of $8.0 million and net changes in our operating assets and liabilities of $12.3 million. Our non-cash charges were primarily comprised of (i) $10.2 million of stock-based compensation, (ii) $2.8 million of depreciation and amortization expense, and (iii) non-cash lease expense of $1.6 million; which were partially offset by (i) accretion of discounts on investments of $6.0 million, and (ii) change in the fair value of the MSKCC success payments liability of $0.4 million. The changes in our operating assets and liabilities were primarily due to an increase in accounts receivable of $0.9 million and decreases of $16.3 million in deferred revenue, current and long-term, and $0.3 million in operating lease liabilities; partially offset by (i) decreases in prepaid expenses and other current assets of $0.9 million, contract assets of $0.6 million, and (ii) increases of $2.8 million in accrued expenses and other current liabilities, and $1.1 million in accounts payable.
31
Table of Contents
Cash Provided by Investing Activities
During the nine months ended September 30, 2024, cash provided by investing activities was $70.7 million, and during the nine months ended September 30, 2023, cash used in investing activities was $36.7 million.
Cash provided by investing activities for the nine months ended September 30, 2024, was primarily due to proceeds from the maturities of marketable securities of $325.6 million; partially offset by purchases of marketable securities of $248.9 million, property and equipment of $4.4 million, and in-process research and development of $1.6 million.
Cash used in investing activities for the nine months ended September 30, 2023, was primarily due to purchases of marketable securities of $310.6 million and property and equipment of $9.3 million; partially offset by proceeds from the sales and maturities of marketable securities of $283.2 million.
Cash Provided by Financing Activities
During the nine months ended September 30, 2024, and 2023, cash provided by financing activities was $12.9 million and $154.3 million, respectively.
Cash provided by financing activities for the nine months ended September 30, 2024, was primarily due to net proceeds from our at-the-market equity offering program of $11.3 million, the issuances of common stock under the 2021 Employee Stock Purchase Plan (“ESPP”) of $0.9 million, and the exercises of stock options of $0.6 million.
Cash provided by financing activities for the nine months ended September 30, 2023, was primarily due to $134.5 million of net proceeds from our underwritten follow-on public offering, $17.3 million of net proceeds allocated to the issuances of common stock in a private placement transaction with Pfizer, net proceeds from our at-the-market equity offering program of $1.0 million, and the exercises of stock options and the issuances of common stock under the ESPP of $1.5 million.
Critical Accounting Policies and Significant Judgments and Estimates
Our critical accounting policies are disclosed in our audited consolidated financial statements for the year ended December 31, 2023, and the related notes included in our Form 10-K. Since the date of such financial statements, there have been no material changes to our significant accounting policies. There have been no material changes to our critical accounting estimates as compared to those disclosed in our Form 10-K.
Recently Issued Accounting Pronouncements
See Note 2 to our unaudited condensed consolidated financial statements included elsewhere in this Form 10-Q for more information regarding recently issued accounting pronouncements.
Emerging Growth Company and Smaller Reporting Company Status
We are an emerging growth company, as defined in the Jumpstart Our Business Startups Act of 2012 (“JOBS Act”). Under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until such time as those standards apply to private companies. We have elected to use this extended transition period for complying with new or revised accounting standards that have different effective dates for public and private companies until the earlier of the date that we (a) are no longer an emerging growth company or (b) affirmatively and irrevocably opt out of the extended transition period provided in the JOBS Act. As a result, our unaudited condensed consolidated financial statements may not be comparable to those of companies that comply with the new or revised accounting pronouncements as of public company effective dates.
We expect to use the extended transition period for any other new or revised accounting standards during the period in which we remain an emerging growth company.
We are also a “smaller reporting company.” If we are a smaller reporting company at the time we cease to be an emerging growth company, we may continue to rely on exemptions from certain disclosure requirements that are available to smaller reporting companies. Specifically, as a smaller reporting company, we may choose to present only the two most recent fiscal years of audited consolidated financial statements in our Form 10-K and, similar to emerging growth companies, smaller reporting companies have reduced disclosure obligations regarding executive compensation.
32
Table of Contents
Item 3. Quantitative and Qualitative Disclosures about Market Risk.
There have been no material changes to our market risk during the nine months ended September 30, 2024. For a discussion of our exposure to market risk, refer to the section titled “Quantitative and Qualitative Disclosures About Market Risk” in our Form 10-K.
Item 4. Controls and Procedures.
Management’s Evaluation of our Disclosure Controls and Procedures
We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in the reports that we file or submit under the Exchange Act is (i) recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms, and (ii) accumulated and communicated to our management, including our principal executive officer and principal financial officer, to allow timely decisions regarding required disclosure.
As of September 30, 2024, our management, with the participation of our principal executive officer and principal financial officer, evaluated the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act). Our management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving their objectives, and our management necessarily applies its judgment in evaluating the cost-benefit relationship of possible controls and procedures. Our principal executive officer and principal financial officer have concluded that, based upon the evaluation described above, as of September 30, 2024, our disclosure controls and procedures were effective.
Changes in Internal Control over Financial Reporting
There were no changes in our internal control over financial reporting identified in management’s evaluation pursuant to Rules 13a-15(f) or 15d-15(f) under the Exchange Act during the three months ended September 30, 2024, that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
33
Table of Contents
PART II—OTHER INFORMATION
Item 1. Legal Proceedings.
From time to time, we may become involved in litigation arising in the ordinary course of business. Regardless of the outcome, litigation can have a material adverse effect on us due to defense and settlement costs, diversion of our management resources, and other factors.
On April 11, 2023, a putative class action lawsuit was filed in the U.S. District Court for the Northern District of California against our company and certain of our officers and current and former members of our board of directors, Bergman v. Caribou Biosciences, Inc., et al., Case Number 23-cv-01742 (“Bergman Case”). The Bergman complaint challenged disclosures regarding our company’s business, operations, and prospects, specifically with respect to the alleged durability of CB-010’s therapeutic effect and the product candidate’s clinical and commercial prospects, in alleged violation of Sections 11 and 15 of the Securities Act and Sections 10(b) and 20(a) of the Exchange Act. On September 18, 2023, plaintiffs filed an amended complaint adding the IPO underwriters as defendants and making substantially the same allegations as the original complaint. On November 14, 2023, we filed a motion to dismiss the amended complaint for failure to state a claim. Motion to dismiss briefing was completed on February 21, 2024. On April 22, 2024, we reached an agreement in principle with plaintiffs to settle the Bergman Case for $3.9 million in exchange for a full release of the putative class’s claims against us and all our current and former officers, current and former members of our board of directors, the IPO underwriters, and the other named defendant. The parties filed a settlement agreement with the court on June 26, 2024, and, on October 15, 2024, the court issued an order preliminarily approving the settlement and setting a final settlement approval hearing for February 18, 2025.
Item 1A. Risk Factors.
There have been no material changes to the Risk Factors previously disclosed in Item 1A. to Part I of our Form 10-K. The risks described in our Form 10-K are not the only risks facing our Company. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition, and/or operating results.
Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities.
Unregistered Sales of Equity Securities for the Three Months Ended September 30, 2024

There were no unregistered sales of equity securities during the three months ended September 30, 2024.
Use of Proceeds from our IPO
The net proceeds from our IPO, after deducting underwriting discounts and commissions and offering expenses of $28.6 million, were $321.0 million. We are holding a significant portion of the remaining balance of the net proceeds from our IPO in money market mutual funds, U.S. Treasury bills, corporate debt securities, and U.S. government agency bonds. There has been no material change in our planned use of the net proceeds from our IPO described in the final prospectus for our IPO filed on July 23, 2021, with the SEC pursuant to Rule 424(b)(4) of the Securities Act.
Item 5. Other Information.
On August 13, 2024, Tina Albertson, M.D., Ph.D., our chief medical officer, entered into a Rule 10b5-1 trading arrangement (as that term is defined in Regulation S-K, Item 408) that is intended to qualify as an “eligible sell-to-cover transaction” (as described in Rule 10b5-1(c)(1)(ii)(D)(3) under the Exchange Act) and is intended to satisfy the affirmative defense in Rule 10b5-1(c) under the Exchange Act. This sell-to-cover arrangement applies to restricted stock units or performance-based stock units (collectively, “RSUs”), whether vesting is based on the passage of time and/or the achievement of performance goals, that were previously granted or that could in the future be granted by us from time to time. This arrangement provides for the automatic sale of shares of common stock that would otherwise be issuable on each settlement date of a covered RSU in an amount necessary to satisfy the applicable tax withholding obligations, with the proceeds of the sale delivered to us in satisfaction of the applicable tax withholding obligations. The number of shares of common stock that will be sold under these arrangements is not currently determinable as the number will vary based on the extent to which vesting conditions are satisfied, the market price of our common stock at the time of settlement, and the
34
Table of Contents
potential future grant of RSUs subject to this arrangement. The sell-to-cover instructions will remain in place indefinitely unless revoked in writing (including as to any particular sell-to-cover sale) in accordance with their terms.
On September 6, 2024, City Canyon Family Trust, a trust for which Rachel Haurwitz, Ph.D., our president and chief executive officer and a member of our Board of Directors, is a co-trustee along with her husband, adopted a Rule 10b5-1 trading arrangement, providing for the sale from time to time of up to 540,000 shares of common stock in amounts and at prices determined in accordance with plan terms. The trading arrangement is intended to satisfy the affirmative defense in Rule 10b5-1(c) under the Exchange Act. The duration of the trading arrangement is until December 12, 2025, or earlier if all transactions under the trading arrangement are completed.
Except as described above, no other director or Section 16 officer adopted or terminated any Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement (as that term is defined in Regulation S-K, Item 408) during the quarter ended September 30, 2024.
35
Table of Contents
Item 6. Exhibits.
Exhibit
Number
Description
3.1
3.2
4.1
10.1+*
10.2+*
31.1*
31.2*
32.1**
32.2**
101.INS*Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document.
101.SCH*Inline XBRL Taxonomy Extension Schema Document
101.CAL*Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF*Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB*Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE*Inline XBRL Taxonomy Extension Presentation Linkbase Document
104*Cover Page Interactive Data File (embedded within the Inline XBRL document)
______________________________________________
*Filed herewith.
**Furnished herewith.
+     Indicates management contract or compensatory plan

36
Table of Contents
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
Caribou Biosciences, Inc.
Date: November 6, 2024
By: /s/ Rachel E. Haurwitz
Rachel E. Haurwitz
President and Chief Executive Officer
(Principal Executive Officer)
Date: November 6, 2024
By:
 /s/ Ryan Fischesser
Ryan Fischesser
Vice President of Finance and Controller
(Principal Financial Officer and Principal Accounting Officer)
37