Cabaletta Bio | 10-Q: FY2025 Q3 Revenue: USD 0

Revenue: As of FY2025 Q3, the actual value is USD 0.

EPS: As of FY2025 Q3, the actual value is USD -0.44, beating the estimate of USD -0.4775.

EBIT: As of FY2025 Q3, the actual value is USD -47.81 M.

Segment Revenue

• The company did not report any revenue from product sales as it is still in the clinical development stage.

Operational Metrics

• Net Loss: For the three months ended September 30, 2025, the net loss was $44.9 million, compared to $30.6 million for the same period in 2024, representing an increase of $14.2 million.
• Research and Development Expenses: Increased to $39.8 million for the three months ended September 30, 2025, from $26.3 million for the same period in 2024, primarily due to increased manufacturing and clinical trial costs.
• General and Administrative Expenses: Remained relatively stable at $6.8 million for the three months ended September 30, 2025, compared to $6.8 million for the same period in 2024.

Cash Flow

• Net Cash Used in Operating Activities: For the nine months ended September 30, 2025, net cash used in operating activities was $95.7 million, compared to $65.1 million for the same period in 2024.
• Net Cash Used in Investing Activities: For the nine months ended September 30, 2025, net cash used in investing activities was $100.1 million, primarily due to purchases of investments and property and equipment.
• Net Cash Provided by Financing Activities: For the nine months ended September 30, 2025, net cash provided by financing activities was $92.0 million, primarily from sales of common stock, warrants, and pre-funded warrants.

Unique Metrics

• Stock-Based Compensation: Total stock-based compensation for the nine months ended September 30, 2025, was $16.7 million, compared to $14.1 million for the same period in 2024.

Future Outlook and Strategy

• Core Business Focus: The company plans to continue its clinical trials for rese-cel across multiple indications, including systemic lupus erythematosus, myositis, systemic sclerosis, generalized myasthenia gravis, and multiple sclerosis, with expected BLA submission in 2027.
• Non-Core Business: The company is exploring strategic alliances and licensing arrangements to complement its development and commercialization efforts.
• Priority: The company aims to secure additional funding through equity offerings, debt financings, and other capital sources to support its operations into the second half of 2026.