Caribou Biosciences said it is exploring strategic alternatives and will discontinue further development of its donor-derived CAR-T programs after failing to secure financing for planned late-stage clinical trial work. The company cited the increasingly difficult capital environment for allogeneic CAR-T therapies even though it had FDA alignment on the Phase 3 design for vispa-cel. The decision includes workforce and cost reductions and leaves open options ranging from mergers and acquisitions to other strategic transactions. Caribou also reported cash balances that shape how long it can pursue alternatives. The shutdown underscores a broader funding stress point for platform-driven cell therapy builders—especially those still dependent on external capital to complete clinical and regulatory inflection points. For investors and partners, it also raises the probability of asset reshuffling in allogeneic CAR-T.