Cabaletta Bio, Inc. Financials
This page shows Cabaletta Bio, Inc. (CABA) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 8 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).
External financing is carrying a rapidly expanding R&D spend base as Cabaletta’s cash burn rises faster than its liquidity cushion.
Despite a$100.3M financing inflow in FY2025, cash still ended the year at just$83.0M because operating burn outran fundraising; that makes the business externally funded rather than self-funding at its current development pace. The near match between FY2025 net loss and free cash flow, with capex only$1.2M , shows the deficit is mostly cash research spending rather than non-cash accounting drag.
The cost structure is heavily tilted toward R&D: FY2025 research expense of
The balance sheet is still debt-light, but it has become more equity-dependent: shares outstanding roughly doubled to 100.5M while financing cash flow remained positive. At the same time, the current ratio fell from 15.3x to 2.8x, so liquidity pressure is coming from sustained cash use rather than from borrowings.
Financial Health Signals
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of Cabaletta Bio, Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Cabaletta Bio, Inc. carries a low D/E ratio of 0.47, meaning only $0.47 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 92/100, indicating a strong balance sheet with room for future borrowing.
Cabaletta Bio, Inc.'s current ratio of 2.77 indicates adequate short-term liquidity, earning a score of 53/100. The company can meet its near-term obligations, though with limited headroom.
Cabaletta Bio, Inc. generates a -149.8% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is down from -76.1% the prior year.
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).
For every $1 of reported earnings, Cabaletta Bio, Inc. generates $0.78 in operating cash flow (-$131.1M OCF vs -$167.9M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Cabaletta Bio, Inc. earns $-85.9 in operating income for every $1 of interest expense (-$172.2M vs $2.0M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
Cabaletta Bio, Inc.'s EBITDA was -$170.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 41.8% from the prior year.
Cabaletta Bio, Inc. reported -$167.9M in net income in fiscal year 2025. This represents a decrease of 44.9% from the prior year.
Cabaletta Bio, Inc. earned $-2.10 per diluted share (EPS) in fiscal year 2025. This represents an increase of 10.3% from the prior year.
Cash & Balance Sheet
Cabaletta Bio, Inc. generated -$132.3M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 46.3% from the prior year.
Cabaletta Bio, Inc. held $83.0M in cash against $0 in long-term debt as of fiscal year 2025.
Cabaletta Bio, Inc. had 100M shares outstanding in fiscal year 2025. This represents an increase of 98.0% from the prior year.
Margins & Returns
Cabaletta Bio, Inc.'s ROE was -149.8% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 73.8 percentage points from the prior year.
Capital Allocation
Cabaletta Bio, Inc. invested $142.7M in research and development in fiscal year 2025. This represents an increase of 46.8% from the prior year.
Cabaletta Bio, Inc. invested $1.2M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 44.4% from the prior year.
CABA Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| 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 | $37.4M | N/A | $39.8M+5.8% | $37.6M+29.7% | $29.0M | N/A | $26.3M+12.2% | $23.4M |
| SG&A Expenses | $6.9M | N/A | $6.8M-18.2% | $8.3M+1.8% | $8.1M | N/A | $6.8M-1.4% | $6.9M |
| Operating Income | -$44.3M | N/A | -$46.6M-1.5% | -$45.9M-23.6% | -$37.1M | N/A | -$33.0M-9.1% | -$30.3M |
| Interest Expense | $636K | N/A | $584K+2.3% | $571K+94.2% | $294K | N/A | $0 | $0 |
| Income Tax | $0 | N/A | $0 | $0 | $0 | N/A | $0 | $0 |
| Net Income | -$43.5M | N/A | -$44.9M+0.6% | -$45.1M-25.6% | -$35.9M | N/A | -$30.6M-11.0% | -$27.6M |
| EPS (Diluted) | $-0.39 | N/A | $-0.44+39.7% | $-0.73-2.8% | $-0.71 | N/A | $-0.62-10.7% | $-0.56 |
CABA Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $148.1M-10.3% | $165.1M-13.0% | $189.8M-15.5% | $224.5M+35.9% | $165.1M-10.8% | $185.0M-9.5% | $204.4M-6.0% | $217.4M |
| Current Assets | $122.3M-11.9% | $138.9M-15.6% | $164.6M-17.1% | $198.4M+47.4% | $134.6M-19.2% | $166.7M-10.2% | $185.5M-10.1% | $206.3M |
| Cash & Equivalents | $116.6M+40.6% | $83.0M+37.8% | $60.2M-58.7% | $145.6M+10.5% | $131.8M-19.6% | $164.0M-3.9% | $170.6M-4.5% | $178.6M |
| 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 | $44.8M-15.4% | $53.0M+5.4% | $50.3M+9.3% | $46.0M+5.6% | $43.6M+33.3% | $32.7M+8.4% | $30.2M+68.6% | $17.9M |
| Current Liabilities | $41.5M-17.2% | $50.2M+9.7% | $45.7M+10.1% | $41.5M+22.2% | $34.0M+25.5% | $27.1M+18.4% | $22.9M+27.8% | $17.9M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $103.3M-7.8% | $112.1M-19.7% | $139.5M-21.9% | $178.5M+46.8% | $121.6M-20.2% | $152.3M-12.6% | $174.2M-12.7% | $199.5M |
| Retained Earnings | -$560.5M-8.4% | -$517.0M-8.8% | -$475.0M-10.4% | -$430.2M-11.7% | -$385.0M-10.3% | -$349.1M-10.3% | -$316.5M-10.7% | -$285.9M |
CABA Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$42.6M-20.4% | -$35.3M-2.4% | -$34.5M-13.4% | -$30.4M+1.2% | -$30.8M-33.2% | -$23.1M-13.8% | -$20.3M+2.2% | -$20.8M |
| Capital Expenditures | $0-100.0% | $205K+162.8% | $78K-51.6% | $161K-79.5% | $785K+108.8% | $376K+48.6% | $253K-67.1% | $770K |
| Free Cash Flow | -$42.6M-19.7% | -$35.5M-2.8% | -$34.6M-13.1% | -$30.6M+3.2% | -$31.6M-34.4% | -$23.5M-14.2% | -$20.6M+4.6% | -$21.6M |
| Investing Cash Flow | $51.0M+2.3% | $49.8M+199.4% | -$50.1M-1.8% | -$49.2M-6167.0% | -$785K-106.5% | $12.1M-1.0% | $12.2M-48.4% | $23.7M |
| Financing Cash Flow | $25.3M+203.3% | $8.3M+1133.7% | -$806K-100.9% | $93.4M+17015.4% | -$552K-112.6% | $4.4M+6057.7% | $71K-81.3% | $379K |
| 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 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| 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 | -42.1% | N/A | -32.2%-6.9pp | -25.3%+4.3pp | -29.6% | N/A | -17.6%-3.8pp | -13.8% |
| Return on Assets | -29.4% | N/A | -23.6%-3.5pp | -20.1%+1.7pp | -21.8% | N/A | -15.0%-2.3pp | -12.7% |
| Current Ratio | 2.95+0.2 | 2.77-0.8 | 3.60-1.2 | 4.78+0.8 | 3.96-2.2 | 6.15-2.0 | 8.11-3.4 | 11.52 |
| Debt-to-Equity | 0.43-0.0 | 0.47+0.1 | 0.36+0.1 | 0.26-0.1 | 0.36+0.1 | 0.21+0.0 | 0.17+0.1 | 0.09 |
| 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 -$167.9M in fiscal year 2025.
What is Cabaletta Bio, Inc.'s EBITDA?
Cabaletta Bio, Inc. (CABA) had EBITDA of -$170.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Cabaletta Bio, Inc.'s return on equity (ROE)?
Cabaletta Bio, Inc. (CABA) has a return on equity of -149.8% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Cabaletta Bio, Inc.'s free cash flow?
Cabaletta Bio, Inc. (CABA) generated -$132.3M in free cash flow during fiscal year 2025. This represents a -46.3% 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 -$131.1M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Cabaletta Bio, Inc.'s total assets?
Cabaletta Bio, Inc. (CABA) had $165.1M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Cabaletta Bio, Inc.'s capital expenditures?
Cabaletta Bio, Inc. (CABA) invested $1.2M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Cabaletta Bio, Inc. spend on research and development?
Cabaletta Bio, Inc. (CABA) invested $142.7M in research and development during fiscal year 2025.
What is Cabaletta Bio, Inc.'s current ratio?
Cabaletta Bio, Inc. (CABA) had a current ratio of 2.77 as of fiscal year 2025, 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 0.47 as of fiscal year 2025, 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 -101.7% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Cabaletta Bio, Inc.'s cash runway?
Based on fiscal year 2025 data, Cabaletta Bio, Inc. (CABA) had $83.0M in cash against an annual operating cash burn of $131.1M. This gives an estimated cash runway of approximately 8 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 to 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 0.78x, 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 -85.9x, 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.
How financially healthy is Cabaletta Bio, Inc.?
Cabaletta Bio, Inc. (CABA) scores 24 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.