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

Quarterly report [Sections 13 or 15(d)]

Cover
- Document and Entity Information
Financial Statements
Notes to Financial Statements
Accounting Policies
- Summary of Significant Accounting Policies (Policies)
Notes Tables
Notes Details

Common Stock (Tables)

v3.25.1

Common Stock (Tables)

3 Months Ended

Mar. 31, 2025

Equity [Abstract]

Summary of Stock Option Activity

A summary of stock option activity is presented below:


	Number of Shares			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (years)		Aggregate Intrinsic Value
Outstanding as of January 1, 2025		11,231,148		$	10.63		7.4	$	989
Granted		2,869,050			1.70
Forfeited/Cancelled		(33,993	)		15.18
Outstanding as of March 31, 2025		14,066,205		$	8.80		7.7	$	270
Options Exercisable at March 31, 2025		6,448,912		$	9.06		6.1	$	267

Schedule of Assumptions Used to Estimate Fair Value of Stock Options

The fair value of each award is estimated using Black-Scholes based on the following assumptions:


	Three months ended March 31,
	2025	2024
Risk-free interest rate	3.98%—4.46%	3.78%—4.28%
Expected term	6.1 years	6.1 years
Expected volatility	112%	106%
Expected dividend yield	0%	0%

Summary of Stock-Based Compensation

The Company has recorded stock-based compensation in the accompanying statements of operations as follows:


	Three months ended March 31,
	2025		2024
Research and development	$	2,666	$	1,960
General and administrative		2,495		1,831
Total	$	5,161	$	3,791

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