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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 June 30, 2022

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 August 1, 2022, the registrant had 60,840,446 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

33

Item 4.

Controls and Procedures

34

PART II.

OTHER INFORMATION

35

Item 1.

Legal Proceedings

35

Item 1A.

Risk Factors

35

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

35

Item 6.

Exhibits

36

Signatures

37

 

 

 

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,

 

 

 

2022

 

 

2021

 

ASSETS

 

 

 

 

 

 

CURRENT ASSETS

 

 

 

 

 

 

Cash and cash equivalents

 

$

112,146

 

 

$

240,420

 

Marketable securities, short-term

 

 

227,778

 

 

 

135,412

 

Accounts receivable

 

 

524

 

 

 

1,153

 

Contract assets

 

 

2,093

 

 

 

1,488

 

Other receivables

 

 

3,094

 

 

 

5,483

 

Prepaid expenses and other current assets

 

 

7,293

 

 

 

7,236

 

Total current assets

 

 

352,928

 

 

 

391,192

 

NON-CURRENT ASSETS

 

 

 

 

 

 

Investments in equity securities

 

 

7,728

 

 

 

7,626

 

Marketable securities, long-term

 

 

26,152

 

 

 

37,676

 

Property and equipment, net

 

 

8,006

 

 

 

4,887

 

Operating lease, right of use assets

 

 

25,250

 

 

 

 

Other assets

 

 

1,303

 

 

 

975

 

TOTAL ASSETS

 

$

421,367

 

 

$

442,356

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

CURRENT LIABILITIES

 

 

 

 

 

 

Accounts payable

 

$

426

 

 

$

3,990

 

Accrued expenses and other current liabilities

 

 

14,910

 

 

 

13,136

 

Lease liabilities

 

 

877

 

 

 

 

Deferred revenue ($150 and $0 from related party, respectively)

 

 

12,642

 

 

 

8,703

 

Total current liabilities

 

 

28,855

 

 

 

25,829

 

LONG-TERM LIABILITIES

 

 

 

 

 

 

Deferred revenue, net of current portion ($0 and $100 from related party, respectively)

 

 

15,626

 

 

 

22,032

 

Deferred rent and lease incentive liability

 

 

 

 

 

2,097

 

MSKCC success payments liability

 

 

1,432

 

 

 

4,080

 

Lease liabilities, non-current

 

 

27,090

 

 

 

 

Other liabilities

 

 

 

 

 

17

 

Deferred tax liabilities

 

 

475

 

 

 

476

 

Total liabilities

 

 

73,478

 

 

 

54,531

 

COMMITMENTS AND CONTINGENCIES (Note 9)

 

 

 

 

 

 

STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

Preferred stock, par value $0.0001 per share, 10,000,000 shares authorized at June 30, 2022 and December 31, 2021; no shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively

 

 

 

 

 

 

Common stock, par value $0.0001 per share, 300,000,000 shares authorized at June 30, 2022 and December 31, 2021, respectively; 60,838,370 and 60,263,158 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively

 

 

6

 

 

 

6

 

Additional paid-in-capital

 

 

493,043

 

 

 

485,748

 

Accumulated other comprehensive loss

 

 

(1,581

)

 

 

(135

)

Accumulated deficit

 

 

(143,579

)

 

 

(97,794

)

Total stockholders’ equity

 

 

347,889

 

 

 

387,825

 

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

 

$

421,367

 

 

$

442,356

 

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,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Licensing and collaboration revenue

 

$

4,192

 

 

$

1,476

 

 

$

6,856

 

 

$

3,062

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

22,579

 

 

 

12,327

 

 

 

36,503

 

 

 

22,491

 

General and administrative

 

 

10,044

 

 

 

5,113

 

 

 

19,637

 

 

 

9,709

 

Total operating expenses

 

 

32,623

 

 

 

17,440

 

 

 

56,140

 

 

 

32,200

 

Loss from operations

 

 

(28,431

)

 

 

(15,964

)

 

 

(49,284

)

 

 

(29,138

)

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

Change in fair value of equity securities

 

 

(16

)

 

 

 

 

 

(104

)

 

 

 

Change in fair value of the MSKCC success payments liability

 

 

1,052

 

 

 

 

 

 

2,648

 

 

 

 

Gain on extinguishment of PPP Loan

 

 

 

 

 

1,584

 

 

 

 

 

 

1,584

 

Other income, net

 

 

698

 

 

 

69

 

 

 

955

 

 

 

84

 

Total other income (expense)

 

 

1,734

 

 

 

1,653

 

 

 

3,499

 

 

 

1,668

 

Net loss

 

 

(26,697

)

 

 

(14,311

)

 

 

(45,785

)

 

 

(27,470

)

Other comprehensive loss:

 

 

 

 

 

 

 

 

 

 

 

 

Net unrealized loss on available-for-sale marketable securities, net of tax

 

 

(492

)

 

 

 

 

 

(1,446

)

 

 

 

Net comprehensive loss

 

$

(27,189

)

 

$

(14,311

)

 

$

(47,231

)

 

$

(27,470

)

Net loss per share, basic and diluted

 

$

(0.44

)

 

$

(1.39

)

 

$

(0.75

)

 

$

(2.78

)

Weighted-average common shares outstanding, basic and diluted

 

 

60,757,689

 

 

 

10,261,770

 

 

 

60,652,532

 

 

 

9,882,715

 

 

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)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Convertible Preferred Stock

 

 

Common Stock

 

 

Additional Paid-In

 

 

Other Comprehensive

 

 

Accumulated

 

 

Total Stockholders’ Equity

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Loss

 

 

Deficit

 

 

(Deficit)

 

BALANCE—December 31, 2021

 

 

 

 

$

 

 

 

60,263,158

 

 

$

6

 

 

$

485,748

 

 

$

(135

)

 

$

(97,794

)

 

$

387,825

 

Issuance of common stock under employee stock plans

 

 

 

 

 

 

 

 

36,596

 

 

 

 

 

 

361

 

 

 

 

 

 

 

 

 

361

 

Issuance of common stock on exercise of options

 

 

 

 

 

 

 

 

389,855

 

 

 

 

 

 

629

 

 

 

 

 

 

 

 

 

629

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,024

 

 

 

 

 

 

 

 

 

3,024

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(19,088

)

 

 

(19,088

)

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(954

)

 

 

 

 

 

(954

)

BALANCE—March 31, 2022

 

 

 

 

$

 

 

 

60,689,609

 

 

$

6

 

 

$

489,762

 

 

$

(1,089

)

 

$

(116,882

)

 

$

371,797

 

Issuance of common stock on exercise of options

 

 

 

 

 

 

 

 

148,761

 

 

 

 

 

 

363

 

 

 

 

 

 

 

 

 

363

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,918

 

 

 

 

 

 

 

 

 

2,918

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(26,697

)

 

 

(26,697

)

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(492

)

 

 

 

 

 

(492

)

BALANCE—June 30, 2022

 

 

 

 

$

 

 

 

60,838,370

 

 

$

6

 

 

$

493,043

 

 

$

(1,581

)

 

$

(143,579

)

 

$

347,889

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(13,159

)

 

 

(13,159

)

BALANCE—March 31, 2021

 

 

14,430,522

 

 

$

150,150

 

 

 

10,295,444

 

 

$

1

 

 

$

8,340

 

 

$

 

 

$

(44,030

)

 

$

(35,689

)

Repayment of promissory note

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,150

 

 

 

 

 

 

 

 

 

1,150

 

Issuance of common stock on exercise of options

 

 

 

 

 

 

 

 

1,037,979

 

 

 

 

 

 

566

 

 

 

 

 

 

 

 

 

566

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

593

 

 

 

 

 

 

 

 

 

593

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(14,311

)

 

 

(14,311

)

BALANCE—June 30, 2021

 

 

14,430,522

 

 

$

150,150

 

 

 

11,333,423

 

 

$

1

 

 

$

10,649

 

 

$

 

 

$

(58,341

)

 

$

(47,691

)

 

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,

 

 

 

2022

 

 

2021

 

CASH FLOWS FROM OPERATING ACTIVITIES:

 

 

 

 

 

 

Net loss

 

$

(45,785

)

 

$

(27,470

)

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

 

 

 

 

 

 

Depreciation and amortization

 

 

666

 

 

 

451

 

Loss on disposal of fixed assets

 

 

 

 

 

3

 

Non-cash consideration for licensing and collaboration revenue

 

 

(205

)

 

 

 

Change in fair value of equity securities

 

 

104

 

 

 

 

Stock-based compensation expense

 

 

5,942