Caribou Biosciences said it is exploring strategic alternatives and will discontinue further development of its two donor-derived allogeneic CAR-T programs: vispa-cel for relapsed or refractory B-cell non-Hodgkin lymphoma and CB-011 for relapsed or refractory multiple myeloma. The company also plans workforce and cost reductions as it implements the change. Caribou said it has FDA alignment on the phase 3 trial design for vispa-cel but cited increasingly challenging capital access in the current allogeneic CAR-T financing environment as a driver of the decision. The board approved the process to consider options that could include a merger, acquisition, business combination, or other strategic transactions. The announcement underscores how tougher funding markets are reshaping early-stage and clinical-stage cell therapy strategies, even for assets with regulatory engagement and trial readiness.