Cabaletta Bio, Inc. Segments Disclosure
8. Segment Information
Operating segments are defined as components of an entity for which separate financial information is available and that is regularly reviewed by the CODM in deciding how to allocate resources to an individual segment and in assessing performance. The Company’s CODM is the CEO. The Company has determined it operates in a single operating segment and has one reportable segment. The segment consists of the development of clinical and preclinical product candidates for the discovery and development of innovative engineered T cell therapies and related administrative activities. The CODM assesses performance and allocates resources based on the Company’s consolidated statement of operations, which is reported on the income statement as consolidated net loss and considers forecast-to-actuals variances on a quarterly basis for expenses that are deemed significant. Further, the CODM reviews the segment’s assets based on the consolidated balance sheet to assess liquidity and funding capacity. The majority of the Company's assets are located in the United States.
The Company’s CODM views specific categories within expenses as significant given the direct correlation between cash burn and profitability as a pre-revenue company. Significant segment expenses, as provided to the CODM, are presented below. For additional information on the year over year change of segment expenses refer to Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
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Year Ended December 31, |
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2025 |
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2024 |
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(in thousands) |
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Research and development expenses: |
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Personnel |
|
$ |
46,934 |
|
|
$ |
39,239 |
|
Clinical trials |
|
|
39,581 |
|
|
|
22,286 |
|
Manufacturing of preclinical and clinical supplies |
|
|
38,240 |
|
|
|
15,523 |
|
Development services |
|
|
15,350 |
|
|
|
16,417 |
|
License of intellectual property |
|
|
— |
|
|
|
1,523 |
|
Other research and development costs (1) |
|
|
2,569 |
|
|
|
2,215 |
|
General and administration expenses |
|
|
29,567 |
|
|
|
27,938 |
|
Interest income |
|
|
(6,031 |
) |
|
|
(10,025 |
) |
Interest expense |
|
|
2,004 |
|
|
|
748 |
|
Other income, net |
|
|
(358 |
) |
|
|
— |
|
Net loss |
|
$ |
167,856 |
|
|
$ |
115,864 |
|
(1) Other research and development costs includes costs associated with information technology, travel, medical and scientific symposiums and conferences.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 23, 2026 | Showing above |
| 2024 | Mar 31, 2025 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.