Philadelphia-based biotechnology company Cabaletta Bio, Inc. [CABA] has announced its financial results for the nine months ended September 30, 2023. The company reported a net loss of $46.8 million during the period, compared to a net loss of $37.3 million in the same period last year. Quarterly revenue for the company declined to $18.7 million.
Despite the increase in net loss, Cabaletta Bio, Inc. has been making progress in its research and development efforts. The company invested $38.0 million in research and development during the nine-month period, which is a significant increase from the $26.9 million invested in the previous year. In addition, Cabaletta Bio, Inc. incurred general and administrative expenses of $13.5 million, compared to $10.9 million in the previous year. Overall, the company's total operating expenses for the nine months ended September 30, 2023, amounted to $51.5 million.
Cabaletta Bio, Inc.'s quarterly revenue declined from $11.8 million in the third quarter of 2022 to $18.7 million in the same quarter this year. This decline can be attributed to various factors, including the impact of the ongoing COVID-19 pandemic on the healthcare industry and ongoing clinical trial activities. However, the company's management remains optimistic about its future revenue growth prospects.
Cabaletta Bio, Inc. maintains a strong financial position with total assets of $173.3 million as of September 30, 2023. The company's current assets increased to $166.2 million, primarily driven by growth in cash and cash equivalents and short-term investments. On the other hand, current liabilities stood at $10.6 million, with accounts payable and accrued liabilities accounting for the majority of the liabilities.
The company reported a net loss per share of $1.18 for the nine months ended September 30, 2023, compared to a net loss per share of $1.29 in the same period last year. This improvement in the net loss per share can be attributed to the increase in the number of shares issued and outstanding during the period. The basic and diluted earnings per share for the quarter were both reported as a loss of $0.37 per share.
Looking ahead, Cabaletta Bio, Inc. is focused on advancing its pipeline of cellular therapies for the treatment of B cell-mediated autoimmune diseases. The company aims to continue investing in research and development activities and expects to incur significant operating expenses. Cabaletta Bio, Inc. will also prioritize its efforts to secure additional funding to support its operations and drive future growth.
Despite reporting a net loss for the nine months ended September 30, 2023, Cabaletta Bio, Inc. remains committed to its mission of developing transformative cellular therapies. The company's ongoing research and development efforts demonstrate its dedication to driving innovation in the biotechnology space. With a strong financial position and a focused strategy, Cabaletta Bio, Inc. is well-positioned to capitalize on future opportunities and bring novel treatments to patients in need.