Cabaletta Bio, Inc. Financials

CABA

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

Financial Health Signals

Piotroski F-Score Weak

1/9

Cabaletta Bio, Inc. passes 1 of 9 financial strength tests. 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution).

Earnings Quality Low Quality

0.76x

For every $1 of reported earnings, Cabaletta Bio, Inc. generates $0.76 in operating cash flow (-$88.2M OCF vs -$115.9M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Interest Coverage At Risk

-167.3x

Cabaletta Bio, Inc. earns $-167.3 in operating income for every $1 of interest expense (-$125.1M vs $748K). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

This page shows Cabaletta Bio, Inc. (CABA) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 7 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

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Key Financial Metrics

Revenue

N/A

EBITDA

-$120.3M

YoY-64.3%

Cabaletta Bio, Inc.'s EBITDA was -$120.3M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 64.3% from the prior year.

Free Cash Flow

-$90.4M

YoY-66.7%

Cabaletta Bio, Inc. generated -$90.4M in free cash flow in fiscal year 2024, representing cash available after capex. This represents a decrease of 66.7% from the prior year.

Net Income

-$115.9M

YoY-71.2%

Cabaletta Bio, Inc. reported -$115.9M in net income in fiscal year 2024. This represents a decrease of 71.2% from the prior year.

EPS (Diluted)

$-2.34

YoY-41.8%

Cabaletta Bio, Inc. earned $-2.34 per diluted share (EPS) in fiscal year 2024. This represents a decrease of 41.8% from the prior year.

Cash & Debt

$164.0M

YoY-15.2%

5Y CAGR+3.8%

Cabaletta Bio, Inc. held $164.0M in cash against $0 in long-term debt as of fiscal year 2024.

Dividends Per Share

N/A

Shares Outstanding

51M

YoY+6.1%

5Y CAGR+16.1%

Cabaletta Bio, Inc. had 51M shares outstanding in fiscal year 2024. This represents an increase of 6.1% from the prior year.

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

Return on Equity

N/A

R&D Spending

$97.2M

YoY+75.4%

5Y CAGR+52.8%

Cabaletta Bio, Inc. invested $97.2M in research and development in fiscal year 2024. This represents an increase of 75.4% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$2.2M

YoY+221.8%

5Y CAGR+26.1%

Cabaletta Bio, Inc. invested $2.2M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents an increase of 221.8% from the prior year.

CABA Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$97.2M+75.4%	$55.4M+41.0%	$39.3M+20.9%	$32.5M+52.0%	$21.4M+83.2%	$11.7M
SG&A Expenses	$27.9M+45.2%	$19.2M+29.6%	$14.8M+7.4%	$13.8M+10.9%	$12.5M+77.7%	$7.0M
Operating Income	-$125.1M-67.6%	-$74.7M-37.9%	-$54.1M-16.9%	-$46.3M-36.9%	-$33.8M-81.1%	-$18.7M
Interest Expense	$748K	$0	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	-$115.9M-71.2%	-$67.7M-27.7%	-$53.0M-14.4%	-$46.3M-38.8%	-$33.3M-96.8%	-$16.9M
EPS (Diluted)	$-2.34-41.8%	$-1.65+8.8%	$-1.81-0.6%	$-1.80	N/A	N/A

Metric	Q3'25	Q3'24	Q4'23	Q3'23	Q4'22	Q3'22	Q4'21	Q3'21
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$39.8M+51.5%	$26.3M	N/A	$13.8M	N/A	$8.2M	N/A	$8.2M
SG&A Expenses	$6.8M+0.1%	$6.8M	N/A	$4.9M	N/A	$3.6M	N/A	$3.4M
Operating Income	-$46.6M-41.0%	-$33.0M	N/A	-$18.7M	N/A	-$11.8M	N/A	-$11.6M
Interest Expense	$584K	$0	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$0	$0	N/A	$0	N/A	$0	N/A	$0
Net Income	-$44.9M-46.5%	-$30.6M	N/A	-$16.4M	N/A	-$11.4M	N/A	-$11.6M
EPS (Diluted)	$-0.44+29.0%	$-0.62	N/A	$-0.37	N/A	$-0.39	N/A	$-0.45

CABA Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$185.0M-27.0%	$253.7M+116.9%	$117.0M-7.4%	$126.3M+10.1%	$114.7M-18.9%	$141.5M
Current Assets	$166.7M-31.8%	$244.5M+124.6%	$108.8M-12.6%	$124.5M+9.7%	$113.5M-19.2%	$140.6M
Cash & Equivalents	$164.0M-15.2%	$193.2M+136.8%	$81.6M-33.2%	$122.2M+20.5%	$101.4M-25.5%	$136.2M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$32.7M+87.4%	$17.5M+40.2%	$12.4M+48.5%	$8.4M+61.8%	$5.2M+64.6%	$3.1M
Current Liabilities	$27.1M+69.4%	$16.0M+68.6%	$9.5M+13.2%	$8.4M+61.8%	$5.2M+64.6%	$3.1M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$152.3M-35.5%	$236.2M+126.0%	$104.5M-11.4%	$118.0M+7.7%	$109.5M-20.8%	$138.3M
Retained Earnings	-$349.1M-49.7%	-$233.2M-40.9%	-$165.6M-47.1%	-$112.6M-69.8%	-$66.3M-101.2%	-$33.0M

Metric	Q3'25	Q3'24	Q4'23	Q3'23	Q4'22	Q3'22	Q4'21	Q3'21
Total Assets	$189.8M+2.5%	$185.0M-27.0%	$253.7M+46.4%	$173.3M+48.1%	$117.0M+27.6%	$91.7M-27.4%	$126.3M+3.0%	$122.6M
Current Assets	$164.6M-1.3%	$166.7M-31.8%	$244.5M+47.1%	$166.2M+52.7%	$108.8M+23.4%	$88.2M-29.2%	$124.5M+3.1%	$120.9M
Cash & Equivalents	$60.2M-63.3%	$164.0M-15.2%	$193.2M+67.3%	$115.5M+41.5%	$81.6M+33.4%	$61.2M-50.0%	$122.2M+3.4%	$118.3M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$50.3M+53.7%	$32.7M+87.4%	$17.5M+41.2%	$12.4M-0.7%	$12.4M+114.6%	$5.8M-30.8%	$8.4M+39.1%	$6.0M
Current Liabilities	$45.7M+68.9%	$27.1M+69.4%	$16.0M+50.7%	$10.6M+11.9%	$9.5M+63.6%	$5.8M-30.8%	$8.4M+39.1%	$6.0M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$139.5M-8.4%	$152.3M-35.5%	$236.2M+46.8%	$160.9M+54.0%	$104.5M+21.7%	$85.9M-27.2%	$118.0M+1.1%	$116.6M
Retained Earnings	-$475.0M-36.1%	-$349.1M-49.7%	-$233.2M-9.8%	-$212.4M-28.3%	-$165.6M-10.5%	-$149.9M-33.1%	-$112.6M-14.1%	-$98.7M

CABA Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	-$88.2M-64.8%	-$53.5M-15.5%	-$46.4M-36.0%	-$34.1M-27.4%	-$26.8M-66.8%	-$16.0M
Capital Expenditures	$2.2M+221.8%	$687K-72.0%	$2.5M+110.4%	$1.2M+83.6%	$635K-8.4%	$693K
Free Cash Flow	-$90.4M-66.7%	-$54.2M-11.1%	-$48.8M-38.4%	-$35.3M-28.7%	-$27.4M-63.7%	-$16.7M
Investing Cash Flow	$47.3M+310.6%	-$22.5M+17.5%	-$27.2M-553.7%	$6.0M+175.2%	-$8.0M-1051.7%	-$693K
Financing Cash Flow	$11.7M-93.8%	$187.6M+468.9%	$33.0M-32.6%	$48.9M+203862.5%	-$24K-100.0%	$119.9M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	$5.3M
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q3'24	Q4'23	Q3'23	Q4'22	Q3'22	Q4'21	Q3'21
Operating Cash Flow	-$34.5M-49.2%	-$23.1M-40.6%	-$16.4M-30.5%	-$12.6M-3.9%	-$12.1M-22.4%	-$9.9M+5.7%	-$10.5M-26.0%	-$8.3M
Capital Expenditures	$78K-79.3%	$376K+103.2%	$185K+184.6%	$65K-79.4%	$316K-71.1%	$1.1M+623.2%	$151K-71.5%	$530K
Free Cash Flow	-$34.6M-47.2%	-$23.5M-41.3%	-$16.6M-31.3%	-$12.7M-1.8%	-$12.4M-13.1%	-$11.0M-3.2%	-$10.7M-20.2%	-$8.9M
Investing Cash Flow	-$50.1M-513.1%	$12.1M+967.3%	$1.1M+1847.7%	-$65K+79.4%	-$316K-101.3%	$23.9M+2716.0%	$849K-52.0%	$1.8M
Financing Cash Flow	-$806K-118.4%	$4.4M-95.3%	$93.0M+94848.0%	$98K-99.7%	$32.9M	$0-100.0%	$13.6M-46.2%	$25.3M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

CABA Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-62.6%-35.9pp	-26.7%+18.6pp	-45.3%-8.7pp	-36.6%-7.6pp	-29.1%-17.1pp	-12.0%
Current Ratio	6.15-9.1	15.29+3.8	11.47-3.4	14.86-7.1	21.92-22.7	44.66
Debt-to-Equity	0.21+0.1	0.07-0.0	0.12+0.0	0.07+0.0	0.05+0.0	0.02
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q3'24	Q4'23	Q3'23	Q4'22	Q3'22	Q4'21	Q3'21
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-23.6%-8.7pp	-15.0%	N/A	-9.5%	N/A	-12.5%	N/A	-9.4%
Current Ratio	3.60-2.6	6.15-9.1	15.29-0.4	15.65+4.2	11.47-3.7	15.20+0.3	14.86-5.2	20.07
Debt-to-Equity	0.36+0.1	0.21+0.1	0.070.0	0.08-0.0	0.12+0.1	0.070.0	0.07+0.0	0.05
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

Is Cabaletta Bio, Inc. profitable?

No, Cabaletta Bio, Inc. (CABA) reported a net income of -$115.9M in fiscal year 2024.

What is Cabaletta Bio, Inc.'s earnings per share (EPS)?

Cabaletta Bio, Inc. (CABA) reported diluted earnings per share of $-2.34 for fiscal year 2024. This represents a -41.8% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is Cabaletta Bio, Inc.'s EBITDA?

Cabaletta Bio, Inc. (CABA) had EBITDA of -$120.3M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.

What is Cabaletta Bio, Inc.'s free cash flow?

Cabaletta Bio, Inc. (CABA) generated -$90.4M in free cash flow during fiscal year 2024. This represents a -66.7% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Cabaletta Bio, Inc.'s operating cash flow?

Cabaletta Bio, Inc. (CABA) generated -$88.2M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Cabaletta Bio, Inc.'s total assets?

Cabaletta Bio, Inc. (CABA) had $185.0M in total assets as of fiscal year 2024, including both current and long-term assets.

What are Cabaletta Bio, Inc.'s capital expenditures?

Cabaletta Bio, Inc. (CABA) invested $2.2M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.

How much does Cabaletta Bio, Inc. spend on research and development?

Cabaletta Bio, Inc. (CABA) invested $97.2M in research and development during fiscal year 2024.

How many shares does Cabaletta Bio, Inc. have outstanding?

Cabaletta Bio, Inc. (CABA) had 51M shares outstanding as of fiscal year 2024.

What is Cabaletta Bio, Inc.'s current ratio?

Cabaletta Bio, Inc. (CABA) had a current ratio of 6.15 as of fiscal year 2024, which is generally considered healthy.

What is Cabaletta Bio, Inc.'s debt-to-equity ratio?

Cabaletta Bio, Inc. (CABA) had a debt-to-equity ratio of 0.21 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Cabaletta Bio, Inc.'s return on assets (ROA)?

Cabaletta Bio, Inc. (CABA) had a return on assets of -62.6% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Cabaletta Bio, Inc.'s cash runway?

Based on fiscal year 2024 data, Cabaletta Bio, Inc. (CABA) had $164.0M in cash against an annual operating cash burn of $88.2M. This gives an estimated cash runway of approximately 22 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is Cabaletta Bio, Inc.'s Piotroski F-Score?

Cabaletta Bio, Inc. (CABA) has a Piotroski F-Score of 1 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Cabaletta Bio, Inc.'s earnings high quality?

Cabaletta Bio, Inc. (CABA) has an earnings quality ratio of 0.76x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Cabaletta Bio, Inc. cover its interest payments?

Cabaletta Bio, Inc. (CABA) has an interest coverage ratio of -167.3x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.