Caribou Biosciences said it is evaluating strategic alternatives and plans to discontinue development of its two donor-derived CAR-T programs, citing difficulty securing capital despite FDA alignment on the Phase 3 design for vispa-cel. The board-approved review includes potential merger, acquisition, or other business combinations involving Caribou or its assets. The planned development halt would stop further clinical work for vispa-cel in relapsed or refractory B-cell non-Hodgkin lymphoma and for CB-011 in relapsed or refractory multiple myeloma. Caribou reported cash and marketable securities of $113.8 million as of June 30, 2026 and outlined cost reductions plus a workforce reduction mostly complete in Q4 2026. The move highlights how financing constraints can abruptly end late-stage CAR-T ambitions even when regulatory groundwork is in place, potentially redirecting patient opportunity and competitive dynamics across the space.