Monitor for complete Phase 1/2 SLE and SSc data at EULAR 2026 (June 3-6) and the initiation of the SSc-ILD registrational cohort in 4Q26. The next major catalyst is the myositis registrational data in mid-2027; near-term trading will likely be driven by pipeline updates at medical conferences.
Price Chart
Executive Summary
Cabaletta Bio reported Q2 2026 net loss of $-0.34 per share, which is in line with the consensus estimate of $-0.37 (a 8.1% beat). The company highlighted progress in its registrational myositis trial (data mid-2027, BLA 2H27) and plans to initiate a second registrational cohort in SSc-ILD in 4Q26. Cash position strengthened to $225.1M post a $150M May offering, extending runway into mid-2027. The filing is neutral as the EPS surprise is modest and the pipeline milestones are distant, with no change to the pre-existing narrative.
Key Financial Metrics
Key Facts
- Net loss per share was $-0.34 for Q2 2026, compared to $-0.73 in Q2 2025.
- Cash, cash equivalents, and short-term investments were $225.1M as of June 30, 2026.
- Registrational RESET-Myositis data on track for mid-2027 to support a BLA submission in 2H27.
- Second registrational cohort in SSc-associated ILD anticipated to initiate in 4Q26.
- PC-free approach being incorporated in RESET-MG; higher-dose cohorts enrolling in RESET-PV and RESET-SLE.
- ElevateBio selected as second CDMO for clinical and commercial manufacturing.
Financial Impact
Q2 2026 net loss of $51.0M, R&D expenses $44.4M (up 18% YoY), cash position $225.1M (up 69% from Dec 2025).
Risk Factors
- Clinical trial failure or delays in myositis or SSc registrational cohorts.
- Competitive landscape from other CAR-T therapies in autoimmune indications.
- Dependence on successful manufacturing scale-up with Cellares and ElevateBio.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001759138-26-000038 |
| Document: caba-20260813.htm | 0001759138-26-000038 |
| Document: 0001759138-26-000038-index-headers.html | 0001759138-26-000038 |
| Document: 0001759138-26-000038-index.html | 0001759138-26-000038 |
| Document: 0001759138-26-000038.txt | 0001759138-26-000038 |
| 8-K Data (Synthetic) | 0001759138-26-000038 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 14, 2026 18d ago | 8-K | $2.91 $2.46 | ▼ −15.46% | ▼ −15.57% | $1.91 (−34.36%) |
Aug 15, 2026 6w ago | Institutional Cluster | $2.89 $3.10 | ▲ +7.27% | ▲ +8.46% | $1.91 (−33.91%) |
Aug 13, 2026 7w ago | 8-K | $2.71 $3.19 | ▲ +17.71% | ▲ +19.68% | $1.91 (−29.52%) |
Aug 13, 2026 7w ago | Press Release | $2.71 $3.19 | ▲ +17.71% | ▲ +19.68% | $1.91 (−29.52%) |
Jun 11, 2026 16w ago | Institutional Cluster | $3.01 $2.84 | ▼ −5.65% | ▼ −6.32% | $1.91 (−36.54%) |
Jun 3, 2026 17w ago | 8-K | $3.58 $3.04 | ▼ −15.08% | ▼ −11.26% | $1.91 (−46.65%) |
Jun 1, 2026 17w ago | DEFA14A | $3.67 $3.25 | ▼ −11.44% | ▼ −8.69% | $1.91 (−47.96%) |
May 14, 2026 20w ago | 8-K | $3.61 $3.69 | ▼ −2.22% | ▼ −2.93% | $1.91 (+47.09%) |
May 14, 2026 20w ago | Press Release | $3.61 $3.69 | ▲ +2.22% | ▲ +2.93% | $1.91 (−47.09%) |
May 14, 2026 20w ago | 8-K | $3.61 $3.69 | ▲ +2.22% | ▲ +2.93% | $1.91 (−47.09%) |
US Market Status
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