Caribou Biosciences is a clinical-stage biotech developing allogeneic, or "off-the-shelf," CAR-T cell therapies for blood cancers. Unlike approved autologous CAR-T therapies — which are custom-manufactured from each patient's own T cells — Caribou's therapies are made in advance from healthy donor T cells, allowing doses to be administered quickly after a patient is deemed eligible. Caribou's two clinical-stage programs are vispa-cel, targeting CD19 for relapsed or refractory large B cell lymphoma, and CB-011, targeting BCMA for relapsed or refractory multiple myeloma. The foundation of both programs is Caribou's proprietary chRDNA genome-editing technology, a modified form of CRISPR that reduces off-target edits and enables multiple simultaneous edits to donor T cells. Key edits include knocking out the T cell receptor to prevent donor cells from attacking the patient, knocking out PD-1 to reduce T cell exhaustion, and replacing HLA class I proteins with HLA-E to reduce immune rejection by the patient. Caribou is pre-revenue and funds operations through equity raises; Pfizer has invested $25M in the CB-011 program and holds a right of first negotiation on any BCMA licensing deal. If approved, Caribou would sell doses of its therapies to hospitals and cancer treatment centers, with allogeneic manufacturing yielding hundreds of doses per batch versus one dose per batch in autologous manufacturing, reducing per-dose costs at scale. Caribou also sublicenses its foundational CRISPR patent portfolio across agriculture, research tools, and other fields, generating modest licensing revenue.