CABA · Cabaletta Bio, Inc.

Summary

Cabaletta Bio, Inc. (CABA), a clinical-stage biotechnology company, reported a net loss of $167.9 million for FY 2025, ending December 31, 2025, compared to $115.9 million in FY 2024, driven by higher operating expenses of $172.2 million versus prior year levels. Research and development expenses rose to $142.7 million from increased clinical trial activities across RESET programs for rese-cel in autoimmune diseases like SLE, myositis, SSc, gMG, and PV. General and administrative expenses were $29.6 million. No revenue was generated, reflecting pre-commercial status. Balance sheet shows total assets of $165.1 million, with cash and equivalents at $83.0 million and short-term investments at $50.6M, down due to $131.1 million net cash used in operations and $50.3 million in investing activities, offset by $100.3 million from financing including $93.6 million from common stock issuance. Stockholders’ equity stood at $112.1 million. Net loss per share was -$2 basic and diluted, consistent with prior year. Cash position supports operations into Q4 2026, funding Phase 1/2 trial completions and data readouts, positioning for potential BLA submissions by 2027 amid ongoing registrational cohorts.

Key takeaways

• Net loss $167.9M in FY 2025, up from $115.9M in 2024.
• R&D expenses $142.7M, driving 49% YoY operating expense increase.
• Cash burn $131.1M from operations; cash equivalents $83.0M at year-end.
• Financing raised $100.3M net, including $93.6M from stock issuance.
• Total assets $165.1M; equity $112.1M as of Dec 31, 2025.