XVARY Composite Score
43
/ 100
Below Average
Combines growth, value, risk, and momentum factors into a single institutional-grade score.
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What it is
Cabaletta Bio is building living-cell treatments for autoimmune disease.
How it gets paid
Last year Cabaletta Bio made n/a in revenue. rese-cel program was the main engine at $0M, or 40% of sales.
What just happened
Cabaletta posted -$1.75 EPS in the latest quarter, while revenue stayed at $0M.
At a Glance
C++ balance sheet — some cracks in the foundation
60/100 earnings predictability — reasonably predictable
-$2.34 fy2024 eps est
1.85 beta
~$295M market cap
XVARY composite: 43/100 — below average
What They Do
Cabaletta Bio is building living-cell treatments for autoimmune disease.
The moat is focus. Cabaletta has 161 employees and one lead shot, rese-cel, a CD19 CAR-T therapy (engineered immune cells that hunt one target). That is small, but it keeps your money tied to one clear clinical result instead of a pile of side projects. I would not call the moat wide until the RESET data shows durable responses; if it misses, the story shrinks fast.
How They Make Money
n/a
annual revenue
rese-cel program
$0M
rheumatology
$0M
neurology
$0M
dermatology
$0M
The Products That Matter
Pre-commercial cell therapy platform
clinical pipeline
$295M market cap · $0 revenue
it is effectively 100% of the story today: a $295M valuation resting on programs that still produce $0 sales.
the whole thesis
Registrational-stage enrollment catalyst
RESET-Myositis cohorts
2026 enrollment target
management expects to initiate registrational cohort enrollment in 2026. in a company with $0 revenue, calendar movement is operating movement.
near-term catalyst
Orphan-designated autoimmune program
CABA-201
FDA orphan designation · $0 revenue today
the orphan designation gives the systemic sclerosis program a clearer regulatory lane, but it still contributes $0 until the science clears the next gates.
regulatory signal
Key Numbers
-$2.34
fy2024 eps est
n/a
fy rev est
n/a
trailing p/e
n/a
dividend yield
Financial Health
C++
Strength
- balance sheet grade C++ — below average — limited financial resources
- risk rank 3 — safer than 50% of stocks
- price stability 5 / 100
- long-term debt $5M (2% of capital)
C++ — below average. watch for debt servicing and cash burn.
Total Return vs. Market
source: institutional data · return history unavailable
What Just Happened
missed estimates
Cabaletta posted -$1.75 EPS in the latest quarter, while revenue stayed at $0M.
The company is still pre-revenue. That means the story is trial data and cash burn, not sales growth.
$0M
revenue
-$1.75
eps
n/a
gross margin
the number that mattered
The -$1.75 EPS loss matters because it confirms the company is still funding development before any product sales exist.
source: EDGAR SEC filing and Yahoo Finance consensus, 2026
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What Could Go Wrong
The #1 risk is clinical failure or delay in the autoimmune cell-therapy pipeline.
Med
Lead-program data disappoints
There is no diversified revenue base to cushion a setback. If the lead readouts fail to support the platform, the equity story breaks fast.
This puts effectively 100% of today’s $295M valuation thesis on trial results.
Med
Cash burn outruns investor patience
Q3 2025 R&D spend hit $39.8M, up 5.8% from the prior quarter, while revenue stayed at $0. If timelines slip, future funding gets harder and more expensive.
The risk is dilution, not debt — even with long-term debt at just $5M.
Med
Regulatory timing gets longer
Cell therapies face heavy FDA scrutiny. Extra data requests and slower enrollment are common, and pre-revenue companies feel every added month.
A longer path keeps losses in control of the story and delays the first chance at commercial proof.
Med
Volatility overwhelms the thesis in the short run
Price stability is 5 / 100 and beta is 1.85. That is the market's way of saying sentiment can move this name faster than fundamentals can explain it.
You can be directionally right on the science and still sit through a brutal mark-to-market ride.
A setback here does not pressure a mature business. It pressures a company with $0 revenue, a $39.8M quarterly R&D bill, and a market value built on future probabilities.
Source: institutional data · regulatory filings · risk analysis
Pay Attention To
Timeline
2026 registrational cohort enrollment
Management expects to initiate registrational cohorts in 2026 for RESET-Myositis. If that slips, you have your first clean sign that time is getting expensive.
Burn
R&D spend after the $39.8M quarter
The quarter-to-quarter increase was 5.8%. You want to see spend buy progress, not just buy another quarter of waiting.
Regulatory
Any change in the CABA-201 path
FDA orphan drug designation helps, but it is not approval. Watch for anything that changes the probability or timing of the systemic sclerosis program.
Trading
Volatility versus evidence
With 1.85 beta and 5 / 100 price stability, sharp moves are normal. The key question is whether those moves follow new data or just biotech mood swings.
Analyst Rankings
earnings predictability
60 / 100
in human-speak, estimates are only moderately useful because there is no steady revenue stream underneath them.
beta
1.85
beta measures how hard a stock tends to move versus the market. at 1.85, this usually moves more than the index, not less.
Source: institutional data
Institutional Activity
institutional ownership data for CABA is being compiled.
Source: institutional data
Price Targets
3-5 year target range
$3
Current price
Target midpoint · from current
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