Cabaletta Bio
Develops engineered T-cell therapies for autoimmune disease, prioritizing rese-cel.
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Profile
A Philadelphia clinical-stage biotech focusing its CARTA platform on rese-cel, an investigational CD19-CAR T therapy in the multi-indication RESET program.
Built around engineered T-cell approaches to autoimmune disease, the CABA platform has two strategies: CARTA and CAART. CARTA is being prioritized around rese-cel, formerly CABA-201, a fully human CD19-CAR T investigational therapy evaluated in the multi-indication RESET program. That program spans a range of autoimmune disease settings in rheumatology, neurology, and dermatology.
Headquarters and laboratories are in Philadelphia. The scientific origin traces to a University of Pennsylvania collaboration combining autoimmune-disease research with CAR-T design. Development depends on clinical progress, regulatory alignment, manufacturing, and external capital because the therapies remain investigational.
Company facts
Key statistics
Year to date +40.7% · Average volume (30d) 3.6M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating |
|---|---|---|---|---|
| Dec 20, 2024 | Evercore ISI Group | Downgrade | Outperform | In Line |
| Dec 19, 2024 | Wells Fargo | Downgrade | Overweight | Equal Weight |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 13, 2026Q2 FY26 | −$0.37 | −$0.34 | +8.8% | $1.7M | — | — | −4.91% |
| May 14, 2026Q1 FY26 | −$0.41 | −$0.39 | +4.9% | $1.7M | — | — | −8.31% |
| Mar 23, 2026Q4 FY25 | −$0.45 | −$0.40 | +11.1% | $833.3K | — | — | −5.32% |
| Nov 10, 2025Q3 FY25 | −$0.49 | −$0.44 | +10.2% | — | — | — | +1.65% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $0 | $0 | $0 | $0 | $0 | $0 | |
| Gross profit | $0 | $0 | $0 | $0 | $0 | $0 | |
| Operating income | −$37.1M | −$45.9M | −$46.6M | −$42.6M | −$44.3M | −$52.0M | |
| Net income | −$35.9M | −$45.1M | −$44.9M | −$41.9M | −$43.5M | −$51.0M | |
| Diluted EPS | −$0.73 | −$0.73 | −$0.44 | −$0.41 | −$0.39 | −$0.34 | |
| Gross margin | — | — | — | — | — | — | |
| Operating margin | — | — | — | — | — | — |
Fiscal years (4-quarter sums)FY21 $0 · FY22 $0 · FY23 $0 · FY24 $0 · FY25 $0
Balance sheet, Jun 30, 2026Cash & short-term investments $225.1M · Total debt $25.7M · Total assets $256.7M · Shareholders' equity $210.6M
Dividends
No dividends on record.
Ownership
Shares outstanding 163.05M · Float 142.90M · 87.6% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Prudential Financial Inc | 24.27M | 11.40% | 13G | Jun 5, 2026 |
| Jennison Associates LLC | 24.27M | 11.40% | 13G | Jun 4, 2026 |
| T. Rowe Price Investment Management, Inc. | 11.08M | 6.80% | 13F | May 15, 2026 |
| Cormorant Asset Management, LP | 10.50M | 9.03% | 13G | May 15, 2026 |
| Bain Capital Life Sciences Investors, LLC | 9.68M | 5.93% | 13F | May 15, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Jan 21, 2026 | Michael Gerard | officer: General Counsel | +6,600 | $2.27 |
| Jan 21, 2026 | Mark Simon | director | +11,061 | $2.28 |
| Jan 21, 2026 | Steven Nichtberger | director, officer: President & CEO | +45,000 | $2.24 |
| Jan 21, 2026 | Catherine Bollard | director | +4,405 | $2.27 |
| Jan 21, 2026 | Steve Gavel | officer: Chief Commercial Officer | +22,170 | $2.27 |
Peers
- Kyverna Therapeutics
Autologous CD19 CAR-T program for B-cell-driven autoimmune disease
- Cartesian Therapeutics
Autologous CAR-T in myasthenia gravis and myositis
- Bristol-Myers Squibb
CD19 CAR-T program for refractory lupus, systemic sclerosis, and myositis
- Fate
Off-the-shelf CD19 CAR-T in lupus, sclerosis, and myositis
- AstraZeneca (ADR)
Dual-target BCMA/CD19 CAR-T program for refractory lupus
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Cabaletta Bio | $3.18 | +2.25% | $508.7M | — | — | — | — |
| Kyverna Therapeutics | $8.53 | +2.03% | $508.9M | — | — | — | — |
| Cartesian Therapeutics | $9.60 | +0.31% | $282.1M | — | — | 191.0 | −45.0% |
| Bristol-Myers Squibb | $66.60 | +0.05% | $136.00B | 14.7 | 10.5 | 2.8 | +5.7% |
| Fate | $2.43 | +0.60% | $283.2M | — | — | 43.6 | +9.2% |
| AstraZeneca (ADR) | $161.79 | −0.55% | $252.33B | 24.4 | 15.2 | 4.1 | +6.4% |
| Median | 19.5 | 12.8 | 23.9 | +6.1% |