CABA Stock — Cabaletta Bio Inc.: Cash, EV, Pipeline

Share price

$2.51

Market cap

$425.6M

Cash

$225.1M

Enterprise value

$200.5M

Balance sheet

Cash	$225.1M
Debt	$0.0M
Net cash	$225.1M
Enterprise value	$200.5M
Basic shares	151.2M shares
Fully diluted shares	236.2M shares
Fully diluted market cap	$593.0M
Cash per share	$1.49

Cash figures as of 2026-06-30. Database snapshot: 2026-09-22.

Price history

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Upcoming catalysts

Expected	Drug	Phase	Indication	Mgmt guide
Feb 12 - Mar 26	DSG3-CAART	Phase 1/2	Pemphigus Vulgaris	—
Aug 12 - Sep 23	CABA-201	Phase 2/3	Systemic Sclerosis; Scleroderma; Interstitial Lung Diseases	—
Oct 13 - Nov 24	CABA-201	Phase 1/2	Generalized Myasthenia Gravis (gMG)	—
Jan 12 - Feb 23	CABA-201	Phase 1/2	Systemic Lupus Erythematosus; Lupus Nephritis	—

Estimated readout windows: registry primary-completion date + 6-12 weeks. Windows already open are shown from "Now". Drug names link to ClinicalTrials.gov.

Full readout calendar →

Pipeline assets

Rese-cel (resecabtagene autoleucel)

Phase 2/3 · Active Modality: CAR T cell therapy

Aliases CABA-201

Target CD19

Partnerships IASO Biotherapeutics: exclusive worldwide license to anti-CD19 binder ($2.5M upfront; up to $162M total milestones; tiered mid-single-digit royalties). Autolus: RQR8 technology license ($1.2M upfront; up to $12M/target regulatory milestones; $15M sales milestones; low single-digit royalties). Penn/CHOP: IP license. Oxford Biomedica: LentiVector license for rese-cel

Indications

Dermatomyositis / anti-synthetase syndrome (DM/ASyS) (Phase 2/3)
Systemic lupus erythematosus / lupus nephritis (SLE/LN) (Phase 2)
Systemic sclerosis (SSc) (Phase 2)
Generalized myasthenia gravis (gMG) (Phase 2)
Pemphigus vulgaris (PV) (Phase 2)
Multiple sclerosis (MS) (Phase 2)

Catalysts

— first half of 2026
— mid-2026
— first half of 2026
— second half of 2026
— first half of 2026
— 2027

Status note Lead product candidate; CD19-targeted CARTA cell therapy for autoimmune diseases. Registrational DM/ASyS cohort initiated Dec 2025; BLA submission in myositis anticipated 2027. Registrational cohort designs announced Jan 2026 for SLE/LN. Designations: Fast Track DM (Jan 2024), Orphan myositis (Feb 2024), Rare Pediatric Disease juvenile DM (Mar 2024), Fast Track SLE/LN (May 2023), RMAT SLE/LN (Nov 2025), Fast Track + Orphan SSc (Jan/Mar 2024), RMAT SSc (Jan 2026).

MuSK-CAART

Phase 1 · Active Modality: CAAR T cell therapy

Target MuSK

Indications

not disclosed (Phase 1)

Status note Phase 1 MusCAARTes trial per manufacturing agreement note; limited additional disclosure in excerpts.

Per-asset detail extracted from the 10-Q filed 2026-08-13. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.

Pipeline

Lead drug	CABA-201 following preconditioning with fludarabine and cyclophosphamide
Lead indication	Idiopathic Inflammatory Myopathy
Lead phase	Phase 2/3
Active trials	5

Active clinical trials

Trial	Phase	Status	Role	Sponsor	BP	Condition(s)	Mgmt guide
NCT06154252	Phase 2/3	Recruiting	Sponsor	Cabaletta Bio	—	Idiopathic Inflammatory Myopathy; Dermatomyositis; Anti-Synthetase Syndrome	—
NCT06328777	Phase 2/3	Recruiting	Sponsor	Cabaletta Bio	—	Systemic Sclerosis; Scleroderma; Interstitial Lung Diseases	—
NCT04422912	Phase 1/2	Recruiting	Sponsor	Cabaletta Bio	—	Pemphigus Vulgaris	—
NCT06359041	Phase 1/2	Recruiting	Sponsor	Cabaletta Bio	—	Generalized Myasthenia Gravis (gMG)	—
NCT06121297	Phase 1/2	Recruiting	Sponsor	Cabaletta Bio	—	Systemic Lupus Erythematosus; Lupus Nephritis	—

Sponsor-matched active trials from ClinicalTrials.gov (5 as sponsor, 0 as collaborator); "Sponsor" = company is the lead sponsor, "Collaborator" = company is a collaborator. The BP column flags big-pharma involvement as lead sponsor or collaborator (excluding the company itself). The Mgmt guide column shows what management guided for readout timing when a guided program matches the trial (hover for the quote, click for the source). Trial listings are not a company pipeline slide.

View all 5 active trials for Cabaletta Bio on ClinicalTrials.gov

Institutional holders

Fund	Shares	Q/Q change	% of portfolio	Filing
Sphera Biotech	1,329,012	+1,329,012	0.59%	2026-08-14
Ikarian Capital	700,000	-200,000	0.36%	2026-08-14
ADAR1 Capital Management	50,000	+50,000	0.01%	2026-08-14

Institutional holder positions from 13F filings. Q/Q change is vs the prior quarter's filing; % of portfolio is the fund's own reported portfolio weight.

CABA — Cabaletta Bio Inc.