The company continues to report zero revenue while operating losses have expanded from $23.1 million in 2023Q4 to $44.3 million in 2026Q1, reflecting significant investment in R&D.
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Gross Margin % | - | - | - | - | - | - | - | - | - | - |
| Gross Profit Growth % | - | - | - | - | - | - | - | - | - | - |
| Operating Expenses | 179.4M | 172.24M | 125.14M | 74.66M | 54.14M | 46.31M | 33.83M | 18.68M | 6.19M | 250K |
| OpEx % of Revenue | - | - | - | - | - | - | - | - | - | - |
| Selling, General & Admin | 28.39M | 29.57M | 27.94M | 19.24M | 14.84M | 13.82M | 12.46M | 7.01M | 1.73M | 250K |
| SG&A % of Revenue | - | - | - | - | - | - | - | - | - | - |
| Research & Development | 151.01M | 142.67M | 97.2M | 55.42M | 39.3M | 32.49M | 21.38M | 11.67M | 4.47M | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -179.4M | -172.24M | -125.14M | -74.66M | -54.14M | -46.31M | -33.83M | -18.68M | -6.19M | -250K |
| Operating Margin % | - | - | - | - | - | - | - | - | - | - |
| Operating Income Growth % | - | -37.64% | -67.61% | -37.9% | -16.9% | -36.89% | -81.09% | -201.68% | -2377.2% | - |
| EBITDA | -177.9M | -170.59M | -123.43M | -73.23M | -52.96M | -45.58M | -33.48M | -18.58M | 0 | 83.33K |
| EBITDA Margin % | - | - | - | - | - | - | - | - | - | - |
| EBITDA Growth % | -34.32% | -38.21% | -68.54% | -38.28% | -16.19% | -36.14% | -80.2% | - | -100% | - |
| D&A (Non-Cash Add-back) | 1.5M | 1.65M | 1.71M | 1.43M | 1.18M | 733K | 354K | 104K | 6.19M | 333.33K |
| EBIT | -173.08M | -165.85M | -115.12M | -67.67M | -54.14M | -46.31M | -33.34M | -18.68M | -12.2M | -250K |
| Net Interest Income | 3.27M | 4.03M | 9.28M | 6.99M | 1.16M | 24K | 494K | 1.74M | 0 | 0 |
| Interest Income | 5.62M | 6.03M | 10.03M | 6.99M | 1.16M | 24K | 494K | 1.74M | 235K | 0 |
| Interest Expense | 2.35M | 2M | 748K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 3.97M | 4.38M | 9.28M | 6.99M | 1.16M | 24K | 494K | 1.74M | -6.01M | 0 |
| Pretax Income | -175.43M | -167.86M | -115.86M | -67.67M | -52.98M | -46.29M | -33.34M | -16.94M | -12.2M | -250K |
| Pretax Margin % | - | - | - | - | - | - | - | - | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -175.43M | -167.86M | -115.86M | -67.67M | -52.98M | -46.29M | -33.34M | -16.94M | -12.2M | -250K |
| Net Margin % | - | - | - | - | - | - | - | - | - | - |
| Net Income Growth % | -38.39% | -44.87% | -71.21% | -27.75% | -14.44% | -38.84% | -96.77% | -38.85% | -4780.8% | - |
| Net Income (Continuing) | -175.43M | -167.86M | -115.86M | -67.67M | -52.98M | -46.29M | -33.34M | -16.94M | -12.2M | -250K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.57 | -1.64 | -2.34 | -1.65 | -1.81 | -1.80 | -1.44 | -4.07 | -0.84 | -0.01 |
| EPS Growth % | 23.05% | 29.91% | -41.82% | 8.84% | -0.56% | -25% | 64.62% | -384.52% | -7976.92% | - |
| EPS (Basic) | - | -1.64 | -2.34 | -1.65 | -1.81 | -1.80 | -1.44 | -4.07 | -0.84 | -0.01 |
| Diluted Shares Outstanding | 112.03M | 102.26M | 49.47M | 40.95M | 29.34M | 25.74M | 23.14M | 5.47M | 14.51M | 24.03M |
| Basic Shares Outstanding | 112.03M | 102.26M | 49.52M | 40.95M | 29.34M | 25.74M | 23.14M | 4.16M | 14.51M | 24.03M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - |
Clinical trial funding shortfall
According to the company's quarterly financial disclosures, R&D expenses have climbed steadily from $17.4 million in 2023Q4 to $37.4 million by 2026Q1, reflecting the intensifying capital requirements necessary to support the expansion of the CABA-201 program across multiple autoimmune indications and complex clinical trial protocols.
The consistent upward trajectory in R&D spending suggests that management is prioritizing pipeline breadth over near-term expense containment. Investors should monitor whether this aggressive investment in clinical development yields sufficient data to justify the current burn rate, as the lack of revenue leaves no margin for operational inefficiency.
As reported in recent income statements, the company's operating loss has widened from $23.1 million in 2023Q4 to $44.3 million in 2026Q1, indicating that the firm has yet to achieve any meaningful operating leverage as it scales its specialized cell therapy manufacturing and research infrastructure.
The widening gap between R&D investment and the absence of commercial revenue highlights the inherent difficulty in scaling autologous cell therapy platforms. This trend suggests that the company remains in a high-risk phase where operational costs are decoupled from any potential commercial output, necessitating constant capital market access.
Based on the provided financial data, stock-based compensation has remained a persistent feature of the cost structure, with quarterly charges frequently exceeding $5 million, which effectively masks the true cash-based operational burn rate and contributes to the ongoing dilution of existing shareholder equity positions.
While non-cash compensation is standard for early-stage biotechnology firms, the consistent reliance on equity-based incentives warrants caution regarding the long-term impact on EPS. Investors should evaluate whether these compensation levels are appropriately aligned with the achievement of tangible clinical milestones rather than mere operational activity.
Data from the latest quarterly filings indicate a cash position of approximately $83 million, which, when measured against the current quarterly operating loss of $44.3 million, suggests a precarious runway that may force management to seek dilutive financing in the near-to-medium term to sustain operations.
The current burn rate implies that the company may face a liquidity crunch before reaching critical Phase II or III data readouts. This financial vulnerability could force management to narrow the pipeline or accept unfavorable terms in future capital raises, potentially undermining the long-term value proposition of the CAAR-T platform.
Quick answers to the most common questions about buying CABA stock.
For fiscal year 2025, Cabaletta Bio, Inc. (CABA) reported total revenue of $0.0M.
Cabaletta Bio, Inc. (CABA) reported a net loss of $167.9M for the fiscal year ending 2025.