Cabaletta Bio, Inc.
CABAHealthcare|Biotechnology|US
$1.30
+0.02 (+1.56%)
DCF Value
$0.49
Tangible Book / Share
$1.52
Cash / Share
$1.60
Financials
Financial Snapshot
Market Cap
$220.4M
Enterprise Value
-$55.8M
Revenue (TTM)
$0.00
Net Income (TTM)
-$189.5M
Cash & Investments
$299.4M
Net Cash
$276.2M
Free Cash Flow (TTM)
-$162.5M
Operating CF (TTM)
-$162.2M
Debt/Equity
0.08
Cash Runway & Burn Rate
Cash on Hand
$299.4M
Quarterly Burn
$40.5M
Monthly Burn
$13.5M
Est. Runway
~7.4 quarters
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $1.0K | $33.0M | $136.2M | $108.7M | $122.2M | $106.5M | $241.2M | $164.0M | $133.6M | $299.4M | |
| Operating Cash Flow | $0.00 | -$4.7M | -$16.0M | -$26.8M | -$34.1M | -$46.4M | -$53.5M | -$88.2M | -$131.1M | -$162.2M | |
| Free Cash Flow | $0.00 | -$4.7M | -$16.7M | -$27.4M | -$35.3M | -$48.8M | -$54.2M | -$90.4M | -$132.3M | -$162.5M | |
| Capital Expenditure | $0.00 | $0.00 | -$693.0K | -$635.0K | -$1.2M | -$2.5M | -$687.0K | -$2.2M | -$1.2M | -$347.0K | |
| Financing Cash Flow | $1.3K | $37.7M | $119.9M | -$24.0K | $48.9M | $33.0M | $187.6M | $11.7M | $100.3M | $300.8M |
R&D Spending
R&D (TTM)
$165.1M
R&D Intensity
—
R&D Growth vs Prior
+15.7%
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| R&D Expense | $0.00 | $4.5M | $11.7M | $21.4M | $32.5M | $39.3M | $55.4M | $97.2M | $142.7M | $165.1M | |
| SG&A | $250.0K | $1.7M | $7.0M | $12.5M | $13.8M | $14.8M | $19.2M | $27.9M | $29.6M | $28.5M |
Income Statement
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Cost of Revenue | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Gross Profit | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| R&D | $0.00 | $4.5M | $11.7M | $21.4M | $32.5M | $39.3M | $55.4M | $97.2M | $142.7M | $165.1M | |
| SG&A | $250.0K | $1.7M | $7.0M | $12.5M | $13.8M | $14.8M | $19.2M | $27.9M | $29.6M | $28.5M | |
| Operating Income | -$250.0K | -$6.2M | -$18.7M | -$33.8M | -$46.3M | -$54.1M | -$74.7M | -$125.1M | -$172.2M | -$193.6M | |
| Interest Expense | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $748.0K | $2.0M | $2.2M | |
| Pretax Income | -$250.0K | -$12.2M | -$16.9M | -$33.3M | -$46.3M | -$53.0M | -$67.7M | -$115.9M | -$167.9M | -$189.5M | |
| Net Income | -$250.0K | -$12.2M | -$16.9M | -$33.3M | -$46.3M | -$53.0M | -$67.7M | -$115.9M | -$167.9M | -$189.5M | |
| EPS (Diluted) | -0.01 | -0.84 | -4.07 | -1.44 | -1.80 | -1.81 | -1.65 | -2.34 | -1.64 | -1.42 | |
| EBITDA | $83.3K | -$6.0M | -$18.6M | -$33.0M | -$45.6M | -$51.8M | -$66.2M | -$113.4M | -$164.2M | -$185.9M | |
| Shares Out. (M) | 24.03 | 14.51 | 5.47 | 23.14 | 25.74 | 29.34 | 40.95 | 49.47 | 102.26 | 186.78 |
Balance Sheet
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $1.0K | $33.0M | $136.2M | $101.4M | $122.2M | $81.6M | $193.2M | $164.0M | $83.0M | $299.4M | |
| Short-Term Investments | $0.00 | $0.00 | $0.00 | $7.2M | $0.00 | $24.9M | $48.0M | $0.00 | $50.6M | $0.00 | |
| Total Current Assets | $1.0K | $34.0M | $140.6M | $113.5M | $124.5M | $108.8M | $244.5M | $166.7M | $138.9M | $309.8M | |
| Total Assets | $1.0K | $34.2M | $141.5M | $114.7M | $126.3M | $117.0M | $253.7M | $185.0M | $165.1M | $336.5M | |
| Total Current Liabilities | $250.0K | $943.0K | $3.1M | $5.2M | $8.4M | $9.5M | $16.0M | $27.1M | $50.2M | $47.3M | |
| Long-Term Debt | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $2.9M | $0.00 | |
| Total Liabilities | $250.0K | $44.9M | $3.1M | $5.2M | $8.4M | $12.4M | $17.5M | $32.7M | $53.0M | $52.6M | |
| Stockholders' Equity | -$249.0K | -$10.7M | $138.3M | $109.5M | $118.0M | $104.5M | $236.2M | $152.3M | $112.1M | $283.9M | |
| Retained Earnings | -$250.0K | -$12.5M | -$33.0M | -$66.3M | -$112.6M | -$165.6M | -$233.2M | -$349.1M | -$517.0M | -$664.5M |
Cash Flow Statement
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $0.00 | -$4.7M | -$16.0M | -$26.8M | -$34.1M | -$46.4M | -$53.5M | -$88.2M | -$131.1M | -$162.2M | |
| Capital Expenditure | $0.00 | $0.00 | -$693.0K | -$635.0K | -$1.2M | -$2.5M | -$687.0K | -$2.2M | -$1.2M | -$347.0K | |
| Free Cash Flow | $0.00 | -$4.7M | -$16.7M | -$27.4M | -$35.3M | -$48.8M | -$54.2M | -$90.4M | -$132.3M | -$162.5M | |
| Investing Cash Flow | $0.00 | $0.00 | -$693.0K | -$8.0M | $6.0M | -$27.2M | -$22.5M | $47.3M | -$50.3M | $100.6M | |
| Financing Cash Flow | $1.3K | $37.7M | $119.9M | -$24.0K | $48.9M | $33.0M | $187.6M | $11.7M | $100.3M | $300.8M | |
| Issuance of Stock | $0.00 | $25.1M | $71.2M | $0.00 | $48.3M | $32.9M | $185.2M | $10.9M | $106.6M | $313.7M | |
| Repurchase of Stock | $0.00 | -$169.0K | $0.00 | -$192.0K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Net Debt Issuance | $0.00 | $12.5M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | -$897.0K | -$6.3M | -$6.7M | |
| Stock Based Comp. | $0.00 | $606.0K | $2.3M | $4.4M | $5.8M | $6.9M | $11.3M | $19.5M | $20.9M | $20.3M | |
| Net Change in Cash | $1.3K | $33.0M | $103.2M | -$34.8M | $20.8M | -$40.6M | $111.6M | -$29.3M | -$81.0M | $239.2M |
Dilution Tracker
Shares outstanding grew 341.8% over 5 years — significant dilution
Shares Outstanding
170M
5-Year Share Growth
+341.8%
Stock Issuance (TTM)
$313.7M
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 24.03 | 14.51 | 5.47 | 23.14 | 25.74 | 29.34 | 40.95 | 49.47 | 102.26 | 186.78 | |
| Change vs Prior % | — | -39.6% | -62.3% | 323.2% | 11.2% | 14.0% | 39.5% | 20.8% | 106.7% | 82.7% | |
| Stock Issuance | $0.00 | $25.1M | $71.2M | $0.00 | $48.3M | $32.9M | $185.2M | $10.9M | $106.6M | $313.7M | |
| Stock Repurchase | $0.00 | -$169.0K | $0.00 | -$192.0K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $0.00 | $606.0K | $2.3M | $4.4M | $5.8M | $6.9M | $11.3M | $19.5M | $20.9M | $20.3M |
Margins & Profitability
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE % | 100.4% | 114.1% | -12.2% | -30.4% | -39.2% | -50.7% | -28.7% | -76.1% | -149.8% | -106.8% | |
| ROA % | -25000.0% | -35.7% | -12.0% | -29.1% | -36.6% | -45.3% | -26.7% | -62.6% | -101.7% | -56.3% | |
| ROIC % | 100.4% | -18.6% | -13.5% | -30.9% | -39.3% | -49.4% | -31.0% | -72.8% | -123.8% | -63.1% |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | |
| Gross Profit | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | |
| Operating Income | 0.0% | -2377.2% | -201.7% | -81.1% | -36.9% | -16.9% | -37.9% | -67.6% | -37.6% | |
| Net Income | 0.0% | -4780.8% | -38.9% | -96.8% | -38.8% | -14.4% | -27.7% | -71.2% | -44.9% | |
| EPS (Diluted) | 0.0% | -7976.9% | -384.5% | 64.6% | -25.0% | -0.6% | 8.8% | -41.8% | 29.9% | |
| Operating Cash Flow | 0.0% | 0.0% | -244.2% | -66.8% | -27.4% | -36.0% | -15.5% | -64.8% | -48.6% | |
| Free Cash Flow | 0.0% | 0.0% | -259.1% | -63.7% | -28.7% | -38.4% | -11.1% | -66.7% | -46.3% | |
| R&D Expense | 0.0% | 0.0% | 161.3% | 83.2% | 52.0% | 20.9% | 41.0% | 75.4% | 46.8% | |
| SG&A Expense | 0.0% | 590.4% | 306.3% | 77.7% | 10.9% | 7.4% | 29.6% | 45.2% | 5.8% | |
| Total Assets | 0.0% | 3417300.0% | 314.0% | -18.9% | 10.1% | -7.4% | 116.9% | -27.0% | -10.8% | |
| Book Value / Share | 0.0% | -7010.1% | 4612.7% | -85.8% | -3.2% | -22.3% | 61.9% | -46.6% | -64.4% | |
| Debt | 0.0% | 0.0% | -100.0% | 0.0% | 0.0% | 0.0% | -2.3% | 210.9% | 73.7% | |
| Diluted Shares | 0.0% | -39.6% | -62.3% | 323.2% | 11.2% | 14.0% | 39.5% | 20.8% | 106.7% |
Valuation
P/E (TTM)At Loss
P/S0.00
P/B0.86
10Y Low / Med / High0.42 / 2.00 / 3.94
EV/EBITDA0.30
10Y Low / Med / High0.32 / 4.20 / 2884.08
EV/Revenue0.00
P/FCFAt Loss
Intrinsic Value Models (per share)
DCF Value
$0.49
Tangible Book / Share
$1.52
Net Current Assets / Share
$1.52
Graham Net-Net
$1.32
Cash / Share
$1.60
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -961.54 | -11.90 | -3.43 | -8.67 | -2.11 | -5.11 | -13.76 | -0.97 | -1.34 | -0.92 | |
| P/S Ratio | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| P/B Ratio | -965.22 | -13.58 | 0.42 | 2.64 | 0.83 | 2.60 | 3.94 | 0.74 | 2.00 | 0.86 | |
| EV/EBITDA | 2884.08 | -25.97 | 4.20 | -5.68 | 0.54 | -3.76 | -11.19 | 0.32 | -1.02 | 0.30 | |
| EV/Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Analyst Estimates & Quality
Altman Z-Score
-1.15
Distress
Piotroski F-Score
3
Weak
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $2.5M | $712.6K | $63.7M |
| Net Income | -$138.2M | -$125.5M | -$97.8M |
| EPS | $-1.36 | $-1.20 | $-0.99 |
| # Analysts (EPS) | 5 | 4 | 7 |