$CABA
Cabaletta Bio, Inc.

2024 Q2 Form 10-Q Financial Statement

#000095017024060045 Filed on May 15, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1 2023 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 $6.852M $6.077M $5.741M
YoY Change 67.41% 34.42% 47.13%
% of Gross Profit
Research & Development $23.43M $21.95M $17.41M
YoY Change 98.58% 76.55% 40.36%
% of Gross Profit
Depreciation & Amortization $426.0K $393.0K $336.0K
YoY Change 15.14% 7.67% -6.15%
% of Gross Profit
Operating Expenses $30.28M $28.03M $23.15M
YoY Change 90.55% 65.32% 41.98%
Operating Profit -$30.28M -$28.03M
YoY Change 90.55% 65.32%
Interest Expense $2.677M $2.984M $2.260M
YoY Change 90.81% 170.78% 270.49%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$27.60M -$25.05M -$20.89M
YoY Change 90.53% 57.99% 33.1%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$27.60M -$25.05M -$20.89M
YoY Change 90.53% 57.99% 33.1%
Net Earnings / Revenue
Basic Earnings Per Share -$0.56 -$0.51
Diluted Earnings Per Share -$0.56 -$0.51 -$0.46
COMMON SHARES
Basic Shares Outstanding 48.28M 48.24M 42.85M
Diluted Shares Outstanding

Balance Sheet

Concept 2024 Q2 2024 Q1 2023 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $203.2M $223.8M $241.2M
YoY Change 15.25% 138.53% 126.42%
Cash & Equivalents $178.6M $175.3M $193.2M
Short-Term Investments $24.61M $48.55M $48.01M
Other Short-Term Assets $3.031M $3.635M $3.241M
YoY Change 143.65% 92.43% 41.71%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $206.3M $227.5M $244.5M
YoY Change 16.15% 137.62% 124.64%
LONG-TERM ASSETS
Property, Plant & Equipment $2.976M $2.918M $7.451M
YoY Change 29.22% 12.53% 189.02%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.252M $2.368M $1.709M
YoY Change 228.76% 307.57% 202.48%
Total Long-Term Assets $11.16M $12.98M $9.160M
YoY Change 57.99% 68.25% 12.61%
TOTAL ASSETS
Total Short-Term Assets $206.3M $227.5M $244.5M
Total Long-Term Assets $11.16M $12.98M $9.160M
Total Assets $217.4M $240.5M $253.7M
YoY Change 17.75% 132.44% 116.85%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.219M $5.843M $4.547M
YoY Change 80.22% 47.74% 84.61%
Accrued Expenses $10.85M $9.127M $8.760M
YoY Change 160.91% 187.37% 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 $17.90M $17.97M $15.99M
YoY Change 111.02% 93.14% 68.55%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $0.00 $765.0K $1.458M
YoY Change -100.0% -69.29% -50.73%
Total Long-Term Liabilities $0.00 $765.0K $1.458M
YoY Change -100.0% -69.29% -50.73%
TOTAL LIABILITIES
Total Short-Term Liabilities $17.90M $17.97M $15.99M
Total Long-Term Liabilities $0.00 $765.0K $1.458M
Total Liabilities $17.90M $18.74M $17.45M
YoY Change 70.53% 58.84% 40.2%
SHAREHOLDERS EQUITY
Retained Earnings -$285.9M -$258.3M -$233.2M
YoY Change 45.93% 42.37% 40.88%
Common Stock $485.4M $480.0M $469.4M
YoY Change 31.18% 75.8% 73.77%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $199.5M $221.7M $236.2M
YoY Change
Total Liabilities & Shareholders Equity $217.4M $240.5M $253.7M
YoY Change 17.75% 132.44% 116.85%

Cashflow Statement

Concept 2024 Q2 2024 Q1 2023 Q4
OPERATING ACTIVITIES
Net Income -$27.60M -$25.05M -$20.89M
YoY Change 90.53% 57.99% 33.1%
Depreciation, Depletion And Amortization $426.0K $393.0K $336.0K
YoY Change 15.14% 7.67% -6.15%
Cash From Operating Activities -$20.79M -$23.99M -$16.45M
YoY Change 74.86% 90.26% 35.59%
INVESTING ACTIVITIES
Capital Expenditures $770.0K $812.0K $185.0K
YoY Change 1250.88% 113.68% -41.46%
Acquisitions
YoY Change
Other Investing Activities $24.50M $0.00 $1.321M
YoY Change -150.95% -100.0%
Cash From Investing Activities $23.73M -$812.0K $1.136M
YoY Change -149.29% -103.3% -459.49%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 379.0K 6.855M 93.05M
YoY Change -99.6% 2933.19% 182.9%
NET CHANGE
Cash From Operating Activities -20.79M -23.99M -16.45M
Cash From Investing Activities 23.73M -812.0K 1.136M
Cash From Financing Activities 379.0K 6.855M 93.05M
Net Change In Cash 3.320M -17.95M 77.74M
YoY Change -90.3% -246.63% 280.24%
FREE CASH FLOW
Cash From Operating Activities -$20.79M -$23.99M -$16.45M
Capital Expenditures $770.0K $812.0K $185.0K
Free Cash Flow -$21.56M -$24.80M -$16.63M
YoY Change 80.47% 90.95% 33.63%

Facts In Submission

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CY2024Q1 us-gaap Use Of Estimates
UseOfEstimates
<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><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;"> </span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:12pt;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. 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>
CY2024Q1 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
223883000
CY2024Q1 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
0
CY2024Q1 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
38000
CY2024Q1 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
223845000
CY2023Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
241210000
CY2023Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
43000
CY2023Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
4000
CY2023Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
241249000
CY2024Q1 caba Accrued Research And Development Services Current
AccruedResearchAndDevelopmentServicesCurrent
2521000
CY2023Q4 caba Accrued Research And Development Services Current
AccruedResearchAndDevelopmentServicesCurrent
2459000
CY2024Q1 caba Accrued General And Administrative Services Current
AccruedGeneralAndAdministrativeServicesCurrent
431000
CY2023Q4 caba Accrued General And Administrative Services Current
AccruedGeneralAndAdministrativeServicesCurrent
188000
CY2024Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1723000
CY2023Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
5200000
CY2024Q1 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
50000
CY2023Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
40000
CY2024Q1 caba Accrued Liabilities And Other Liabilities Current
AccruedLiabilitiesAndOtherLiabilitiesCurrent
4725000
CY2023Q4 caba Accrued Liabilities And Other Liabilities Current
AccruedLiabilitiesAndOtherLiabilitiesCurrent
7887000
CY2023Q4 caba Upfront Payment
UpfrontPayment
1100000
CY2024Q1 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.
CY2024Q1 us-gaap Lessee Operating Lease Remaining Lease Term
LesseeOperatingLeaseRemainingLeaseTerm
P1Y1M6D
CY2023Q4 us-gaap Lessee Operating Lease Remaining Lease Term
LesseeOperatingLeaseRemainingLeaseTerm
P1Y6M
CY2023Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
953000
CY2024Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.105
CY2023Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.095
CY2024Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
1252000
CY2023Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
570000
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
6145000
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Rolling Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextRollingTwelveMonths
2533000
CY2024Q1 caba Lessee Undiscounted Lease Payments
LesseeUndiscountedLeasePayments
8678000
CY2024Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
509000
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
8169000
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
CY2024Q1 caba Shares Remaining Available For Issuance
SharesRemainingAvailableForIssuance
2821913
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
19.72
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
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.0378
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.0428
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
CY2024Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y1M6D
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y1M6D
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
1.06
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
1.06
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2024Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
58691
CY2024Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P3Y3M18D
CY2024Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2023Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2024Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2023Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2024Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
1168054
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
4130442
CY2024Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
9831422
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
7951804
CY2024Q1 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q1 caba Rule10 B51 Arr Modified Flag
Rule10B51ArrModifiedFlag
false
CY2024Q1 caba Non Rule10 B51 Arr Modified Flag
NonRule10B51ArrModifiedFlag
false
CY2024Q1 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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caba-20240331.htm Edgar Link pending
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caba-ex10_1.htm Edgar Link pending
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