CABA Cabaletta Bio, Inc. - Common Stock
NASDAQ · Biotechnology · View on SEC EDGAR ↗ close Oct 2, 2026 10-K/10-Q Aug 13, 2026
$2.00
· of 52w range
· above low
· to high
$1.8352w low
$4.2352w high
Market Cap (MRQ)
$335M
P/E
-1.1
EPS
$-2.10
your badges
52W Range
$2–$4
Analyst Rating
BUY
Price Target
$13
P/E
-1.1
ROE
-115.5%
Net Profit Margin
·
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CABA Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$2.00
Market Cap (MRQ)
$335M
P/E
-1.1
EPS
$-2.10
ROE
-115.5%
52W Range
$2–$4
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10-Year Performance Revenue, net income, margins and EPS trends
EPS$-2.102021-12-31 → 2025-12-31
Free Cash Flow$-132M2019-12-31 → 2025-12-31
Valuation & Ratios
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
| Metric | 5Y trend | CABA | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| P/E | -1.15Y avg ≈-4.6 | ≈-4.6 | · | · | |
| P/B (MRQ) | 1.65Y avg ≈2.2 | ≈2.2 | 2.2 | Fair value | |
| Price / FCF (TTM) | -2.25Y avg ≈-6.3 | ≈-6.3 | · | · | |
| Price / Cash Flow (TTM) | -2.25Y avg ≈-6.5 | ≈-6.5 | · | · | |
| Price / Tangible Book | 2.05Y avg ≈2.2 | ≈2.2 | · | · |
Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.
Profitability Gross, operating and net margins; ROE, ROA, ROIC
| Metric | 5Y trend | CABA | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| ROA | -95.9%5Y avg ≈-53.4% | ≈-53.4% | -48.1% | Weak | |
| ROE | -115.5%5Y avg ≈-63.1% | ≈-63.1% | -115.5% | In line |
Financial Health Debt, liquidity, solvency — balance sheet strength
| Metric | 5Y trend | CABA | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Current Ratio (MRQ) | 5.85Y avg ≈10.1 | ≈10.1 | 5.1 | In line | |
| Quick Ratio | 2.75Y avg ≈9.9 | ≈9.9 | 4.2 | Strong liquidity | |
| Interest Coverage | -85.9 | · | -178.7 | Strong liquidity |
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
No data for this ratio group yet
Not enough fundamentals data to compute this ratio group yet.
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
No data for this ratio group yet
Not enough fundamentals data to compute this ratio group yet.
value · ≈ 5Y avg · industry median · verdict relative to median
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
3.1%
Next Report
Nov 09, 2026
| Period | Report | EPS Actual | EPS Est | Surprise |
|---|---|---|---|---|
| June 30, 2026 | Aug 13, 2026 | $-0.34 | $-0.38 | 10.7% |
| March 31, 2026 | May 14, 2026 | $-0.39 | $-0.41 | 4.8% |
| Dec. 31, 2025 | $-0.40 | $-0.47 | 14.9% | |
| Sept. 30, 2025 | $-0.44 | $-0.48 | 8.6% | |
| June 30, 2025 | $-0.73 | $-0.66 | -10.2% | |
| March 31, 2025 | $-0.71 | $-0.67 | -6.4% | |
| Dec. 31, 2024 | $-0.65 | $-0.64 | -1.0% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| R&D Expense | $143M | $97M | $55M | $39M | $32M | $21M | $12M | $4M | |
| SG&A Expense | $30M | $28M | $19M | $15M | $14M | $12M | $7M | $2M | |
| Operating Expenses | $172M | $125M | $75M | $54M | $46M | $34M | $19M | $6M | |
| Operating Income | $-172M | $-125M | $-75M | $-54M | $-46M | $-34M | $-19M | $-6M | |
| Interest Expense | $2M | $748.0K | $0 | · | · | · | · | · | |
| Interest Income | $6M | $10M | $7M | $1M | $24.0K | $494.0K | $2M | $235.0K | |
| Income Tax | $0 | $0 | · | · | · | · | · | · | |
| Net Income | $-168M | $-116M | $-68M | $-53M | $-46M | $-33M | $-17M | $-12M | |
| EPS (Basic) | $-2.10 | $-2.34 | $-1.65 | $-1.81 | $-1.80 | · | · | · | |
| EPS (Diluted) | $-2.10 | $-2.34 | $-1.65 | $-1.81 | $-1.80 | · | · | · | |
| Shares (Basic) | · | · | 1,168,054 | 5,942,036 | · | · | · | · | |
| EBITDA | $-172M | $-125M | $-75M | $-54M | $-46M | $-34M | $-19M | · |
Balance Sheet
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $83M | $164M | $193M | $82M | $122M | $101M | $136M | $33M | |
| Short-term Investments | $51M | $0 | $48M | $25M | $0 | $7M | · | · | |
| Prepaid Expense | $5M | $3M | $3M | $2M | $2M | $5M | $4M | $977.0K | |
| Current Assets | $139M | $167M | $244M | $109M | $125M | $114M | $141M | $34M | |
| PP&E (Net) | $2M | $3M | $3M | $3M | $1M | $890.0K | $815.0K | · | |
| PP&E (Gross) | $9M | $8M | $6M | $5M | $3M | $1M | $919.0K | · | |
| Accum. Depreciation | $7M | $6M | $4M | $2M | $1M | $458.0K | $104.0K | · | |
| Other Non-current Assets | $5M | $2M | $2M | $565.0K | $357.0K | $299.0K | $101.0K | · | |
| Total Assets | $165M | $185M | $254M | $117M | $126M | $115M | $141M | $34M | |
| Accounts Payable | $7M | $5M | $5M | $2M | $2M | $1M | $920.0K | $603.0K | |
| Current Liabilities | $50M | $27M | $16M | $9M | $8M | $5M | $3M | $943.0K | |
| Capital Leases | $0 | $2M | $1M | $3M | $0 | · | · | · | |
| Total Liabilities | $53M | $33M | $17M | $12M | $8M | · | · | · | |
| Common Stock | $1.0K | $1.0K | $0 | $0 | $0 | $0 | $0 | $0 | |
| Retained Earnings | $-517M | $-349M | $-233M | $-166M | $-113M | $-66M | $-33M | $-12M | |
| AOCI | $25.0K | $0 | $39.0K | $-47.0K | $0 | $6.0K | · | · | |
| Stockholders' Equity | $112M | $152M | $236M | $105M | $118M | $110M | $138M | $-11M | |
| Liabilities + Equity | $165M | $185M | $254M | $117M | $126M | $115M | $141M | $34M | |
| Shares Outstanding | 100,479,323 | 50,743,101 | 47,823,232 | 29,445,134 | 28,927,129 | 24,062,775 | 24,034,022 | 3,848,320 |
Cash Flow
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Stock-based Comp | $21M | $19M | $11M | $7M | $6M | $4M | $2M | $606.0K | |
| Operating Cash Flow | $-131M | $-88M | $-54M | $-46M | $-34M | $-27M | $-16M | $-5M | |
| CapEx | $1M | $2M | $687.0K | $2M | $1M | $635.0K | $693.0K | · | |
| Investing Cash Flow | $-50M | $47M | $-22M | $-27M | $6M | $-8M | $-693.0K | · | |
| Stock Issued | $94M | $0 | $185M | $33M | $48M | $-192.0K | $71M | · | |
| Net Stock Activity | $94M | $11M | $185M | $33M | $48M | $-192.0K | $71M | · | |
| Financing Cash Flow | $100M | $12M | $188M | $33M | $49M | $-24.0K | $120M | $38M | |
| Net Change in Cash | $-81M | $-29M | $112M | · | · | · | · | · | |
| Free Cash Flow | $-132M | $-90M | $-54M | $-49M | $-35M | $-27M | $-17M | · |
Profitability
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| ROA | -95.9% | -52.8% | -36.5% | -43.5% | -38.4% | -26.0% | -19.3% | · | |
| ROE | -115.5% | -71.0% | -34.1% | -55.6% | -39.5% | -29.4% | -30.2% | · |
Liquidity & Solvency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.8 | 6.2 | 15.3 | 11.5 | 14.9 | 21.9 | 44.7 | · | |
| Quick Ratio | 2.7 | 6.1 | 15.1 | 11.2 | 14.6 | 21.0 | 43.3 | · | |
| Interest Coverage | -85.9 | -167.3 | · | · | · | · | · | · |
Per Share
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Book Value / Share | $1.12 | $3.00 | $4.94 | $3.55 | $4.08 | $4.55 | $5.76 | · | |
| Cash / Share | $0.83 | $3.23 | $4.04 | $2.77 | $4.23 | $4.22 | $5.67 | · | |
| Dividend / Share | · | · | · | · | · | · | $0.00 | · | |
| EPS (TTM) | $-2.10 | $-2.34 | $-1.65 | $-1.81 | $-1.80 | · | · | · |
Valuation (TTM)
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Net Income TTM | $-168M | $-116M | $-68M | $-53M | $-46M | $-33M | $-17M | · | |
| Market Cap | $220M | $115M | $1.09B | $272M | $110M | $300M | $336M | · | |
| P/E | -1.0 | -1.0 | -13.8 | -5.1 | -2.1 | · | · | · | |
| P/B | 2.0 | 0.8 | 4.6 | 2.6 | 0.9 | 2.7 | 2.4 | · | |
| P / Tangible Book | 2.0 | 0.8 | 4.6 | 2.6 | 0.9 | 2.7 | · | · | |
| P / Cash Flow | -1.7 | -1.3 | -20.3 | -5.9 | -3.2 | -11.2 | -20.9 | · | |
| P / FCF | -1.7 | -1.3 | -20.0 | -5.6 | -3.1 | -11.0 | -20.1 | · | |
| Earnings Yield | -95.9% | -103.1% | -7.3% | -19.6% | -47.5% | · | · | · |
Income Statement
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| R&D Expense | $44M | $37M | $36M | $40M | $38M | $29M | $26M | $26M | $23M | $22M | $17M | $14M | $12M | $12M | $12M | $8M | |
| SG&A Expense | $8M | $7M | $6M | $7M | $8M | $8M | $8M | $7M | $7M | $6M | $6M | $5M | $4M | $5M | $4M | $4M | |
| Operating Expenses | $52M | $44M | $43M | $47M | $46M | $37M | $34M | $33M | $30M | $28M | $23M | $19M | $16M | $17M | $16M | $12M | |
| Operating Income | $-52M | $-44M | $-43M | $-47M | $-46M | $-37M | $-34M | $-33M | $-30M | $-28M | $-23M | $-19M | $-16M | $-17M | $-16M | $-12M | |
| Interest Expense | $517.0K | $636.0K | $555.0K | $584.0K | $571.0K | $294.0K | $748.0K | $0 | $0 | $0 | · | · | · | · | · | · | |
| Interest Income | $2M | $1M | $1M | $2M | $1M | $1M | $2M | $2M | $3M | $3M | $2M | $2M | $1M | $1M | $610.0K | $351.0K | |
| Income Tax | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | · | $0 | $0 | $0 | · | $0 | |
| Net Income | $-51M | $-44M | $-42M | $-45M | $-45M | $-36M | $-33M | $-31M | $-28M | $-25M | $-21M | $-16M | $-14M | $-16M | $-16M | $-11M | |
| EPS (Basic) | $-0.34 | $-0.39 | $-0.22 | $-0.44 | $-0.73 | $-0.71 | $-0.65 | $-0.62 | $-0.56 | $-0.51 | $-0.46 | $-0.37 | $-0.37 | $-0.45 | $-0.52 | $-0.39 | |
| EPS (Diluted) | $-0.34 | $-0.39 | $-0.22 | $-0.44 | $-0.73 | $-0.71 | $-0.65 | $-0.62 | $-0.56 | $-0.51 | $-0.46 | $-0.37 | $-0.37 | $-0.45 | $-0.52 | $-0.39 | |
| Shares (Basic) | 151,160,280 | 112,025,474 | · | · | 61,876,586 | 50,743,101 | · | · | · | 1,168,054 | · | · | · | 4,130,442 | · | · | |
| Shares (Diluted) | 151,160,280 | 112,025,474 | · | · | 61,876,586 | 50,743,101 | · | · | · | · | · | · | · | · | · | · | |
| EBITDA | $-52M | $-44M | · | $-47M | $-46M | $-37M | · | $-33M | $-30M | $-28M | · | $-19M | $-16M | $-17M | · | $-12M |
Balance Sheet
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $225M | $117M | $83M | $60M | $146M | $132M | $164M | $171M | $179M | $175M | $193M | $116M | $128M | $94M | $82M | $61M | |
| Short-term Investments | $0 | $0 | $51M | $100M | $49M | · | $0 | $12M | $25M | $49M | $48M | $49M | $48M | $0 | $25M | $25M | |
| Prepaid Expense | $6M | $6M | $5M | $5M | $4M | $3M | $3M | $3M | $3M | $4M | $3M | $2M | $1M | $2M | $2M | $2M | |
| Current Assets | $231M | $122M | $139M | $165M | $198M | $135M | $167M | $186M | $206M | $227M | $244M | $166M | $178M | $96M | $109M | $88M | |
| PP&E (Net) | $1M | $2M | $2M | $2M | $2M | $3M | $3M | $3M | $3M | $3M | $3M | $2M | $2M | $3M | $3M | $3M | |
| PP&E (Gross) | · | · | $9M | · | · | · | $8M | · | · | · | $6M | · | · | · | $5M | · | |
| Accum. Depreciation | · | · | $7M | · | · | · | $6M | · | · | · | $4M | · | · | · | $2M | · | |
| Other Non-current Assets | $6M | $5M | $5M | $4M | $3M | $2M | $2M | $2M | $2M | $2M | $2M | $984.0K | $685.0K | $581.0K | $565.0K | $689.0K | |
| Total Assets | $257M | $148M | $165M | $190M | $224M | $165M | $185M | $204M | $217M | $240M | $254M | $173M | $185M | $103M | $117M | $92M | |
| Accounts Payable | $6M | $6M | $7M | $8M | $7M | $6M | $5M | $2M | $4M | $6M | $5M | $4M | $2M | $4M | $2M | $1M | |
| Current Liabilities | $40M | $42M | $50M | $46M | $42M | $34M | $27M | $23M | $18M | $18M | $16M | $11M | $8M | $9M | $9M | $6M | |
| Capital Leases | $1M | · | $0 | $0 | $580.0K | $1M | $2M | $7M | $0 | $765.0K | $1M | $2M | $2M | $2M | $3M | · | |
| Total Liabilities | $46M | $45M | $53M | $50M | $46M | $44M | $33M | $30M | $18M | $19M | $17M | $12M | $10M | $12M | $12M | · | |
| Common Stock | $1.0K | $1.0K | $1.0K | $1.0K | $1.0K | $1.0K | $1.0K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
| Retained Earnings | $-611M | $-560M | $-517M | $-475M | $-430M | $-385M | $-349M | $-317M | $-286M | $-258M | $-233M | $-212M | $-196M | $-181M | $-166M | $-150M | |
| AOCI | $0 | $0 | $25.0K | $23.0K | $1.0K | · | $0 | $1.0K | $-29.0K | $-38.0K | $39.0K | $-21.0K | $-3.0K | $0 | $-47.0K | $-209.0K | |
| Stockholders' Equity | $211M | $103M | $112M | $139M | $178M | $122M | $152M | $174M | $200M | $222M | $236M | $161M | $174M | $92M | $105M | $86M | |
| Liabilities + Equity | $257M | $148M | $165M | $190M | $224M | $165M | $185M | $204M | $217M | $240M | $254M | $173M | $185M | $103M | $117M | $92M | |
| Shares Outstanding | 167,726,537 | 111,324,796 | 100,479,323 | 96,265,204 | 91,451,899 | 50,743,101 | 50,743,101 | 48,850,423 | 48,291,469 | 48,249,115 | 47,823,232 | 41,660,169 | 39,793,682 | 31,340,989 | 29,445,134 | 29,013,995 |
Cash Flow
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Stock-based Comp | $5M | $5M | $4M | $6M | $6M | $5M | $5M | $5M | $5M | $4M | $3M | $3M | $3M | $2M | $2M | $2M | |
| Operating Cash Flow | $-42M | $-43M | $-35M | $-35M | $-30M | $-31M | $-23M | $-20M | $-21M | $-24M | $-16M | $-13M | $-12M | $-13M | $-12M | $-10M | |
| CapEx | $0 | $0 | $205.0K | $78.0K | $161.0K | $785.0K | $376.0K | $253.0K | $770.0K | $812.0K | $185.0K | $65.0K | $57.0K | $380.0K | $316.0K | $1M | |
| Investing Cash Flow | $0 | $51M | $50M | $-50M | $-49M | $-785.0K | $12M | $12M | $24M | $-812.0K | $1M | $-65.0K | $-48M | $25M | $-316.0K | $24M | |
| Stock Issued | $6M | $7M | $0 | $-25.0K | $94M | $0 | $0 | $-6M | $-6M | $6M | $92M | $-141.0K | $94M | $-232.0K | $33M | $0 | |
| Net Stock Activity | · | $7M | · | · | · | $0 | · | · | · | $6M | · | · | · | $-232.0K | · | · | |
| Financing Cash Flow | $150M | $25M | $8M | $-806.0K | $93M | $-552.0K | $4M | $71.0K | $379.0K | $7M | $93M | $98.0K | $94M | $226.0K | $33M | $0 | |
| Net Change in Cash | $108M | $34M | $23M | $-85M | $14M | $-32M | $-7M | $-8M | $3M | $-18M | · | · | · | · | · | · | |
| Free Cash Flow | · | $-43M | · | · | · | $-32M | · | · | · | $-25M | · | · | · | $-13M | · | · |
Profitability
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROA | -21.2% | -27.8% | · | -22.8% | -20.4% | -17.7% | · | -16.2% | -13.7% | -14.6% | · | -12.4% | -10.1% | -14.6% | · | -10.7% | |
| ROE | -26.2% | -38.7% | · | -28.6% | -23.9% | -20.9% | · | -18.3% | -14.8% | -16.0% | · | -13.3% | -10.7% | -16.0% | · | -11.3% |
Liquidity & Solvency
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 5.8 | 2.9 | · | 3.6 | 4.8 | 4.0 | · | 8.1 | 11.5 | 12.7 | · | 15.7 | 20.9 | 10.3 | · | 15.2 | |
| Quick Ratio | 5.6 | 2.8 | · | 3.5 | 4.7 | 3.9 | · | 8.0 | 11.4 | 12.5 | · | 15.5 | 20.8 | 10.1 | · | 14.8 | |
| Interest Coverage | -100.6 | -69.6 | · | -79.8 | -80.4 | -126.3 | · | · | · | · | · | · | · | · | · | · |
Per Share
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Book Value / Share | $1.26 | $0.93 | · | $1.45 | $1.95 | $2.40 | · | $3.57 | $4.13 | $4.60 | · | $3.86 | $4.38 | $2.92 | · | $2.96 | |
| Cash Flow / Share | · | $-0.38 | · | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| Cash / Share | $1.34 | $1.05 | · | $0.63 | $1.59 | $2.60 | · | $3.49 | $3.70 | $3.63 | · | $2.77 | $3.22 | $2.99 | · | $2.11 | |
| EPS (TTM) | $-1.39 | $-1.78 | · | $-2.53 | $-2.71 | $-2.54 | · | $-2.15 | $-1.90 | $-1.71 | · | $-1.71 | $-1.73 | $-1.81 | · | $-1.78 |
Valuation (TTM)
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Income TTM | $-181M | $-175M | · | $-159M | $-144M | $-127M | · | $-104M | $-90M | $-77M | · | $-62M | $-57M | $-56M | · | $-51M | |
| Market Cap | $522M | $299M | · | $225M | $139M | $70M | · | $231M | $361M | $823M | · | $634M | $514M | $259M | · | $19M | |
| P/E | -2.2 | -1.5 | · | -0.9 | -0.6 | -0.5 | · | -2.2 | -3.9 | -10.0 | · | -8.9 | -7.5 | -4.6 | · | -0.4 | |
| P/B | 2.5 | 2.9 | · | 1.6 | 0.8 | 0.6 | · | 1.3 | 1.8 | 3.7 | · | 3.9 | 3.0 | 2.8 | · | 0.2 | |
| P / Tangible Book | 2.5 | 2.9 | · | 1.6 | 0.8 | 0.6 | · | 1.3 | 1.8 | 3.7 | · | 3.9 | 3.0 | 2.8 | · | 0.2 | |
| P / Cash Flow | · | -7.0 | · | · | · | -2.3 | · | · | · | -34.3 | · | · | · | -20.6 | · | · | |
| Earnings Yield | -44.7% | -66.2% | · | -108.1% | -178.3% | -183.4% | · | -45.6% | -25.4% | -10.0% | · | -11.2% | -13.4% | -21.9% | · | -273.9% |
Most recent period on the left · null values shown as ·
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Net Income | $-168M | $-116M | $-68M | $-53M | $-46M |
| Diluted EPS | $-2.10 | $-2.34 | $-1.65 | $-1.81 | $-1.80 |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Current Ratio | 2.8 | 6.2 | 15.3 | 11.5 | 14.9 |
| Quick Ratio | 2.7 | 6.1 | 15.1 | 11.2 | 14.6 |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Free Cash Flow | $-132M | $-90M | $-54M | $-49M | $-35M |
Institutional owners (13F) 152 filers · $441.9M total · As of June 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
Holders
152
Value held
$441.9M
New positions
55
Exited positions
22
Institutional activity — Q2 2026 vs prior quarter
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 55 (+23 vs prior Q) | 22 (+13 vs prior Q) | 56 (+23 vs prior Q) | 20 (-9 vs prior Q) | +75.8M |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| JENNISON ASSOCIATES LLC | $62,304,900 | 20,033,730 | 14.10% | Shares |
| Bain Capital Life Sciences Investors, LLC | $53,620,894 | 17,241,445 | 12.13% | Shares |
| BlackRock, Inc. | $33,447,121 | 10,754,701 | 7.57% | Shares |
| ADAGE CAPITAL PARTNERS GP, L.L.C. | $28,533,497 | 9,174,758 | 6.46% | Shares |
| STATE STREET CORP | $24,380,239 | 7,839,305 | 5.52% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $22,476,026 | 7,227,018 | 5.09% | Shares |
| Cormorant Asset Management, LP | $15,550,000 | 5,000,000 | 3.52% | Shares |
| Woodline Partners LP | $13,062,442 | 4,200,142 | 2.96% | Shares |
| NORGES BANK | $12,789,567 | 4,112,401 | 2.89% | Shares |
| Opaleye Management Inc. | $12,016,418 | 3,863,800 | 2.72% | Shares |
| CITADEL ADVISORS LLC | $10,953,768 | 3,522,112 | 2.48% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $10,761,875 | 3,459,464 | 2.44% | Shares |
| VANGUARD GROUP INC | $9,678,613 | 4,419,458 | 2.19% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $8,771,755 | 2,820,500 | 1.99% | Call option |
| FRANKLIN RESOURCES INC | $7,507,344 | 2,413,937 | 1.70% | Shares |
| GOLDMAN SACHS GROUP INC | $6,878,776 | 2,211,825 | 1.56% | Shares |
| MILLENNIUM MANAGEMENT LLC | $6,433,007 | 2,068,491 | 1.46% | Shares |
| MARSHALL WACE, LLP | $4,870,070 | 1,565,939 | 1.10% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $4,774,783 | 1,535,300 | 1.08% | Shares |
| UBS Group AG | $4,577,594 | 1,471,895 | 1.04% | Shares |
| Qube Research & Technologies Ltd | $4,437,472 | 1,426,840 | 1.00% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $4,410,316 | 1,418,108 | 1.00% | Shares |
| TWO SIGMA INVESTMENTS, LP | $4,387,995 | 1,410,931 | 0.99% | Shares |
| MORGAN STANLEY | $4,184,586 | 1,345,526 | 0.95% | Shares |
| SPHERA FUNDS MANAGEMENT LTD. | $4,133,227 | 1,329,012 | 0.94% | Shares |
| SUPERSTRING CAPITAL MANAGEMENT LP | $3,478,020 | 1,278,652 | 0.79% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $3,385,530 | 1,088,595 | 0.77% | Shares |
| NORTHERN TRUST CORP | $3,132,087 | 1,007,102 | 0.71% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $3,007,976 | 967,195 | 0.68% | Shares |
| Stonepine Capital Management, LLC | $2,852,181 | 917,100 | 0.65% | Shares |
| SCHRODER INVESTMENT MANAGEMENT GROUP | $2,664,141 | 856,637 | 0.60% | Shares |
| AMERIPRISE FINANCIAL INC | $2,575,531 | 828,145 | 0.58% | Shares |
| CANTOR FITZGERALD, L. P. | $2,488,003 | 800,001 | 0.56% | Shares |
| HEIGHTS CAPITAL MANAGEMENT, INC | $2,349,997 | 755,626 | 0.53% | Shares |
| Blue Owl Capital Holdings LP | $2,222,748 | 714,710 | 0.50% | Shares |
| Ikarian Capital, LLC | $2,177,000 | 700,000 | 0.49% | Shares |
| Burkehill Global Management, LP | $2,177,000 | 700,000 | 0.49% | Shares |
| Nuveen, LLC | $2,010,133 | 646,345 | 0.45% | Shares |
| Caption Management, LLC | $1,864,445 | 599,500 | 0.42% | Call option |
| TWO SIGMA ADVISERS, LP | $1,616,001 | 737,900 | 0.37% | Shares |
| KVP Capital Advisors, LP | $1,571,890 | 505,431 | 0.36% | Shares |
| BANK OF AMERICA CORP /DE/ | $1,534,207 | 493,314 | 0.35% | Shares |
| CITADEL ADVISORS LLC | $1,529,187 | 491,700 | 0.35% | Call option |
| Jump Financial, LLC | $1,520,090 | 488,775 | 0.34% | Shares |
| JANE STREET GROUP, LLC | $1,341,654 | 431,400 | 0.30% | Call option |
| Raiffeisen Bank International AG | $1,337,300 | 430,000 | 0.30% | Shares |
| TD Asset Management Inc | $1,217,478 | 391,472 | 0.28% | Shares |
| Susquehanna Portfolio Strategies, LLC | $1,192,044 | 383,294 | 0.27% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $1,165,895 | 374,886 | 0.26% | Shares |
| Bank of New York Mellon Corp | $947,988 | 304,819 | 0.21% | Shares |
Activists & 5%+ owners 1 position
Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.
| Filer | Filed | Stake | Status | Purpose | Filing |
|---|---|---|---|---|---|
| 5AM Ventures V, L.P., 5AM Partners V, LLC, 5AM Opportunities I, L.P., 5AM Opportunities I (GP), LLC, Dr. Kush Parmar, Andrew J. Schwab, Dr. Scott M. Rocklage ×6 filings | Aug. 3, 2022 | · | Initial filing | · | SEC |
Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.
Company insiders 14 insiders · 8 officers · 6 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Steven Nichtberger | President & CEO | March 2, 2026 A | 1,031,483 | 1 | 0 | $100,800 |
| Anup Marda | Chief Financial Officer | March 2, 2026 A | 50,000 | 0 | 0 | $0 |
| Gwendolyn Binder | President, Science & Tech. | March 2, 2026 A | 31,312 | 1 | 0 | $24,773 |
| Arun Das | Chief Business Officer | March 2, 2026 A | · | 0 | 0 | $0 |
| Michael Gerard | General Counsel | March 2, 2026 A | 6,600 | 1 | 0 | $14,982 |
| David J. Chang | Chief Medical Officer | March 2, 2026 A | 8,800 | 1 | 0 | $19,888 |
| Steve Gavel | Chief Commercial Officer | Jan. 21, 2026 P | 22,170 | 1 | 0 | $50,104 |
| John Brian Stalter | General Counsel | March 1, 2021 A | · | 0 | 0 | $0 |
| Scott C. Brun | Director | June 9, 2026 A | · | 0 | 0 | $0 |
| Catherine Bollard | Director | June 9, 2026 A | 5,405 | 1 | 0 | $9,999 |
| Shawn Tomasello | Director | June 9, 2026 A | 22,725 | 1 | 0 | $50,222 |
| Mark Simon | Director | June 9, 2026 A | 147,205 | 1 | 0 | $25,219 |
| Richard C Henriques JR | Director | June 9, 2026 A | · | 0 | 0 | $0 |
| Brian Daniels | · | June 1, 2021 A | · | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 21 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.
| Fund | Weight | Units | As of | Source |
|---|---|---|---|---|
| BBC · ETFis Series Trust I | 0.60% | 103,259 NS | July 31, 2026 | N-PORT |
| LABU · Direxion Shares ETF Trust | 0.10% | 178,606 NS | July 31, 2026 | N-PORT |
| IWC · iShares Trust | 0.07% | 381,479 SH | Sept. 11, 2026 | Daily |
| IBB · iShares Trust | 0.03% | 1,104,975 SH | Sept. 11, 2026 | Daily |
| PWS · Pacer Funds Trust | 0.03% | 2,440 NS | July 31, 2026 | N-PORT |
| IBBQ · Invesco Exchange-Traded Fund Trust … | 0.02% | 11,698 SH | Oct. 2, 2026 | Daily |
| PRFZ · Invesco Exchange-Traded Fund Trust | 0.01% | 176,517 SH | Oct. 2, 2026 | Daily |
| IWO · iShares Trust | 0.01% | 534,383 SH | Sept. 11, 2026 | Daily |
| IWM · iShares Trust | 0.01% | 2,873,232 SH | Sept. 11, 2026 | Daily |
| VXF · VANGUARD INDEX FUNDS | 0.01% | 1,877,451 SH | Aug. 19, 2026 | Daily |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.01% | 647,578 SH | Aug. 19, 2026 | Daily |
| VTWV · VANGUARD SCOTTSDALE FUNDS | 0.01% | 48,225 SH | Aug. 19, 2026 | Daily |
| VTWG · VANGUARD SCOTTSDALE FUNDS | 0.01% | 61,593 SH | Aug. 19, 2026 | Daily |
| RSSL · Global X Funds | 0.01% | 53,547 NS | July 31, 2026 | N-PORT |
| DFAS · Dimensional ETF Trust | 0.01% | 334,526 NS | July 31, 2026 | N-PORT |
| ITOT · iShares Trust | 0.00% | 304,973 SH | Sept. 11, 2026 | Daily |
| DFAU · Dimensional ETF Trust | 0.00% | 22,315 NS | July 31, 2026 | N-PORT |
| DCOR · Dimensional ETF Trust | 0.00% | 4,764 NS | July 31, 2026 | N-PORT |
| VTI · VANGUARD INDEX FUNDS | 0.00% | 5,215,188 SH | Aug. 19, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.00% | 9,525 SH | Aug. 19, 2026 | Daily |
| IWN · iShares Trust | · | 520,377 SH | Sept. 11, 2026 | Daily |
CABA Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
rating · 16 analysts
BUY
Median target
$13.50
+575.0%
6 37.5%
Strong Buy
7 43.8%
Buy
3 18.8%
Hold
0 0.0%
Sell
0 0.0%
Strong Sell
12-Month Price Target
8 analysts · 2026-10-04Mean target $13.25 +562.5%
← Below all targets
Current price $2.00
Low$3.00
Mean$13.25
High$30.00
Peer comparison (GICS sub-industry) Key metrics vs sector peers
FY basis, prices as of each company's last fiscal year-end close.
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| CABA | $220M | -1.0 | · | · | -115.5% | · |
| BNTC | $460M | -13.7 | · | · | -25.0% | · |
| INDP | $6M | -0.1 | · | · | -2820.8% | · |
| SCTX | · | · | · | · | · | · |
| EBS | $644M | 13.3 | -28.8% | 7.1% | 9.9% | · |
| BBOT | $1.00B | -2.9 | · | · | -146.2% | · |
| LRMR | $317M | -2.2 | · | · | -167.4% | · |
| IPSC | $87M | -7.1 | 1556.8% | -8.8% | -5.2% | · |
| PRLD | · | -2.2 | 73.4% | -819.6% | -137.7% | · |
My Metrics Your personal watchlist — selected rows from Full Fundamentals
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Source: SEC 10-Q filed Aug 13, 2026