Cabaletta Bio, Inc.
CABA evidence brief
What we can confirm
What it means
What to watch
Prepared research question
What matters most for CABA—catalysts, financial risk and supporting evidence?
Traceable citations · Unknowns marked
BioSniper AI · CABA
Cabaletta Bio, Inc. is a clinical-stage biotechnology company focused on developing engineered T cell therapies for autoimmune diseases, with its lead product candidate rese-cel in Phase 2 trials.
Key risk: No approved products
BioSniper Score
Based on 5 of 6 signals
Market Cap
$529.0M
Cash Runway
16.4 moLead Asset
CABA-201 (Phase 1/Phase 2)Next Catalyst
Phase2_Topline · Dec 31, 2026Financial data as of Jun 30, 2026.
Tracking 3 pipeline candidates · 7 clinical trials · 4 catalysts for Cabaletta Bio, Inc..
Cabaletta Bio, Inc. is a clinical-stage biotechnology company focused on developing engineered T cell therapies for autoimmune diseases, with its lead product candidate rese-cel in Phase 2 trials.
- Cash and cash equivalents of $225.1 million as of June 30, 2026, expected to fund operations into mid-2027 [sec_mda · as of 2026-08-13].
- Net loss of $51.0 million for the quarter ended June 30, 2026 [sec].
- Lead product candidate rese-cel (CD19-specific CAR T) is being evaluated in Phase 2 clinical trials for autoimmune diseases [sec_mda · as of 2026-08-13].
- Accumulated deficit of $560.5 million as of March 31, 2026 [sec_mda · as of 2026-05-14].
What works
- Cash runway into mid-2027 provides near-term operational stability for ongoing clinical trials [sec_mda · as of 2026-08-13].
- Multiple Phase 2 readouts for rese-cel are anticipated by end of 2026 and mid-2027, offering potential catalysts [catalyst_timeline].
- The company has raised substantial capital through public offerings, with aggregate net proceeds of approximately $567.0 million since IPO through June 30, 2026 [sec_mda · as of 2026-08-13].
What to weigh
- The company has incurred losses since inception and had an accumulated deficit of $560.5 million as of March 31, 2026, with no approved products or revenue [sec_mda · as of 2026-05-14].
- Operating capital requirements are uncertain due to risks inherent in pharmaceutical R&D, including clinical trial costs and regulatory timelines [sec_mda · as of 2026-08-13].
- Significant shareholder dilution exists, with 47,815,090 common stock warrants and 6,000,000 pre-funded warrants outstanding as of June 30, 2026 [sec_mda · as of 2026-08-13].
From the filings
Quoted directly from source documents.
Cash runway into mid-2027
“Our cash and cash equivalents balance of $225.1 million as of June 30, 2026, should enable us to fund our operations and capital expenditures into mid-2027.”
SEC MD&A · August 13, 2026
Accumulated deficit
“We have incurred losses since our inception and, as of March 31, 2026, we had an accumulated deficit of $560.5 million.”
SEC MD&A · May 14, 2026
Capital raised since IPO
“Since our IPO and through June 30, 2026, we have generated cash from public offerings of our common stock and pre-funded warrants to purchase our common stock resulting in aggregate net proceeds of approximately $567.0 million.”
SEC MD&A · August 13, 2026
Warrant dilution
“as of June 30, 2026, 4,800,000 pre-funded warrants had been exercised and 6,000,000 remain outstanding. In addition, as of June 30, 2026, 5,275,100 common stock warrants were exercised for proceeds of $13.2 million and 47,815,090 common stock warrants remain outstanding.”
SEC MD&A · August 13, 2026
Catalyst timeline
- 2026-12-31 · Phase2_Topline · rese-cel — Phase 2 Readout: rese-cel — Top-line data from a Phase 2 trial of rese-cel expected by end of 2026.
- 2027-06-30 · Phase2_Topline · rese-cel — Phase 2 Readout: rese-cel — Additional Phase 2 top-line data for rese-cel anticipated by mid-2027.
- 2028-07-01 · Phase3_Topline — Phase 3 Topline: A Phase 1/2, Open-Label Study to Evaluate the Safety and Efficacy of Autologous CD19-specific Chimer — Phase 3 top-line results from a study of autologous CD19-specific CAR T cells expected around mid-2028.
- 2029-07-01 · Phase3_Topline — Phase 3 Topline: A Phase 1/2, Open-Label Study to Evaluate the Safety and Efficacy of Autologous CD19-specific Chimer — Another Phase 3 top-line readout for the same study anticipated in mid-2029.
Risks & what to watch (4)›
Key risks
- No approved products — Cabaletta has no approved products and relies on successful clinical development and regulatory approval [sec_mda · as of 2026-08-13].
- Operating capital uncertainty — Exact operating capital requirements are unknown due to R&D risks; future funding may be needed [sec_mda · as of 2026-08-13].
- Shareholder dilution — Large number of outstanding warrants (47.8M common stock warrants) could lead to significant dilution [sec_mda · as of 2026-08-13].
- Clinical trial risks — Phase 2 trials for rese-cel may fail to meet endpoints, delaying or preventing approval [sec_mda · as of 2026-08-13].
What to watch
- Phase 2 top-line data for rese-cel expected by end of 2026 and mid-2027 [catalyst_timeline].
- Cash burn rate and any additional financing activities to extend runway beyond mid-2027 [sec_mda · as of 2026-08-13].
- Regulatory updates or interactions with the FDA regarding rese-cel's development path [sec_mda · as of 2026-08-13].
Sources: SEC MD&A · Generated August 28, 2026 · How we verify sources →
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Evidence & data
Score breakdownBased on 5 of 6 signals · derived from public data
16.4 months
D/E 0.22 · 0% dilution
Lead: Phase 1/Phase 2
3 candidates
4 upcoming, next in ~123d
No insider transactions in the last 180 days
Runway
Catalysts
Pipeline
Regulatory
Financials
Institutional Holdings
Source: SEC Form 13F · as of Mar 2026Institutional holders
109
Total value held
$174.6M
| Holder | Shares | Value |
|---|---|---|
| jennison associates llc | 8,970,578 | $24.1M |
| adage capital partners gp, l.l.c. | 8,829,758 | $23.8M |
| vanguard capital management llc | 8,057,982 | $21.7M |
| millennium management llc | 5,903,281 | $15.9M |
| woodline partners lp | 2,500,484 | $6.7M |
| two sigma investments, lp | 2,497,917 | $6.7M |
| blackrock, inc. | 2,373,003 | $6.4M |
| marshall wace, llp | 2,179,818 | $5.9M |
| renaissance technologies llc | 2,036,663 | $5.5M |
| qube research & technologies ltd | 1,934,990 | $5.2M |
Showing top 10 of 109 institutional holders of Cabaletta Bio, Inc.. Open the full 13F history after sign-in.
Short Interest
as of May 20, 2026- % of float
- 21.6%
- Days to cover
- 10.4
- Shares short
- 20,629,421
- Daily short volume
- -
Short percent of float and days-to-cover reflect reported short positioning. Daily short volume is the exchange-reported short share of a single day's trading volume and is noisier. See the most-shorted biotech ranking →
CABA short interestGovernance
Frequently asked questions
What is the AI investment thesis for Cabaletta Bio, Inc.?
Cabaletta Bio, Inc. is a clinical-stage biotechnology company focused on developing engineered T cell therapies for autoimmune diseases, with its lead product candidate rese-cel in Phase 2 trials.
What is Cabaletta Bio, Inc.'s lead drug candidate?
Cabaletta Bio, Inc.'s most advanced tracked candidate is CABA-201 (Phase 1/Phase 2) for Systemic Sclerosis; Relapsing Multiple Sclerosis (RMS); Pemphigus Vulgaris.
What is Cabaletta Bio, Inc.'s next catalyst?
Cabaletta Bio, Inc.'s next tracked catalyst is a Phase2_Topline event — "Phase 2 Readout: rese-cel" — expected December 31, 2026.
Who is the CEO of Cabaletta Bio, Inc.?
Dr. Steven A. Nichtberger M.D. is the chief executive officer of Cabaletta Bio, Inc. (CABA).
Where is Cabaletta Bio, Inc. headquartered?
Cabaletta Bio, Inc. (CABA) is headquartered in Philadelphia, PA, United States.
The AI overview and BioSniper Score are neutral, data-derived signals built from public SEC filings, ClinicalTrials.gov and FDA records — not investment advice.