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Cabaletta Bio, Inc.

CABA NASDAQ Categories PDF
Healthcare · Biotechnology · United States · Updated May 11, 1:55pm
$3.74
Price
$360.4M
Market Cap
161
Employees
3.17
Beta
Steven A. Nichtberger
CEO
Business Description

Cabaletta Bio, Inc., a clinical-stage biotechnology company, focuses on the discovery and development of engineered T cell therapies for patients with B cell-mediated autoimmune diseases. Its proprietary technology utilizes chimeric autoantibody receptor (CAAR) T cells that are designed to selectively bind and eliminate B cells, which produce disease-causing autoantibodies or pathogenic B cells. The company's lead product candidate is DSG3-CAART, which is in Phase I clinical trial for the treatment of mucosal pemphigus vulgaris, an autoimmune blistering skin disease, and Hemophilia A with Factor VIII alloantibodies. Its product candidate pipeline also includes MuSK-CAART, a preclinical stage product to treat a subset of patients with myasthenia gravis; FVIII-CAART, a discovery stage product to treat a subset of patients with Hemophilia A; and DSG3/1-CAART, a discovery stage product for the treatment of mucocutaneous pemphigus vulgaris. It has a collaboration with the University of Pennsylvania; and research agreement with The Regents of the University of California. The company was formerly known as Tycho Therapeutics, Inc. and changed its name to Cabaletta Bio, Inc. in August 2018. Cabaletta Bio, Inc. was incorporated in 2017 and is headquartered in Philadelphia, Pennsylvania.

Business History
Price Overview
Last updated: May 11, 2026 1:55pm (just now)
$3.74
-0.14 (-3.61%)
Day Range
$3.71 – $4.06
52-Week Range
$1.24 – $4.23
50-Day MA
$3.15
200-Day MA
$2.50
Volume
3,779,253.00
Analyst Price Targets
Low $3.00
Consensus $16.33
High $32.00
(3 analysts)
Share Structure
Outstanding 96,265,204.00
Float 84,295,585.00
Free Float 87.6%
High free float — 87.6% of shares trade freely, ~12.4% held by insiders/institutions
Very liquid — most shares trade freely. Low insider ownership can mean less management alignment, but makes large position sizing straightforward.
Price History (1 Year)
Revenue & Net Income Trend
The directional story — useful even when net income is negative.
Revenue
The top line — total sales before any costs or taxes are subtracted. A measure of how much business the company is doing.
Net Income
The bottom line — profit left after subtracting all expenses, interest, and taxes from revenue. Reflects accounting profitability, but includes non-cash items like depreciation, so it isn't the same as cash earned.
Operating Cash Flow
The real cash generated by the day-to-day business — selling products, paying suppliers, collecting from customers. Calculated from net income by adding back non-cash items and adjusting for timing (unpaid bills, unsold inventory). When OCF consistently lags net income, the reported profit may not be converting to real money.
Period Revenue Net Income Net Margin YoY/QoQ
Key Metrics
API Direct from provider CALC Derived from statements
P/E Ratio (Price per dollar of earnings)
CALC
Stock Price / EPS (Diluted)
-2.28
Stock Price: $3.74
EPS (Diluted): -1.64
P/B Ratio (Price vs net asset value)
API
Stock Price / Book Value Per Share
2.00
Stock Price: $3.74
Total Equity: $112.05M
Shares: 102,262,904
EV/EBITDA (Total value vs operating profit)
API
Enterprise Value / EBITDA
-1.77
Market Cap: $360.36M
Total Debt: $27.10M
Cash: $82.98M
EBITDA: -$170.60M
Enterprise Value (Takeover price (cap + debt - cash))
API
Market Cap + Total Debt - Cash
$168.1M
Market Cap: $360.36M
Total Debt: $27.10M
Cash: $82.98M
Gross Margin (Revenue left after direct costs)
API
Gross Profit / Revenue
0.0%
Gross Profit: -$1.65M
Revenue: $0.00
Operating Margin (Revenue left after all operations)
API
Operating Income / Revenue
0.0%
Operating Income: -$172.24M
Revenue: $0.00
Net Margin (Revenue left as actual profit)
API
Net Income / Revenue
0.0%
Net Income: -$167.86M
Revenue: $0.00
ROE (Profit from shareholder equity)
API
Net Income / Total Equity
-121.7%
Net Income: -$167.86M
Total Equity: $112.05M
ROIC (Profit from all invested capital)
API
NOPAT / Invested Capital
-123.8%
Operating Income: -$172.24M
Tax Rate: 0.0%
Equity: $112.05M
Total Debt: $27.10M
Cash: $82.98M
Current Ratio (Can it pay short-term bills)
API
Current Assets / Current Liabilities
2.77
Current Assets: $138.87M
Current Liabilities: $50.15M
Debt/Equity (Leverage — debt vs equity)
CALC
Total Debt / Total Equity
0.24
Short-Term Debt: $24.22M
Long-Term Debt: $2.88M
Total Debt: $27.10M
Total Equity: $112.05M
Rev/Share (Top-line per share)
Revenue / Shares Outstanding
—
Revenue: $0.00
Shares: 102,262,904
Book Value/Share (Net assets per share)
CALC
(Total Assets - Total Liabilities) / Shares
$1.10
Total Equity: $112.05M
Shares: 102,262,904
FCF/Share (Real cash generated per share)
CALC
(Operating Cash Flow + CapEx) / Shares
$-1.29
Operating CF: -$131.08M
CapEx: -$1.23M
Shares: 102,262,904
CapEx is negative (outflow) — added to OCF to get FCF
Div Yield (Annual income from holding)
API
Last Annual Dividend / Stock Price
0.0%
Last Dividend: N/A
Stock Price: $3.74
Payout Ratio (Earnings paid out as dividends)
Dividends Paid / Net Income
—
Dividends Paid: N/A
Net Income: -$167.86M
Dividends paid not available in cash flow statement
Industry Benchmarks
Compares CABA against LLM-researched typical ranges for its industry. One research call per industry, cached indefinitely — every stock in the same industry reuses the same baseline.
Deep Analysis

Pre-flight intelligence scans the company first, then routes to the right analytical methods.

0 Company Classification — What type of company is this?
1 Industry Landscape — Where is the industry headed?
2 Company Momentum — Where is this company trending?
3 Forward Projection — 1Y & 2Y projected metrics (requires Layer 1 + 2)
4a DCF Valuation — Present value of future cash flows
4b Earnings Power Value — Floor value — worth with zero growth
4c Anchored PE — Industry PE adjusted for growth differential
4d Reverse DCF — What growth is the market pricing in?
4e Revenue-Based DCF — For growth/narrative companies (skip if mature earner)
4f Anchored P/S — Price-to-Sales peer comparison (skip if mature earner)
4g Scenario Analysis — Bull / Base / Bear (skip if mature earner)
4h Dividend Discount Model — For dividend/income stocks only
4i Book Value Analysis — For deep value / turnaround stocks only
4j Insider Activity — Are insiders buying or selling?
4f Cash Flow Quality — How trustworthy is the FCF?
4g Debt Maturity Risk — Can it handle its debt?
4h Macro Environment — Rates, market valuation, volatility
4i Sector Intelligence — How does this company compare within its sector?
4j Revenue Confidence — How reliable is the growth projection?
4k Sensitivity Analysis — How fragile is the fair value estimate?
4l Sector Demand Cycle — Is the sector in a boom, steady state, or contraction?
5 AI Investigation — Adaptive research engine (Claude)
5b Thesis Evaluation — What does the market believe? (narrative/platform stocks only)
6 Valuation Synthesis — Weighted verdict from all methods (requires Layer 4)
Income Statement (Annual)
Metric 2021 2022 2023 2024 2025
Revenue $0 $0 $0 $0 $0
Cost of Revenue $733,000 $3.7M $1.4M $4.8M $1.6M
Gross Profit $-733,000 -$3.7M -$1.4M -$4.8M -$1.6M
Operating Expenses $45.6M $50.5M $73.2M $120.3M $170.6M
Operating Income -$46.3M -$54.1M -$74.7M -$125.1M -$172.2M
Net Income -$46.3M -$53.0M -$67.7M -$115.9M -$167.9M
EBITDA -$45.6M -$49.3M -$66.2M -$110.3M -$170.6M
EPS $-1.80 $-1.81 $-1.65 $-2.34 $-1.64
EPS (Diluted) — — — — —
Balance Sheet (Annual)
Metric 2021 2022 2023 2024 2025
Cash & Equivalents $122.2M $81.6M $193.2M $164.0M $83.0M
Total Current Assets $124.5M $108.8M $244.5M $166.7M $138.9M
Total Assets $126.3M $117.0M $253.7M $185.0M $165.1M
Current Liabilities $8.4M $9.5M $16.0M $27.1M $50.2M
Long-Term Debt $0 $0 $0 $0 $2.9M
Total Liabilities $8.4M $12.4M $17.5M $32.7M $53.0M
Total Equity $118.0M $104.5M $236.2M $152.3M $112.1M
Retained Earnings -$112.6M -$165.6M -$233.2M -$349.1M -$517.0M
Cash Flow (Annual)
Metric 2021 2022 2023 2024 2025
Operating Cash Flow -$34.1M -$46.4M -$53.5M -$88.2M -$131.1M
Capital Expenditure -$1.2M -$2.5M $-687,000 -$2.2M -$1.2M
Free Cash Flow -$35.3M -$48.8M -$54.2M -$90.4M -$132.3M
Acquisitions (net) $0 $24,764 $0 $0 $0
Debt Repayment — — — — —
Dividends Paid — — — — —
Stock Buybacks $0 $0 $0 $0 $0
Net Change in Cash $20.8M -$40.6M $111.6M -$29.3M -$81.0M
Analyst Estimates (Annual)
Metric 2027 2028 2029 2030
Revenue $712,586
$712,586 – $712,586
 $62.2M
$62.2M – $62.2M
 $345.7M
$345.7M – $345.7M
 $787.6M
$787.6M – $787.6M
EBITDA $0 $0 $0 $0
Net Income -$156.7M
-$177.4M – -$136.0M
 -$249.3M
-$300.4M – -$73.9M
 -$81.3M
-$81.3M – -$81.3M
 $66.1M
$66.1M – $66.1M
EPS — — — —
Growth Trends (YoY %)
Metric 2022 2023 2024 2025
Revenue Growth — — — —
Gross Profit Growth -402.6% +61.3% -237.5% +65.8%
Operating Income Growth -16.9% -37.9% -67.6% -37.6%
Net Income Growth -14.4% -27.7% -71.2% -44.9%
EBITDA Growth -8.2% -34.4% -66.5% -54.7%
Insider Trading (Recent)
Date Insider Type Shares Price Value
2026-03-02 Das Arun A-Award 175,000.00 $3.30 $577,500
2026-03-02 Gerard Michael A-Award 175,000.00 $3.30 $577,500
2026-03-02 Binder Gwendolyn A-Award 225,000.00 $3.30 $742,500
2026-03-02 Chang David J. A-Award 225,000.00 $3.30 $742,500
2026-03-02 Nichtberger Steven A-Award 674,000.00 $3.30 $2.2M
2026-03-02 Marda Anup A-Award 225,000.00 $3.30 $742,500
2026-01-21 Chang David J. P-Purchase 8,800.00 $2.26 $19,888
2026-01-21 Binder Gwendolyn P-Purchase 11,312.00 $2.19 $24,763
2026-01-21 Tomasello Shawn P-Purchase 22,725.00 $2.21 $50,322
2026-01-21 Gavel Steve P-Purchase 22,170.00 $2.27 $50,215
2026-01-21 Bollard Catherine P-Purchase 4,405.00 $2.27 $9,982
2026-01-21 Nichtberger Steven P-Purchase 45,000.00 $2.24 $100,778
2026-01-21 Simon Mark P-Purchase 11,061.00 $2.28 $25,261
2026-01-21 Gerard Michael P-Purchase 6,600.00 $2.27 $14,979
2025-10-13 Gavel Steve A-Award 275,000.00 $2.49 $684,750
2025-10-13 Gavel Steve 0.00 $0.00 $0
2025-06-09 Simon Mark A-Award 22,000.00 $2.37 $52,140
2025-06-09 Brun Scott C. A-Award 22,000.00 $2.37 $52,140
2025-06-09 Bollard Catherine A-Award 22,000.00 $2.37 $52,140
2025-06-09 Tomasello Shawn A-Award 22,000.00 $2.37 $52,140
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My Notes personal — only you see this
Data via Financial Modeling Prep · Cached for performance · fmp
v1.1.193 · 1946f027 · 2026-05-08 18:57:27