CABA Stock — Cabaletta Bio Inc.: Cash, EV, Pipeline

What they do

We are a late clinical-stage biotechnology company focused on the discovery and development of innovative engineered T cell therapies that have the potential to provide deep and durable, perhaps curative, responses with one-time administration for patients with autoimmune diseases.

Source: 10-K FY2025 via SEC EDGAR

Share price

$1.30

Market cap

$220.4M

Cash

$299.4M

Enterprise value

-$79.0M

Balance sheet

Cash	$299.4M
Debt	$0.0M
Net cash	$299.4M
Enterprise value	-$79.0M
Basic shares	215.7M shares
Fully diluted shares	239.7M shares
Fully diluted market cap	$311.6M
Cash per share	$1.39
Quarterly burn	$41.5M
Cash runway	5.4 quarters

Cash figures as of 2026-09-30. Database snapshot: 2026-11-07.

Share structure

Common

167.7M

Pre-funded warrants

6.0M

Options

17.8M

RSUs

0.0M

Warrants

47.8M

Converts

0.0M

Conv preferred

0.0M

ESPP reserve

0.3M

FDSO

239.7M

Cap table as of 2026-06-30.

Price history

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Next catalyst

rese-cel · Est. Jul 16, 2027 · guidance midpoint · guided in 7 mo

Upcoming catalysts

Expected	Drug	Phase	Indication	Mgmt guide
GUIDEDEst. Jul 16, 2027 in 7 mo guidance midpoint	rese-cel Registrational RESET-Myositis clinical data	Not disclosed	Registrational RESET-Myositis	mid-2027
GUIDEDEst. Sep 30, 2027 in 8 mo half midpoint	rese-cel BLA submission	Not disclosed	Not disclosed	2H 2027
Feb 12 - Mar 26 in 28 mo	DSG3-CAART	Phase 1/2	Pemphigus Vulgaris	—
Aug 12 - Sep 23 in 34 mo	CABA-201	Phase 2/3	Systemic Sclerosis; Scleroderma; Interstitial Lung Diseases	—
Oct 13 - Nov 24 in 36 mo	CABA-201	Phase 1/2	Generalized Myasthenia Gravis (gMG)	—
Jan 12 - Feb 23 in 39 mo	CABA-201	Phase 1/2	Systemic Lupus Erythematosus; Lupus Nephritis	—

Estimated readout windows: registry primary-completion date + 6-12 weeks. Windows already open are shown from "Now". Drug names link to ClinicalTrials.gov.

Full readout calendar →

Pipeline assets

Rese-cel (resecabtagene autoleucel)

Phase 2/3 · Active Modality: CAR T cell therapy

Aliases CABA-201

Target CD19

Partnerships IASO Biotherapeutics: exclusive worldwide license to anti-CD19 binder ($2.5M upfront; up to $162M total milestones; tiered mid-single-digit royalties). Autolus: RQR8 technology license ($1.2M upfront; up to $12M/target regulatory milestones; $15M sales milestones; low single-digit royalties). Penn/CHOP: IP license. Oxford Biomedica: LentiVector license for rese-cel

Indications

Dermatomyositis / anti-synthetase syndrome (DM/ASyS) (Phase 2/3)
Systemic lupus erythematosus / lupus nephritis (SLE/LN) (Phase 2)
Systemic sclerosis (SSc) (Phase 2)
Generalized myasthenia gravis (gMG) (Phase 2)
Pemphigus vulgaris (PV) (Phase 2)
Multiple sclerosis (MS) (Phase 2)

Catalysts

— first half of 2026
— mid-2026
— first half of 2026
— second half of 2026
— first half of 2026
— 2027

Status note Lead product candidate; CD19-targeted CARTA cell therapy for autoimmune diseases. Registrational DM/ASyS cohort initiated Dec 2025; BLA submission in myositis anticipated 2027. Registrational cohort designs announced Jan 2026 for SLE/LN. Designations: Fast Track DM (Jan 2024), Orphan myositis (Feb 2024), Rare Pediatric Disease juvenile DM (Mar 2024), Fast Track SLE/LN (May 2023), RMAT SLE/LN (Nov 2025), Fast Track + Orphan SSc (Jan/Mar 2024), RMAT SSc (Jan 2026).

MuSK-CAART

Phase 1 · Active Modality: CAAR T cell therapy

Target MuSK

Indications

not disclosed (Phase 1)

Status note Phase 1 MusCAARTes trial per manufacturing agreement note; limited additional disclosure in excerpts.

Per-asset detail extracted from the 10-Q filed 2026-08-13. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.

Pipeline

Lead drug	CABA-201 following preconditioning with fludarabine and cyclophosphamide
Lead indication	Idiopathic Inflammatory Myopathy
Lead phase	Phase 3
Active trials	5

Active clinical trials

Trial	Phase	Status	Role	Sponsor	BP	Condition(s)	Mgmt guide
NCT06154252	Phase 2/3	Recruiting	Sponsor	Cabaletta Bio	—	Idiopathic Inflammatory Myopathy; Dermatomyositis; Anti-Synthetase Syndrome	—
NCT06328777	Phase 2/3	Recruiting	Sponsor	Cabaletta Bio	—	Systemic Sclerosis; Scleroderma; Interstitial Lung Diseases	—
NCT04422912	Phase 1/2	Recruiting	Sponsor	Cabaletta Bio	—	Pemphigus Vulgaris	—
NCT06359041	Phase 1/2	Recruiting	Sponsor	Cabaletta Bio	—	Generalized Myasthenia Gravis (gMG)	—
NCT06121297	Phase 1/2	Recruiting	Sponsor	Cabaletta Bio	—	Systemic Lupus Erythematosus; Lupus Nephritis	—

Sponsor-matched active trials from ClinicalTrials.gov (5 as sponsor, 0 as collaborator); "Sponsor" = company is the lead sponsor, "Collaborator" = company is a collaborator. The BP column flags big-pharma involvement as lead sponsor or collaborator (excluding the company itself). The Mgmt guide column shows what management guided for readout timing when a guided program matches the trial (hover for the quote, click for the source). Trial listings are not a company pipeline slide.

View all 5 active trials for Cabaletta Bio on ClinicalTrials.gov

Specialist fund holders

Tracked specialist funds: ADAR1 Capital Management, Aisling Capital, Ally Bridge Group, Avoro Capital Advisors, BVF Partners, Baker Bros. Advisors, Boxer Capital, Braidwell LP, Casdin Capital, Cormorant Asset Management, DAFNA Capital, Deerfield Management, EcoR1 Capital, Frazier Life Sciences, Great Point Partners, Ikarian Capital, Logos Global Management, OrbiMed Advisors, Perceptive Advisors, RA Capital Management, RTW Investments, Sphera Biotech, Stonepine Capital, Tang Capital Partners, Vivo Capital.

Fund	Shares	Q/Q change	% of portfolio	Filing
Cormorant Asset Management	5,000,000	-500,000	0.80%	2026-08-14
Sphera Biotech	1,329,012	+1,329,012	0.59%	2026-08-14
Stonepine Capital	917,100	+867,100	2.17%	2026-08-17
Ikarian Capital	700,000	-200,000	0.36%	2026-08-14
ADAR1 Capital Management	50,000	+50,000	0.01%	2026-08-14

Specialist-fund positions from 13F filings. Q/Q change is vs the prior quarter's filing; % of portfolio is the fund's own reported portfolio weight.

Latest news

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CABA — Cabaletta Bio Inc. ☆

What they do

Balance sheet

Share structure

Price history

Next catalyst

Upcoming catalysts

Pipeline assets

Pipeline

Active clinical trials

Specialist fund holders

Latest news

CABA — Cabaletta Bio Inc.