CABA
Cabaletta Bio, Inc.Healthcare·Biotechnology
$3.78
$616M market cap
Revenue
$0.0M
Free Cash Flow
$-78.1M
Rev Growth
+0.0%
FCF Margin
0.0%
P/FCF
--
EV/FCF
--
Fwd EV/EBITDA
--
Fair Value
--
Upside
--
Cabaletta Bio, Inc., a clinical-stage biotechnology company, focuses on the discovery and development of engineered T cell therapies for patients with B cell-mediated autoimmune diseases. Its proprietary technology utilizes chimeric autoantibody receptor (CAAR) T cells that are designed to selectively bind and eliminate B cells, which produce disease-causing autoantibodies or pathogenic B cells. The company's lead product candidate is DSG3-CAART, which is in Phase I clinical trial for the treatm
2-Year Price History
$3.65-65.4%
Quarterly Financials & Projections
Quarterly Waterfall ($ M)
| Period | Rev | EBITDA | OpIn | NI | OCF | FCF | CapEx | Cash | Debt | Shares | ROIC | IntCov | EV/EBITDA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Act | 2026-Q1 | 0.0 | -42.5 | -44.3 | -43.5 | -42.6 | -42.6 | -0.0 | 116.6 | 26.5 | 112.0 | -330.9% | -66.9x | -- |
| Act | 2025-Q4 | 0.0 | -41.0 | -42.6 | -41.9 | -35.3 | -35.6 | -0.2 | 133.6 | 27.1 | 102.3 | -268.4% | -73.9x | -- |
Valuation & Metrics
Market Stats
Price$3.78
Market Cap$616M
Enterprise Value$526M
P/S Ratio0.0x
P/FCF--
EV/FCF--
FCF Margin (TTM)0.0%
FCF Yield-12.7%
Dividend Yield (TTM)--
Annual Dilution0.0%
CurrencyUSD
TTM Financial Snapshot
Revenue$0.0M
Net Income$-85.4M
Free Cash Flow$-78.1M
Revenue Growth (YoY)+0.0%
EBITDA Margin0.0%
Net Margin0.0%
FCF Margin0.0%
CapEx % of Revenue0.0%
SBC % of Revenue0.0%
ROIC-299.6%
WC Change % Rev0.0%
Interest Coverage-70.2x
Forward Outlook & Risk
Short Interest
Short % of Float--
Short Shares20.6M
Days to Cover10.1
Change (vs Prior)+5.0%
Need at least 2 settlement dates for chart
Employees
Headcount161
Revenue / Employee$0
Gross Profit / Employee$0
Cash Runway
17.9months
WATCH
Institutional Ownership
Headline & net flow
NEUTRAL
Net flow · —still filing
No float data — flow unavailable.
Ownership composition
Active
56.7%(+46.0% YoY)
94 filers
hedge / family / endowment
Retail funds
—
Fidelity, Schwab, 401(k)
Passive
7.3%(+3.9% YoY)
9 filers
Vanguard, iShares, SPDR
Market makers
0.2%(+0.2% YoY)
4 filers
Citadel, Susquehanna
Insiders
—
Form 4 — latest per insider
ActiveRetail fundsPassiveMarket makersRetail direct
Top holders
| Fund | $ value | Cost basis | Δ QoQ | Δ YoY | α life | Fund AUM |
|---|---|---|---|---|---|---|
| T. Rowe Price Investment Management, Inc. | $29.8M | $6.89 | +$3.3M | +$19.1M | -1.3% | $145.22B |
| Bain Capital Life Sciences Investors, LLC | $26.0M | $4.16 | +$0 | +$18.6M | -0.0% | $1.11B |
| JENNISON ASSOCIATES LLC | $24.1M | $6.51 | +$175K | +$17.6M | +2.7% | $145.31B |
| ADAGE CAPITAL PARTNERS GP, L.L.C. | $23.8M | $2.86 | +$0 | +$14.0M | -0.1% | $64.61B |
| MILLENNIUM MANAGEMENT LLC | $15.9M | $3.29 | +$8.5M | +$15.4M | -0.5% | $127.40B |
| Cormorant Asset Management, LLC | $14.8M | $4.60 | +$3.0M | +$14.8M | -2.4% | $1.95B |
| VANGUARD CAPITAL MANAGEMENT LLCPassive | $10.8M | $2.69 | +$10.8M | +$10.8M | — | $4.04T |
| TWO SIGMA INVESTMENTS, LP | $6.7M | $3.29 | +$1.8M | +$5.9M | -0.9% | $117.03B |
| BlackRock, Inc.Passive | $6.4M | $4.14 | +$120K | −$2.9M | -0.2% | $5.69T |
| MARSHALL WACE, LLP | $5.9M | $3.74 | +$3.3M | +$5.8M | +0.6% | $92.71B |
| RENAISSANCE TECHNOLOGIES LLC | $5.5M | $2.07 | +$1.4M | +$5.4M | +1.2% | $63.91B |
| Qube Research & Technologies Ltd | $5.2M | $5.39 | +$4.3M | +$5.2M | +0.3% | $70.36B |
| MORGAN STANLEY | $3.8M | $7.33 | +$173K | −$809K | -0.3% | $1.65T |
| Opaleye Management Inc. | $3.7M | $2.45 | +$1.3M | +$3.7M | +0.9% | $759M |
| Woodline Partners LP | $3.4M | $3.81 | +$0 | +$3.4M | -0.1% | $26.43B |
| GEODE CAPITAL MANAGEMENT, LLCPassive | $3.0M | $7.89 | +$128K | −$22K | +2.3% | $1.61T |
| SUPERSTRING CAPITAL MANAGEMENT LP | $2.9M | $3.65 | −$3.2M | +$1.6M | -0.7% | $140M |
| Ikarian Capital, LLC | $2.4M | $6.58 | +$0 | +$2.4M | -8.8% | $698M |
| GOLDMAN SACHS GROUP INC | $2.1M | $6.92 | +$948K | +$1.2M | -0.2% | $760.93B |
| CANTOR FITZGERALD, L. P. | $2.1M | $1.62 | +$625K | −$1.9M | -3.1% | $2.75B |
Cost basis is a volume-weighted estimate from accumulation periods within our 13F history; holders who built their position before our window started will show a stale basis. % above the cost basis is the unrealized gain at the current price.
Trading behavior
Smart-money alpha (lifetime, %/qtr)NEUTRAL
Holders
-0.16%
avg per quarter
Holders (ex-self)
-0.12%
excl. this stock
Buyers (this Q)
-0.38%
50 buyers · $0.07B in
Sellers (this Q)
-0.22%
33 sellers · $0.01B out
alpha coverage: 95% of $ has a lifetime-alpha record
Holder behavior on this stocksource: stock
On big dips (−10%+)
+5.3%
how holders react when this stock falls
On quiet Qs
+0.9%
−10% to +10% baseline
On rallies (+10%+)
+14.1%
how they react when this stock rises
Holders' portfolio flow this Q
+0.8%
inflows — adds are organic
Sellers' portfolio flow this Q
-13.6%
Sellers shed AUM broadly — partly forced.
▸ Compare to holder-profile behavior (across all their stocks)
Holder dip (any stock)
-9.1%
Holder mid (any stock)
-7.5%
Holder rally (any stock)
-10.0%
Biggest decreases this quarter
SUPERSTRING CAPITAL MANAGEMENT LP−$3.2Mα-0.7Ensign Peak Advisors, Incexited−$1.2MSUSQUEHANNA INTERNATIONAL GROUP, LLPexited−$303KLighthouse Investment Partners, LLCexited−$85KCITADEL ADVISORS LLCexited−$73KSG Americas Securities, LLCexited−$67KMANUFACTURERS LIFE INSURANCE COMPANY, THEexited−$28KHB Wealth Management, LLCexited−$22KCANADA PENSION PLAN INVESTMENT BOARDexited−$8KFLAGSHIP HARBOR ADVISORS, LLCexited−$2K
New buyers this quarter
Top-5 holders · 52.6%
T. Rowe Price Investment Management, Inc.--
Bain Capital Life Sciences Investors, LLC--
JENNISON ASSOCIATES LLC--
ADAGE CAPITAL PARTNERS GP, L.L.C.--
MILLENNIUM MANAGEMENT LLC--
Top Holders Over Time
5-year share-count history (top 10 holders by peak, incl. exited) + price
hover the chart for per-quarter detailprice (right axis)
FRED ALGER MANAGEMENT, LLC23KADAGE CAPITAL PARTNERS GP, L.L.C.8.8MJENNISON ASSOCIATES LLC9.0MVR Adviser, LLC—Lynx1 Capital Management LP—DEERFIELD MANAGEMENT COMPANY, L.P. (SERIES C)—PERCEPTIVE ADVISORS LLC—Bain Capital Life Sciences Investors, LLC9.7MCormorant Asset Management, LLC5.5MHolocene Advisors, LP—
Analyst Coverage
Analyst Coverage
Analyst Ratings
10
2
Buy: 10Hold: 2Consensus: Buy
Corporate
Insider Trading (last 12mo)
Open-market only (Form 4 P-Purchase + S-Sale). Excludes grants, option exercises, tax withholding, gifts.
Officers & directors
Buys ($, 12mo)
$296K
8 txns · 8 insiders · 132,073 sh
Sells ($, 12mo)
$0
0 txns · 0 insiders · 0 sh
Recent transactions
| Date | Side | Insider | Title | Shares | Price | Dollars | Owned $ |
|---|---|---|---|---|---|---|---|
| 2026-01-21 | BUY | Binder Gwendolyn | officer: President, Science & Tech. | 11,312 | $2.19 | $25K | $69K |
| 2026-01-21 | BUY | Bollard Catherine | director | 4,405 | $2.27 | $10K | $12K |
| 2026-01-21 | BUY | Chang David J. | officer: Chief Medical Officer | 8,800 | $2.26 | $20K | $20K |
| 2026-01-21 | BUY | Gavel Steve | officer: Chief Commercial Officer | 22,170 | $2.27 | $50K | $50K |
| 2026-01-21 | BUY | Gerard Michael | officer: General Counsel | 6,600 | $2.27 | $15K | $15K |
| 2026-01-21 | BUY | Nichtberger Steven | director, officer: President & CEO | 45,000 | $2.24 | $101K | $2.31M |
| 2026-01-21 | BUY | Simon Mark | director | 11,061 | $2.28 | $25K | $336K |
| 2026-01-21 | BUY | Tomasello Shawn | director | 22,725 | $2.21 | $50K | $50K |
Order Flow (FINRA, ~3w lag)
40.3%retail-1.2pp
13.2%dark-0.5pp
week of 2026-04-13
Off-exchange volume from FINRA. Retail = non-ATS (wholesaler PFOF + broker internalization). Dark = ATS (dark-pool crossing networks, institutional). Lit-exchange = remainder.
Filing Risk Analysis
Filing Risk Scores
Cabaletta Bio: A Dilution Machine Facing Imminent Liquidity Crisis
Overall Risk
9/10
Fraud
4/10
Dilution
10/10
Insolvency
9/10
Earnings Overstated
2/10
Hidden Liabilities
6/10
Legal
2/10
Audit Warnings
10/10
Hidden Upside
3/10
Contextually Acceptable
4/10