Cabaletta Bio, Inc.

Listed Company

CABACIK 0001759138NasdaqNon-AcceleratedSmaller ReportingBiological Products, (No Diagnostic Substances)DelawareFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$-167.86M

Total Assets

$165.08M

Equity

$112.05M

Shares Out

111.32M

Op. Cash Flow

$-131.08M

Business

Cabaletta Bio, Inc. is a clinical-stage biotechnology company focused on the discovery and development of engineered T cell therapies for autoimmune diseases. It offers CARTA and legacy CAART approaches, developing rese-cel—a 4-1BB CD19-targeting CAR T product candidate—and CAAR T candidates such as DSG3-CAART and MuSK-CAART to selectively eliminate disease-causing B cells or reset the immune system. The company operates a single reportable segment organized around its proprietary CABA® platform with CARTA and CAART strategies. It conducts multisite Phase 1/2 clinical trials and relies on academic collaborators, CDMOs and clinical sites to support development and global clinical enrollment in the United States, Europe and other regions.

Summary from filing dated 2025-03-31

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Research and development	143	97	55	39	32
General and administrative	30	28	19	15	14
Total operating expenses	172	125	75	54	46
Loss from operations	−172	−125	−75	−54	−46
Interest income	6	10	7	1	24,000
Interest expense	−2	−748,000	0	—	—
Other income, net	358,000	0	—	—	—
Net loss	−168	−116	−68	−53	−46
Net unrealized gain (loss) on available-for-sale investments, net of tax	25,000	−39,000	86,000	−47,000	0
Net comprehensive loss	−168	−116	−68	−53	−46
Net loss per share of voting and non-voting common stock, basic	−2.1	−2.34	−1.65	−1.81	−1.8
Net loss per share of voting and non-voting common stock, diluted	−2.1	−2.34	−1.65	−1.81	−1.8

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2023 2023-09-30	FY 2022 2022-12-31
Cash and cash equivalents	83	164	193	—	82
Short-term investments	51	0	48	—	25
Prepaid expenses and other current assets	5	3	3	—	2
Total current assets	139	167	244	—	109
Property and equipment, net	2	3	3	—	3
Finance lease right-of-use assets	16	7	0	—	—
Operating lease right-of-use assets	3	6	5	953	5
Other assets	5	2	2	—	565,000
Total Assets	165	185	254	—	117
Accounts payable	7	5	5	—	2
Accrued and other current liabilities	19	12	8	—	5
Finance lease liabilities, current portion	21	6	0	—	—
Operating lease liabilities, current portion	3	4	4	—	2
Total current liabilities	50	27	16	—	9
Finance lease liabilities, net of current portion	3	3	0	—	—
Operating lease liabilities, net of current portion	0	2	1	—	3
Total Liabilities	53	33	17	—	12
Commitments and contingencies (see Notes 6 and 7)	—	—	—	—	—
Preferred stock, $0.00001 par value: 10,000,000 shares authorized as of December 31, 2025 and December 31, 2024; no shares issued or outstanding at December 31, 2025 and December 31, 2024	0	0	0	—	0
Voting and non-voting common stock, $0.00001 par value: 300,000,000 (293,590,481 voting and 6,409,519 non-voting) shares authorized as of December 31, 2025 and 150,000,000 (143,590,481 voting and 6,409,519 non-voting) shares authorized as of December 31, 2024; 100,479,323 voting shares issuedand outstanding as of December 31, 2025 and 50,743,101voting shares issued and outstanding as of December 31, 2024	1,000	1,000	0	—	0
Additional paid-in capital	629	501	469	—	270
Accumulated other comprehensive income	25,000	0	39,000	—	−47,000
Accumulated deficit	−517	−349	−233	—	−166
Total stockholders equity	112	152	236	—	105
Total liabilities and stockholders equity	165	185	254	—	117

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net loss	−168	−116	−68	−53	−46
Stock-based compensation	21	19	11	7	6
Depreciation	2	2	1	1	733,000
Non-cash finance lease expense	12	3	—	—	—
Non-cash operating lease expense	4	3	2	3	0
Accretion of operating lease liabilities	532,000	405,000	408,000	685,000	0
Amortization of discount on investments	−2	−2	−1	−223,000	62,000
Loss on foreign currency exchange rates	225,000	38,000	0	—	—
Prepaid expenses and other current assets	−3	528,000	−954,000	32,000	3
Other assets	−3	−584,000	−1	−208,000	−58,000
Accounts payable	2	1	2	−28,000	975,000
Accrued and other current liabilities	7	4	3	−1	2
Lease liabilities	−4	−3	−2	−3	0
Accrued interest payable under finance lease	291,000	0	—	—	—
Net cash used in operating activities	−131	−88	−54	−46	−34
Purchases of property and equipment	−1	−2	−687,000	−2	−1
Purchases of investments	−99	0	−84	−50	0
Proceeds from maturities of investments	50	50	63	25	7
Net cash (used in) provided by investing activities	−50	47	−22	−27	6
Proceeds from the issuance of common stock, warrants and pre-funded warrants, net of issuance costs	94	0	185	33	48
Issuance of common stock from ATM offering, net of sales agent commission and fees	13	11	—	—	—
Proceeds from the issuance of common stock under employee stock purchase plan	291,000	269,000	108,000	76,000	71,000
Proceeds from issuance of common stock in connection with the exercise of stock options	14,000	1	2	51,000	579,000
Principal payments on finance leases	−6	−897,000	0	—	—
Net cash provided by financing activities	100	12	188	33	49
Effect of exchange rate changes on cash and cash equivalents	19,000	−20,000	0	—	—
Net decrease in cash and cash equivalents	−81	−29	112	—	—
Cash paid for interest	2	748,000	0	—	—
Property and equipment purchases included in accounts payable and accrued expenses	0	404,000	702,000	0	135,000
Right-of use assets obtained in exchange for lease obligations	21	11	2	14	0
Right-of-use assets obtained in exchange for operating lease obligations	787,000	4	0	—	—

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