Cabaletta Bio Files Q2 2024 10-Q

TL;DR

Cabaletta Bio's Q2 10-Q is in: financials and ops updates for investors.

AI Summary

Cabaletta Bio, Inc. filed its 10-Q for the period ending June 30, 2024. The company reported its financial results and provided updates on its business operations. Key financial figures and operational highlights are detailed within the filing, which covers the second quarter of 2024.

Why It Matters

This filing provides investors with the latest financial health and operational status of Cabaletta Bio, Inc., crucial for understanding its current performance and future prospects.

Risk Assessment

Risk Level: medium — As a biotechnology company, Cabaletta Bio faces inherent risks related to drug development, regulatory approvals, and market competition.

Key Numbers

• 20240630 — Reporting Period End Date (Indicates the end of the fiscal quarter for which financial information is reported.)
• 2024-01-01 — Reporting Period Start Date (Indicates the beginning of the fiscal quarter for which financial information is reported.)
• 2024-07-01 — Subsequent Event Date (Marks a significant event occurring after the reporting period.)

Key Players & Entities

• Cabaletta Bio, Inc. (company) — Filer of the 10-Q
• 20240630 (date) — End of the reporting period
• 2024-01-01 (date) — Start of the reporting period
• 2024-07-01 (date) — Subsequent event date
• Nanjing Iaso Biotherapeutics Co Ltd (company) — Mentioned entity

FAQ

Key Financial Figures

• $0.00001 — ch registered Common Stock, par value $0.00001 per share CABA The Nasdaq Global Se

Filing Documents

• caba-20240630.htm (10-Q) — 2236KB
• caba-ex10_1.htm (EX-10.1) — 42KB
• caba-ex31_1.htm (EX-31.1) — 16KB
• caba-ex31_2.htm (EX-31.2) — 16KB
• caba-ex32_1.htm (EX-32.1) — 9KB
• caba-ex32_2.htm (EX-32.2) — 10KB
• 0000950170-24-093325.txt ( ) — 7628KB
• caba-20240630.xsd (EX-101.SCH) — 874KB
• caba-20240630_htm.xml (XML) — 1291KB

Financial Statements (Unaudited)

Financial Statements (Unaudited) 4 Condensed Consolidated Balance Sheets 4 Condensed Consolidated Statements of Operations and Comprehensive Loss 5 Condensed Consolidated Statements of Stockholders' Equity 6 Condensed Consolidated Statements of Cash Flows 8 Notes to Unaudited Condensed Consolidated Financial Statements 9 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 22 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 35 Item 4.

Controls and Procedures

Controls and Procedures 35 PART II. OTHER INFORMATION 36 Item 1.

Legal Proceedings

Legal Proceedings 36 Item 1A.

Risk Factors

Risk Factors 36 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 95 Item 3. Defaults Upon Senior Securities 95 Item 4. Mine Safety Disclosures 95 Item 5. Other Information 95 Item 6. Exhibits 96

Signatures

Signatures 97 i Summary of the Material and Other Risks Associated with Our Business We are a clinical-stage company with a limited operating history, have incurred significant losses since our inception, and anticipate that we will continue to incur significant losses for the foreseeable future. We are highly dependent on our relationships with University of Pennsylvania, or Penn, and/or WuXi Advanced Therapies, Inc., or WuXi, for our current manufacturing needs for our Phase 1/2 RESET TM , or Restoring Self-Tolerance, clinical trials for CABA-201 and our Phase 1 clinical trial of MuSK-CAART, or the MusCAARTes TM trial, and if Penn's or WuXi's manufacturing capacity is reduced or otherwise delayed or limited, including due to legislative action, or if we, Penn, WuXi or any third-party manufacturers encounter difficulties in manufacturing our product candidates, this could adversely impact the supply of product candidates for and enrollment in our trials. We are reliant on intellectual property licensed to us by Penn and Nanjing IASO Biotherapeutics Co., Ltd., or IASO, and termination of one of these license agreements would result in the loss of significant rights, which would have a material adverse effect on our business. If we are unable to obtain and maintain sufficient intellectual property protection for our current product candidates and technologies or any future product candidates, we may not be able to compete effectively in our markets. We will need to raise substantial additional funding before we can expect to complete development of any of our product candidates or generate any revenues from product sales. Our limited operating history may make it difficult for you to evaluate the success of our business to date and to assess our future viability. If we are unable to successfully develop our current programs into a portfolio of product candidates, or experience significant delays in doing so, we may not realize the full commercial

—FINANCI AL INFORMATION

PART I—FINANCI AL INFORMATION

Financi al Statements

Item 1. Financi al Statements. CABALETTA BIO, INC. Condensed Consolidated Balance Sheets (in thousands, except share and per share amounts) June 30, 2024 December 31, 2023 Assets (unaudited) Current assets: Cash and cash equivalents $ 178,613 $ 193,238 Short-term investments 24,612 48,011 Prepaid expenses and other current assets 3,031 3,241 Total current assets 206,256 244,490 Property and equipment, net 2,976 2,541 Operating lease right-of-use assets 5,934 4,910 Other assets 2,252 1,709 Total Assets $ 217,418 $ 253,650 Liabilities and stockholders' equity Current liabilities: Accounts payable $ 4,219 $ 4,547 Accrued and other current liabilities 6,280 7,887 Operating lease liabilities, current portion 7,400 3,560 Total current liabilities 17,899 15,994 Operating lease liabilities, net of current portion — 1,458 Total Liabilities 17,899 17,452 Commitments and contingencies (see Notes 5 and 6) Stockholders' equity: Preferred stock, $ 0.00001 par value: 10,000,000 shares authorized as of June 31, 2024 and December 31, 2023; no shares issued or outstanding at June 30, 2024 and December 31, 2023 — — Voting and non-voting common stock, $ 0.00001 par value: 150,000,000 ( 143,590,481 voting and 6,409,519 non-voting) shares authorized as of June 30, 2024 and December 31, 2023; 48,291,469 voting shares issued and outstanding as of June 30, 2024 and 47,823,232 ( 46,378,937 voting and 1,444,295 non-voting) shares issued and outstanding as of December 31, 2023 — — Additional paid-in capital 485,434 469,396 Accumulated other comprehensive (loss) income ( 29 ) 39 Accumulated deficit ( 285,886 ) ( 233,237 ) Total stockholders' equity 199,519 236,198 Total liabilities and stockholders' equity $ 217,418 $ 253,650 The accompanying notes are an integral part of these unaudited condensed consolidated financia

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View this 10-Q filing on SEC EDGAR