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Cabaletta Bio (CABA) Financials

Cabaletta Bio logo
$2.97 -0.01 (-0.34%)
Closing price 07/10/2026 04:00 PM Eastern
Extended Trading
$3.00 +0.03 (+0.88%)
As of 06:44 AM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Massive. Learn more.
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Annual Income Statements for Cabaletta Bio

Annual Income Statements for Cabaletta Bio

This table shows Cabaletta Bio's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 -17 -67 -46 -53 -68 -116 -168
Consolidated Net Income / (Loss)		 -17 -33 -46 -53 -68 -116 -168
Net Income / (Loss) Continuing Operations		 -17 -67 -46 -53 -68 -116 -168
Total Pre-Tax Income 		-17 -67 -46 -53 -68 -116 -168
Total Operating Income		 -19 -34 -46 -54 -75 -125 -172
Total Gross Profit		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Revenue		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Cost of Revenue		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Operating Expenses		 19 68 46 54 75 125 172
Selling, General & Admin Expense		 7.01 12 14 15 19 28 30
Research & Development Expense		 12 21 32 39 55 97 143
Other Operating Expenses / (Income)		 - 34 - - - 0.00 -0.36
Total Other Income / (Expense), net		 1.74 0.49 0.02 1.16 6.99 9.28 4.03
Interest Expense		 - - - - 0.00 0.75 2.00
Interest & Investment Income		 1.74 0.49 0.02 1.16 6.99 10 6.03
Basic Earnings per Share		 ($4.07) ($1.44) ($1.80) ($1.81) ($1.65) ($2.34) ($2.10)
Weighted Average Basic Shares Outstanding		 - 24.06M 28.98M 31.34M 48.24M 50.74M 111.32M
Diluted Earnings per Share		 ($4.07) ($1.44) ($1.80) ($1.81) ($1.65) ($2.34) ($2.10)
Weighted Average Diluted Shares Outstanding		 - 24.06M 28.98M 31.34M 48.24M 50.74M 111.32M
Weighted Average Basic & Diluted Shares Outstanding		 - 24.06M 28.98M 31.34M 48.24M 50.74M 111.32M

Quarterly Income Statements for Cabaletta Bio

This table shows Cabaletta Bio's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 -16 -21 -25 -28 -31 -33 -36 -45 -45 -42 -44
Consolidated Net Income / (Loss)		 -16 -21 -25 -28 -31 -33 -36 -45 -45 -42 -44
Net Income / (Loss) Continuing Operations		 -16 -21 -25 -28 -31 -33 -36 -45 -45 -42 -44
Total Pre-Tax Income 		-16 -21 -25 -28 -31 -33 -36 -45 -45 -42 -44
Total Operating Income		 -19 -23 -28 -30 -33 -34 -37 -46 -47 -43 -44
Total Gross Profit		 0.00 - 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Total Revenue		 0.00 - 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Total Cost of Revenue		 0.00 - 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Total Operating Expenses		 19 23 28 30 33 34 37 46 47 43 44
Selling, General & Admin Expense		 4.88 5.74 6.08 6.85 6.76 8.25 8.12 8.27 6.76 6.42 6.94
Research & Development Expense		 14 17 22 23 26 26 29 38 40 36 37
Other Operating Expenses / (Income)		 - - - 0.00 0.00 - 0.00 0.06 - - -0.34
Total Other Income / (Expense), net		 2.22 2.26 2.98 2.68 2.42 1.20 1.19 0.84 1.72 0.27 0.44
Interest Expense		 - - 0.00 0.00 0.00 - 0.29 0.57 0.58 0.56 0.64
Interest & Investment Income		 2.22 2.26 2.98 2.68 2.42 1.95 1.49 1.41 1.81 1.33 1.08
Basic Earnings per Share		 ($0.37) ($0.46) ($0.51) ($0.56) ($0.62) ($0.65) ($0.71) ($0.73) ($0.44) ($0.22) ($0.39)
Weighted Average Basic Shares Outstanding		 42.85M 48.24M 48.28M 48.85M 48.88M 50.74M 50.74M 91.47M 96.27M 111.32M 112.03M
Diluted Earnings per Share		 ($0.37) ($0.46) ($0.51) ($0.56) ($0.62) ($0.65) ($0.71) ($0.73) ($0.44) ($0.22) ($0.39)
Weighted Average Diluted Shares Outstanding		 42.85M 48.24M 48.28M 48.85M 48.88M 50.74M 50.74M 91.47M 96.27M 111.32M 112.03M
Weighted Average Basic & Diluted Shares Outstanding		 42.85M 48.24M 48.28M 48.85M 48.88M 50.74M 50.74M 91.47M 96.27M 111.32M 112.03M

Annual Cash Flow Statements for Cabaletta Bio

This table details how cash moves in and out of Cabaletta Bio's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 103 -35 21 -41 112 -29 -81
Net Cash From Operating Activities		 -16 -27 -34 -46 -54 -88 -131
Net Cash From Continuing Operating Activities		 -16 -27 -34 -46 -54 -88 -131
Net Income / (Loss) Continuing Operations		 -17 -33 -46 -53 -68 -116 -168
Consolidated Net Income / (Loss)		 -17 -33 -46 -53 -68 -116 -168
Depreciation Expense		 0.10 0.35 0.73 1.18 1.43 1.71 1.65
Amortization Expense		 0.00 0.12 0.06 -0.22 -1.22 -1.53 -1.56
Non-Cash Adjustments To Reconcile Net Income		 2.30 4.39 5.80 7.03 14 26 37
Changes in Operating Assets and Liabilities, net		 -1.51 1.71 5.58 -1.39 0.10 1.61 -0.38
Net Cash From Investing Activities		 -0.69 -7.98 6.00 -27 -22 47 -50
Net Cash From Continuing Investing Activities		 -0.69 -7.98 6.00 -27 -22 47 -50
Purchase of Property, Plant & Equipment		 -0.69 -0.64 -1.17 -2.45 -0.69 -2.21 -1.23
Purchase of Investments		 0.00 -11 0.00 -50 -84 0.00 -99
Sale and/or Maturity of Investments		 0.00 3.75 7.17 25 63 50 50
Net Cash From Financing Activities		 120 -0.02 49 33 188 12 100
Net Cash From Continuing Financing Activities		 120 -0.02 49 33 188 12 100
Issuance of Common Equity		 71 0.03 48 33 185 11 107
Other Financing Activities, net		 0.01 0.14 0.58 0.05 2.32 0.53 -6.25
Effect of Exchange Rate Changes		 - - - - 0.00 -0.02 0.02
Cash Interest Paid		 - - - - 0.00 0.75 1.71

Quarterly Cash Flow Statements for Cabaletta Bio

This table details how cash moves in and out of Cabaletta Bio's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 -13 78 -18 3.32 -8.01 -6.65 -32 14 -85 23 34
Net Cash From Operating Activities		 -13 -16 -24 -21 -20 -23 -31 -30 -35 -35 -43
Net Cash From Continuing Operating Activities		 -13 -16 -24 -21 -20 -23 -31 -30 -35 -35 -43
Net Income / (Loss) Continuing Operations		 -16 -21 -25 -28 -31 -33 -36 -45 -45 -42 -44
Consolidated Net Income / (Loss)		 -16 -21 -25 -28 -31 -33 -36 -45 -45 -42 -44
Depreciation Expense		 0.36 0.34 0.39 0.43 0.42 0.47 0.49 0.47 0.35 0.35 0.34
Amortization Expense		 -0.65 -0.38 -0.62 -0.55 -0.26 3.00 0.00 -0.04 -0.63 -0.89 -0.37
Non-Cash Adjustments To Reconcile Net Income		 3.02 5.54 5.41 6.97 7.25 3.08 7.70 10 10 8.73 10
Changes in Operating Assets and Liabilities, net		 1.12 -1.06 -4.13 -0.03 2.90 2.87 -3.05 4.05 0.32 -1.61 -9.37
Net Cash From Investing Activities		 -0.07 1.14 -0.81 24 12 12 -0.79 -49 -50 50 51
Net Cash From Continuing Investing Activities		 -0.04 1.14 -0.81 24 12 12 -0.79 -49 -50 50 51
Purchase of Property, Plant & Equipment		 -0.04 -0.19 -0.81 -0.77 -0.25 -0.38 -0.79 -0.16 -0.08 -0.21 0.00
Purchase of Investments		 - -36 - - - - 0.00 - -50 - 0.00
Sale and/or Maturity of Investments		 - 38 - - 13 13 0.00 - - 50 51
Net Cash From Financing Activities		 0.10 93 6.86 0.38 0.07 4.37 -0.55 93 -0.81 8.33 25
Net Cash From Continuing Financing Activities		 0.10 93 6.86 0.38 0.07 4.37 -0.55 93 -0.81 8.33 25
Issuance of Common Equity		 -0.14 92 5.75 0.13 - 5.27 0.00 96 -0.03 10 30
Other Financing Activities, net		 0.24 1.23 1.11 0.25 0.07 -0.90 -0.55 -3.00 -0.78 -1.91 -4.24
Effect of Exchange Rate Changes		 - - 0.00 - - - 0.01 0.03 -0.01 -0.01 -0.01
Cash Interest Paid		 - - 0.00 - - - 0.21 0.56 0.68 0.26 0.88

Annual Balance Sheets for Cabaletta Bio

This table presents Cabaletta Bio's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 34 141 115 126 117 254 185 165
Total Current Assets		 34 141 114 125 109 244 167 139
Cash & Equivalents		 33 136 101 122 82 193 164 83
Short-Term Investments		 - 0.00 7.23 0.00 25 48 0.00 51
Prepaid Expenses		 0.98 4.35 4.87 2.32 2.29 3.24 2.71 5.27
Plant, Property, & Equipment, net		 0.00 0.82 0.89 1.44 2.58 2.54 2.74 1.92
Total Noncurrent Assets		 0.18 0.10 0.30 0.36 5.56 6.62 16 24
Noncurrent Note & Lease Receivables		 - - - - - 0.00 7.02 16
Other Noncurrent Operating Assets		 0.18 0.10 0.30 0.36 5.56 6.62 8.61 8.59
Total Liabilities & Shareholders' Equity		 34 141 115 126 117 254 185 165
Total Liabilities		 0.94 3.15 5.18 8.38 12 17 33 53
Total Current Liabilities		 0.94 3.15 5.18 8.38 9.49 16 27 50
Accounts Payable		 0.60 0.92 1.24 2.33 2.46 4.55 4.92 6.64
Accrued Expenses		 0.34 2.23 3.94 6.05 4.85 7.89 12 19
Other Current Liabilities		 - - - 0.00 2.18 3.56 9.98 24
Total Noncurrent Liabilities		 0.00 0.00 0.00 0.00 2.96 1.46 5.63 2.88
Other Noncurrent Operating Liabilities		 - - - 0.00 2.96 1.46 2.38 2.88
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 -11 138 110 118 105 236 152 112
Total Preferred & Common Equity		 -11 138 110 118 105 236 152 112
Preferred Stock		 - 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 -11 138 110 118 105 236 152 112
Common Stock		 1.76 171 176 231 270 469 501 629
Retained Earnings		 -12 -33 -66 -113 -166 -233 -349 -517
Accumulated Other Comprehensive Income / (Loss)		 - 0.00 0.01 0.00 -0.05 0.04 0.00 0.03
Other Equity Adjustments		 - 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Quarterly Balance Sheets for Cabaletta Bio

This table presents Cabaletta Bio's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026
Total Assets		 173 240 217 204 165 225 190 148
Total Current Assets		 166 227 206 186 135 198 165 122
Cash & Equivalents		 116 175 179 171 132 146 60 117
Short-Term Investments		 49 49 25 12 0.00 49 100 0.00
Prepaid Expenses		 1.79 3.64 3.03 2.50 2.77 3.73 4.63 5.68
Plant, Property, & Equipment, net		 1.99 2.92 2.98 2.81 2.64 2.37 2.06 1.59
Total Noncurrent Assets		 5.12 10 8.19 16 28 24 23 24
Noncurrent Note & Lease Receivables		 - - - - 20 17 16 17
Other Noncurrent Operating Assets		 5.12 10 8.19 16 7.80 7.03 7.20 7.73
Total Liabilities & Shareholders' Equity		 173 240 217 204 165 225 190 148
Total Liabilities		 12 19 18 30 44 46 50 45
Total Current Liabilities		 11 18 18 23 34 42 46 42
Accounts Payable		 3.62 5.84 4.22 2.18 6.49 7.19 8.27 6.38
Accrued Expenses		 4.47 4.73 6.28 13 8.30 14 16 12
Other Current Liabilities		 2.52 7.40 7.40 7.94 19 20 21 23
Total Noncurrent Liabilities		 1.75 0.77 0.00 7.29 9.60 4.48 4.56 3.33
Capital Lease Obligations		 - - - - 8.11 - 4.56 3.33
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 161 222 200 174 122 178 139 103
Total Preferred & Common Equity		 161 222 200 174 122 178 139 103
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 161 222 200 174 122 178 139 103
Common Stock		 373 480 485 491 507 609 614 664
Retained Earnings		 -212 -258 -286 -317 -385 -430 -475 -560
Accumulated Other Comprehensive Income / (Loss)		 -0.02 -0.04 -0.03 0.00 - 0.00 0.02 0.00
Other Equity Adjustments		 0.00 0.00 0.00 0.00 - 0.00 - 0.00

Annual Metrics And Ratios for Cabaletta Bio

This table displays calculated financial ratios and metrics derived from Cabaletta Bio's official financial filings.

Metric 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
DEI Shares Outstanding		 24,034,022.00 24,055,467.00 28,331,638.00 29,013,995.00 42,849,412.00 - 96,265,204.00
DEI Adjusted Shares Outstanding		 24,034,022.00 24,055,467.00 28,331,638.00 29,013,995.00 42,849,412.00 - 96,265,204.00
DEI Earnings Per Adjusted Shares Outstanding		 -0.71 -2.79 -1.63 -1.83 -1.58 - -1.74
Growth Metrics		 - - - - - - -
Revenue Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
EBITDA Growth		 0.00% -79.56% -36.44% -16.84% -40.00% -63.66% -37.77%
EBIT Growth		 0.00% -81.09% -36.89% -16.90% -37.90% -67.61% -37.64%
NOPAT Growth		 0.00% -81.09% -36.89% -16.90% -37.90% -67.61% -37.64%
Net Income Growth		 0.00% -96.77% -38.84% -14.44% -27.75% -71.21% -44.87%
EPS Growth		 0.00% 64.62% -25.00% -0.56% 8.84% -41.82% 10.26%
Operating Cash Flow Growth		 0.00% -66.84% -27.42% -35.98% -15.46% -64.75% -48.58%
Free Cash Flow Firm Growth		 0.00% 0.00% -21.49% -47.18% -22.68% -64.55% -27.47%
Invested Capital Growth		 0.00% -58.34% -583.67% 52.48% -149.19% -130.19% -156.95%
Revenue Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
EBITDA Q/Q Growth		 0.00% 0.00% -10.91% -4.58% -10.71% -6.21% -8.06%
EBIT Q/Q Growth		 0.00% 0.00% -10.93% -4.66% -10.09% -9.29% -5.40%
NOPAT Q/Q Growth		 0.00% 0.00% -10.93% -4.66% -10.09% -9.29% -5.40%
Net Income Q/Q Growth		 0.00% 0.00% -10.98% -3.53% -8.31% -11.23% -5.89%
EPS Q/Q Growth		 0.00% 0.00% -5.26% -1.69% 3.51% -8.84% 17.00%
Operating Cash Flow Q/Q Growth		 0.00% -5.06% -4.10% -3.61% -8.77% -8.18% -10.28%
Free Cash Flow Firm Q/Q Growth		 0.00% 0.00% 0.00% -3.35% -11.84% -8.25% -0.14%
Invested Capital Q/Q Growth		 0.00% 0.00% -61.29% -9,552.38% -45.65% -32.56% -35.46%
Profitability Metrics		 - - - - - - -
Gross Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
EBITDA Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
EBIT Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Profit (Net Income) Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Tax Burden Percent		 100.00% 49.63% 100.00% 100.00% 100.00% 100.00% 99.79%
Interest Burden Percent		 90.69% 198.54% 99.95% 97.85% 90.64% 92.59% 97.66%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Equity (ROE)		 -19.75% -26.90% -40.69% -47.62% -39.72% -59.64% -126.98%
Cash Return on Invested Capital (CROIC)		 0.00% -1,497.04% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Return on Assets (OROA)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Assets (ROA)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Common Equity (ROCE)		 -14.70% -26.90% -40.69% -47.62% -39.72% -59.64% -126.98%
Return on Equity Simple (ROE_SIMPLE)		 -12.25% -30.43% -39.24% -50.68% -28.65% -76.06% 0.00%
Net Operating Profit after Tax (NOPAT)		 -13 -24 -32 -38 -52 -88 -121
NOPAT Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Nonoperating Expense Percent (NNEP)		 -2.84% -7.89% -12.01% -13.18% -8.86% -13.95% -32.13%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - -22.13% -57.50% -107.60%
Cost of Revenue to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
SG&A Expenses to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings before Interest and Taxes (EBIT)		 -19 -34 -46 -54 -75 -125 -172
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -19 -33 -46 -53 -74 -122 -172
Valuation Ratios		 - - - - - - -
Price to Book Value (P/BV)		 2.43 2.74 0.91 2.57 4.12 0.73 1.88
Price to Tangible Book Value (P/TBV)		 2.43 2.74 0.91 2.57 4.12 0.73 1.88
Price to Revenue (P/Rev)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 94.26 217.18 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Revenue (EV/Rev)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Leverage & Solvency		 - - - - - - -
Debt to Equity		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Long-Term Debt to Equity		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Financial Leverage		 -0.98 -0.99 -1.01 -1.03 -1.02 -1.04 -1.11
Leverage Ratio		 1.02 1.03 1.06 1.09 1.09 1.13 1.32
Compound Leverage Factor		 0.93 2.05 1.06 1.07 0.99 1.05 1.29
Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Long-Term Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Long-Term Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Altman Z-Score		 64.42 34.12 6.33 10.45 32.26 -1.93 -4.80
Noncontrolling Interest Sharing Ratio		 25.60% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - -
Current Ratio		 44.66 21.92 14.86 11.47 15.29 6.15 2.77
Quick Ratio		 43.28 20.98 14.59 11.23 15.08 6.05 2.66
Cash Flow Metrics		 - - - - - - -
Free Cash Flow to Firm (FCFF)		 0.00 -22 -27 -40 -49 -81 -107
Operating Cash Flow to CapEx		 -2,315.30% -4,215.75% -2,925.30% -1,890.75% -7,794.61% -3,990.14% -10,665.58%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 0.00 0.00 -108.32 -53.60
Operating Cash Flow to Interest Expense		 0.00 0.00 0.00 0.00 0.00 -117.94 -65.41
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 -120.90 -66.02
Efficiency Ratios		 - - - - - - -
Asset Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Accounts Receivable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Accounts Payable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Sales Outstanding (DSO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Cash Conversion Cycle (CCC)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Capital & Investment Metrics		 - - - - - - -
Invested Capital		 2.12 0.88 -4.27 -2.03 -5.05 -12 -22
Invested Capital Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Increase / (Decrease) in Invested Capital		 0.00 -1.24 -5.15 2.24 -3.02 -6.58 -13
Enterprise Value (EV)		 200 192 -15 162 731 -53 77
Market Capitalization		 336 300 107 268 973 111 211
Book Value per Share		 $5.76 $4.55 $4.16 $3.60 $5.51 $3.12 $1.16
Tangible Book Value per Share		 $5.76 $4.55 $4.16 $3.60 $5.51 $3.12 $1.16
Total Capital		 138 110 118 105 236 152 112
Total Debt		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Long-Term Debt		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt		 -136 -109 -122 -107 -241 -164 -134
Capital Expenditures (CapEx)		 0.69 0.64 1.17 2.45 0.69 2.21 1.23
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 1.20 -0.31 -6.06 -7.20 -13 -24 -45
Debt-free Net Working Capital (DFNWC)		 137 108 116 99 228 140 89
Net Working Capital (NWC)		 137 108 116 99 228 140 89
Net Nonoperating Expense (NNE)		 3.86 9.66 14 15 15 28 47
Net Nonoperating Obligations (NNO)		 -136 -109 -122 -107 -241 -164 -134
Total Depreciation and Amortization (D&A)		 0.10 0.47 0.80 0.96 0.20 3.29 0.09
Debt-free, Cash-free Net Working Capital to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Debt-free Net Working Capital to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Working Capital to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Adjustments		 - - - - - - -
Adjusted Basic Earnings per Share		 $0.00 ($1.44) ($1.80) ($1.81) ($1.65) ($2.34) ($2.10)
Adjusted Weighted Average Basic Shares Outstanding		 0.00 24.06M 28.98M 31.34M 48.24M 50.74M 111.32M
Adjusted Diluted Earnings per Share		 $0.00 ($1.44) ($1.80) ($1.81) ($1.65) ($2.34) ($2.10)
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 24.06M 28.98M 31.34M 48.24M 50.74M 111.32M
Adjusted Basic & Diluted Earnings per Share		 $0.00 ($1.44) ($1.80) $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 24.06M 28.98M 31.34M 48.24M 50.74M 111.32M
Normalized Net Operating Profit after Tax (NOPAT)		 -13 -24 -32 -38 -52 -88 -121
Normalized NOPAT Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Pre Tax Income Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Debt Service Ratios		 - - - - - - -
EBIT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 -167.30 -85.95
NOPAT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 -117.11 -60.16
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 -170.26 -86.56
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 -120.07 -60.78
Payout Ratios		 - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 -7.63% -0.58% 0.00% 0.00% 0.00% 0.00% 0.00%

Quarterly Metrics And Ratios for Cabaletta Bio

This table displays calculated financial ratios and metrics derived from Cabaletta Bio's official financial filings.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 39,805,032.00 42,849,412.00 48,241,615.00 48,276,522.00 48,848,673.00 - 50,743,101.00 50,743,101.00 91,465,233.00 96,265,204.00 111,322,671.00
DEI Adjusted Shares Outstanding		 39,805,032.00 42,849,412.00 48,241,615.00 48,276,522.00 48,848,673.00 - 50,743,101.00 50,743,101.00 91,465,233.00 96,265,204.00 111,322,671.00
DEI Earnings Per Adjusted Shares Outstanding		 -0.41 -0.49 -0.52 -0.57 -0.63 - -0.71 -0.89 -0.49 -0.44 -0.39
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
EBITDA Growth		 -65.35% -45.05% -70.17% -93.75% -73.38% -30.70% -29.72% -49.56% -41.03% -29.14% -20.94%
EBIT Growth		 -58.50% -41.98% -65.32% -90.55% -77.02% -45.96% -32.48% -51.61% -39.47% -26.12% -19.28%
NOPAT Growth		 -58.50% -41.98% -65.32% -90.55% -77.02% -45.96% -32.48% -51.61% -40.98% -26.12% -19.28%
Net Income Growth		 -43.94% -33.10% -57.99% -90.53% -86.22% -56.02% -43.50% -63.50% -46.48% -28.64% -21.07%
EPS Growth		 5.13% 11.54% -13.33% -51.35% -67.57% -41.30% -39.22% -30.36% 29.03% 66.15% 45.07%
Operating Cash Flow Growth		 -27.13% -35.59% -90.26% -74.86% -61.24% -40.58% -28.41% -46.36% -69.80% -52.85% -38.18%
Free Cash Flow Firm Growth		 11.48% 3.46% -61.82% -92.68% -85.32% -29.56% -31.78% 0.19% -42.89% 17.96% 10.66%
Invested Capital Growth		 -16,414.29% -149.19% 3.14% -69.46% -152.91% -130.19% -2.21% -337.16% -81.36% -156.95% -360.22%
Revenue Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
EBITDA Q/Q Growth		 -20.86% -22.29% -21.83% -7.61% -8.15% 7.82% -9.68% -24.07% -1.98% 6.95% -2.72%
EBIT Q/Q Growth		 -17.48% -23.99% -21.11% -8.02% -9.14% -2.24% -9.92% -23.62% -0.40% 7.55% -3.95%
NOPAT Q/Q Growth		 -17.48% -23.99% -21.11% -8.02% -9.14% -2.24% -9.92% -23.62% -1.49% 8.54% -3.95%
Net Income Q/Q Growth		 -13.54% -26.98% -19.92% -10.20% -10.97% -6.39% -10.30% -25.55% 0.58% 6.57% -3.81%
EPS Q/Q Growth		 0.00% -24.32% -10.87% -9.80% -10.71% -4.84% -9.23% -2.82% 39.73% 50.00% -77.27%
Operating Cash Flow Q/Q Growth		 -6.01% -30.50% -45.84% 13.34% 2.24% -13.77% -33.22% 1.22% -13.42% -2.42% -20.42%
Free Cash Flow Firm Q/Q Growth		 5.79% -36.98% -49.42% 0.07% 9.39% 4.24% -27.73% 24.31% -29.72% 34.58% -39.11%
Invested Capital Q/Q Growth		 -58.57% -45.65% 57.93% -74.40% -136.67% -32.56% 74.10% -645.90% 1.81% -35.46% 53.61%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
EBITDA Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
EBIT Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Profit (Net Income) Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Tax Burden Percent		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.14% 100.00% 99.01% 99.22%
Interest Burden Percent		 88.11% 90.24% 89.35% 91.16% 92.69% 96.45% 96.79% 98.17% 97.34% 99.36% 99.01%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Equity (ROE)		 -50.63% -39.72% -49.06% -48.16% -62.16% -59.64% -73.85% -76.34% -101.06% -126.98% -156.03%
Cash Return on Invested Capital (CROIC)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Return on Assets (OROA)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Assets (ROA)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Common Equity (ROCE)		 -50.63% -39.72% -49.06% -48.16% -62.16% -59.64% -73.85% -76.34% -101.06% -126.98% -156.03%
Return on Equity Simple (ROE_SIMPLE)		 -38.83% 0.00% -34.67% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 -13 -16 -20 -21 -23 -24 -26 -32 -33 -30 -31
NOPAT Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Nonoperating Expense Percent (NNEP)		 -2.70% -2.69% -3.42% -3.38% -4.32% -4.41% -5.72% -6.53% -7.24% -8.22% -10.55%
Return On Investment Capital (ROIC_SIMPLE)		 - -6.86% -8.85% -10.62% -13.28% -15.52% -20.05% -18.00% -22.64% -26.62% -29.08%
Cost of Revenue to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
SG&A Expenses to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings before Interest and Taxes (EBIT)		 -19 -23 -28 -30 -33 -34 -37 -46 -46 -43 -44
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -19 -23 -28 -30 -33 -30 -37 -45 -46 -43 -44
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 3.76 4.12 3.71 1.81 1.32 0.73 0.58 0.43 1.53 1.88 2.90
Price to Tangible Book Value (P/TBV)		 3.76 4.12 3.71 1.81 1.32 0.73 0.58 0.43 1.53 1.88 2.90
Price to Revenue (P/Rev)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Revenue (EV/Rev)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.00 0.00 0.00 0.00 0.00 0.00 0.07 0.00 0.03 0.00 0.03
Long-Term Debt to Equity		 0.00 0.00 0.00 0.00 0.00 0.00 0.07 0.00 0.03 0.00 0.03
Financial Leverage		 -1.01 -1.02 -1.01 -1.02 -1.04 -1.04 -1.01 -1.05 -1.08 -1.11 -1.05
Leverage Ratio		 1.07 1.09 1.10 1.08 1.13 1.13 1.18 1.17 1.26 1.32 1.39
Compound Leverage Factor		 0.95 0.98 0.98 0.98 1.04 1.09 1.14 1.15 1.22 1.32 1.38
Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 6.25% 0.00% 3.16% 0.00% 3.13%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 6.25% 0.00% 3.16% 0.00% 3.13%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 93.75% 100.00% 96.84% 100.00% 96.87%
Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 -0.06 0.00 -0.03 0.00 -0.02
Net Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.93 0.00 0.98 0.00 0.63
Long-Term Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 -0.06 0.00 -0.03 0.00 -0.02
Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 -0.09 0.00 -0.04 0.00 -0.03
Net Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 1.32 0.00 1.36 0.00 0.90
Long-Term Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 -0.09 0.00 -0.04 0.00 -0.03
Altman Z-Score		 28.41 32.93 25.51 10.84 2.84 -0.30 -2.31 -1.51 -1.00 -2.21 -1.62
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 15.65 15.29 12.66 11.52 8.11 6.15 3.96 4.78 3.60 2.77 2.95
Quick Ratio		 15.49 15.08 12.46 11.35 8.00 6.05 3.88 4.69 3.50 2.66 2.81
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -9.62 -13 -20 -20 -18 -17 -26 -20 -25 -17 -23
Operating Cash Flow to CapEx		 -30,009.52% -8,890.81% -2,954.19% -2,699.87% -8,032.81% -6,149.47% -3,923.82% -18,898.14% -44,242.31% -17,240.49% 0.00%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 -88.26 -34.39 -43.62 -30.03 -36.45
Operating Cash Flow to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 -104.77 -53.29 -59.09 -63.68 -66.92
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 -107.44 -53.57 -59.22 -64.05 -66.92
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Accounts Receivable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Accounts Payable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Sales Outstanding (DSO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Cash Conversion Cycle (CCC)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 -3.47 -5.05 -2.13 -3.71 -8.77 -12 -2.17 -16 -16 -22 -10.00
Invested Capital Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Increase / (Decrease) in Invested Capital		 -3.45 -3.02 0.07 -1.52 -5.30 -6.58 -0.05 -12 -7.14 -13 -7.82
Enterprise Value (EV)		 441 731 599 158 48 -53 -53 -118 59 77 186
Market Capitalization		 606 973 823 361 231 111 70 77 214 211 299
Book Value per Share		 $4.04 $5.51 $4.60 $4.13 $3.57 $3.12 $2.49 $3.52 $1.52 $1.16 $0.93
Tangible Book Value per Share		 $4.04 $5.51 $4.60 $4.13 $3.57 $3.12 $2.49 $3.52 $1.52 $1.16 $0.93
Total Capital		 161 236 222 200 174 152 130 178 144 112 107
Total Debt		 0.00 0.00 0.00 0.00 0.00 0.00 8.11 0.00 4.56 0.00 3.33
Total Long-Term Debt		 0.00 0.00 0.00 0.00 0.00 0.00 8.11 0.00 4.56 0.00 3.33
Net Debt		 -164 -241 -224 -203 -183 -164 -124 -195 -155 -134 -113
Capital Expenditures (CapEx)		 0.04 0.19 0.81 0.77 0.25 0.38 0.79 0.16 0.08 0.21 0.00
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -8.83 -13 -14 -15 -20 -24 -31 -38 -41 -45 -36
Debt-free Net Working Capital (DFNWC)		 156 228 210 188 163 140 101 157 119 89 81
Net Working Capital (NWC)		 156 228 210 188 163 140 101 157 119 89 81
Net Nonoperating Expense (NNE)		 3.38 4.68 5.43 6.41 7.50 8.94 9.95 13 12 12 13
Net Nonoperating Obligations (NNO)		 -164 -241 -224 -203 -183 -164 -124 -195 -155 -134 -113
Total Depreciation and Amortization (D&A)		 -0.30 -0.05 -0.22 -0.13 0.16 3.47 0.49 0.43 -0.29 -0.54 -0.03
Debt-free, Cash-free Net Working Capital to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Debt-free Net Working Capital to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Working Capital to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($0.37) ($0.46) ($0.51) ($0.56) ($0.62) ($0.65) ($0.71) ($0.73) ($0.44) ($0.22) ($0.39)
Adjusted Weighted Average Basic Shares Outstanding		 42.85M 48.24M 48.28M 48.85M 48.88M 50.74M 50.74M 91.47M 96.27M 111.32M 112.03M
Adjusted Diluted Earnings per Share		 ($0.37) ($0.46) ($0.51) ($0.56) ($0.62) ($0.65) ($0.71) ($0.73) ($0.44) ($0.22) ($0.39)
Adjusted Weighted Average Diluted Shares Outstanding		 42.85M 48.24M 48.28M 48.85M 48.88M 50.74M 50.74M 91.47M 96.27M 111.32M 112.03M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 42.85M 48.24M 48.28M 48.85M 48.88M 50.74M 50.74M 91.47M 96.27M 111.32M 112.03M
Normalized Net Operating Profit after Tax (NOPAT)		 -13 -16 -20 -21 -23 -24 -26 -32 -33 -30 -31
Normalized NOPAT Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Pre Tax Income Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 -126.31 -80.40 -78.92 -76.78 -69.65
NOPAT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 -88.42 -56.28 -55.84 -53.74 -48.75
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 -128.98 -80.68 -79.05 -77.15 -69.65
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 -91.09 -56.56 -55.98 -54.11 -48.75
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Financials Breakdown Chart

Key Financial Trends

Cabaletta Bio (NASDAQ: CABA) remains in a classic pre-revenue biotech position: the company is still generating no product revenue, posting sizable quarterly operating losses, and relying on its cash balance and financing activity to fund research and development. The good news is that Cabaletta continues to hold a meaningful cash cushion, but dilution and ongoing cash burn remain the key issues investors should watch.

  • Cash balance remains solid: Cabaletta ended Q1 2026 with $116.6 million in cash and equivalents, plus $24.2 million in noncurrent assets, giving it a sizeable balance sheet for a development-stage biotech.
  • Liquidity improved sequentially from Q4 2025: cash and equivalents rose from $60.2 million in Q3 2025 to $116.6 million in Q1 2026, helped by investment sales and financing activity.
  • Operating cash burn moderated versus late 2025: operating cash outflow was $42.6 million in Q1 2026, better than the $35.3 million outflow in Q4 2025? Actually, compared with the recent quarter trend, burn remains elevated but manageable relative to the cash position.
  • Interest and investment income helped offset losses: Q1 2026 included $1.1 million of interest and investment income, which partially reduced the pre-tax loss.
  • Book equity remains positive: total common equity was $103.3 million at Q1 2026, indicating the company still has a positive accounting equity base.
  • No revenue yet: Q1 2026 revenue was $0, so the company is still entirely dependent on capital markets and future clinical/commercial success.
  • R&D remains the main expense driver: research and development spending was $37.4 million in Q1 2026, reflecting continued investment in the pipeline.
  • Operating losses remain large: Cabaletta posted an operating loss of $44.3 million in Q1 2026 and a net loss of $43.5 million.
  • Share dilution has been significant: weighted average shares outstanding climbed to 112.0 million in Q1 2026 from 50.7 million in Q1 2025, reflecting substantial equity issuance over the past year.
  • Cash has fallen sharply over the last 12 months: cash and equivalents were $175.3 million in Q1 2024 versus $116.6 million in Q1 2026, showing the pressure from persistent losses and investment activity.

Longer-term trend: Cabaletta’s quarterly losses have remained fairly persistent in the $25 million to $45 million range over the last four quarters, while operating expenses have generally stayed high due to R&D spending. The company has partially funded operations through equity raises and investment portfolio sales, but that also means investors face ongoing dilution risk.

Bottom line: Cabaletta Bio has enough liquidity for now, but it is still a cash-burning clinical-stage biotech with no revenue and meaningful dilution. For retail investors, the stock is likely to remain highly dependent on pipeline progress and financing needs rather than near-term fundamentals.

07/13/26 05:22 AM ETAI Generated. May Contain Errors.

Cabaletta Bio Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Cabaletta Bio's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Cabaletta Bio's net income appears to be on an upward trend, with a most recent value of -$167.86 million in 2025, rising from -$16.94 million in 2019. The previous period was -$115.86 million in 2024. Check out Cabaletta Bio's forecast to explore projected trends and price targets.

Cabaletta Bio's total operating income in 2025 was -$172.24 million, based on the following breakdown:
  • Total Gross Profit: $0.00
  • Total Operating Expenses: $172.24 million

Over the last 6 years, Cabaletta Bio's total revenue changed from $0.00 in 2019 to $0.00 in 2025, a change of 0.0%.

Cabaletta Bio's total liabilities were at $53.03 million at the end of 2025, a 62.1% increase from 2024, and a 5,523.8% increase since 2018.

In the past 7 years, Cabaletta Bio's cash and equivalents has ranged from $33.02 million in 2018 to $193.24 million in 2023, and is currently $82.98 million as of their latest financial filing in 2025.

Over the last 6 years, Cabaletta Bio's book value per share changed from 5.76 in 2019 to 1.16 in 2025, a change of -79.8%.


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Financial statements for NASDAQ:CABA last updated on 7/2/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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