Caribou Biosciences moved to exit cell therapy after failing to secure funding for late-stage progress of its allogeneic CAR-T programs. The company said its board approved exploring strategic alternatives and will discontinue development of vispa-cel in relapsed or refractory B-cell non-Hodgkin lymphoma and CB-011 in relapsed or refractory multiple myeloma. Caribou cited worsening capital access for allogeneic CAR-T therapies, even though it previously reached FDA alignment on the vispa-cel Phase 3 trial design. In line with the shutdown, the company plans cost reductions and a workforce reduction expected to be mostly complete in Q4 2026. The decision underscores how trial-ready assets can still stall without financing, especially in an area where manufacturing complexity and long development timelines collide with investor caution.