$CABA
Cabaletta Bio, Inc.

2021 Form 10-K Financial Statement

#000156459022010726 Filed on March 17, 2022

View on sec.gov

Income Statement

Concept 2021 2020 Q4 2020
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $13.82M $3.560M $12.46M
YoY Change 10.91% 25.8% 77.75%
% of Gross Profit
Research & Development $32.49M $5.780M $21.38M
YoY Change 52.01% 90.76% 83.17%
% of Gross Profit
Depreciation & Amortization $733.0K $110.0K $354.0K
YoY Change 107.06% 120.0% 240.38%
% of Gross Profit
Operating Expenses $32.49M $9.330M $33.83M
YoY Change -3.96% 59.22% 81.12%
Operating Profit -$46.31M -$33.83M
YoY Change 36.89% 81.09%
Interest Expense $24.00K $20.00K $490.0K
YoY Change -95.1% -95.65% -71.84%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$46.29M -$9.310M -$33.34M
YoY Change 38.84% 72.41% 96.81%
Income Tax
% Of Pretax Income
Net Earnings -$46.29M -$9.310M -$33.34M
YoY Change 38.84% 72.41% 96.77%
Net Earnings / Revenue
Basic Earnings Per Share -$1.80
Diluted Earnings Per Share -$1.799M -$355.8K -$1.440M
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2021 2020 Q4 2020
SHORT-TERM ASSETS
Cash & Short-Term Investments $122.2M $108.7M $108.7M
YoY Change 12.44% -20.19% -20.19%
Cash & Equivalents $122.2M $101.4M $101.4M
Short-Term Investments $0.00 $7.200M $7.200M
Other Short-Term Assets $2.319M $4.900M $4.900M
YoY Change -52.67% 13.95% 13.95%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $124.5M $113.5M $113.5M
YoY Change 9.73% -19.22% -19.27%
LONG-TERM ASSETS
Property, Plant & Equipment $1.438M $890.0K $900.0K
YoY Change 59.78% 9.2% 12.5%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $357.0K $299.0K $300.0K
YoY Change 19.0% 196.04% 200.0%
Total Long-Term Assets $1.795M $1.189M $1.200M
YoY Change 49.58% 29.8% 33.33%
TOTAL ASSETS
Total Short-Term Assets $124.5M $113.5M $113.5M
Total Long-Term Assets $1.795M $1.189M $1.200M
Total Assets $126.3M $114.7M $114.7M
YoY Change 10.14% -18.9% -18.94%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.333M $1.243M $1.200M
YoY Change 94.42% 35.11% 33.33%
Accrued Expenses $2.977M $2.400M $2.400M
YoY Change 24.04% 60.0% 60.0%
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 $8.380M $5.180M $5.200M
YoY Change 61.15% 64.6% 67.74%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $8.380M $5.180M $5.200M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $8.380M $5.200M $5.200M
YoY Change 61.15% 67.74% 67.74%
SHAREHOLDERS EQUITY
Retained Earnings -$66.30M
YoY Change 101.15%
Common Stock $175.8M
YoY Change 2.66%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $118.0M $109.5M $109.5M
YoY Change
Total Liabilities & Shareholders Equity $126.3M $114.7M $114.7M
YoY Change 10.14% -18.9% -18.94%

Cashflow Statement

Concept 2021 2020 Q4 2020
OPERATING ACTIVITIES
Net Income -$46.29M -$9.310M -$33.34M
YoY Change 38.84% 72.41% 96.77%
Depreciation, Depletion And Amortization $733.0K $110.0K $354.0K
YoY Change 107.06% 120.0% 240.38%
Cash From Operating Activities -$34.11M -$9.170M -$26.77M
YoY Change 27.42% 16.22% 66.84%
INVESTING ACTIVITIES
Capital Expenditures $1.166M -$230.0K $635.0K
YoY Change 83.62% -14.81% -8.37%
Acquisitions
YoY Change
Other Investing Activities $7.165M $2.110M -$7.350M
YoY Change -197.48%
Cash From Investing Activities $5.999M $1.890M -$7.981M
YoY Change -175.17% -800.0% 1051.66%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $48.25M -$192.0K
YoY Change -25231.77% -100.27%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 48.90M 40.00K -24.00K
YoY Change -203862.5% -99.95% -100.02%
NET CHANGE
Cash From Operating Activities -34.11M -9.170M -26.77M
Cash From Investing Activities 5.999M 1.890M -7.981M
Cash From Financing Activities 48.90M 40.00K -24.00K
Net Change In Cash -28.11M -7.240M -34.78M
YoY Change -19.17% -111.11% -133.7%
FREE CASH FLOW
Cash From Operating Activities -$34.11M -$9.170M -$26.77M
Capital Expenditures $1.166M -$230.0K $635.0K
Free Cash Flow -$35.28M -$8.940M -$27.41M
YoY Change 28.72% 17.32% 63.73%

Facts In Submission

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<p style="text-align:justify;margin-bottom:0pt;margin-top:18pt;margin-left:3.78%;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Use of Estimates</p> <p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;text-indent:3.78%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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 the fair value of stock-based compensation, 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. </p>
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318000
CY2020Q4 caba Deferred Tax Assets License Fees Deductions
DeferredTaxAssetsLicenseFeesDeductions
340000
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3359000
CY2020Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards Research
DeferredTaxAssetsTaxCreditCarryforwardsResearch
1317000
CY2021Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
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2616000
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1243000
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1074000
CY2020Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Accrued Liabilities
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAccruedLiabilities
837000
CY2021Q4 us-gaap Deferred Tax Assets Gross
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36224000
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DeferredTaxAssetsGross
18978000
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DeferredTaxAssetsValuationAllowance
36224000
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DeferredTaxAssetsValuationAllowance
18978000
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0
CY2020Q4 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
0
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17246000
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DeferredTaxAssetsOperatingLossCarryforwardsFederal
85798000
CY2021Q4 caba Deferred Tax Assets Operating Loss Carryforwards State
DeferredTaxAssetsOperatingLossCarryforwardsState
87983000
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78892000
CY2021Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards Not Subject To Expiration
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85548000
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250000
CY2021 caba Operating Loss Carryforwards Federal Commencement Of Expiration Date
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2037
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2037
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2039
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0.50
CY2021Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
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0
CY2021 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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4257213
CY2020 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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3366280
CY2019 us-gaap Defined Contribution Plan Employer Matching Contribution Percent
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0.03
CY2021 us-gaap Defined Contribution Plan Employer Matching Contribution Percent Of Match
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0.04
CY2021 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
256000
CY2020 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
203000

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