Caribou Biosciences said it will stop work on its two remaining donor-derived CAR-T programs, citing difficulty securing financing for late-stage clinical trial plans. The company’s board approved a process exploring strategic alternatives, and it plans workforce and cost reductions as it winds down development. Caribou had reached FDA alignment on the phase 3 trial design for its vispa-cel program, but the financing environment proved incompatible with moving forward. The decision affects both vispa-cel in relapsed or refractory B-cell non-Hodgkin lymphoma and CB-011 in relapsed or refractory multiple myeloma. The move underscores a tighter capital backdrop for clinical-stage cell therapy—especially allogeneic platforms that require sustained, expensive trial execution to translate early promise into registrational outcomes.