Cabaletta Bio, Inc. (CABA) Stock

Cabaletta Bio, Inc. (CABA) is a Healthcare stock trading at $3.13 (as of 2026-08-21), with a market capitalization of $530.68M. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Cabaletta Bio, Inc. is a clinical-stage biotechnology company developing engineered T cell therapies for B cell–driven autoimmune conditions. Its CAAR T cell platforms are designed to recognize and remove specific B cells, with product candidates including DSG3-CAART for mucosal pemphigus vulgaris and Hemophilia A and additional programs in myasthenia gravis and other pemphigus subtypes.

Understand Cabaletta Bio, Inc.: how it makes money

Cabaletta Bio, Inc. is a clinical-stage biotechnology company developing engineered T cell therapies (CAAR T cells) for B cell-mediated autoimmune diseases. The provided facts describe development and clinical trial activity, and do not specify commercial product sales or other revenue streams.

Because Cabaletta Bio is still in early clinical development, the path to future value is structurally tied to measurable clinical execution (patients enrolled and dosed) and the resulting safety and efficacy signals, rather than current product revenue.

Business quality (Weak): Information quality is limited by missing segment revenue detail and a lack of described revenue model, but the operating picture is clear for clinical execution (enrollment, dosing) and early safety outcome percentages in the provided metrics.

Bull case

Clinical execution is being tracked across multiple RESET sub-studies: The company reports patients actively enrolled (51) and patients dosed (24) in the RESET clinical trial program, plus enrollment and dosing metrics for RESET-Myositis.
Early safety outcome metrics are provided for immune effector cell therapy tolerability: The facts include percentages of patients with no CRS or Grade 1 CRS (94%) and no immune effector cell-associated neurotoxicity syndrome (89%).

Bear case

Stage risk, clinical uncertainty, and limited visibility: The lead product candidate, DSG3-CAART, is in Phase I clinical trial(s), which typically means efficacy and durability are not yet established.
Trial size and operational dependence on enrollment and dosing: The provided KPIs are counts of enrolled and dosed patients, and the next steps reference planned registrational cohort sizing, which can be sensitive to enrollment progress and clinical outcomes.
Financial performance is not supportive based on provided quarterly figures: For the period ended 2026-03-31, the provided financials show revenue_b of 0.0 and an operating margin pct of -4116.7.

Valuation — source: SEC EDGAR (first-party)
Price	$3.13
Market Cap	$530.68M
Price / Book	2.52
Price / Sales	95.38
FCF Yield	-50.1%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$6.03M
Net Margin	-2783.2%
Revenue Growth (YoY)	-39.8%
EPS Growth (YoY)	-10.3%
FCF Growth (YoY)	46.3%

Financial Health — source: SEC EDGAR
Altman Z-Score	-3.20 (distress)

Valuation vs Sector & Industry
Sector P/E (Healthcare)	21.7
Industry P/E (Pharmaceutical Products)	17.2

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	T. Rowe Price Investment Management, Inc. ($29.81M)
Institutional Holders Tracked	10

Company
Sector	Healthcare
Industry	Pharmaceutical Products
CEO	Steven A. Nichtberger
Employees	161
Country	US
IPO Date	2019-10-25

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Data as of 2026-08-21.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.