$CABA
Cabaletta Bio, Inc.

2023 Q2 Form 10-Q Financial Statement

#000095017023020849 Filed on May 11, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q4
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $4.093M $4.521M $3.902M
YoY Change 15.43% 18.07% -1.81%
% of Gross Profit
Research & Development $11.80M $12.44M $12.40M
YoY Change 24.0% 35.61% 25.01%
% of Gross Profit
Depreciation & Amortization $370.0K $365.0K $358.0K
YoY Change 55.46% 66.67% 52.99%
% of Gross Profit
Operating Expenses $15.89M $16.96M $16.30M
YoY Change 21.67% 30.44% 17.34%
Operating Profit -$15.89M -$16.96M
YoY Change 21.67% 30.44%
Interest Expense $1.403M $1.102M $610.0K
YoY Change 835.33% 1979.25% 12100.0%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$14.49M -$15.85M -$15.69M
YoY Change 12.22% 22.46% 12.99%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$14.49M -$15.85M -$15.69M
YoY Change 12.22% 22.46% 12.99%
Net Earnings / Revenue
Basic Earnings Per Share -$0.37 -$0.45
Diluted Earnings Per Share -$0.37 -$0.45 -$0.52
COMMON SHARES
Basic Shares Outstanding 31.36M 31.34M 29.01M
Diluted Shares Outstanding

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $176.3M $93.85M $106.5M
YoY Change 82.15% -14.07% -12.83%
Cash & Equivalents $128.1M $93.85M $81.61M
Short-Term Investments $48.26M $0.00 $24.94M
Other Short-Term Assets $1.244M $1.889M $2.287M
YoY Change -35.84% -15.14% -1.38%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $177.6M $95.73M $108.8M
YoY Change 79.83% -14.09% -12.61%
LONG-TERM ASSETS
Property, Plant & Equipment $2.303M $2.593M $2.578M
YoY Change -0.13% 110.64% 79.28%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $685.0K $581.0K $565.0K
YoY Change -29.02% -41.02% 58.26%
Total Long-Term Assets $7.065M $7.713M $8.134M
YoY Change 115.99% 248.06% 353.15%
TOTAL ASSETS
Total Short-Term Assets $177.6M $95.73M $108.8M
Total Long-Term Assets $7.065M $7.713M $8.134M
Total Assets $184.6M $103.4M $117.0M
YoY Change 80.99% -8.98% -7.42%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.341M $3.955M $2.463M
YoY Change -4.49% 1.15% 5.57%
Accrued Expenses $4.157M $3.176M $5.694M
YoY Change 160.14% 256.45% 91.27%
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 $8.482M $9.305M $9.489M
YoY Change 30.77% 34.17% 13.23%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $2.014M $2.491M $2.959M
YoY Change
Total Long-Term Liabilities $2.014M $2.491M $2.959M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $8.482M $9.305M $9.489M
Total Long-Term Liabilities $2.014M $2.491M $2.959M
Total Liabilities $10.50M $11.80M $12.45M
YoY Change 61.83% 70.09% 48.54%
SHAREHOLDERS EQUITY
Retained Earnings -$195.9M -$181.4M -$165.6M
YoY Change 41.5% 44.52% 47.05%
Common Stock $370.0M $273.1M $270.1M
YoY Change 57.99% 17.17%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $174.1M $91.65M $104.5M
YoY Change
Total Liabilities & Shareholders Equity $184.6M $103.4M $117.0M
YoY Change 80.99% -8.98% -7.42%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q4
OPERATING ACTIVITIES
Net Income -$14.49M -$15.85M -$15.69M
YoY Change 12.22% 22.46% 12.99%
Depreciation, Depletion And Amortization $370.0K $365.0K $358.0K
YoY Change 55.46% 66.67% 52.99%
Cash From Operating Activities -$11.89M -$12.61M -$12.13M
YoY Change 3.15% -1.57% 15.37%
INVESTING ACTIVITIES
Capital Expenditures $57.00K $380.0K $316.0K
YoY Change -106.35% 158.5% -309.27%
Acquisitions
YoY Change
Other Investing Activities -$48.09M $25.00M $0.00
YoY Change -150.24% -100.0%
Cash From Investing Activities -$48.14M $24.62M -$316.0K
YoY Change 5261.02% -149.33% -137.22%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 94.26M 226.0K 32.89M
YoY Change 235545.0% 343.14% 141.35%
NET CHANGE
Cash From Operating Activities -11.89M -12.61M -12.13M
Cash From Investing Activities -48.14M 24.62M -316.0K
Cash From Financing Activities 94.26M 226.0K 32.89M
Net Change In Cash 34.23M 12.24M 20.44M
YoY Change -376.38% -119.53% 416.0%
FREE CASH FLOW
Cash From Operating Activities -$11.89M -$12.61M -$12.13M
Capital Expenditures $57.00K $380.0K $316.0K
Free Cash Flow -$11.95M -$12.99M -$12.45M
YoY Change 12.4% 0.25% 20.1%

Facts In Submission

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CY2023Q1 us-gaap Use Of Estimates
UseOfEstimates
<p style="margin-left:4.533%;text-indent:0.0%;font-size:10.0pt;margin-top:18.0pt;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:&quot;Times New Roman&quot;, serif;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:&quot;Times New Roman&quot;, serif;font-style:italic;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:6.0pt;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:&quot;Times New Roman&quot;, serif;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 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:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p>
CY2023Q1 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
0
CY2022Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
106594000
CY2022Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
47000
CY2022Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
106547000
CY2023Q1 caba Accrued Research And Development Services Current
AccruedResearchAndDevelopmentServicesCurrent
1691000
CY2022Q4 caba Accrued Research And Development Services Current
AccruedResearchAndDevelopmentServicesCurrent
1194000
CY2023Q1 caba Accrued General And Administrative Services Current
AccruedGeneralAndAdministrativeServicesCurrent
433000
CY2022Q4 caba Accrued General And Administrative Services Current
AccruedGeneralAndAdministrativeServicesCurrent
99000
CY2023Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
995000
CY2022Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
3515000
CY2023Q1 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
50000
CY2022Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
39000
CY2023Q1 caba Accrued Liabilities And Other Liabilities Current
AccruedLiabilitiesAndOtherLiabilitiesCurrent
3169000
CY2022Q4 caba Accrued Liabilities And Other Liabilities Current
AccruedLiabilitiesAndOtherLiabilitiesCurrent
4847000
CY2023Q1 us-gaap Lessee Operating Lease Remaining Lease Term
LesseeOperatingLeaseRemainingLeaseTerm
P2Y3M18D
CY2022Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
7563000
CY2022 caba Gain On Derecognition Of Lease Asset And Liability
GainOnDerecognitionOfLeaseAssetAndLiability
149000
CY2023Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.083
CY2023Q1 us-gaap Lease Cost
LeaseCost
719000
CY2023Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
556000
CY2023Q1 us-gaap Variable Lease Cost
VariableLeaseCost
16000
CY2023Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
147000
CY2023Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
570000
CY2023Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
480000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
1709000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Rolling Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextRollingTwelveMonths
2286000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due In Rolling Year Two
LesseeOperatingLeaseLiabilityPaymentsDueInRollingYearTwo
1146000
CY2023Q1 caba Lessee Undiscounted Lease Payments
LesseeUndiscountedLeasePayments
5141000
CY2023Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
469000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
4672000
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
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
9.12
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
2.20
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.0338
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.0395
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.0147
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.0212
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y1M6D
CY2022Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y1M6D
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
1.06
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum
0.79
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum
0.81
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2023Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
28012000
CY2023Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P3Y1M6D
CY2023Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2022Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2023Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2022Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
4130442
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
7951804
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
6086413

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