CABA Cabaletta Bio, Inc.
Price Chart
Executive Summary
Cabaletta Bio reported Q1 2026 net loss of $43.5M (EPS -$0.39, beating consensus of -$0.41 by ~5%) with cash of $116.6M, supplemented by a recent $150M dilutive offering. The earnings were overshadowed by pipeline updates—positive PC-free rese-cel data at ASGCT and progressing registrational myositis trial—but the 51% share dilution from the May 2026 offering and rising operating losses weigh on near-term sentiment.
Actionable Insight
The earnings report itself is overshadowed by the recent dilutive offering. Key near-term catalyst is the EULAR data June 3-6 (complete SLE/SSc data) which could drive a re-rating. Until then, expect pressure from increased share count and cash burn. Monitor for any guidance on pivotal trial timelines.
Key Facts
- Net loss widened to $43.5M in Q1 2026 from $35.9M in Q1 2025 (21% increase).
- R&D expenses rose 29% to $37.4M, reflecting clinical trial expansion.
- Cash, equivalents, and investments fell to $116.6M from $133.6M at year-end 2025.
- Recent $150M registered direct offering at $2.90/share diluted existing shareholders by ~51%.
- Clinical data: PC-free rese-cel showed drug-free responses in half of PV patients at 6 months; registrational myositis trial advancing.
- Cash runway extended into mid-2027 post offering, but burn rate is accelerating.
Financial Impact
EPS beat consensus by $0.02 (4.9%), but net loss increased $7.6M YoY; 51% dilution from recent offering reduces per-share value.
Risk Factors
- Further dilution if additional capital raises are needed before BLA submission.
- Clinical trial failure or regulatory setbacks for rese-cel.
- Cash burn exceeding projections; need for additional financing.
- Low stock price and reduced liquidity post-offering.
Market Snapshot
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001759138-26-000025 |
| Document: caba-20260514.htm | 0001759138-26-000025 |
| Document: 0001759138-26-000025-index-headers.html | 0001759138-26-000025 |
| Document: 0001759138-26-000025-index.html | 0001759138-26-000025 |
| Document: 0001759138-26-000025.txt | 0001759138-26-000025 |
| 8-K Data (Synthetic) | 0001759138-26-000025 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
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Jun 3, 2026
6d ago
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8-K
| $3.58 $3.51 | ▼ −1.96% | ▼ −2.35% | $3.22 (−10.06%) |
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Jun 1, 2026
8d ago
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DEFA14A
| $3.67 $3.68 | ▲ +0.27% | ▲ +0.13% | $3.22 (−12.26%) |
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May 14, 2026
26d ago
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8-K
| $3.61 $3.31 | ▲ +8.31% | ▲ +7.08% | $3.22 (+10.80%) |
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May 14, 2026
26d ago
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Press Release
| $3.61 $3.31 | ▼ −8.31% | ▼ −7.08% | $3.22 (−10.80%) |
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May 14, 2026
26d ago
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8-K
| $3.61 $3.31 | ▼ −8.31% | ▼ −7.08% | $3.22 (−10.80%) |
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May 4, 2026
5w ago
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8-K
| $3.83 $4.15 | ▼ −8.36% | ▼ −7.56% | $3.22 (+15.93%) |
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May 4, 2026
5w ago
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424B5
| $3.83 $4.15 | ▼ −8.36% | ▼ −7.56% | $3.22 (+15.93%) |
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May 4, 2026
5w ago
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8-K
| $3.83 $4.15 | ▲ +8.36% | ▲ +7.56% | $3.22 (−15.93%) |
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Apr 28, 2026
6w ago
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DEFA14A
| $2.86 $2.78 | ▼ −2.80% | ▼ −2.79% | $3.22 (+12.59%) |
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Apr 20, 2026
7w ago
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8-K
| $3.31 $3.13 | ▼ −5.29% | ▼ −4.64% | $3.22 (−2.57%) |
US Market Status
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