Cabaletta Bio, Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Common Stock (Tables)

Common Stock (Tables)

3 Months Ended

Mar. 31, 2020

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, 2020		2,129,632	$	5.12		9.2	$	18,844
Granted		528,072		15.07
Forfeited/Cancelled		—		—
Outstanding as of March 31, 2020		2,657,704		7.10		9.2		6,326
Options Exercisable at March 31, 2020		482,234		2.20		8.7		2,488

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,
	2020	2019
Risk-free interest rate	0.93%—1.48%	2.23%—2.59%
Expected term	5.7—6.1 years	5.6—6.1 years
Expected volatility	70%—73%	70%—73%
Expected dividend yield	0%	0%

Summary of Stock-Based Compensation

The Company recognizes stock-based compensation with respect to equity awards under the 2018 Plan and with respect to vesting common stock issued to founders. The Company has recorded stock-based compensation in the accompanying statements of operations as follows:

	Three Months Ended March 31,
	2020		2019
Research and development	$	419	$	360
General and administrative		454		136
Total	$	873	$	496