SCHEDULE: Cormorant Asset Management Boosts Cabaletta Bio Stake

Cormorant Asset Management and Bihua Chen report a 9.99% beneficial ownership stake in Cabaletta Bio, Inc. through an amended Schedule 13G filing.

Summary

• Cormorant Asset Management, LP and Bihua Chen collectively report beneficial ownership of 9,591,983 shares of Cabaletta Bio, Inc. Common Stock.
• This ownership represents 9.99% of the outstanding Common Stock.
• The reported holdings include shares issuable upon the exercise of warrants, which are subject to a contractual limitation preventing beneficial ownership from exceeding 9.99% of the outstanding shares.
• Warrants held by the Reporting Persons would be exercisable for up to 5,000,000 shares of Common Stock; without the exercise limitation, beneficial ownership would exceed 9.99%.
• The percentage of class is calculated based on 91,465,233 shares of Common Stock outstanding as of August 1, 2025, as disclosed in Cabaletta Bio's Quarterly Report on Form 10-Q filed on August 7, 2025.
• Cormorant Global Healthcare Master Fund, LP, one of the Cormorant Funds, has the right to receive or direct the receipt of dividends or proceeds from the sale of more than 5% of the shares.

Sentiment

Score: 5

Explanation: The filing is a factual disclosure of beneficial ownership and does not contain information that would inherently indicate positive or negative sentiment regarding the company's performance or prospects. It is neutral.

Future Outlook

NA

Industry Context

NA

Stakeholder Impact

• Shareholders: Increased transparency regarding a significant institutional investor's stake, potentially signaling confidence or a strategic interest.
• Cabaletta Bio, Inc.: Awareness of a large, active institutional holder, which could influence corporate strategy or governance discussions.

Key Dates

Keywords

Cabaletta Bio, Cormorant Asset Management, Bihua Chen, beneficial ownership, Schedule 13G, common stock, investment adviser, warrants