Detailed financial statements for Caribou Biosciences, Inc. (CRBU): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Caribou Biosciences, Inc. operates as a clinical-stage biopharmaceutical firm dedicated to pioneering genome-edited allogeneic cell therapies. These cutting-edge treatments are engineered to address both hematologic malignancies (blood cancers) and solid tumors, serving patients across the United States and internationally.
Analysis Summary
Caribou Biosciences, Inc. reported revenue of $11.2M in the most recent fiscal year, growing at a 5-year CAGR of -2.0%.
Trailing-twelve-month margins: gross margin -129.7%, operating margin -10.9%, net margin -10.3%.
At the current price of $1.25, CRBU has negative trailing earnings (P/E not meaningful) and an ROE of -89.11%. Market capitalisation stands at $124M.
Balance sheet quality for CRBU: current ratio of 5.7, net cash position of $112.1M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue | $5.8M | $12.4M | $9.6M | $13.9M | $34.5M | $10.0M | $11.2M |
| Cost of Revenue | 0 | $34.4M | $984000 | $3.6M | $3.5M | $3.9M | $3.6M |
| Gross Profit | $5.8M | -$22.1M | $8.6M | $10.2M | $31.0M | $6.1M | $7.5M |
| Research & Development | $23.6M | $34.4M | $52.3M | $82.2M | $112.1M | $130.2M | $109.4M |
| Selling, General & Admin | $16.5M | $14.1M | $23.3M | $38.0M | $38.5M | $46.5M | $37.9M |
| Operating Expenses | $40.1M | $14.1M | $75.6M | $116.6M | $147.0M | $172.7M | $143.7M |
| Operating Income | -$34.3M | -$36.1M | -$67.0M | -$106.4M | -$116.1M | -$166.6M | -$136.2M |
| EBITDA | -$30.2M | -$35.2M | -$65.6M | -$95.7M | -$98.4M | -$145.2M | -$145.0M |
| Interest Expense | $4000 | $20000 | $8000 | 0 | 0 | 0 | 0 |
| Pre-tax Income | -$31.0M | -$36.1M | -$66.6M | -$99.4M | -$101.9M | -$149.1M | -$148.7M |
| Income Tax | -$7.5M | -$1.8M | $321000 | $70000 | $193000 | -$9000 | -$550000 |
| Net Income | -$23.4M | -$34.3M | -$66.9M | -$99.4M | -$102.1M | -$149.1M | -$148.1M |
| EPS | $-0.85 | $-1.24 | $-1.11 | $-1.64 | $-1.38 | $-1.65 | $-1.59 |
| EPS (Diluted) | $-0.85 | $-1.24 | $-1.11 | $-1.64 | $-1.38 | $-1.65 | $-1.59 |
| Shares Outstanding (Diluted) | $27.7M | $27.7M | $60.3M | $60.8M | $73.8M | $90.3M | $93.4M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $2.2M | $3.9M | $2.4M | $1.5M |
| Gross Profit | -$20.2M | $3.9M | $1.7M | $1.5M |
| Operating Income | -$29.4M | -$28.5M | -$26.3M | -$25.3M |
| EBITDA | -$26.9M | -$26.4M | -$24.4M | -$26.4M |
| Net Income | -$27.5M | -$26.5M | -$25.1M | -$24.3M |
| EPS | $-0.30 | $-0.28 | $-0.26 | $-0.24 |
| EPS (Diluted) | $-0.30 | $-0.28 | $-0.26 | $-0.24 |
Balance Sheet (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $41.1M | $16.0M | $240.4M | $58.3M | $51.2M | $16.3M | $12.4M |
| Short-term Investments | $8.4M | 0 | $135.4M | $189.3M | $277.7M | $193.2M | $127.0M |
| Receivables | $4.0M | $5.2M | $8.1M | $4.7M | $3.9M | $3.3M | $3.0M |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $57.0M | $24.3M | $391.2M | $260.2M | $338.8M | $219.4M | $145.2M |
| Property, Plant & Equipment | $4.3M | $3.5M | $4.9M | $34.9M | $40.5M | $39.3M | $24.4M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $61.9M | $36.0M | $442.4M | $373.8M | $432.2M | $313.3M | $175.4M |
| Accounts Payable | $2.5M | $2.6M | $4.0M | $1.1M | $3.1M | $2.5M | $5.8M |
| Short-term Debt | $532000 | $654000 | $259000 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $10.1M | $12.4M | $25.8M | $28.1M | $28.3M | $30.7M | $25.4M |
| Long-term Debt | 0 | $924000 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | $54.5M | $59.5M | $54.5M | $72.9M | $63.8M | $60.4M | $53.2M |
| Retained Earnings | $3.4M | -$30.9M | -$97.8M | -$197.2M | -$299.3M | -$448.4M | -$596.5M |
| Total Equity | $7.5M | -$23.4M | $387.8M | $300.9M | $368.4M | $253.0M | $122.2M |
| Total Debt | $532000 | $1.6M | $259000 | $27.7M | $27.1M | $26.5M | $27.2M |
| Net Debt | -$48.9M | -$14.4M | -$375.6M | -$219.9M | -$301.7M | -$183.1M | -$112.1M |
| Working Capital | $46.9M | $11.9M | $365.4M | $232.1M | $310.5M | $188.7M | $119.8M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $11.1M | $12.4M | $12.1M | $26.2M |
| Total Assets | $195.0M | $179.6M | $149.0M | $142.8M |
| Total Liabilities | $53.1M | $57.5M | $47.0M | $44.7M |
| Total Equity | $141.8M | $122.2M | $102.0M | $98.1M |
| Total Debt | $25.5M | $27.2M | $26.9M | $26.7M |
Cash Flow (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Net Income | -$23.4M | -$34.3M | -$66.9M | -$99.4M | -$102.1M | -$149.1M | -$148.1M |
| Depreciation & Amortization | $751000 | $900000 | $984000 | $1.6M | $3.5M | $3.9M | $3.6M |
| Stock-based Compensation | $1.2M | $1.0M | $3.4M | $11.7M | $13.8M | $16.7M | $12.7M |
| Change in Working Capital | -$8.3M | $177000 | $29.1M | -$4.2M | -$7.3M | -$5.1M | -$484000 |
| Operating Cash Flow | -$32.0M | -$33.2M | -$32.5M | -$91.0M | -$93.3M | -$138.2M | -$111.0M |
| Capital Expenditure | -$884000 | -$1.3M | -$3.1M | -$7.1M | -$11.6M | -$6.5M | -$1.4M |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$32.9M | -$34.5M | -$35.6M | -$98.0M | -$104.9M | -$144.7M | -$112.4M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | -$25.2M | -$20.8M | -$27.0M | -$22.8M |
| Capital Expenditure | -$115000 | $216000 | -$72000 | -$1000 |
| Free Cash Flow | -$25.3M | -$20.6M | -$27.1M | -$22.8M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $2.9M | $2.7M | $2.4M | $2.5M |
Growth & Margins (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +113.6% | -22.4% | +44.3% | +148.9% | -71.0% | +11.7% | |
| Net Income Growth (YoY) | -46.4% | -95.1% | -48.6% | -2.7% | -46.1% | +0.7% | |
| EPS Growth (YoY) | -45.9% | +10.5% | -47.7% | +15.9% | -19.6% | +3.6% | |
| Shares Change (YoY) | +0.0% | +117.9% | +0.9% | +21.4% | +22.4% | +3.4% | |
| FCF Growth (YoY) | -5.0% | -3.2% | -175.0% | -7.0% | -37.9% | +22.4% | |
| Gross Margin | 100.0% | -178.5% | 89.7% | 73.7% | 89.8% | 60.7% | 67.3% |
| Operating Margin | -592.7% | -292.2% | -697.8% | -768.2% | -336.6% | -1667.2% | -1220.5% |
| EBITDA Margin | -522.0% | -284.8% | -683.6% | -691.0% | -285.3% | -1452.7% | -1299.7% |
| Net Margin | -404.8% | -277.6% | -697.3% | -717.8% | -296.1% | -1491.9% | -1327.4% |
| FCF Margin | -568.2% | -279.3% | -371.3% | -707.7% | -304.3% | -1447.9% | -1006.8% |
| Effective Tax Rate | 24.3% | 5.0% | -0.5% | -0.1% | -0.2% | 0.0% | 0.4% |
Per-Share Data (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| FCF Per Share | $-1.19 | $-1.25 | $-0.59 | $-1.61 | $-1.42 | $-1.60 | $-1.20 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $27.7M | $27.7M | $60.3M | $60.8M | $73.8M | $90.3M | $93.4M |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | -89.11% |
| Return on Invested Capital | -86.30% |
| Return on Assets | -72.42% |
| Gross Margin | -129.70% |
| Operating Margin | -1090.90% |
| Net Margin | -1030.42% |
Financial Health
| Debt / Equity | 0.27 |
| Current Ratio | 6.49 |
Key Ratios (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| P/E | -19.20 | -13.16 | -13.59 | -3.83 | -4.15 | -0.96 | -1.00 |
| P/B | 60.48 | -19.26 | 2.34 | 1.27 | 1.15 | 0.57 | 1.22 |
| P/S | 77.98 | 36.52 | 94.75 | 27.57 | 12.27 | 14.37 | 13.31 |
| Gross Margin | 100.0% | -178.5% | 89.7% | 73.7% | 89.8% | 60.7% | 67.3% |
| Operating Margin | -592.7% | -292.2% | -697.8% | -768.2% | -336.6% | -1667.2% | -1220.5% |
| Net Margin | -404.8% | -277.6% | -697.3% | -717.8% | -296.1% | -1491.9% | -1327.4% |
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Explore sector: Healthcare · Biotechnology
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