Income statement, balance sheet and cash flow statement for the last 8 fiscal years, taken from the XBRL data Cabaletta Bio, Inc. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2019
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Research and development
4.47
11.7
21.4
32.5
39.3
55.4
97.2
143
General and administrative
1.73
7.01
12.5
13.8
14.8
19.2
27.9
29.6
Operating expenses
6.19
18.7
33.8
46.3
54.1
74.7
125
172
Operating income
-6.19
-18.7
-33.8
-46.3
-54.1
-74.7
-125
-172
Interest expense
0
0.75
2
Interest income
0.24
1.74
0.49
0.02
1.16
6.99
10
6.03
Income tax
0
0
Net income
-12.2
-16.9
-33.3
-46.3
-53
-67.7
-116
-168
EBITDA
-6.19
-18.6
-33.5
-45.6
-53
-73.2
-123
-171
EPS, basic
-6.87
-4.07
-1.44
-1.80
-1.81
-1.65
-2.34
-2.10
EPS, diluted
-6.87
-4.07
-1.44
-1.80
-1.81
-1.65
-2.34
-2.10
Shares, basic (weighted)
5.94
1.17
Shares, diluted (weighted)
5.94
1.17
Dividend per share
0.00
Balance sheet
FY2019
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
33
136
101
122
81.6
193
164
83
Short-term investments
7.23
0
24.9
48
0
50.6
Other current assets
0.98
4.35
4.87
2.32
2.29
3.24
2.71
5.27
Total current assets
34
141
114
125
109
244
167
139
Property, plant and equipment
0.82
0.89
1.44
2.58
2.54
2.74
1.92
Lease right-of-use assets
0
4.99
4.91
6.32
3.43
Other non-current assets
0.1
0.3
0.36
0.57
1.71
2.29
5.16
Total assets
34.2
141
115
126
117
254
185
165
Accounts payable
0.6
0.92
1.24
2.33
2.46
4.55
4.92
6.64
Accrued liabilities
0.12
1.52
2.45
2.98
3.52
5.2
8.32
9.72
Total current liabilities
0.94
3.15
5.18
8.38
9.49
16
27.1
50.2
Lease liabilities
0
2.96
1.46
2.38
0
Total liabilities
44.9
3.15
5.18
8.38
12.4
17.5
32.7
53
Paid-in capital
1.76
171
176
231
270
469
501
629
Retained earnings
-12.5
-33
-66.3
-113
-166
-233
-349
-517
Other comprehensive income
0.01
0
-0.05
0.04
0
0.03
Shareholders' equity
-10.7
138
110
118
105
236
152
112
Total equity
-10.7
138
110
118
105
236
152
112
Total liabilities and equity
34.2
141
115
126
117
254
185
165
Shares outstanding
3.85
24
24.1
28.9
29.4
47.8
50.7
100
Cash flow statement
FY2019
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-12.2
-16.9
-33.3
-46.3
-53
-67.7
-116
-168
Depreciation and amortization
0
0.1
0.35
0.73
1.18
1.43
1.71
1.65
Stock-based compensation
0.61
2.3
4.39
5.8
6.9
11.3
19.5
20.9
Change in payables
0.23
0.25
0.56
0.98
-0.03
1.68
1.01
1.55
Cash from operations
-4.66
-16
-26.8
-34.1
-46.4
-53.5
-88.2
-131
Capital expenditures
-0.69
-0.64
-1.17
-2.45
-0.69
-2.21
-1.23
Purchases of investments
-11.1
0
-49.8
-84.3
0
-99
Sales and maturities of investments
3.75
7.17
25
62.5
49.5
50
Cash from investing
-0.69
-7.98
6
-27.2
-22.5
47.3
-50.3
Stock issued
71.2
-0.19
48.3
32.9
185
0
93.6
Cash from financing
37.7
120
-0.02
48.9
33
188
11.7
100
Exchange rate effect
0
-0.02
0.02
Net change in cash
33
103
-34.8
20.8
-40.6
112
-29.3
-81
Free cash flow
-16.7
-27.4
-35.3
-48.8
-54.2
-90.4
-132
Interest paid
0
0.75
1.71
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $2.07 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Return on equity (ROE)
-86.1%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-70.6%
Net income / average total assets.
Growth
Metric
Value
How it is calculated
Book value growth, 1y
-26.4%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
2.3%
Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y
0.5%
Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y
-10.8%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
12.2%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
7.5%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
5.79x
Current assets / current liabilities.
Quick ratio
5.64x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
5.64x
(Cash + short-term investments) / current liabilities.
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
FCF per share
-$1.02
Free cash flow / diluted weighted shares.
Operating cash flow per share
-$1.02
Cash from operations / diluted weighted shares.
Book value per share
$1.39
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/B
1.67x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
1.67x
Market cap / tangible book value, when positive.
FCF yield
-43.9%
Free cash flow / market cap.
Earnings yield
-51.7%
Net income / market cap (the inverse of P/E).
Was Cabaletta Bio, Inc. profitable in fiscal 2025?
No. It reported a net loss of $167.9M.
How much free cash flow did Cabaletta Bio, Inc. generate in fiscal 2025?
Cash from operations of $131.1M minus capital expenditures of $1.2M left free cash flow of -$132.3M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.