Revenue: As of FY2026 Q1, the actual value is USD 0.

EPS: As of FY2026 Q1, the actual value is USD -0.39, beating the estimate of USD -0.4.

EBIT: As of FY2026 Q1, the actual value is USD -44.74 M.

Cabaletta Bio, Inc. operates in a single operating segment, focusing on the discovery and development of engineered T cell therapies for autoimmune diseases .

Operational Metrics

• Net Loss: The net loss for the three months ended March 31, 2026, was - $43.5 million, compared to - $35.9 million for the three months ended March 31, 2025, representing an increase in net loss of - $7.6 million .
• Total Operating Expenses: Total operating expenses were $44.3 million for the three months ended March 31, 2026, up from $37.1 million for the same period in 2025, an increase of $7.2 million .
  • Research and Development (R&D) Expenses: R&D expenses increased by $8.3 million, from $29.0 million in Q1 2025 to $37.4 million in Q1 2026 . This increase was driven by higher clinical trial enrollment and more sites for rese-cel ($2.1 million increase), expanded manufacturing capabilities and increased patient enrollment for preclinical and clinical supplies ($5.8 million increase), and increased personnel headcount ($1.0 million increase, including $0.3 million in stock-based compensation) . Development services decreased by - $0.8 million, and other R&D costs increased by $0.3 million .
  • General and Administrative (G&A) Expenses: G&A expenses decreased by - $1.2 million, from $8.1 million in Q1 2025 to $6.9 million in Q1 2026, primarily due to lower personnel-related costs from decreased headcount .
• Interest Income: Interest income decreased by - $0.4 million, from $1.5 million in Q1 2025 to $1.1 million in Q1 2026, mainly due to lower cash and investment balances and reductions in interest rates .
• Interest Expense: Interest expense increased by $0.3 million, from - $0.3 million in Q1 2025 to - $0.6 million in Q1 2026, due to finance lease arrangements from embedded leases within manufacturing agreements .
• Other Income, net: Other income, net, increased by $0.3 million, from $0 to $0.3 million in Q1 2026, due to proceeds from the sale of Pennsylvania research and development tax credits .

Cash Flow

• Net Cash Used in Operating Activities: Net cash used in operating activities was - $42.6 million for Q1 2026, compared to - $30.8 million for Q1 2025 . This increase was primarily due to a net loss of - $43.5 million and a net change of - $9.4 million in net operating assets and liabilities, partially offset by $10.3 million in non-cash charges .
• Net Cash Provided by (Used in) Investing Activities: Net cash provided by investing activities was $51.0 million in Q1 2026, primarily from maturities of short-term investments, in contrast to - $0.8 million used in Q1 2025 for purchases of property and equipment .
• Net Cash Provided by (Used in) Financing Activities: Net cash provided by financing activities was $25.3 million in Q1 2026, mainly from $22.6 million in common stock sales and $6.9 million from common stock warrant exercises, offset by - $4.3 million in principal payments on finance leases . Q1 2025 used - $0.6 million for principal payments on finance leases .

Liquidity and Funding

• Cash and Cash Equivalents: As of March 31, 2026, cash and cash equivalents totaled $116.6 million .
• Additional Funding: The company raised approximately $141.0 million in net proceeds from a May 2026 financing . As of March 31, 2026, the company had an accumulated deficit of - $560.5 million . Cabaletta Bio, Inc. expects its current cash and cash equivalents, combined with the May 2026 financing proceeds, to fund operations into mid-2027 . The company has concluded that substantial doubt exists about its ability to continue as a going concern and will need to raise additional capital to fully implement its business plan .

Strategic Outlook

Cabaletta Bio, Inc. is focused on advancing its lead product candidate, rese-cel, through ongoing Phase ¹⁄₂ RESET clinical trials across multiple autoimmune diseases . The company initiated a registrational trial for dermatomyositis/anti-synthetase syndrome in December 2025, anticipating a Biologics License Application (BLA) submission in 2027, and plans to announce registrational cohort designs for systemic sclerosis and myasthenia gravis in the first half and mid-2026, respectively . Manufacturing strategy involves continued reliance on third-party partners, including a commercial supply agreement with Cellares signed in April 2026 for scalable automated rese-cel production .