$CABA
Cabaletta Bio, Inc.

2024 Q1 Form 10-K Financial Statement

#000095017024034422 Filed on March 21, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $6.077M $5.741M $19.24M
YoY Change 34.42% 47.13% 29.63%
% of Gross Profit
Research & Development $21.95M $17.41M $55.42M
YoY Change 76.55% 40.36% 41.03%
% of Gross Profit
Depreciation & Amortization $393.0K $336.0K $1.426M
YoY Change 7.67% -6.15% 21.05%
% of Gross Profit
Operating Expenses $28.03M $23.15M $74.66M
YoY Change 65.32% 41.98% 37.9%
Operating Profit -$28.03M -$74.66M
YoY Change 65.32% 37.9%
Interest Expense $2.984M $2.260M $6.985M
YoY Change 170.78% 270.49% 500.09%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$25.05M -$20.89M -$67.68M
YoY Change 57.99% 33.1% 27.75%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$25.05M -$20.89M -$67.68M
YoY Change 57.99% 33.1% 27.75%
Net Earnings / Revenue
Basic Earnings Per Share -$0.51 -$1.65
Diluted Earnings Per Share -$0.51 -$0.46 -$1.65
COMMON SHARES
Basic Shares Outstanding 48.24M 42.85M 1.168M
Diluted Shares Outstanding

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $223.8M $241.2M $241.2M
YoY Change 138.53% 126.42% 126.42%
Cash & Equivalents $175.3M $193.2M $193.2M
Short-Term Investments $48.55M $48.01M $48.01M
Other Short-Term Assets $3.635M $3.241M $3.241M
YoY Change 92.43% 41.71% 41.71%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $227.5M $244.5M $244.5M
YoY Change 137.62% 124.64% 124.64%
LONG-TERM ASSETS
Property, Plant & Equipment $2.918M $7.451M $7.451M
YoY Change 12.53% 189.02% -1.56%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.368M $1.709M $1.709M
YoY Change 307.57% 202.48% 202.48%
Total Long-Term Assets $12.98M $9.160M $9.160M
YoY Change 68.25% 12.61% 12.61%
TOTAL ASSETS
Total Short-Term Assets $227.5M $244.5M $244.5M
Total Long-Term Assets $12.98M $9.160M $9.160M
Total Assets $240.5M $253.7M $253.7M
YoY Change 132.44% 116.85% 116.85%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.843M $4.547M $4.547M
YoY Change 47.74% 84.61% 84.61%
Accrued Expenses $9.127M $8.760M $8.760M
YoY Change 187.37% 53.85% 53.85%
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 $17.97M $15.99M $15.99M
YoY Change 93.14% 68.55% 68.55%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $765.0K $1.458M $1.458M
YoY Change -69.29% -50.73% -50.73%
Total Long-Term Liabilities $765.0K $1.458M $1.458M
YoY Change -69.29% -50.73% -50.73%
TOTAL LIABILITIES
Total Short-Term Liabilities $17.97M $15.99M $15.99M
Total Long-Term Liabilities $765.0K $1.458M $1.458M
Total Liabilities $18.74M $17.45M $17.45M
YoY Change 58.84% 40.2% 40.2%
SHAREHOLDERS EQUITY
Retained Earnings -$258.3M -$233.2M
YoY Change 42.37% 40.88%
Common Stock $480.0M $469.4M
YoY Change 75.8% 73.77%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $221.7M $236.2M $236.2M
YoY Change
Total Liabilities & Shareholders Equity $240.5M $253.7M $253.7M
YoY Change 132.44% 116.85% 116.85%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$25.05M -$20.89M -$67.68M
YoY Change 57.99% 33.1% 27.75%
Depreciation, Depletion And Amortization $393.0K $336.0K $1.426M
YoY Change 7.67% -6.15% 21.05%
Cash From Operating Activities -$23.99M -$16.45M -$53.55M
YoY Change 90.26% 35.59% 15.46%
INVESTING ACTIVITIES
Capital Expenditures $812.0K $185.0K $687.0K
YoY Change 113.68% -41.46% -71.99%
Acquisitions
YoY Change
Other Investing Activities $0.00 $1.321M -$21.76M
YoY Change -100.0% -12.11%
Cash From Investing Activities -$812.0K $1.136M -$22.45M
YoY Change -103.3% -459.49% -17.51%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $187.6M
YoY Change 471.09%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 6.855M 93.05M 187.6M
YoY Change 2933.19% 182.9% 468.89%
NET CHANGE
Cash From Operating Activities -23.99M -16.45M -53.55M
Cash From Investing Activities -812.0K 1.136M -22.45M
Cash From Financing Activities 6.855M 93.05M 187.6M
Net Change In Cash -17.95M 77.74M 111.6M
YoY Change -246.63% 280.24% -374.85%
FREE CASH FLOW
Cash From Operating Activities -$23.99M -$16.45M -$53.55M
Capital Expenditures $812.0K $185.0K $687.0K
Free Cash Flow -$24.80M -$16.63M -$54.24M
YoY Change 90.95% 33.63% 11.06%

Facts In Submission

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CY2023 us-gaap Capital Expenditures Incurred But Not Yet Paid
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CY2023 us-gaap Use Of Estimates
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<p style="margin-left:4.533%;font-size:10pt;margin-top:18pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Use of Estimates</span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (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 advance payments and accruals related to the Company’s research and development expenses</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">. 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:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p>
CY2023Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
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CY2023Q4 us-gaap Property Plant And Equipment Gross
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6336000
CY2022Q4 us-gaap Property Plant And Equipment Gross
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4947000
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CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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CY2022Q4 us-gaap Property Plant And Equipment Net
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CY2023 us-gaap Depreciation
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CY2023Q4 caba Accrued Research And Development Services Current
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188000
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99000
CY2023Q4 us-gaap Employee Related Liabilities Current
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5200000
CY2022Q4 us-gaap Employee Related Liabilities Current
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3515000
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40000
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CY2023Q4 caba Accrued Liabilities And Other Liabilities Current
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7887000
CY2022Q4 caba Accrued Liabilities And Other Liabilities Current
AccruedLiabilitiesAndOtherLiabilitiesCurrent
4847000
CY2023Q4 caba Upfront Payment
UpfrontPayment
1100000
CY2023 caba Initial Terms Of Agreement Description
InitialTermsOfAgreementDescription
Under the August 2023 work orders, WuXi converted the Company’s non-dedicated suite to a dedicated suite for GMP manufacturing for the Company’s CABA-201 and MuSK-CAART programs, or the Dedicated Suite, for an initial term of 18 months with two 18-month extensions at the Company’s sole option on six months' notice prior to the end of the term.
CY2023Q4 us-gaap Lessee Operating Lease Remaining Lease Term
LesseeOperatingLeaseRemainingLeaseTerm
P1Y6M
CY2022Q4 us-gaap Lessee Operating Lease Remaining Lease Term
LesseeOperatingLeaseRemainingLeaseTerm
P2Y6M
CY2023Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
953
CY2023Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
953
CY2023Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.095
CY2022Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.083
CY2023 us-gaap Lease Cost
LeaseCost
3259000
CY2023 us-gaap Operating Lease Cost
OperatingLeaseCost
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CY2023 us-gaap Variable Lease Cost
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CY2023 us-gaap Short Term Lease Cost
ShortTermLeaseCost
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CY2023 us-gaap Operating Lease Payments
OperatingLeasePayments
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CY2022 us-gaap Operating Lease Payments
OperatingLeasePayments
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CY2022 us-gaap Lease Cost
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CY2022 us-gaap Operating Lease Cost
OperatingLeaseCost
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VariableLeaseCost
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CY2022 us-gaap Short Term Lease Cost
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CY2023Q4 us-gaap Operating Leases Future Minimum Payments Next Rolling Twelve Months
OperatingLeasesFutureMinimumPaymentsNextRollingTwelveMonths
3748000
CY2023Q4 us-gaap Operating Leases Future Minimum Payments Due In Rolling Year Two
OperatingLeasesFutureMinimumPaymentsDueInRollingYearTwo
1640000
CY2023Q4 caba Lessee Undiscounted Lease Payments
LesseeUndiscountedLeasePayments
5388000
CY2023Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
370000
CY2023Q4 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
5018000
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 written notice to the Company
CY2023Q4 caba Shares Remaining Available For Issuance
SharesRemainingAvailableForIssuance
2767184
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
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9.51
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
2.15
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
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CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
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CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
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CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
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CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
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1.07
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum
0.79
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
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0.83
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2023Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
25807000
CY2023 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y8M12D
CY2023 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2022 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2023 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.076
CY2022 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.079
CY2023 us-gaap Effective Income Tax Rate Reconciliation Tax Credits Research
EffectiveIncomeTaxRateReconciliationTaxCreditsResearch
0.064
CY2022 us-gaap Effective Income Tax Rate Reconciliation Tax Credits Research
EffectiveIncomeTaxRateReconciliationTaxCreditsResearch
0.045
CY2023 caba Effective Income Tax Rate Reconciliation Nondeductible Items And Other
EffectiveIncomeTaxRateReconciliationNondeductibleItemsAndOther
0.005
CY2022 caba Effective Income Tax Rate Reconciliation Nondeductible Items And Other
EffectiveIncomeTaxRateReconciliationNondeductibleItemsAndOther
0.006
CY2023 caba Change In State And Local Tax Rate
ChangeInStateAndLocalTaxRate
-0.007
CY2022 caba Change In State And Local Tax Rate
ChangeInStateAndLocalTaxRate
-0.074
CY2023 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
0.338
CY2022 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
0.254
CY2023 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0
CY2022 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0
CY2023Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards State And Local
DeferredTaxAssetsOperatingLossCarryforwardsStateAndLocal
34534000
CY2022Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards State And Local
DeferredTaxAssetsOperatingLossCarryforwardsStateAndLocal
28880000
CY2023Q4 caba Capitalized Rd Costs
CapitalizedRDCosts
19830000
CY2022Q4 caba Capitalized Rd Costs
CapitalizedRDCosts
9640000
CY2023Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards Research
DeferredTaxAssetsTaxCreditCarryforwardsResearch
10192000
CY2022Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards Research
DeferredTaxAssetsTaxCreditCarryforwardsResearch
5859000
CY2023Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
6066000
CY2022Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
3840000
CY2023Q4 caba Deferred Tax Assets License Fees Deductions
DeferredTaxAssetsLicenseFeesDeductions
240000
CY2022Q4 caba Deferred Tax Assets License Fees Deductions
DeferredTaxAssetsLicenseFeesDeductions
262000
CY2023Q4 caba Deferred Tax Assets Operating Lease Liabilities
DeferredTaxAssetsOperatingLeaseLiabilities
1482000
CY2022Q4 caba Deferred Tax Assets Operating Lease Liabilities
DeferredTaxAssetsOperatingLeaseLiabilities
1535000
CY2023Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Accrued Liabilities
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAccruedLiabilities
1665000
CY2022Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Accrued Liabilities
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAccruedLiabilities
1165000
CY2023Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
74009000
CY2022Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
51181000
CY2023Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
72560000
CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
49689000
CY2023Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
1449000
CY2022Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
1492000
CY2023Q4 caba Operating Lease Assets
OperatingLeaseAssets
-1449000
CY2022Q4 caba Operating Lease Assets
OperatingLeaseAssets
-1492000
CY2023Q4 us-gaap Deferred Tax Assets Liabilities Net
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0
CY2022Q4 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
0
CY2023 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
22871000
CY2023Q4 caba Deferred Tax Assets Operating Loss Carryforwards Federal
DeferredTaxAssetsOperatingLossCarryforwardsFederal
121570000
CY2023Q4 caba Deferred Tax Assets Operating Loss Carryforwards State
DeferredTaxAssetsOperatingLossCarryforwardsState
131901000
CY2023Q4 caba Deferred Tax Assets Operating Loss Carryforwards Local
DeferredTaxAssetsOperatingLossCarryforwardsLocal
82957000
CY2023Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards Not Subject To Expiration
DeferredTaxAssetsOperatingLossCarryforwardsNotSubjectToExpiration
121320000
CY2023Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards Subject To Expiration
DeferredTaxAssetsOperatingLossCarryforwardsSubjectToExpiration
250000
CY2023 caba Operating Loss Carryforwards Federal Commencement Of Expiration Date
OperatingLossCarryforwardsFederalCommencementOfExpirationDate
2037
CY2023 caba Operating Loss Carryforwards State Commencement Of Expiration Date
OperatingLossCarryforwardsStateCommencementOfExpirationDate
2037
CY2023 caba Operating Loss Carryforwards Local Commencement Of Expiration Date
OperatingLossCarryforwardsLocalCommencementOfExpirationDate
2024
CY2023 caba Percentage Of Eligible Tax Positions For Recognition
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0.50
CY2023Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
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0
CY2023 us-gaap Weighted Average Number Of Shares Outstanding Basic
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1168054
CY2022 us-gaap Weighted Average Number Of Shares Outstanding Basic
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5942036
CY2023 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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8141035
CY2022 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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6013384
CY2023 us-gaap Defined Contribution Plan Employer Matching Contribution Percent Of Match
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0.04
CY2023 us-gaap Defined Contribution Plan Cost Recognized
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521000
CY2022 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
351000

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