$CABA
Cabaletta Bio, Inc.

2024 Q3 Form 10-Q Financial Statement

#000095017024093325 Filed on August 08, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $6.756M $6.852M
YoY Change 38.44% 67.41%
% of Gross Profit
Research & Development $26.29M $23.43M
YoY Change 90.69% 98.58%
% of Gross Profit
Depreciation & Amortization $424.0K $426.0K
YoY Change 21.14% 15.14%
% of Gross Profit
Operating Expenses $33.05M $30.28M
YoY Change 77.02% 90.55%
Operating Profit -$33.05M -$30.28M
YoY Change 77.02% 90.55%
Interest Expense $2.417M $2.677M
YoY Change 8.87% 90.81%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$30.63M -$27.60M
YoY Change 86.19% 90.53%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$30.63M -$27.60M
YoY Change 86.22% 90.53%
Net Earnings / Revenue
Basic Earnings Per Share -$0.62 -$0.56
Diluted Earnings Per Share -$0.62 -$0.56
COMMON SHARES
Basic Shares Outstanding 48.85M 48.28M
Diluted Shares Outstanding

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $183.0M $203.2M
YoY Change 11.32% 15.25%
Cash & Equivalents $170.6M $178.6M
Short-Term Investments $12.40M $24.61M
Other Short-Term Assets $2.503M $3.031M
YoY Change 39.06% 143.65%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $185.5M $206.3M
YoY Change 11.64% 16.15%
LONG-TERM ASSETS
Property, Plant & Equipment $2.813M $2.976M
YoY Change 41.36% 29.22%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.482M $2.252M
YoY Change 152.24% 228.76%
Total Long-Term Assets $18.90M $11.16M
YoY Change 165.79% 57.99%
TOTAL ASSETS
Total Short-Term Assets $185.5M $206.3M
Total Long-Term Assets $18.90M $11.16M
Total Assets $204.4M $217.4M
YoY Change 17.96% 17.75%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.180M $4.219M
YoY Change -39.78% 80.22%
Accrued Expenses $13.06M $10.85M
YoY Change 133.16% 160.91%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $22.88M $17.90M
YoY Change 115.54% 111.02%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $7.287M $0.00
YoY Change 328.65% -100.0%
Total Long-Term Liabilities $7.287M $0.00
YoY Change 328.65% -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $22.88M $17.90M
Total Long-Term Liabilities $7.287M $0.00
Total Liabilities $30.17M $17.90M
YoY Change 144.01% 70.53%
SHAREHOLDERS EQUITY
Retained Earnings -$316.5M -$285.9M
YoY Change 49.05% 45.93%
Common Stock $490.8M $485.4M
YoY Change 31.47% 31.18%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $174.2M $199.5M
YoY Change
Total Liabilities & Shareholders Equity $204.4M $217.4M
YoY Change 17.96% 17.75%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income -$30.63M -$27.60M
YoY Change 86.22% 90.53%
Depreciation, Depletion And Amortization $424.0K $426.0K
YoY Change 21.14% 15.14%
Cash From Operating Activities -$20.32M -$20.79M
YoY Change 61.29% 74.86%
INVESTING ACTIVITIES
Capital Expenditures $253.0K $770.0K
YoY Change 321.67% 1250.88%
Acquisitions
YoY Change
Other Investing Activities $12.50M $24.50M
YoY Change -150.95%
Cash From Investing Activities $12.25M $23.73M
YoY Change -17595.71% -149.29%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 71.00K 379.0K
YoY Change -29.0% -99.6%
NET CHANGE
Cash From Operating Activities -20.32M -20.79M
Cash From Investing Activities 12.25M 23.73M
Cash From Financing Activities 71.00K 379.0K
Net Change In Cash -8.005M 3.320M
YoY Change -36.32% -90.3%
FREE CASH FLOW
Cash From Operating Activities -$20.32M -$20.79M
Capital Expenditures $253.0K $770.0K
Free Cash Flow -$20.58M -$21.56M
YoY Change 62.53% 80.47%

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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
81607000
CY2024Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
178613000
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
128072000
caba Issuance Costs Included In Accrued Expenses
IssuanceCostsIncludedInAccruedExpenses
0
caba Issuance Costs Included In Accrued Expenses
IssuanceCostsIncludedInAccruedExpenses
142000
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
375000
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
23000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
4210000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
0
CY2024Q2 us-gaap Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
203225000
CY2024Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-285886000
CY2023Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2024Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2023Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
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 the condensed consolidated 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>
CY2024Q2 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
203254000
CY2024Q2 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
0
CY2024Q2 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
29000
CY2024Q2 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
203225000
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
CY2024Q2 caba Accrued Research And Development Services Current
AccruedResearchAndDevelopmentServicesCurrent
2519000
CY2023Q4 caba Accrued Research And Development Services Current
AccruedResearchAndDevelopmentServicesCurrent
2459000
CY2024Q2 caba Accrued General And Administrative Services Current
AccruedGeneralAndAdministrativeServicesCurrent
295000
CY2023Q4 caba Accrued General And Administrative Services Current
AccruedGeneralAndAdministrativeServicesCurrent
188000
CY2024Q2 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
3446000
CY2023Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
5200000
CY2024Q2 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
20000
CY2023Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
40000
CY2024Q2 caba Accrued Liabilities And Other Liabilities Current
AccruedLiabilitiesAndOtherLiabilitiesCurrent
6280000
CY2023Q4 caba Accrued Liabilities And Other Liabilities Current
AccruedLiabilitiesAndOtherLiabilitiesCurrent
7887000
CY2023Q4 caba Upfront Payment
UpfrontPayment
1100000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
1168054
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
4130442
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.
CY2024Q2 us-gaap Lessee Operating Lease Remaining Lease Term
LesseeOperatingLeaseRemainingLeaseTerm
P0Y9M18D
CY2023Q4 us-gaap Lessee Operating Lease Remaining Lease Term
LesseeOperatingLeaseRemainingLeaseTerm
P1Y6M
CY2023Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
953000
CY2024Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.104
CY2023Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.095
us-gaap Operating Lease Payments
OperatingLeasePayments
2220000
us-gaap Operating Lease Payments
OperatingLeasePayments
1139000
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
5177000
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Rolling Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextRollingTwelveMonths
2533000
CY2024Q2 caba Lessee Undiscounted Lease Payments
LesseeUndiscountedLeasePayments
7710000
CY2024Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
310000
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
7400000
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
CY2024Q2 caba Shares Remaining Available For Issuance
SharesRemainingAvailableForIssuance
2372262
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
108949
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
14.96
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
17.41
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 Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.0378
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.046
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 Expected Volatility Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum
1.04
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum
1.10
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum
1.06
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
10253666
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
8078282
CY2024Q2 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q2 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q2 caba Rule10 B51 Arr Modified Flag
Rule10B51ArrModifiedFlag
false
CY2024Q2 caba Non Rule10 B51 Arr Modified Flag
NonRule10B51ArrModifiedFlag
false
CY2024Q2 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q2 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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0000950170-24-093325.txt Edgar Link pending
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caba-20240630.htm Edgar Link pending
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