10-Q
falseQ2--12-310001619856true0.250001619856crbu:IntelliaTherapeuticsIncMember2021-06-160001619856us-gaap:TransferredAtPointInTimeMember2021-01-012021-06-300001619856crbu:LicenseeBMemberus-gaap:CustomerConcentrationRiskMemberus-gaap:AccountsReceivableMember2020-01-012020-12-310001619856us-gaap:ConvertiblePreferredStockMember2021-03-310001619856us-gaap:TransferredAtPointInTimeMember2020-04-012020-06-3000016198562018-11-302018-11-300001619856crbu:PrivateCompanyLicenseAgreementMember2021-04-012021-06-300001619856us-gaap:ResearchAndDevelopmentExpenseMembercrbu:TheRegentsOfUniversityOfCaliforniaUniversityOfViennaMember2020-01-012020-06-300001619856us-gaap:AdditionalPaidInCapitalMember2020-03-310001619856crbu:PPPLoanMember2021-01-012021-06-300001619856us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2021-06-3000016198562020-01-012020-03-310001619856us-gaap:CommonStockMember2021-03-310001619856crbu:MeasurementInputProbabilityMembersrt:MinimumMember2020-12-310001619856us-gaap:NonUsMember2020-04-012020-06-300001619856srt:MinimumMember2021-01-012021-06-300001619856crbu:CollaborationAndLicenseAgreementWithAbbVieMember2021-01-012021-06-300001619856srt:MaximumMemberus-gaap:ShareBasedPaymentArrangementNonemployeeMember2021-01-012021-06-300001619856crbu:MSKCCAgreementMember2021-04-012021-06-300001619856us-gaap:AdditionalPaidInCapitalMember2020-12-310001619856crbu:LaboratoryEquipmentMember2021-06-300001619856crbu:MSKCCAgreementMembercrbu:SeriesBConvertiblePreferredStockMember2021-06-300001619856us-gaap:GeneralAndAdministrativeExpenseMember2020-04-012020-06-300001619856us-gaap:ConvertiblePreferredStockMember2020-03-310001619856us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001619856us-gaap:MeasurementInputRiskFreeInterestRateMember2021-06-300001619856country:US2021-01-012021-06-300001619856us-gaap:FurnitureAndFixturesMember2020-12-310001619856crbu:TwoThousandThirteenStockOptionPlanMember2021-01-012021-06-300001619856crbu:CollaborationAndLicenseAgreementWithAbbVieMember2020-05-152020-05-1500016198562020-04-012020-06-300001619856crbu:CollaborationAndLicenseAgreementWithAbbVieMember2021-06-3000016198562021-07-012021-06-300001619856country:US2021-04-012021-06-300001619856crbu:SuccessPaymentsLiabilityMemberus-gaap:FairValueInputsLevel3Member2021-06-300001619856us-gaap:RestrictedStockMember2021-06-300001619856us-gaap:ConvertiblePreferredStockMember2021-06-300001619856us-gaap:ComputerEquipmentMember2021-06-300001619856us-gaap:PreferredStockMember2020-12-310001619856us-gaap:SalesRevenueNetMembercrbu:LicenseHMemberus-gaap:CustomerConcentrationRiskMember2021-01-012021-06-300001619856us-gaap:ConvertiblePreferredStockMember2020-06-300001619856srt:MinimumMemberus-gaap:MeasurementInputExpectedTermMember2021-01-012021-06-300001619856us-gaap:SalesRevenueNetMembercrbu:LicenseIMemberus-gaap:CustomerConcentrationRiskMember2021-01-012021-06-300001619856us-gaap:AdditionalPaidInCapitalMember2021-06-300001619856us-gaap:SeriesBPreferredStockMember2020-12-310001619856crbu:LicenseeAMemberus-gaap:CustomerConcentrationRiskMemberus-gaap:AccountsReceivableMember2020-01-012020-12-310001619856us-gaap:ConvertiblePreferredStockMember2019-12-310001619856us-gaap:PreferredStockMember2021-06-300001619856us-gaap:ShareBasedPaymentArrangementEmployeeMember2020-04-012020-06-300001619856crbu:CommonSharesSubjectToNonrecourseNotesMember2021-01-012021-06-300001619856srt:MinimumMember2020-01-012020-06-300001619856us-gaap:ConvertiblePreferredStockMembercrbu:PrivateCompanyLicenseAgreementMember2020-05-152020-05-150001619856us-gaap:StockOptionMember2021-06-300001619856crbu:FifteenTimesMember2021-06-300001619856crbu:TwoThousandSeventeenPlanMember2020-01-012020-06-300001619856us-gaap:PatentsMemberus-gaap:GeneralAndAdministrativeExpenseMembercrbu:IntelliaTherapeuticsIncMember2021-04-012021-06-300001619856us-gaap:TransferredOverTimeMember2020-01-012020-06-300001619856us-gaap:MoneyMarketFundsMemberus-gaap:FairValueMeasurementsRecurringMember2021-06-300001619856us-gaap:ResearchAndDevelopmentExpenseMember2021-01-012021-06-300001619856crbu:MSKCCAgreementMember2021-01-012021-06-300001619856us-gaap:AdditionalPaidInCapitalMember2021-04-012021-06-300001619856crbu:FiveTimesMember2021-01-012021-06-300001619856crbu:CARESActMembercrbu:WebBankMembercrbu:PPPLoanMember2020-05-060001619856us-gaap:FairValueMeasurementsRecurringMember2021-06-300001619856us-gaap:ConvertiblePreferredStockMember2020-01-012020-12-310001619856crbu:TwoThousandSeventeenPlanMember2021-01-012021-06-300001619856us-gaap:StockOptionMember2020-12-310001619856us-gaap:TransferredAtPointInTimeMember2021-04-012021-06-300001619856us-gaap:SalesRevenueNetMembercrbu:LicenseeGMemberus-gaap:CustomerConcentrationRiskMember2021-04-012021-06-300001619856us-gaap:ConvertiblePreferredStockMember2020-12-310001619856crbu:LicenseeAMemberus-gaap:CustomerConcentrationRiskMemberus-gaap:AccountsReceivableMember2021-01-012021-06-300001619856us-gaap:SalesRevenueNetMembercrbu:MajorCustomersMemberus-gaap:CustomerConcentrationRiskMember2021-04-012021-06-300001619856crbu:PrivateCompanyLicenseAgreementMember2021-01-012021-06-300001619856us-gaap:CommonStockMember2020-06-300001619856us-gaap:OtherAssetsMember2021-06-300001619856us-gaap:SeriesCPreferredStockMember2021-06-300001619856crbu:CARESActMember2021-01-012021-06-300001619856us-gaap:CommonStockMember2019-12-310001619856us-gaap:ShareBasedPaymentArrangementEmployeeMember2021-01-012021-06-300001619856srt:MaximumMemberus-gaap:GeneralAndAdministrativeExpenseMembercrbu:IntelliaTherapeuticsIncMember2020-01-012020-06-3000016198562019-12-310001619856crbu:MeasurementInputProbabilityMembersrt:MaximumMember2021-06-300001619856us-gaap:CustomerConcentrationRiskMembercrbu:LicenseeCRelatedPartyMemberus-gaap:AccountsReceivableMember2020-01-012020-12-310001619856srt:MinimumMember2021-04-012021-06-300001619856srt:MaximumMember2021-01-012021-06-300001619856us-gaap:EmployeeStockOptionMember2020-01-012020-12-310001619856crbu:TenTimesMember2021-01-012021-06-300001619856us-gaap:ShareBasedPaymentArrangementEmployeeMember2021-04-012021-06-3000016198562020-03-310001619856us-gaap:AdditionalPaidInCapitalMember2020-01-012020-03-310001619856crbu:SuccessPaymentsLiabilityMemberus-gaap:ResearchAndDevelopmentExpenseMember2021-01-012021-06-300001619856crbu:PrivateCompanyLicenseAgreementMember2020-05-152020-05-150001619856crbu:RegulatoryMilestonesMember2020-01-012020-12-3100016198562020-06-300001619856crbu:TwoThousandAndTwelveStockOptionAndIssuancePlanMember2021-01-012021-06-300001619856us-gaap:IPOMember2021-01-012021-06-300001619856us-gaap:RetainedEarningsMember2020-04-012020-06-300001619856crbu:PioneerHiBredInternationalIncMember2015-07-132015-07-130001619856us-gaap:ConvertiblePreferredStockMember2021-01-012021-06-300001619856us-gaap:MeasurementInputPriceVolatilityMember2021-06-300001619856crbu:IntelliaTherapeuticsIncMember2014-07-160001619856us-gaap:AdditionalPaidInCapitalMember2021-03-310001619856us-gaap:LeaseholdImprovementsMember2020-12-310001619856us-gaap:RetainedEarningsMember2021-01-012021-03-310001619856us-gaap:SalesRevenueNetMembercrbu:LicenseeAMemberus-gaap:CustomerConcentrationRiskMember2021-01-012021-06-300001619856crbu:WebBankMembercrbu:PPPLoanMember2020-05-060001619856country:US2020-04-012020-06-300001619856crbu:TheRegentsOfUniversityOfCaliforniaUniversityOfViennaMember2021-04-012021-06-300001619856srt:MaximumMemberus-gaap:MeasurementInputExpectedTermMember2021-01-012021-06-3000016198562021-06-300001619856us-gaap:CommonStockMemberus-gaap:SubsequentEventMemberus-gaap:IPOMember2021-08-090001619856us-gaap:ShareBasedPaymentArrangementEmployeeMember2021-06-300001619856crbu:LicenseeDMemberus-gaap:CustomerConcentrationRiskMemberus-gaap:AccountsReceivableMember2020-01-012020-12-310001619856us-gaap:CommonStockMemberus-gaap:SubsequentEventMemberus-gaap:IPOMember2021-07-012021-07-310001619856us-gaap:GeneralAndAdministrativeExpenseMember2021-04-012021-06-300001619856us-gaap:RetainedEarningsMember2019-12-310001619856us-gaap:NonUsMember2020-01-012020-06-300001619856us-gaap:CommonStockMember2020-12-3100016198562020-01-012020-06-300001619856srt:MaximumMember2020-01-012020-06-300001619856crbu:TenTimesMember2021-06-300001619856crbu:SalesMilestonesMembercrbu:PioneerHiBredInternationalIncMember2020-01-012020-12-310001619856srt:MinimumMembercrbu:CARESActMembercrbu:PPPLoanMember2020-05-062020-05-060001619856us-gaap:FurnitureAndFixturesMember2021-06-3000016198562018-01-012018-12-310001619856srt:MinimumMember2021-01-012021-03-310001619856srt:MaximumMember2020-05-152020-05-150001619856us-gaap:ComputerEquipmentMember2020-12-310001619856us-gaap:RetainedEarningsMember2021-03-310001619856srt:MaximumMemberus-gaap:GeneralAndAdministrativeExpenseMembercrbu:IntelliaTherapeuticsIncMember2020-04-012020-06-300001619856srt:MaximumMemberus-gaap:GeneralAndAdministrativeExpenseMembercrbu:IntelliaTherapeuticsIncMember2021-01-012021-06-300001619856us-gaap:SalesRevenueNetMembercrbu:MajorCustomersMemberus-gaap:CustomerConcentrationRiskMember2021-01-012021-06-3000016198562021-01-012021-03-310001619856us-gaap:CommonStockMember2021-01-012021-03-310001619856crbu:GenusAgreementMember2016-05-122016-05-120001619856us-gaap:RetainedEarningsMember2021-06-300001619856srt:MaximumMemberus-gaap:ShareBasedPaymentArrangementNonemployeeMember2020-04-012020-06-300001619856crbu:SuccessPaymentsLiabilityMemberus-gaap:FairValueMeasurementsRecurringMember2021-06-300001619856us-gaap:RetainedEarningsMember2021-04-012021-06-300001619856srt:MaximumMember2021-01-012021-03-310001619856us-gaap:ShareBasedPaymentArrangementEmployeeMember2020-01-012020-06-3000016198562018-11-300001619856us-gaap:SubsequentEventMember2021-07-012021-07-310001619856us-gaap:RetainedEarningsMember2020-03-310001619856us-gaap:ResearchAndDevelopmentExpenseMembercrbu:TheRegentsOfUniversityOfCaliforniaUniversityOfViennaMember2021-04-012021-06-300001619856us-gaap:PatentsMemberus-gaap:GeneralAndAdministrativeExpenseMembercrbu:IntelliaTherapeuticsIncMember2020-04-012020-06-300001619856us-gaap:ShareBasedPaymentArrangementNonemployeeMember2021-01-012021-06-300001619856us-gaap:CommonStockMember2021-04-012021-06-300001619856us-gaap:ResearchAndDevelopmentExpenseMember2020-04-012020-06-300001619856us-gaap:ConvertiblePreferredStockMember2021-01-012021-03-310001619856crbu:PioneerHiBredInternationalIncMember2015-07-130001619856us-gaap:MeasurementInputRiskFreeInterestRateMember2020-12-310001619856us-gaap:TransferredOverTimeMember2020-04-012020-06-3000016198562021-01-012021-06-300001619856us-gaap:CommonStockMember2020-04-012020-06-300001619856us-gaap:FairValueMeasurementsRecurringMember2020-12-310001619856crbu:TheRegentsOfUniversityOfCaliforniaUniversityOfViennaMember2020-04-012020-06-300001619856us-gaap:RetainedEarningsMember2020-12-310001619856crbu:SuccessPaymentsLiabilityMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001619856us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2021-06-300001619856crbu:CollaborationAndLicenseAgreementWithAbbVieMember2021-04-012021-06-300001619856srt:MaximumMember2021-04-012021-06-300001619856us-gaap:MeasurementInputPriceVolatilityMember2020-12-310001619856us-gaap:SubsequentEventMemberus-gaap:CommonStockMemberus-gaap:IPOMember2021-08-092021-08-090001619856us-gaap:LeaseholdImprovementsMember2021-06-300001619856crbu:MSKCCAgreementMember2020-11-130001619856srt:MaximumMemberus-gaap:MeasurementInputExpectedTermMember2020-01-012020-12-310001619856crbu:IncentiveStockOptionsMember2021-01-012021-06-300001619856us-gaap:CommonStockMember2020-03-310001619856crbu:MeasurementInputProbabilityMembersrt:MinimumMember2021-06-300001619856srt:MaximumMemberus-gaap:GeneralAndAdministrativeExpenseMembercrbu:IntelliaTherapeuticsIncMember2021-04-012021-06-300001619856crbu:MeasurementInputFairValueOfCommonStockMember2020-12-310001619856us-gaap:ShareBasedPaymentArrangementNonemployeeMember2021-06-300001619856crbu:TwoThousandThirteenStockOptionPlanMember2021-06-300001619856crbu:LicenseeEMemberus-gaap:CustomerConcentrationRiskMemberus-gaap:AccountsReceivableMember2021-01-012021-06-300001619856us-gaap:SubsequentEventMemberus-gaap:IPOMember2021-08-272021-08-270001619856us-gaap:SubsequentEventMemberus-gaap:IPOMember2021-07-2700016198562020-01-012020-12-310001619856us-gaap:IPOMemberus-gaap:SeriesBPreferredStockMember2021-06-3000016198562021-08-310001619856crbu:MSKCCAgreementMemberus-gaap:CommonStockMember2020-11-130001619856us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001619856crbu:TheRegentsOfUniversityOfCaliforniaUniversityOfViennaMember2016-12-150001619856crbu:TheRegentsOfUniversityOfCaliforniaUniversityOfViennaMember2020-01-012020-06-300001619856us-gaap:TransferredOverTimeMember2021-04-012021-06-300001619856us-gaap:ResearchAndDevelopmentExpenseMember2021-04-012021-06-300001619856us-gaap:SeriesBPreferredStockMember2021-06-300001619856us-gaap:FairValueInputsLevel1Memberus-gaap:MoneyMarketFundsMemberus-gaap:FairValueMeasurementsRecurringMember2021-06-3000016198562020-12-310001619856us-gaap:GeneralAndAdministrativeExpenseMember2021-01-012021-06-300001619856crbu:GenusAgreementMember2020-01-012020-06-300001619856us-gaap:ResearchAndDevelopmentExpenseMembercrbu:TheRegentsOfUniversityOfCaliforniaUniversityOfViennaMember2020-04-012020-06-300001619856us-gaap:GeneralAndAdministrativeExpenseMember2020-01-012020-06-300001619856us-gaap:SubsequentEventMemberus-gaap:IPOMember2021-07-272021-07-270001619856us-gaap:EmployeeStockOptionMember2021-01-012021-06-300001619856crbu:SeriesA1PreferredStockMember2021-06-300001619856us-gaap:SeriesBPreferredStockMember2021-01-012021-06-300001619856us-gaap:TransferredAtPointInTimeMember2020-01-012020-06-300001619856crbu:MajorCustomersMemberus-gaap:CustomerConcentrationRiskMemberus-gaap:AccountsReceivableMember2021-01-012021-06-300001619856us-gaap:ConvertiblePreferredStockMembercrbu:PrivateCompanyLicenseAgreementMember2020-05-150001619856crbu:DrJenniferADoudnaMember2020-01-012020-06-300001619856us-gaap:AdditionalPaidInCapitalMember2021-01-012021-03-310001619856crbu:SuccessPaymentsLiabilityMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2021-06-300001619856us-gaap:IPOMember2021-06-300001619856crbu:DuPontMember2021-01-012021-06-300001619856srt:MaximumMemberus-gaap:ShareBasedPaymentArrangementNonemployeeMember2021-04-012021-06-300001619856srt:MaximumMemberus-gaap:ShareBasedPaymentArrangementNonemployeeMember2020-01-012020-06-3000016198562021-04-012021-06-300001619856us-gaap:SalesRevenueNetMembercrbu:LicenseeFRelatedPartyMemberus-gaap:CustomerConcentrationRiskMember2020-04-012020-06-300001619856crbu:LicenseAndCollaborationRevenueMembercrbu:PrivateCompanyLicenseAgreementMember2020-01-012020-06-300001619856crbu:PioneerHiBredInternationalIncMember2020-12-310001619856us-gaap:SalesRevenueNetMembercrbu:MajorCustomersMemberus-gaap:CustomerConcentrationRiskMember2020-04-012020-06-300001619856us-gaap:AdditionalPaidInCapitalMember2020-06-300001619856srt:MinimumMember2020-04-012020-06-300001619856us-gaap:SalesRevenueNetMembercrbu:MajorCustomersMemberus-gaap:CustomerConcentrationRiskMember2020-01-012020-06-300001619856crbu:CommonSharesSubjectToNonrecourseNotesMember2020-01-012020-12-3100016198562021-03-110001619856crbu:WebBankMembercrbu:PPPLoanMember2020-05-062020-05-060001619856us-gaap:TransferredOverTimeMember2021-01-012021-06-300001619856us-gaap:ResearchAndDevelopmentExpenseMembercrbu:TheRegentsOfUniversityOfCaliforniaUniversityOfViennaMember2021-01-012021-06-3000016198562021-03-310001619856us-gaap:AdditionalPaidInCapitalMember2019-12-310001619856srt:MaximumMember2020-04-012020-06-300001619856crbu:FifteenTimesMember2021-01-012021-06-300001619856us-gaap:SubsequentEventMemberus-gaap:IPOMember2021-08-092021-08-090001619856us-gaap:NonUsMember2021-01-012021-06-300001619856crbu:SuccessPaymentsLiabilityMemberus-gaap:FairValueInputsLevel3Member2021-01-012021-06-300001619856us-gaap:RestrictedStockMember2020-12-310001619856us-gaap:FairValueInputsLevel1Memberus-gaap:MoneyMarketFundsMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001619856crbu:TheRegentsOfUniversityOfCaliforniaUniversityOfViennaMember2021-01-012021-06-300001619856us-gaap:MoneyMarketFundsMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001619856us-gaap:ShareBasedPaymentArrangementNonemployeeMember2020-01-012020-06-300001619856crbu:FiveTimesMember2021-06-300001619856us-gaap:RetainedEarningsMember2020-06-300001619856us-gaap:PatentsMemberus-gaap:GeneralAndAdministrativeExpenseMembercrbu:IntelliaTherapeuticsIncMember2021-01-012021-06-300001619856us-gaap:PatentsMemberus-gaap:GeneralAndAdministrativeExpenseMembercrbu:IntelliaTherapeuticsIncMember2020-01-012020-06-300001619856us-gaap:EmployeeStockOptionMember2020-12-310001619856crbu:SuccessPaymentsLiabilityMemberus-gaap:ResearchAndDevelopmentExpenseMember2021-04-012021-06-300001619856srt:MinimumMemberus-gaap:MeasurementInputExpectedTermMember2020-01-012020-12-310001619856crbu:IntelliaTherapeuticsIncMember2021-06-162021-06-160001619856us-gaap:CommonStockMember2021-06-300001619856crbu:SuccessPaymentsLiabilityMemberus-gaap:FairValueInputsLevel3Member2020-12-310001619856us-gaap:SalesRevenueNetMembercrbu:LicenseeAMemberus-gaap:CustomerConcentrationRiskMember2021-04-012021-06-300001619856crbu:MSKCCAgreementMember2021-06-300001619856us-gaap:SubsequentEventMemberus-gaap:CommonStockMemberus-gaap:IPOMember2021-07-270001619856crbu:PPPLoanMember2021-04-012021-06-300001619856crbu:MajorCustomersMemberus-gaap:CustomerConcentrationRiskMemberus-gaap:AccountsReceivableMember2020-01-012020-12-310001619856crbu:DrJenniferADoudnaMember2021-01-012021-06-300001619856us-gaap:AdditionalPaidInCapitalMember2020-04-012020-06-300001619856us-gaap:RetainedEarningsMember2020-01-012020-03-310001619856crbu:GenusAgreementMember2020-04-012020-06-300001619856crbu:MeasurementInputFairValueOfCommonStockMember2021-06-300001619856crbu:AbbVieAgreementMember2021-01-012021-06-300001619856us-gaap:SeriesAPreferredStockMember2020-12-310001619856country:US2020-01-012020-06-300001619856crbu:SeriesA1PreferredStockMember2020-12-310001619856us-gaap:OtherAssetsMember2020-12-310001619856crbu:CollaborationAndLicenseAgreementWithAbbVieMember2021-02-092021-02-090001619856crbu:LaboratoryEquipmentMember2020-12-310001619856crbu:LicenseAndCollaborationRevenueMembercrbu:PrivateCompanyLicenseAgreementMember2020-04-012020-06-300001619856crbu:SuccessPaymentsLiabilityMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001619856us-gaap:EmployeeStockOptionMember2021-06-300001619856crbu:MeasurementInputProbabilityMembersrt:MaximumMember2020-12-310001619856us-gaap:SeriesAPreferredStockMember2021-06-300001619856us-gaap:SalesRevenueNetMembercrbu:LicenseeFRelatedPartyMemberus-gaap:CustomerConcentrationRiskMember2020-01-012020-06-300001619856us-gaap:ResearchAndDevelopmentExpenseMember2020-01-012020-06-300001619856us-gaap:SalesRevenueNetMembercrbu:LicenseHMemberus-gaap:CustomerConcentrationRiskMember2021-04-012021-06-30crbu:Segmentxbrli:purexbrli:sharesiso4217:USDxbrli:sharesiso4217:USD

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2021

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 001-40631

 

Caribou Biosciences, Inc.

(Exact Name of Registrant as Specified in its Charter)

 

 

Delaware

45-3728228

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer
Identification No.)

 

2929 7th Street, Suite 105

Berkeley, California

94710

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (510) 982-6030

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading Symbol(s)

 

Name of each exchange on which registered

Common Stock, par value $0.0001 per share

 

CRBU

 

The Nasdaq Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

 

Accelerated filer

 

 

 

 

 

Non-accelerated filer

 

 

Smaller reporting company

 

 

 

 

 

 

 

 

 

 

 

 

Emerging growth company

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No

As of August 31, 2021, the registrant had 59,970,843 shares of common stock, $0.0001 par value per share, outstanding.

 

 

 


 

Table of Contents

 

 

 

Page

PART I.

FINANCIAL INFORMATION

1

Item 1.

Financial Statements (Unaudited)

1

 

Condensed Consolidated Balance Sheets

1

 

Condensed Consolidated Statements of Operations and Comprehensive Loss

2

 

Condensed Consolidated Statements of Convertible Preferred Stock and Stockholders’ Equity (Deficit)

3

 

Condensed Consolidated Statements of Cash Flows

4

 

Notes to Unaudited Condensed Consolidated Financial Statements

5

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

24

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

38

Item 4.

Controls and Procedures

38

PART II.

OTHER INFORMATION

39

Item 1.

Legal Proceedings

39

Item 1A.

Risk Factors

39

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

39

Item 6.

Exhibits

40

Signatures

41

 

 

 

i


 

PART I—FINANCIAL INFORMATION

Item 1. Financial Statements.

CARIBOU BIOSCIENCES, INC. AND ITS SUBSIDIARIES

Condensed Consolidated Balance Sheets

(Unaudited)

(in thousands, except share and per share amounts)

 

 

 

June 30,

 

 

December 31,

 

 

 

2021

 

 

2020

 

ASSETS

 

 

 

 

 

 

CURRENT ASSETS:

 

 

 

 

 

 

Cash and cash equivalents

 

$

129,524

 

 

$

15,953

 

Accounts receivable

 

 

2

 

 

 

150

 

Contract assets ($0 and $250 from related party, respectively)

 

 

830

 

 

 

1,328

 

Other receivables

 

 

7,575

 

 

 

3,682

 

Prepaid expenses and other current assets

 

 

5,036

 

 

 

3,193

 

Total current assets

 

 

142,967

 

 

 

24,306

 

INVESTMENTS IN EQUITY SECURITIES

 

 

7,626

 

 

 

7,626

 

PROPERTY AND EQUIPMENT—NET

 

 

4,408

 

 

 

3,502

 

OTHER ASSETS

 

 

3,396

 

 

 

612

 

TOTAL ASSETS

 

$

158,397

 

 

$

36,046

 

LIABILITIES, CONVERTIBLE PREFERRED STOCK, AND STOCKHOLDERS’ DEFICIT

 

 

 

 

 

 

CURRENT LIABILITIES:

 

 

 

 

 

 

Accounts payable ($0 and $500 to related party, respectively)

 

$

4,029

 

 

$

2,601

 

Accrued expenses and other current liabilities

 

 

13,297

 

 

 

8,973

 

Promissory note — PPP Loan

 

 

-

 

 

 

654

 

Deferred revenue

 

 

8,681

 

 

 

161

 

Total current liabilities

 

 

26,007

 

 

 

12,389

 

LONG-TERM LIABILITIES

 

 

 

 

 

 

Deferred revenue, net of current portion ($50 and $50 from related party)

 

 

24,208

 

 

 

937

 

Deferred rent and lease incentive liability

 

 

1,570

 

 

 

925

 

Promissory note — PPP Loan, net of current portion

 

 

-

 

 

 

924

 

Success payments liability

 

 

3,835

 

 

 

2,654

 

Other liabilities

 

 

163

 

 

 

176

 

Deferred tax liabilities

 

 

155

 

 

 

155

 

Total liabilities

 

 

55,938

 

 

 

18,160

 

COMMITMENTS AND CONTINGENCIES (Note 9)

 

 

 

 

 

 

CONVERTIBLE PREFERRED STOCK, par value $0.0001 per share—14,430,622 and 7,766,582 shares authorized at June 30, 2021 and December 31, 2020, respectively; 14,430,522 and 7,766,582 shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively; (liquidation preference of $156,620 and $41,620 at June 30, 2021 and December 31, 2020, respectively)

 

 

150,150

 

 

 

41,323

 

STOCKHOLDERS’ DEFICIT

 

 

 

 

 

 

Common stock, par value $0.0001 per share—44,541,000 and 28,933,380 shares authorized at June 30, 2021 and December 31, 2020, respectively; 11,333,423 and 9,710,830 shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively

 

 

1

 

 

 

1

 

Additional paid-in-capital

 

 

10,649

 

 

 

7,433

 

Accumulated deficit

 

 

(58,341

)

 

 

(30,871

)

Total stockholders’ deficit

 

 

(47,691

)

 

 

(23,437

)

TOTAL LIABILITIES, CONVERTIBLE PREFERRED STOCK, AND STOCKHOLDERS’ DEFICIT

 

$

158,397

 

 

$

36,046

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

1


 

CARIBOU BIOSCIENCES, INC. AND ITS SUBSIDIARIES

Condensed Consolidated Statements of Operations and Comprehensive Loss

(Unaudited)

(in thousands, except share and per share amounts)

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Licensing and collaboration revenue ($0 and $7,500 from related party, respectively)

 

$

1,476

 

 

$

8,478

 

 

$

3,062

 

 

$

10,178

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

12,327

 

 

 

7,580

 

 

 

22,491

 

 

 

16,221

 

General and administrative

 

 

5,113

 

 

 

3,153

 

 

 

9,709

 

 

 

6,641

 

Total operating expenses

 

 

17,440

 

 

 

10,733

 

 

 

32,200

 

 

 

22,862

 

Loss from operations

 

 

(15,964

)

 

 

(2,255

)

 

 

(29,138

)

 

 

(12,684

)

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

46

 

 

 

11

 

 

 

50

 

 

 

153

 

Interest expense

 

 

(2

)

 

 

(5

)

 

 

(8

)

 

 

(8

)

Change in fair value of equity securities

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(733

)

Gain on extinguishment of PPP Loan

 

 

1,584

 

 

 

-

 

 

 

1,584

 

 

 

-

 

Other income

 

 

25

 

 

 

327

 

 

 

42

 

 

 

348

 

Total other income (expense)

 

 

1,653

 

 

 

333

 

 

 

1,668

 

 

 

(240

)

Net loss before provision for income taxes

 

 

(14,311

)

 

 

(1,922

)

 

 

(27,470

)

 

 

(12,924

)

Benefit from income taxes

 

 

-

 

 

 

(50

)

 

 

-

 

 

 

(1,252

)

Net loss and comprehensive loss

 

$

(14,311

)

 

$

(1,872

)

 

$

(27,470

)

 

$

(11,672

)

Net loss per share, basic and diluted

 

$

(1.39

)

 

$

(0.22

)

 

$

(2.78

)

 

$

(1.38

)

Weighted-average common shares outstanding, basic and diluted

 

 

10,261,770

 

 

 

8,441,934

 

 

 

9,882,715

 

 

 

8,435,672

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

2


 

CARIBOU BIOSCIENCES, INC. AND ITS SUBSIDIARIES

Condensed Consolidated Statements of Convertible Preferred Stock and Stockholders’ Deficit

(Unaudited)

(in thousands, except share amounts)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Retained

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

Earnings

 

 

Stockholders’

 

 

 

Convertible Preferred Stock

 

 

Common Stock

 

 

Paid-In

 

 

(Accumulated

 

 

Equity

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Deficit)

 

 

(Deficit)

 

BALANCE—December 31, 2020

 

 

7,766,582

 

 

$

41,323

 

 

 

9,710,830

 

 

$

1

 

 

$

7,433

 

 

$

(30,871

)

 

$

(23,437

)

Issuance of Series C convertible preferred stock, net of issuance costs of $6.2 million

 

 

6,663,940

 

 

 

108,827

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Issuance of common stock on exercise of options

 

 

-

 

 

 

-

 

 

 

584,614

 

 

 

-

 

 

 

564

 

 

 

-

 

 

 

564

 

Stock-based compensation expense

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

343

 

 

 

-

 

 

 

343

 

Net loss and comprehensive loss

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(13,159

)

 

 

(13,159

)

BALANCE—March 31, 2021

 

 

14,430,522

 

 

$

150,150

 

 

 

10,295,444

 

 

$

1

 

 

$

8,340

 

 

$

(44,030

)

 

$

(35,689

)

Stock-based compensation expense

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

593

 

 

 

-

 

 

 

593

 

Repayment of loan issued by stockholder

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

1,150

 

 

 

-

 

 

 

1,150

 

Issuance of common stock on exercise of options

 

 

-

 

 

 

-

 

 

 

1,037,979

 

 

 

-

 

 

 

566

 

 

 

-

 

 

 

566

 

Net loss and comprehensive loss

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(14,311

)

 

 

(14,311

)

BALANCE—June 30, 2021

 

 

14,430,522

 

 

$

150,150

 

 

 

11,333,423

 

 

$

1

 

 

$

10,649

 

 

$

(58,341

)

 

$

(47,691

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BALANCE—December 31, 2019

 

 

7,766,582

 

 

$

41,323

 

 

 

8,839,205

 

 

$

1

 

 

$

4,025

 

 

$

3,437

 

 

$

7,463

 

Stock-based compensation expense

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

237

 

 

 

-

 

 

 

237

 

Net loss and comprehensive loss

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(9,800

)

 

 

(9,800

)

BALANCE—March 31, 2020

 

 

7,766,582

 

 

$

41,323

 

 

 

8,839,205

 

 

$

1

 

 

$

4,262

 

 

$

(6,363

)

 

$

(2,100

)

Stock-based compensation expense

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

286

 

 

 

-

 

 

 

286

 

Issuance of restricted stock awards

 

 

-

 

 

 

-

 

 

 

4,545

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Issuance of common stock on exercise of options

 

 

-

 

 

 

-

 

 

 

50,358

 

 

 

-

 

 

 

21

 

 

 

-

 

 

 

21

 

Net loss and comprehensive loss

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(1,872

)

 

 

(1,872

)

BALANCE—June 30, 2020

 

 

7,766,582

 

 

$

41,323

 

 

 

8,894,108

 

 

$

1

 

 

$

4,569

 

 

$

(8,235

)

 

$

(3,665

)

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

3


 

CARIBOU BIOSCIENCES, INC. AND ITS SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows

(Unaudited)

(in thousands)

 

 

 

Six Months Ended June 30,

 

 

 

2021

 

 

2020

 

CASH FLOWS FROM OPERATING ACTIVITIES:

 

 

 

 

 

 

Net loss

 

$

(27,470

)

 

$

(11,672

)

Adjustments to reconcile net loss to net cash provided by (used in) operating activities:

 

 

 

 

 

 

Depreciation and amortization

 

 

451

 

 

 

454

 

Loss on disposal of fixed assets

 

 

3

 

 

 

-

 

Change in fair value of equity securities

 

 

-

 

 

 

733

 

Non-cash consideration for licensing and collaboration revenue

 

 

-

 

 

 

(7,500

)

Stock-based compensation expense

 

 

936

 

 

 

523

 

Change in fair value of success payments liability

 

 

1,181

 

 

 

-

 

Acquired in-process research and development

 

 

1,000

 

 

 

425

 

Extinguishment of PPP Loan

 

 

(1,578

)

 

 

-

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

Accounts receivable

 

 

148

 

 

 

(17

)

Contract assets

 

 

498

 

 

 

415

 

Other receivables

 

 

(3,894

)

 

 

527

 

Prepaid expenses and other current assets

 

 

(1,842

)

 

 

1,555

 

Other assets

 

 

(151

)

 

 

(19

)

Accounts payable

 

 

1,031

 

 

 

318

 

Accrued expenses and other current liabilities

 

 

1,009

 

 

 

(897

)

Deferred revenue, current and long-term

 

 

31,791

 

 

 

(609

)

Deferred rent and lease incentive liability

 

 

738

 

 

 

134

 

Other liabilities

 

 

(14

)

 

 

(479

)

Deferred tax liabilities

 

 

-

 

 

 

(339

)

Net cash provided by (used in) operating activities

 

 

3,837

 

 

 

(16,448

)

CASH FLOWS FROM INVESTING ACTIVITIES:

 

 

 

 

 

 

Proceeds from sale of equity securities

 

 

-

 

 

 

7,668

 

Purchases of property and equipment

 

 

(506

)

 

 

(276

)

Payments to acquire in-process research & development

 

 

-

 

 

 

(425

)

Net cash provided by (used in) investing activities

 

 

(506

)

 

 

6,967

 

CASH FLOWS FROM FINANCING ACTIVITIES:

 

 

 

 

 

 

Issuance of Series C convertible preferred stock

 

 

108,827

 

 

 

-

 

Proceeds from common stock options exercised

 

 

1,130

 

 

 

21

 

Repayment of promissory note

 

 

1,150

 

 

 

-

 

Principal payments for capital lease

 

 

(119

)

 

 

(50

)

Proceeds from PPP Loan

 

 

-

 

 

 

1,570

 

Payment of deferred issuance costs

 

 

(702

)

 

 

-

 

Net cash provided by financing activities

 

 

110,286

 

 

 

1,541

 

NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH

 

 

113,617

 

 

 

(7,940

)

CASH, CASH EQUIVALENTS, AND RESTRICTED CASH — BEGINNING OF PERIOD

 

 

15,953

 

 

 

41,070

 

CASH, CASH EQUIVALENTS, AND RESTRICTED CASH — END OF PERIOD

 

$

129,570

 

 

$

33,130

 

RECONCILIATION OF CASH, CASH EQUIVALENTS, AND RESTRICTED CASH

 

 

 

 

 

 

Cash and cash equivalents

 

$

129,524

 

 

$

33,130

 

Restricted cash

 

 

46

 

 

 

-

 

CASH, CASH EQUIVALENTS, AND RESTRICTED CASH ON THE BALANCE SHEET

 

$

129,570

 

 

$

33,130

 

 

 

 

 

 

 

 

SUPPLEMENTAL CASH FLOW INFORMATION:

 

 

 

 

 

 

Cash paid for income taxes

 

$

11

 

 

$

11

 

 

 

 

 

 

 

 

SUPPLEMENTAL SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:

 

 

 

 

 

 

Purchases of property and equipment accrued

 

$

869

 

 

$

-

 

Deferred issuance costs related to initial public offering accrued

 

$

1,884

 

 

$

-

 

Acquired in-process research and development accrued

 

$

1,000

 

 

$

-

 

Extinguishment of PPP Loan

 

$

1,578

 

 

$

-

 

Non-cash consideration in exchange for licensing and collaboration revenue

 

$

-

 

 

$

7,500