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CABA

Cabaletta Bio, Inc.

CABA

Cabaletta Bio, Inc. • NASDAQ
$2.57 ▲ 8.44% (+0.20)
Market Cap $247.40 M
52w High $5.46
52w Low $0.99
Dividend Yield 0%
P/E -1.07
Volume 1.82M
Outstanding Shares 96.27M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $0 $46.243M ▲ $-44.866M ▲ 0% $-0.44 ▲ $-43.937M ▲
Q2-2025 $0 $45.438M ▲ $-45.128M ▼ 0% $-0.73 $-44.089M ▼
Q1-2025 $0 $36.651M ▲ $-35.943M ▼ 0% $-0.73 ▼ $-35.164M ▼
Q4-2024 $0 $33.317M ▲ $-32.586M ▼ 0% $-0.65 ▼ $-31.37M ▼
Q3-2024 $0 $32.622M $-30.629M 0% $-0.63 $-30.205M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $159.931M ▼ $189.759M ▼ $50.293M ▲ $139.466M ▼
Q2-2025 $194.682M ▲ $224.5M ▲ $46.019M ▲ $178.481M ▲
Q1-2025 $131.83M ▼ $165.141M ▼ $43.588M ▲ $121.553M ▼
Q4-2024 $163.962M ▼ $185.046M ▼ $32.711M ▲ $152.335M ▼
Q3-2024 $183.012M $204.41M $30.169M $174.241M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-44.866M ▲ $-34.509M ▼ $-50.08M ▼ $-806K ▼ $-85.406M ▼ $-34.587M ▼
Q2-2025 $-45.128M ▼ $-30.426M ▲ $-49.196M ▼ $93.373M ▲ $13.782M ▲ $-30.587M ▲
Q1-2025 $-35.943M ▼ $-30.802M ▼ $-785K ▼ $-552K ▼ $-32.132M ▼ $-31.587M ▼
Q4-2024 $-32.586M ▼ $-23.122M ▼ $12.124M ▼ $4.372M ▲ $-6.646M ▲ $-23.498M ▼
Q3-2024 $-30.629M $-20.323M $12.247M $71K $-8.005M $-20.576M

Five-Year Company Overview

Income Statement

Income Statement Cabaletta is still a pure research-stage company, with no product sales yet. Its income statement is driven almost entirely by R&D and operating expenses, which have been rising as programs advance. Losses have grown over time but remain in line with a typical clinical-stage biotech that is scaling trials and infrastructure. The key point: the story here is about investing heavily in science and clinical development today in hopes of future approvals, rather than generating profits in the near term.

Balance Sheet

Balance Sheet The balance sheet is dominated by cash and cash-like assets, which is what you would want to see for a company funding multi-year clinical programs. There is only a small amount of debt and equity still comfortably positive, although it has stepped down recently as losses accumulate. Overall, the company looks reasonably capitalized for a clinical-stage biotech, but its position clearly depends on continued access to capital over time as trials expand.

Cash Flow

Cash Flow Cash flows reflect a classic cash-burning R&D model: money consistently flows out from operations to fund trials, personnel, and development, with very little going into long-term equipment. Free cash flow is negative each year and closely tracks operating cash outflow. This means the company relies on external financing—equity raises or partnerships—to keep funding its pipeline. The main watchpoint is how quickly the cash burn grows as more indications and later-stage studies come online.

Competitive Edge

Competitive Edge Competitively, Cabaletta is trying to be a specialist in cell therapies for autoimmune disease, rather than a generalist in oncology like many larger players. Its dual approach—broad B‑cell targeting and highly specific autoantibody-targeting cell therapies—gives it flexibility across multiple diseases. Strategic manufacturing partnerships and early clinical signals in autoimmune conditions support a differentiated position. However, the field is getting crowded, including by large pharmaceutical companies with deep pockets, and the company still needs robust, later-stage data to firmly establish its place.

Innovation and R&D

Innovation and R&D Innovation is the core of the story. Cabaletta is advancing a lead CAR T program aimed at “resetting” the immune system with a one-time treatment, plus a separate platform designed to selectively remove only disease-causing B cells. This is a sophisticated, precision-medicine approach with potentially transformative impact if it works as hoped. R&D spending is substantial and concentrated in a small number of key programs, so success or failure of these trials will have an outsized effect. The company is also innovating on the manufacturing side through automation partnerships, which could matter a lot if therapies move toward broader use.

Summary

Cabaletta Bio is an early-stage, high-risk, high-upside biotechnology company focused on cell therapies for autoimmune diseases. The financials show a classic pattern for a pre-revenue biotech: no sales yet, steady operating losses, and ongoing use of cash to fund research and clinical trials, supported by a cash-heavy balance sheet and minimal debt. The real value driver is its scientific and clinical progress, particularly around its lead CAR T program and its targeted CAART platform. The next few years will likely be defined by clinical results, regulatory interactions, and the company’s ability to secure enough capital and manufacturing capacity to support potential later-stage development and commercialization.

NEWS

November 10, 2025 · 7:30 AM UTC

Cabaletta Bio Reports Third Quarter 2025 Financial Results and Provides Business Update

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November 4, 2025 · 8:00 AM UTC

Cabaletta Bio to Participate in Upcoming Investor Conferences in November and December

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October 27, 2025 · 7:00 AM UTC

Cabaletta Bio Presents Positive Clinical Data and Development Updates for Rese-cel at ACR Convergence 2025

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October 14, 2025 · 8:00 AM UTC

Cabaletta Bio Announces Appointment of Steve Gavel as Chief Commercial Officer and Award of Inducement Grant

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October 9, 2025 · 12:00 PM UTC

Cabaletta Bio Presents First Rese-cel Data with No Preconditioning Demonstrating Biologic Activity and Early Clinical Responses at the 2025 ESGCT Annual Congress

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