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

9 Months Ended

Sep. 30, 2026

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. The Company has 6,409,519 authorized shares of non-voting common stock. None of these shares of non-voting common stock have been outstanding since May 2024. Since the rights of the voting and non-voting common stock are identical, except with respect to voting, the undistributed losses of the Company are allocated on a proportionate basis to the two classes in periods when non-voting stock is outstanding. 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 September 30, 2026 and 2025 included outstanding pre-funded warrants to purchase up to an aggregate of 6,000,000 shares of common stock.


	Three Months Ended September 30,						Nine Months Ended September 30,
	2026			2025			2026			2025
	Voting common stock			Voting common stock			Voting common stock			Voting common stock
Basic and diluted net loss per share:
Net loss	$	(53,053	)	$	(44,866	)	$	(147,586	)	$	(125,937	)
Weighted average number of shares outstanding		186,784,096			102,262,904			150,263,791			71,816,247
Net loss per share, basic and diluted	$	(0.28	)	$	(0.44	)	$	(0.98	)	$	(1.75	)

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


	Nine Months Ended September 30,
	2026		2025
Stock options to purchase common stock		18,527,258		13,618,173
Warrants to purchase common stock		—		53,090,190
Total		18,527,258		66,708,363