$CABA
Cabaletta Bio, Inc.

2022 Q3 Form 10-Q Financial Statement

#000095017022016650 Filed on August 11, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022 Q1
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $3.562M $3.546M $3.829M
YoY Change 4.95% 7.62% 21.17%
% of Gross Profit
Research & Development $8.216M $9.514M $9.170M
YoY Change 0.58% 21.2% 39.79%
% of Gross Profit
Depreciation & Amortization $363.0K $238.0K $219.0K
YoY Change 64.25% 50.63% 88.79%
% of Gross Profit
Operating Expenses $11.78M $13.06M $13.00M
YoY Change 1.86% 17.18% 33.84%
Operating Profit -$11.78M -$13.06M -$13.00M
YoY Change 1.86% 17.18% 33.84%
Interest Expense $351.0K $150.0K $53.00K
YoY Change 11600.0% 2400.0% 430.0%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$11.43M -$12.91M -$12.95M
YoY Change -1.15% 15.9% 33.46%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$11.43M -$12.91M -$12.95M
YoY Change -1.15% 15.9% 33.44%
Net Earnings / Revenue
Basic Earnings Per Share -$0.39 -$0.45 -$0.45
Diluted Earnings Per Share -$0.39 -$0.45 -$447.1K
COMMON SHARES
Basic Shares Outstanding 29.01M
Diluted Shares Outstanding

Balance Sheet

Concept 2022 Q3 2022 Q2 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $85.90M $96.81M $109.2M
YoY Change -27.98% -5.84% 7.07%
Cash & Equivalents $61.16M $47.17M $59.55M
Short-Term Investments $24.73M $49.64M $49.66M
Other Short-Term Assets $2.280M $1.939M $2.226M
YoY Change 43.22% -12.14% -39.84%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $88.18M $98.75M $111.4M
YoY Change -27.04% -5.97% 5.33%
LONG-TERM ASSETS
Property, Plant & Equipment $2.811M $2.306M $1.231M
YoY Change 92.27% 44.4% 2.58%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $689.0K $965.0K $985.0K
YoY Change 112.65% 203.46% 228.33%
Total Long-Term Assets $3.500M $3.271M $2.216M
YoY Change 95.97% 70.81% 47.73%
TOTAL ASSETS
Total Short-Term Assets $88.18M $98.75M $111.4M
Total Long-Term Assets $3.500M $3.271M $2.216M
Total Assets $91.68M $102.0M $113.7M
YoY Change -25.25% -4.6% 5.92%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.333M $2.451M $3.910M
YoY Change -21.91% 3.24% 200.77%
Accrued Expenses $2.268M $1.598M $891.0K
YoY Change 32.63% 41.42% 27.29%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $5.801M $6.486M $6.935M
YoY Change -3.69% 15.8% 73.38%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $5.801M $6.486M $6.935M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $5.801M $6.486M $6.935M
YoY Change -3.69% 15.8% 73.38%
SHAREHOLDERS EQUITY
Retained Earnings -$149.9M -$138.4M -$125.5M
YoY Change 51.85% 58.88%
Common Stock $236.0M $234.2M
YoY Change 24.28%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $85.87M $95.53M $106.7M
YoY Change
Total Liabilities & Shareholders Equity $91.68M $102.0M $113.7M
YoY Change -25.25% -4.6% 5.92%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022 Q1
OPERATING ACTIVITIES
Net Income -$11.43M -$12.91M -$12.95M
YoY Change -1.15% 15.9% 33.44%
Depreciation, Depletion And Amortization $363.0K $238.0K $219.0K
YoY Change 64.25% 50.63% 88.79%
Cash From Operating Activities -$9.914M -$11.53M -$12.81M
YoY Change 18.82% 75.17% 47.74%
INVESTING ACTIVITIES
Capital Expenditures -$1.092M -$898.0K $147.0K
YoY Change 106.04% 133.25% 51.55%
Acquisitions
YoY Change
Other Investing Activities $25.00M $0.00 -$49.76M
YoY Change 986.96% -100.0% -2131.18%
Cash From Investing Activities $23.91M -$898.0K -$49.91M
YoY Change 1250.73% -187.18% -2221.16%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 40.00K 51.00K
YoY Change -100.0% -99.48% -97.64%
NET CHANGE
Cash From Operating Activities -9.914M -11.53M -12.81M
Cash From Investing Activities 23.91M -898.0K -49.91M
Cash From Financing Activities 0.000 40.00K 51.00K
Net Change In Cash 13.99M -12.38M -62.67M
YoY Change -25.42% -658.84% 1409.37%
FREE CASH FLOW
Cash From Operating Activities -$9.914M -$11.53M -$12.81M
Capital Expenditures -$1.092M -$898.0K $147.0K
Free Cash Flow -$8.822M -$10.63M -$12.96M
YoY Change 12.9% 71.56% 47.78%

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us-gaap Use Of Estimates
UseOfEstimates
<p style="margin-left:4.533%;text-indent:0.0%;font-size:10.0pt;margin-top:18.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Use of Estimates</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:6.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of expenses during the reporting period. Significant estimates and assumptions made in the accompanying financial statements include, but are not limited to, the fair value of stock-based compensation, the valuation allowance on the Company’s deferred tax assets and certain accruals. The Company evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors and adjusts those estimates and assumptions when facts and circumstances dictate. Actual results could differ from those estimates.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"> </span></p>
CY2022Q2 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
249000
CY2022Q2 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
96806000
CY2021Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
0
CY2022Q2 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
97055000
CY2022Q2 caba Accrued Research And Development Services Current
AccruedResearchAndDevelopmentServicesCurrent
2117000
CY2021Q4 caba Accrued Research And Development Services Current
AccruedResearchAndDevelopmentServicesCurrent
2836000
CY2022Q2 caba Accrued General And Administrative Services Current
AccruedGeneralAndAdministrativeServicesCurrent
297000
CY2021Q4 caba Accrued General And Administrative Services Current
AccruedGeneralAndAdministrativeServicesCurrent
180000
CY2022Q2 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1598000
CY2021Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
2977000
CY2022Q2 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
23000
CY2021Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
54000
CY2022Q2 caba Accrued Liabilities And Other Liabilities Current
AccruedLiabilitiesAndOtherLiabilitiesCurrent
4035000
CY2021Q4 caba Accrued Liabilities And Other Liabilities Current
AccruedLiabilitiesAndOtherLiabilitiesCurrent
6047000
CY2022Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
15133000
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y6M
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
1632000
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Rolling Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextRollingTwelveMonths
3543000
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due In Rolling Year Two
LesseeOperatingLeaseLiabilityPaymentsDueInRollingYearTwo
3550000
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due In Rolling Year Three
LesseeOperatingLeaseLiabilityPaymentsDueInRollingYearThree
1029000
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
9754000
us-gaap Gain Loss Related To Litigation Settlement
GainLossRelatedToLitigationSettlement
0
CY2019Q4 us-gaap Common Stock Conversion Features
CommonStockConversionFeatures
Each share of the Company’s non-voting common stock may be converted at any time into one share of common stock at the option of its holder by providing 61 days written notice to the Company
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.0147
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.0336
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.0063
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.0155
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y6M
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum
0.79
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum
0.83
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum
0.79
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum
0.81
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2022Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2021Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2022Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2021Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
6134842
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3954578

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