CABA

MKT CAP:$286M

Cabaletta Bio, Inc.

Market Cap

$286M

Healthcare·Biotechnology·🇺🇸 United States·NASDAQ

Healthcare·Biotechnology·🇺🇸·NASDAQ

Stock Price

$3.05+$0.84 (+38.01%)

Apr 23, 2026

Company Details

Cabaletta Bio, Inc., a clinical-stage biotechnology company, focuses on the discovery and development of engineered T cell therapies for patients with B cell-mediated autoimmune diseases. Its proprietary technology utilizes chimeric autoant...

CEO

Steven A. Nichtberger

IPO Date

Oct 25, 2019

Website

www.cabalettabio.com

Key Metrics TTM

Revenue

$0

— YoY

Net Income

-$168M

EPS (Diluted)

-$2.31

Free Cash Flow

-$132M

Revenue / Share

$0.00

Gross Margin

—

Operating Margin

—

Net Margin

—

FCF Margin

—

P/S

—

P/E

—

Earnings Reports

FY 2025

Mar 23, 2026

$0EPS -$1.64

Q4 2025

Mar 23, 2026

$0EPS -$0.41

Q3 2025

Nov 10, 2025

$0EPS -$0.44

Q2 2025

Aug 7, 2025

$0EPS -$0.73

Q1 2025

May 15, 2025

$0EPS -$0.73

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$0	-$219.0K	-$13M
Q2 22	$0	-$238.0K	-$13M
Q3 22	$0	$0	-$12M
Q4 22	$0	-$3M	-$16M
Q1 23	$0	$0	-$17M
Q2 23	$0	-$833.0K	-$16M
Q3 23	$0	-$355.0K	-$19M
Q4 23	$0	-$336.0K	-$23M
Q1 24	$0	-$393.0K	-$28M
Q2 24	$0	$0	-$30M
Q3 24	$0	-$424.0K	-$33M
Q4 24	$0	-$468.0K	-$34M
Q1 25	$0	-$485.0K	-$37M
Q2 25	$0	-$468.0K	-$46M
Q3 25	$0	-$345.0K	-$47M
Q4 25	$0	$1M	-$43M

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$13M	-$13M
Q2 22	-$12M	-$12M
Q3 22	-$10M	-$11M
Q4 22	-$12M	-$12M
Q1 23	-$13M	-$13M
Q2 23	-$12M	-$12M
Q3 23	-$13M	-$13M
Q4 23	-$16M	-$17M
Q1 24	-$24M	-$25M
Q2 24	-$21M	-$22M
Q3 24	-$20M	-$21M
Q4 24	-$23M	-$23M
Q1 25	-$31M	-$32M
Q2 25	-$30M	-$31M
Q3 25	-$35M	-$35M
Q4 25	-$35M	-$36M

Capital Expenditures

Quarter	CapEx
Q1 22	$147.0K
Q2 22	$898.0K
Q3 22	$1M
Q4 22	$316.0K
Q1 23	$380.0K
Q2 23	$57.0K
Q3 23	$65.0K
Q4 23	$185.0K
Q1 24	$812.0K
Q2 24	$770.0K
Q3 24	$253.0K
Q4 24	$376.0K
Q1 25	$785.0K
Q2 25	$161.0K
Q3 25	$78.0K
Q4 25	$205.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	—	+33.8%
Q2 22	—	+17.2%
Q3 22	—	+1.9%
Q4 22	—	+17.3%
Q1 23	—	+30.4%
Q2 23	—	+21.7%
Q3 23	—	+58.5%
Q4 23	—	+42.0%
Q1 24	—	+65.3%
Q2 24	—	+90.6%
Q3 24	—	+77.0%
Q4 24	—	+46.0%
Q1 25	—	+32.5%
Q2 25	—	+51.6%
Q3 25	—	+41.0%
Q4 25	—	+26.1%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$2M	—
Q2 22	$2M	—
Q3 22	$2M	—
Q4 22	$2M	—
Q1 23	$2M	—
Q2 23	$0	—
Q3 23	$3M	—
Q4 23	$3M	—
Q1 24	$4M	—
Q2 24	$5M	—
Q3 24	$5M	—
Q4 24	$5M	—
Q1 25	$5M	—
Q2 25	$6M	—
Q3 25	$6M	—
Q4 25	$4M	—

OpEx Breakdown

Quarter	R&D	G&A	SG&A
Q1 22	$9M	—	$4M
Q2 22	$10M	—	$3M
Q3 22	$8M	$4M	—
Q4 22	$12M	—	$1M
Q1 23	$12M	$5M	—
Q2 23	$12M	—	$3M
Q3 23	$14M	—	$5M
Q4 23	$17M	—	$5M
Q1 24	$22M	$6M	—
Q2 24	$23M	$7M	—
Q3 24	$26M	—	$6M
Q4 24	$26M	—	$8M
Q1 25	$29M	—	$8M
Q2 25	$38M	—	$8M
Q3 25	$40M	$7M	—
Q4 25	$36M	$6M	—

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$60M	$50M	$109M
Q2 22	$47M	$50M	$97M
Q3 22	$61M	$25M	$86M
Q4 22	$82M	$25M	$107M
Q1 23	$94M	$0	$94M
Q2 23	$128M	$48M	$176M
Q3 23	$116M	$49M	$164M
Q4 23	$193M	$48M	$241M
Q1 24	$175M	$49M	$224M
Q2 24	$179M	$25M	$203M
Q3 24	$171M	$12M	$183M
Q4 24	$164M	$0	$164M
Q1 25	$132M	$0	$132M
Q2 25	$146M	$49M	$195M
Q3 25	$60M	$100M	$160M
Q4 25	$83M	$51M	$134M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	29M	+2.2%	+21.9%
Q2 22	29M	+0.1%	+17.2%
Q3 22	29M	+0.1%	+12.3%
Q4 22	29M	+1.5%	+3.9%
Q1 23	35M	+20.4%	+22.4%
Q2 23	39M	+10.5%	+35.1%
Q3 23	44M	+12.2%	+51.5%
Q4 23	44M	+1.1%	+50.9%
Q1 24	49M	+11.0%	+39.1%
Q2 24	49M	+0.3%	+26.2%
Q3 24	49M	+0.1%	+12.5%
Q4 24	50M	+1.5%	+13.0%
Q1 25	49M	-1.4%	+0.3%
Q2 25	62M	+25.1%	+25.1%
Q3 25	102M	+65.3%	+106.7%
Q4 25	102M	0.0%	+103.7%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$0	54
Q2 22	$0	54
Q3 22	$0	54
Q4 22	$0	60
Q1 23	$0	60
Q2 23	$0	60
Q3 23	$0	60
Q4 23	$0	103
Q1 24	$0	103
Q2 24	$0	103
Q3 24	$0	103
Q4 24	$0	164
Q1 25	$0	164
Q2 25	$0	164
Q3 25	$0	164
Q4 25	$0	200K

Revenue / Employee