The income statement reflects a pre-revenue model where R&D expenditures of $44.4 million in Q2 2026 constitute approximately 85% of total operating expenses, driving an operating loss of $52.0 million.
Cabaletta Bio, Inc. (CABA) annual income statement — 9-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 |
|---|
| 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 | 193.63M | 172.24M | 125.14M | 74.66M | 54.14M | 46.31M | 33.83M | 18.68M | 6.19M | 250K |
| OpEx % of Revenue | - | - | - | - | - | - | - | - | - | - |
| Selling, General & Admin | 28.51M | 29.57M | 27.94M | 19.24M | 14.84M | 13.82M | 12.46M | 7.01M | 1.73M | 250K |
| SG&A % of Revenue | - | - | - | - | - | - | - | - | - | - |
| Research & Development | 165.12M | 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 | -193.63M | -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 | -192.23M | -170.59M | -123.43M | -73.23M | -52.96M | -45.58M | -33.48M | -18.58M | 0 | 83.33K |
| EBITDA Margin % | - | - | - | - | - | - | - | - | - | - |
| EBITDA Growth % | -18.92% | -38.21% | -68.54% | -38.28% | -16.19% | -36.14% | -80.2% | - | -100% | - |
| D&A (Non-Cash Add-back) | 1.4M | 1.65M | 1.71M | 1.43M | 1.18M | 733K | 354K | 104K | 6.19M | 333.33K |
| EBIT | -187.29M | -165.85M | -115.12M | -67.67M | -52.98M | -46.29M | -33.34M | -18.68M | -12.2M | -250K |
| Net Interest Income | 3.93M | 4.03M | 9.28M | 6.99M | 1.16M | 24K | 494K | 1.74M | 0 | 0 |
| Interest Income | 6.15M | 6.03M | 10.03M | 6.99M | 1.16M | 24K | 494K | 1.74M | 235K | 0 |
| Interest Expense | 2.22M | 2M | 748K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 4.13M | 4.38M | 9.28M | 6.99M | 1.16M | 24K | 494K | 1.74M | -6.01M | 0 |
| Pretax Income | -189.5M | -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 | -189.5M | -167.86M | -115.86M | -67.67M | -52.98M | -46.29M | -33.34M | -16.94M | -12.2M | -250K |
| Net Margin % | - | - | - | - | - | - | - | - | - | - |
| Net Income Growth % | -19.54% | -44.87% | -71.21% | -27.75% | -14.44% | -38.84% | -96.77% | -38.85% | -4780.8% | - |
| Net Income (Continuing) | -189.5M | -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) | -1.01 | -1.64 | -2.34 | -1.65 | -1.81 | -1.80 | -1.44 | -4.07 | -0.84 | -0.01 |
| EPS Growth % | 44.31% | 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 | 186.78M | 102.26M | 49.47M | 40.95M | 29.34M | 25.74M | 23.14M | 5.47M | 14.51M | 24.03M |
| Basic Shares Outstanding | 186.78M | 102.26M | 49.47M | 40.95M | 29.34M | 25.74M | 23.14M | 4.16M | 14.51M | 24.03M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - |
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.
Key Metrics
Top Statement Risk
Pre-revenue cash burn sustainability
Metrics are mathematically derived from official filings.
Pre-Revenue R&D Intensity Drives Losses
Cabaletta Bio remains pre-revenue, with its income statement entirely driven by research and development expenditures, which reached $44.4 million in Q2 2026, representing a 18.3% sequential increase from Q1 2026.
The absence of revenue means the company's financial trajectory is defined solely by its investment in pipeline development. The accelerating R&D spend, up from $22.0 million in Q1 2024, suggests a deepening commitment to clinical programs, which is typical for a clinical-stage biotech but underscores the dependency on future financing or partnership milestones.
R&D Dominates Cost Structure
Research and development costs constitute the overwhelming majority of total operating expenses, accounting for approximately 85% of the combined R&D and SG&A outlay in Q2 2026, as reported in the company's financial statements.
This cost structure is characteristic of a pure-play clinical biotech, where the primary capital allocation is toward scientific advancement rather than commercial infrastructure. The relatively modest SG&A expenses, which have remained in the $6-8 million quarterly range, indicate that management is maintaining a lean corporate overhead while focusing resources on the pipeline.
Operating Leverage Absent in Pre-Revenue Phase
With no revenue, operating leverage is not a relevant metric; instead, the operating loss scales directly with R&D investment, widening from -$28.0 million in Q1 2024 to -$52.0 million in Q2 2026.
The lack of operating leverage is a structural reality for Cabaletta at this stage. The deepening losses are a direct function of increased R&D activity, not operational inefficiency. Investors should monitor whether future revenue generation can eventually outpace this fixed cost base to create positive operating leverage.
Net Losses Driven by Core Operations
Reported net losses closely track operating losses, with stock-based compensation representing a significant non-cash component, reaching $5.5 million in Q2 2026 and accounting for roughly 10.6% of the total net loss.
The quality of the net loss is high in the sense that it reflects core operational spending on R&D, with minimal distortion from non-operating items. However, the persistent and material stock-based compensation is a real economic cost to shareholders, diluting ownership as the company funds its operations through equity.
Cash Burn Rate vs. Financing Runway
The primary analytical challenge is the sustainability of the accelerating cash burn, with operating losses expanding to over $50 million per quarter, which necessitates a clear view of the company's cash position and financing strategy.
While the income statement shows a clear focus on R&D, the short-seller narrative would center on the finite cash runway. The trend of widening losses, from -$28.0 million to -$52.0 million over ten quarters, raises questions about the need for future dilutive financing or the achievement of key clinical milestones to secure non-dilutive capital.