CABA

Cabaletta is a clinical-stage cell-therapy company (lead asset rese-cel, a CAR-T for autoimmune disease) with no product revenue in any year shown — the income statement is pure spend. FY2025 net loss widened 44.9% to $168M, driven by R&D up 46.8% to $143M as clinical-trial ($39.6M) and clinical-supply manufacturing ($38.2M) costs scaled. Losses have compounded every year (–$46M → –$53M → –$68M → –$116M → –$168M), and there is no offsetting revenue line to underwrite that burn. This is a binary science bet, not a going concern that fundamentals can value.

The balance sheet is the disqualifying problem. Cash fell 49.4% to $83M while operating cash outflow ran $131M for the year — roughly seven to eight months of runway at the FY2025 pace, even after the company already issued stock in the June 2025 financing (39.2M shares) that helped drive shares outstanding up 119.4% YoY. Total assets shrank 10.8% to $165M, current liabilities jumped 85.2% to $50.2M, and the accumulated deficit deepened to –$517M. ROE is –149.8%. The company also disclosed it notified Minaris in February 2026 that it will let its dedicated-suite manufacturing lease expire in August 2026 — consistent with cost discipline but also a sign of a footprint being trimmed against a tight cash position, with $21.9M of finance-lease payments still due in 2026.