CRBU

Caribou is a pre-commercial CRISPR/CAR-T developer, not an operating business you can value on fundamentals. The $11.2M of 'revenue' is license and collaboration income, not product sales — management states plainly it has 'not commercialized any products and have never generated any revenue from product sales.' Against that, FY2025 net loss was -$148M and operating cash flow -$111M, with an accumulated deficit of -$597M. Slapping a 15.8x P/S on non-product license revenue is meaningless; there is no earnings or sales stream here to anchor a price.

The balance sheet is the disqualifier. Headline cash & equivalents is just $12.4M, and even counting all current assets ($145M) against a -$111M annual operating burn leaves barely over a year of runway. Total assets fell 44% YoY and stockholders' equity fell 52% — the company is visibly consuming its capital. Worse, management guides that expenses will 'increase substantially' as it advances vispa-cel into a 'planned pivotal clinical trial,' a large multicenter study. That combination — thin runway plus rising burn — makes additional financing a near-certainty, and at a $176M market cap and $1.82 stock, dilution would be steep and shareholder-punishing. Shares outstanding already rose ~4% in FY2025.