$CABA
Cabaletta Bio, Inc.

2023 Q3 Form 10-Q Financial Statement

#000095017023040966 Filed on August 10, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $4.880M $4.093M
YoY Change 37.0% 15.43%
% of Gross Profit
Research & Development $13.79M $11.80M
YoY Change 67.81% 24.0%
% of Gross Profit
Depreciation & Amortization $350.0K $370.0K
YoY Change -3.58% 55.46%
% of Gross Profit
Operating Expenses $18.67M $15.89M
YoY Change 58.5% 21.67%
Operating Profit -$18.67M -$15.89M
YoY Change 58.5% 21.67%
Interest Expense $2.220M $1.403M
YoY Change 532.48% 835.33%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$16.45M -$14.49M
YoY Change 43.96% 12.22%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$16.45M -$14.49M
YoY Change 43.94% 12.22%
Net Earnings / Revenue
Basic Earnings Per Share -$0.37 -$0.37
Diluted Earnings Per Share -$0.37 -$0.37
COMMON SHARES
Basic Shares Outstanding 39.81M 31.36M
Diluted Shares Outstanding

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $164.4M $176.3M
YoY Change 91.4% 82.15%
Cash & Equivalents $115.5M $128.1M
Short-Term Investments $48.90M $48.26M
Other Short-Term Assets $1.800M $1.244M
YoY Change -21.05% -35.84%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $166.2M $177.6M
YoY Change 88.46% 79.83%
LONG-TERM ASSETS
Property, Plant & Equipment $1.990M $2.303M
YoY Change -29.21% -0.13%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $984.0K $685.0K
YoY Change 42.82% -29.02%
Total Long-Term Assets $7.109M $7.065M
YoY Change 103.11% 115.99%
TOTAL ASSETS
Total Short-Term Assets $166.2M $177.6M
Total Long-Term Assets $7.109M $7.065M
Total Assets $173.3M $184.6M
YoY Change 89.02% 80.99%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.620M $2.341M
YoY Change 171.57% -4.49%
Accrued Expenses $5.600M $4.157M
YoY Change 146.91% 160.14%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $10.62M $8.482M
YoY Change 83.0% 30.77%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.700M $2.014M
YoY Change
Total Long-Term Liabilities $1.700M $2.014M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $10.62M $8.482M
Total Long-Term Liabilities $1.700M $2.014M
Total Liabilities $12.36M $10.50M
YoY Change 113.14% 61.83%
SHAREHOLDERS EQUITY
Retained Earnings -$212.4M -$195.9M
YoY Change 41.69% 41.5%
Common Stock $373.3M $370.0M
YoY Change 58.21% 57.99%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $160.9M $174.1M
YoY Change
Total Liabilities & Shareholders Equity $173.3M $184.6M
YoY Change 89.02% 80.99%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income -$16.45M -$14.49M
YoY Change 43.94% 12.22%
Depreciation, Depletion And Amortization $350.0K $370.0K
YoY Change -3.58% 55.46%
Cash From Operating Activities -$12.60M -$11.89M
YoY Change 27.09% 3.15%
INVESTING ACTIVITIES
Capital Expenditures $60.00K $57.00K
YoY Change -105.49% -106.35%
Acquisitions
YoY Change
Other Investing Activities $0.00 -$48.09M
YoY Change -100.0%
Cash From Investing Activities -$70.00K -$48.14M
YoY Change -100.29% 5261.02%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 100.0K 94.26M
YoY Change 235545.0%
NET CHANGE
Cash From Operating Activities -12.60M -11.89M
Cash From Investing Activities -70.00K -48.14M
Cash From Financing Activities 100.0K 94.26M
Net Change In Cash -12.57M 34.23M
YoY Change -189.82% -376.38%
FREE CASH FLOW
Cash From Operating Activities -$12.60M -$11.89M
Capital Expenditures $60.00K $57.00K
Free Cash Flow -$12.66M -$11.95M
YoY Change 43.5% 12.4%

Facts In Submission

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OperatingLeaseExpense
578000
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>
CY2023Q2 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
176331000
CY2023Q2 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
16000
CY2023Q2 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
19000
CY2023Q2 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
176328000
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
CY2023Q2 caba Accrued Research And Development Services Current
AccruedResearchAndDevelopmentServicesCurrent
1710000
CY2022Q4 caba Accrued Research And Development Services Current
AccruedResearchAndDevelopmentServicesCurrent
1194000
CY2023Q2 caba Accrued General And Administrative Services Current
AccruedGeneralAndAdministrativeServicesCurrent
254000
CY2022Q4 caba Accrued General And Administrative Services Current
AccruedGeneralAndAdministrativeServicesCurrent
99000
CY2023Q2 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1975000
CY2022Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
3515000
CY2023Q2 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
20000
CY2022Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
39000
CY2023Q2 caba Accrued Liabilities And Other Liabilities Current
AccruedLiabilitiesAndOtherLiabilitiesCurrent
3959000
CY2022Q4 caba Accrued Liabilities And Other Liabilities Current
AccruedLiabilitiesAndOtherLiabilitiesCurrent
4847000
CY2023Q2 caba Upfront Payment
UpfrontPayment
500000
CY2023Q2 us-gaap Lessee Operating Lease Remaining Lease Term
LesseeOperatingLeaseRemainingLeaseTerm
P2Y
CY2023Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.083
us-gaap Lease Cost
LeaseCost
1458000
us-gaap Operating Lease Cost
OperatingLeaseCost
1113000
us-gaap Variable Lease Cost
VariableLeaseCost
34000
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
1139000
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Rolling Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextRollingTwelveMonths
2286000
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due In Rolling Year Two
LesseeOperatingLeaseLiabilityPaymentsDueInRollingYearTwo
1146000
CY2023Q2 caba Lessee Undiscounted Lease Payments
LesseeUndiscountedLeasePayments
4571000
CY2023Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
375000
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
4196000
CY2022 caba Gain On Derecognition Of Lease Asset And Liability
GainOnDerecognitionOfLeaseAssetAndLiability
149000
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 Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
9.13
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
2.11
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.0338
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.0395
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 Expected Volatility Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum
1.06
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum
1.07
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 Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2023Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
27230000
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y10M24D
CY2023Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2022Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2023Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2022Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
4130442
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
8078282
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
6134842

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