Cabaletta Bio, Inc. Quarterly report [Sections 13 or 15(d)]

Quarterly report [Sections 13 or 15(d)]

Net Loss Per Share

Net Loss Per Share

3 Months Ended

Mar. 31, 2025

11. Net Loss Per Share

The Company calculates basic and diluted net loss per share in conformity with the two-class method required for participating securities. In May 2024, the remaining 1,444,295 shares of non-voting common stock were converted to voting common stock and no shares of non-voting common stock remain outstanding. Since the rights of the voting and non-voting common stock are identical, except with respect to voting, the undistributed losses of the Company have been allocated on a proportionate basis to the two classes. Basic net loss per share of common stock is computed by dividing the net loss per share of common stock by the weighted average number of shares of common stock outstanding for the period.

The weighted average shares of common stock outstanding as of March 31, 2024 included outstanding pre-funded warrants to purchase up to an aggregate of 1,168,054 shares of common stock. No pre-funded warrants remain outstanding as of March 31, 2025. Diluted net loss per share is calculated using the if-converted method as of March 31, 2024, which assumes conversion of all non-voting common stock to voting common stock.


	Three months ended
	March 31, 2025
	Voting common stock
Basic and diluted net loss per share:
Net loss	$	(35,943	)
Weighted average number of shares outstanding		50,743,101
Net loss per share, basic and diluted	$	(0.71	)


	Three months ended
	March 31, 2024
	Voting common stock			Non-voting common stock
Basic net loss per share:
Numerator
Allocation of undistributed losses	$	(24,313	)	$	(734	)

Denominator
Weighted average number of shares used in basic per share computation		47,858,608			1,444,295
Net loss per share, basic	$	(0.51	)	$	(0.51	)

Diluted net loss per share:
Numerator
Allocation of undistributed losses for basic computation	$	(24,313	)	$	(734	)
Reallocation of undistributed losses as a result of conversion of non-voting to voting common shares		(734	)		—
Allocation of undistributed losses	$	(25,047	)	$	(734	)

Denominator
Weighted average number of shares used in basic per share computation		47,858,608			1,444,295
Add: conversion of non-voting to voting common shares outstanding		1,444,295			—
Weighted average number of shares used in diluted per share computation		49,302,903			1,444,295
Net loss per share, diluted	$	(0.51	)	$	(0.51	)

The following outstanding potentially dilutive shares have been excluded from the calculation of diluted net loss per share, as their effect is anti-dilutive:


	As of March 31,
	2025		2024
Stock options to purchase common stock		14,066,205		9,831,422
		14,066,205		9,831,422