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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 September 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, a 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 November 5, 2021, the registrant had 60,192,061 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

23

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

37

Item 4.

Controls and Procedures

37

PART II.

OTHER INFORMATION

38

Item 1.

Legal Proceedings

38

Item 1A.

Risk Factors

38

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

38

Item 6.

Exhibits

39

Signatures

40

 

 

 

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)

 

 

 

September 30,

 

 

December 31,

 

 

 

2021

 

 

2020

 

ASSETS

 

 

 

 

 

 

CURRENT ASSETS:

 

 

 

 

 

 

Cash and cash equivalents

 

$

435,310

 

 

$

15,953

 

Accounts receivable

 

 

578

 

 

 

150

 

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

 

 

1,853

 

 

 

1,328

 

Other receivables

 

 

5,354

 

 

 

3,682

 

Prepaid expenses and other current assets

 

 

5,952

 

 

 

3,193

 

Total current assets

 

 

449,047

 

 

 

24,306

 

INVESTMENTS IN EQUITY SECURITIES

 

 

7,626

 

 

 

7,626

 

PROPERTY AND EQUIPMENT—NET

 

 

4,477

 

 

 

3,502

 

OTHER ASSETS

 

 

810

 

 

 

612

 

TOTAL ASSETS

 

$

461,960

 

 

$

36,046

 

LIABILITIES, CONVERTIBLE PREFERRED STOCK, AND STOCKHOLDERS’ EQUITY (DEFICIT)

 

 

 

 

 

 

CURRENT LIABILITIES:

 

 

 

 

 

 

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

 

$

3,482

 

 

$

2,601

 

Accrued expenses and other current liabilities

 

 

13,930

 

 

 

8,973

 

Promissory note — PPP Loan

 

 

 

 

 

654

 

Deferred revenue

 

 

8,746

 

 

 

161

 

Total current liabilities

 

 

26,158

 

 

 

12,389

 

LONG-TERM LIABILITIES

 

 

 

 

 

 

Deferred revenue, net of current portion ($100 and $50 from related party)

 

 

23,022

 

 

 

937

 

Deferred rent and lease incentive liability

 

 

1,833

 

 

 

925

 

Promissory note — PPP Loan, net of current portion

 

 

 

 

 

924

 

MSKCC success payments liability

 

 

6,238

 

 

 

2,654

 

Other liabilities

 

 

153

 

 

 

176

 

Deferred tax liabilities

 

 

155

 

 

 

155

 

Total liabilities

 

 

57,559

 

 

 

18,160

 

COMMITMENTS AND CONTINGENCIES (Note 9)

 

 

 

 

 

 

CONVERTIBLE PREFERRED STOCK, par value $0.0001 per share; no shares authorized, issued, and outstanding at September 30, 2021; 7,766,582 shares authorized, issued, and outstanding at December 31, 2020

 

 

 

 

 

41,323

 

STOCKHOLDERS’ EQUITY (DEFICIT)

 

 

 

 

 

 

Common stock, par value $0.0001 per share 300,000,000 and 28,933,380 shares authorized at September 30, 2021 and December 31, 2020, respectively; 60,021,319 and 9,710,830 shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively

 

 

6

 

 

 

1

 

Additional paid-in-capital

 

 

483,710

 

 

 

7,433

 

Accumulated deficit

 

 

(79,315

)

 

 

(30,871

)

Total stockholders’ equity (deficit)

 

 

404,401

 

 

 

(23,437

)

TOTAL LIABILITIES, CONVERTIBLE PREFERRED STOCK, AND STOCKHOLDERS’ EQUITY (DEFICIT)

 

$

461,960

 

 

$

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 September 30,

 

 

Nine Months Ended September 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Licensing and collaboration revenue (including $7,500 for nine months ended September 2020 from related party, and none for all other periods)

 

$

3,977

 

 

$

1,198

 

 

$

7,039

 

 

$

11,377

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

15,833

 

 

 

6,180

 

 

 

37,144

 

 

 

22,401

 

General and administrative

 

 

6,760

 

 

 

3,247

 

 

 

16,469

 

 

 

9,887

 

Total operating expenses

 

 

22,593

 

 

 

9,427

 

 

 

53,613

 

 

 

32,288

 

Loss from operations

 

 

(18,616

)

 

 

(8,229

)

 

 

(46,574

)

 

 

(20,911

)

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

22

 

 

 

4

 

 

 

72

 

 

 

157

 

Interest expense

 

 

 

 

 

(6

)

 

 

(8

)

 

 

(14

)

Change in fair value of equity securities

 

 

 

 

 

 

 

 

 

 

 

(733

)

Change in fair value of the MSKCC success payments liability

 

 

(2,403

)

 

 

 

 

 

(3,584

)

 

 

 

Gain on extinguishment of PPP Loan

 

 

 

 

 

 

 

 

1,584

 

 

 

 

Other income

 

 

23

 

 

 

85

 

 

 

66

 

 

 

431

 

Total other income (expense)

 

 

(2,358

)

 

 

83

 

 

 

(1,870

)

 

 

(159

)

Net loss before provision for income taxes

 

 

(20,974

)

 

 

(8,146

)

 

 

(48,444

)

 

 

(21,070

)

Benefit from income taxes

 

 

 

 

 

213

 

 

 

 

 

 

1,465

 

Net loss and comprehensive loss

 

$

(20,974

)

 

$

(7,933

)

 

$

(48,444

)

 

$

(19,605

)

Net loss per share, basic and diluted

 

$

(0.46

)

 

$

(0.93

)

 

$

(2.20

)

 

$

(2.31

)

Weighted-average common shares outstanding, basic and diluted

 

 

45,889,646

 

 

 

8,537,965

 

 

 

22,052,944

 

 

 

8,470,019

 

 

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’ Equity (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

)

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

935

 

 

 

 

 

 

935

 

Conversion of convertible preferred stock into common stock

 

 

(14,430,522

)

 

 

(150,150

)

 

 

26,234,654

 

 

 

3

 

 

 

150,147

 

 

 

 

 

 

150,150

 

Issuance of common stock upon initial public offering, net of issuance costs of $28.6 million

 

 

 

 

 

 

 

 

21,850,000

 

 

 

2

 

 

 

321,018

 

 

 

 

 

 

321,020

 

Issuance of common stock on exercise of options

 

 

 

 

 

 

 

 

603,246

 

 

 

 

 

 

961

 

 

 

 

 

 

961

 

Net loss and comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(20,974

)

 

 

(20,974

)

BALANCE—September 30, 2021

 

 

 

 

$

 

 

 

60,021,323

 

 

$

6

 

 

$

483,710

 

 

$

(79,315

)

 

$

404,401

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

)

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

248

 

 

 

 

 

 

248

 

Issuance of common stock on exercise of options

 

 

 

 

 

 

 

 

75,468

 

 

 

 

 

 

139

 

 

 

 

 

 

139

 

Net loss and comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(7,933

)

 

 

(7,933

)

BALANCE—September 30, 2020

 

 

7,766,582

 

 

$

41,323

 

 

 

8,969,576

 

 

$

1

 

 

$

4,956

 

 

$

(16,168

)

 

$

(11,211

)

 

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)

 

 

 

Nine Months Ended September 30,

 

 

 

2021

 

 

2020

 

CASH FLOWS FROM OPERATING ACTIVITIES:

 

 

 

 

 

 

Net loss

 

$

(48,444

)

 

$

(19,605

)

Adjustments to reconcile net loss to net cash used in operating activities:

 

 

 

 

 

 

Depreciation and amortization

 

 

711

 

 

 

680

 

Loss on disposal of fixed assets

 

 

3

 

 

 

70

 

Change in fair value of equity securities

 

 

 

 

 

733

 

Non-cash consideration for licensing and collaboration revenue ($0 and $7,500 from related party, respectively)

 

 

 

 

 

(7,580

)

Stock-based compensation expense

 

 

1,871

 

 

 

771

 

Change in fair value of MSKCC success payments liability

 

 

3,584

 

 

 

 

Acquired in-process research and development

 

 

1,000

 

 

 

425

 

Extinguishment of PPP Loan

 

 

(1,578

)

 

 

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

Accounts receivable

 

 

(428

)

 

 

4

 

Contract assets

 

 

(525

)

 

 

170

 

Other receivables

 

 

(1,673

)

 

 

147

 

Prepaid expenses and other current assets

 

 

(2,759

)

 

 

1,487

 

Other assets

 

 

(