Cabaletta Bio, Inc.
CABA · Biological Products, (No Diagnostic Substances) · 163.1M shares · +1302%/yr ↑ dilution · EDGAR filings ↗
Reference price $2.26 · est. market cap ~$369M — last insider purchase, 2026-01-21 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
D44Clinical/early-stage biotech — CAR-T-for-autoimmune clinical, heavy burn ($132M), funded.
Strengths
- Liquidity — current ratio 2.8 (37th)
Risks
- Pre-revenue, deep losses — per metrics
- Pre-revenue/clinical-stage — history of losses & need for capital per risk factors
- Binary clinical & funding risk — per 10-K
Notable findings
- No interest coverageInterest coverage -85.95 (cannot cover interest)
- Cash burnNegative free cash flow (-132.3M)
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- Chronic dilutionShare count +1302%/yr over 2y (dilution, book value/share -99%)
- Insider buyingInsider buying — 8 open-market buy(s) by 8 insider(s) (cluster of 8 insiders, ~$296,189, last 6mo) Form 4 ↗
- Notable holderHeld by 5 notable fund(s): RENAISSANCE TECHNOLOGIES LLC, GOLDMAN SACHS GROUP INC, CITADEL ADVISORS LLC +2 more (as of 2026-03-31)
Key metrics
Return on equity
-149.8%
Return on assets
-101.7%
Interest coverage
-85.9×
Current ratio
2.8×
Free cash flow
-$132M
Tangible book value
$112M
Cash & investments
$134M
Cash runway
4q
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-01-21 | Chang David J. | Buy | 8.8K | $2.26 |
| 2026-01-21 | Binder Gwendolyn | Buy | 11K | $2.19 |
| 2026-01-21 | Tomasello Shawn | Buy | 23K | $2.21 |
| 2026-01-21 | Gavel Steve | Buy | 22K | $2.27 |
| 2026-01-21 | Bollard Catherine | Buy | 4.4K | $2.27 |
| 2026-01-21 | Nichtberger Steven | Buy | 45K | $2.24 |
| 2026-01-21 | Simon Mark | Buy | 11K | $2.28 |
| 2026-01-21 | Gerard Michael | Buy | 6.6K | $2.27 |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-11 | 5.03Shareholder voteExhibits | filing ↗ |
| 2026-06-03 | Reg FDOtherExhibits | filing ↗ |
| 2026-05-14 | ResultsExhibits | filing ↗ |
| 2026-05-14 | Reg FDOtherExhibits | filing ↗ |
| 2026-05-04 | Material agreementResultsOtherExhibits | filing ↗ |
| 2026-05-04 | OtherExhibits | filing ↗ |
| 2026-04-20 | OtherExhibits | filing ↗ |
| 2026-03-23 | ResultsReg FDExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-11 | 2026-06-09 | 0001759138-26-000033 ↗ |
| 8-K | 2026-06-03 | 2026-06-03 | 0001759138-26-000030 ↗ |
| 10-Q | 2026-05-14 | 2026-03-31 | 0001759138-26-000026 ↗ |
| 8-K | 2026-05-14 | 2026-05-14 | 0001759138-26-000024 ↗ |
| 8-K | 2026-05-14 | 2026-05-14 | 0001759138-26-000025 ↗ |
| 8-K | 2026-05-04 | 2026-05-04 | 0001193125-26-202389 ↗ |
| 8-K | 2026-05-04 | 2026-05-04 | 0001193125-26-202446 ↗ |
| 8-K | 2026-04-20 | 2026-04-20 | 0001759138-26-000016 ↗ |
| 10-K | 2026-03-23 | 2025-12-31 | 0001759138-26-000011 ↗ |
| 8-K | 2026-03-23 | 2026-03-23 | 0001759138-26-000010 ↗ |
| 8-K | 2026-01-12 | 2026-01-12 | 0001193125-26-009819 ↗ |
| 8-K | 2025-11-10 | 2025-11-10 | 0001193125-25-273272 ↗ |