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
Cabaletta Bio, Inc. does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.
Cabaletta Bio, Inc. passes 1 of 6 computable financial strength tests (3 of the nine could not be computed from available data). 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution).
Cabaletta Bio, Inc. reported a net loss of $167.9M while operations used $131.1M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Cabaletta Bio, Inc. reported an operating loss of $172.2M against $2.0M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
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.
Not reported for fiscal year 2025.
Cash & Balance Sheet
Cabaletta Bio, Inc. recorded an outflow of $132.3M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. This represents a decrease of 46.3% from the prior year.
Cabaletta Bio, Inc. held $83.0M in cash as of fiscal year 2025; long-term debt is not reported for that period.
Not reported for fiscal year 2025.
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.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
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.
Not reported for fiscal year 2025.
CABA Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 |
|---|---|---|---|---|---|---|---|---|---|
| R&D Expenses | N/A | $142.7M+46.8% | $97.2M+75.4% | $55.4M+41.0% | $39.3M+20.9% | $32.5M+52.0% | $21.4M+83.2% | $11.7M+161.3% | $4.5M |
| SG&A Expenses | N/A | $29.6M+5.8% | $27.9M+45.2% | $19.2M+29.6% | $14.8M+7.4% | $13.8M+10.9% | $12.5M+77.7% | $7.0M+306.3% | $1.7M |
| Operating Income | N/A | -$172.2M-37.6% | -$125.1M-67.6% | -$74.7M-37.9% | -$54.1M-16.9% | -$46.3M-36.9% | -$33.8M-81.1% | -$18.7M-201.7% | -$6.2M |
| Interest Expense | N/A | $2.0M+167.9% | $748K | $0 | N/A | N/A | N/A | N/A | N/A |
| Income Tax | N/A | $0 | $0 | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Income | N/A | -$167.9M-44.9% | -$115.9M-71.2% | -$67.7M-27.8% | -$53.0M-14.4% | -$46.3M-38.8% | -$33.3M-96.8% | -$16.9M-38.9% | -$12.2M |
| EPS (Diluted) | — | -$2.10 | -$2.34-41.8% | -$1.65+8.8% | -$1.81-0.6% | -$1.80 | N/A | N/A | N/A |
Not reported in any period shown, so not listed: Revenue, Cost of Revenue, Gross Profit.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
CABA Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $165.1M-10.8% | $185.0M-27.0% | $253.7M+116.9% | $117.0M-7.4% | $126.3M+10.1% | $114.7M-18.9% | $141.5M+314.0% | $34.2M |
| Current Assets | $138.9M-16.7% | $166.7M-31.8% | $244.5M+124.6% | $108.8M-12.6% | $124.5M+9.7% | $113.5M-19.2% | $140.6M+313.5% | $34.0M |
| Cash & Equivalents | $83.0M-49.4% | $164.0M-15.2% | $193.2M+136.8% | $81.6M-33.2% | $122.2M+20.5% | $101.4M-25.5% | $136.2M+312.5% | $33.0M |
| Total Liabilities | $53.0M+62.1% | $32.7M+87.4% | $17.5M+40.2% | $12.4M+48.5% | $8.4M+61.8% | $5.2M+64.6% | $3.1M-93.0% | $44.9M |
| Current Liabilities | $50.2M+85.2% | $27.1M+69.4% | $16.0M+68.6% | $9.5M+13.2% | $8.4M+61.8% | $5.2M+64.6% | $3.1M+233.7% | $943K |
| Total Equity | $112.1M-26.4% | $152.3M-35.5% | $236.2M+126.0% | $104.5M-11.4% | $118.0M+7.7% | $109.5M-20.8% | $138.3M+1393.9% | -$10.7M |
| Retained Earnings | -$517.0M-48.1% | -$349.1M-49.7% | -$233.2M-40.9% | -$165.6M-47.1% | -$112.6M-69.8% | -$66.3M-101.2% | -$33.0M-164.7% | -$12.5M |
Not reported in any period shown, so not listed: Inventory, Accounts Receivable, Goodwill, Long-Term Debt.
CABA Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 |
|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$153.9M | -$131.1M-48.6% | -$88.2M-64.8% | -$53.5M-15.5% | -$46.4M-36.0% | -$34.1M-27.4% | -$26.8M-66.8% | -$16.0M-244.2% | -$4.7M |
| Capital Expenditures | $283K | $1.2M-44.4% | $2.2M+221.8% | $687K-72.0% | $2.5M+110.4% | $1.2M+83.6% | $635K-8.4% | $693K | N/A |
| Free Cash Flow | -$154.2M | -$132.3M-46.3% | -$90.4M-66.7% | -$54.2M-11.1% | -$48.8M-38.4% | -$35.3M-28.7% | -$27.4M-63.7% | -$16.7M | N/A |
| Investing Cash Flow | $50.7M | -$50.3M-206.3% | $47.3M+310.6% | -$22.5M+17.5% | -$27.2M-553.7% | $6.0M+175.2% | -$8.0M-1051.7% | -$693K | N/A |
| Financing Cash Flow | $182.8M | $100.3M+759.4% | $11.7M-93.8% | $187.6M+468.9% | $33.0M-32.6% | $48.9M+203862.5% | -$24K-100.0% | $119.9M+218.3% | $37.7M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | $5.3M | N/A |
Not reported in any period shown, so not listed: Share Buybacks.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
CABA Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 |
|---|---|---|---|---|---|---|---|---|
| Return on Equity | -149.8%-73.8pp | -76.1%-47.4pp | -28.6%+22.0pp | -50.7%-11.4pp | -39.2%-8.8pp | -30.4%-18.2pp | -12.3% | N/A |
| Return on Assets | -101.7%-39.1pp | -62.6%-35.9pp | -26.7%+18.6pp | -45.3%-8.7pp | -36.6%-7.6pp | -29.1%-17.1pp | -12.0%+23.7pp | -35.7% |
| Current Ratio | 2.77-3.4x | 6.15-9.1x | 15.29+3.8x | 11.47-3.4x | 14.86-7.1x | 21.92-22.7x | 44.66+8.6x | 36.05 |
| Debt-to-Equity | 0.47+0.3x | 0.21+0.1x | 0.070.0x | 0.120.0x | 0.070.0x | 0.050.0x | 0.02 | N/A |
Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Net Margin, FCF Margin.
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Where Cabaletta Bio, Inc. Ranks
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) recorded an outflow of $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) recorded an outflow of $131.1M in operating cash flow during fiscal year 2025, representing cash used by 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 6 computable signals; 3 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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) reported a net loss of $167.9M while operations used $131.1M of cash. With neither figure positive, the ratio between the two carries no quality signal. 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) reported an operating loss of $172.2M against $2.0M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. 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.