$CABA

Cabaletta Bio, Inc.

CIK:0001759138|SEC Filings

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Operating expenses:
Research and development	$ 44,430	$ 37,638	$ 81,783	$ 66,656
General and administrative	7,591	8,268	14,534	16,386
Total operating expenses	52,021	45,906	96,317	83,042
Loss from operations	(52,021)	(45,906)	(96,317)	(83,042)
Other income (expense):
Interest income	1,604	1,410	2,680	2,897
Interest expense	(517)	(571)	(1,153)	(865)
Other (income) expense, net	(84)	(61)	257	(61)
Net loss	(51,018)	(45,128)	(94,533)	(81,071)
Other comprehensive income:
Net unrealized gain (loss) on available-for-sale investments, net of tax	0	1	(25)	1
Net comprehensive loss	$ (51,018)	$ (45,127)	$ (94,558)	$ (81,070)
Net loss per share, basic	$ (0.34)	$ (0.73)	$ (0.72)	$ (1.44)
Net loss per share, diluted	$ (0.34)	$ (0.73)	$ (0.72)	$ (1.44)
Weighted Average Number of Shares Outstanding, Basic	151,160,280	61,876,586	131,700,984	56,340,599
Weighted-average common shares outstanding diluted	151,160,280	61,876,586	131,700,984	56,340,599

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Cash flows from operating activities:
Net loss	$ (94,533)	$ (81,071)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	10,755	10,866
Depreciation	708	953
Non-cash finance lease expense	7,023	4,884
Non-cash operating lease expense	1,962	1,787
Accretion of operating lease liabilities	177	309
Amortization of discount on investments	(368)	(35)
Loss on foreign currency exchange rates	103	61
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(658)	(1,012)
Other assets	(1,048)	(209)
Accounts payable	(1,177)	2,186
Accrued and other current liabilities	(4,684)	2,067
Lease liabilities	(2,114)	(2,114)
Accrued interest payable under finance lease	(221)	100
Net cash used in operating activities	(84,075)	(61,228)
Cash flows from investing activities:
Proceeds from maturities of investments	50,960	0
Purchases of investments	0	(49,035)
Purchases of property and equipment	0	(946)
Net cash provided by (used in) investing activities	50,960	(49,981)
Cash flows from financing activities:
Issuance of common stock, net of issuance costs of $9,801	140,201	0
Issuance of common stock from ATM offering, net of sales agent commission and fees	28,730	2,595
Proceeds from issuance of common stock upon exercise of common stock warrants	13,188	0
Proceeds from the issuance of common stock, warrants and pre-funded warrants, net of issuance costs	0	93,583
Proceeds from issuance of common stock in connection with the exercise of stock options	66	0
Proceeds from issuance of common stock under employee stock purchase plan	160	197
Principal payments on finance leases	(7,091)	(3,554)
Net cash provided by financing activities	175,254	92,821
Effect of exchange rate changes on cash and cash equivalents	(20)	38
Net increase (decrease) in cash and cash equivalents	142,119	(18,350)
Cash and cash equivalents—beginning of period	82,982	163,962	$ 163,962
Cash and cash equivalents—end of period	225,101	145,612	$ 82,982
Supplemental disclosures
Cash paid for interest	1,374	765
Property and equipment purchases included in accounts payable and accrued expenses	265	43
Offering costs included in accounts payable and accrued expenses	0	25
Right-of-use assets obtained in exchange for finance lease obligations	4,046	14,934
Right-of-use assets obtained in exchange for operating lease obligations	$ 4,213	$ 0

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 225,101	$ 82,982
Short-term investments	0	50,617
Prepaid expenses and other current assets	5,930	5,272
Total current assets	231,031	138,871
Property and equipment, net	1,479	1,922
Finance lease right-of-use assets	12,329	15,700
Operating lease right-of-use assets	5,682	3,431
Other assets	6,207	5,159
Total Assets	256,728	165,083
Current liabilities:
Accounts payable	5,813	6,636
Accrued and other current liabilities	14,609	19,298
Finance lease liabilities, current portion	15,238	20,758
Operating lease liabilities, current portion	4,250	3,461
Total current liabilities	39,910	50,153
Finance lease liabilities, net of current portion	4,738	2,879
Operating lease liabilities, net of current portion	1,487	0
Total Liabilities	46,135	53,032
Commitments and contingencies (see Notes 5 and 6)
Stockholders’ equity:
Preferred stock, $0.00001 par value: 10,000,000 shares authorized as ofJune 30, 2026 and December 31, 2025; no shares issued or outstanding at June 30, 2026 and December 31, 2025	0	0
Voting and non-voting common stock, $0.00001 par value: 600,000,000 (593,590,481 voting and 6,409,519 non-voting) shares authorized as of June 30, 2026 and 300,000,000 (293,590,481 voting and 6,409,519 non-voting) shares authorized as December 31, 2025; 167,726,537 voting shares issued and outstanding as of June 30, 2026 and 100,479,323 voting shares issued and outstanding as of December 31, 2025	1	1
Additional paid-in capital	822,082	628,982
Accumulated other comprehensive income	0	25
Accumulated deficit	(611,490)	(516,957)
Total stockholders’ equity	210,593	112,051
Total liabilities and stockholders’ equity	$ 256,728	$ 165,083