Companies Cabaletta Bio, Inc.
Cabaletta Bio (CABA): executive pay, fiscal 2025
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CEO pay, last three years
- $4,808,279FY2023
- $8,096,947FY2024
- $2,401,555FY2025
CEO total pay was $2,401,555 in fiscal 2025, down from $8,096,947 in fiscal 2024.
FY2025: salary $659,550 · bonus $0 · stock awards $0 · option awards $1,266,978
Executives and directors
Frequently asked questions
Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.
Full detail
Every table from the filing. Open any section.
Summary compensation table
| Named executive officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension / NQDC | All other | Total |
|---|---|---|---|---|---|---|---|---|
| Steven Nichtberger | $659,550 | $0 | $0 | $1,266,978 | $446,982 | $0 | $28,045 | $2,401,555 |
| President and Chief Executive Officer | ||||||||
| Gwendolyn Binder | 516,700 | 0 | 0 | 484,124 | 243,262 | 0 | 14,000 | 1,258,086 |
| President, Science and Technology | ||||||||
| David Chang | 516,700 | 0 | 0 | 429,009 | 276,435 | 0 | 14,000 | 1,236,144 |
| Chief Medical Officer | ||||||||
A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.
Three-year trend — total compensation per named executive
| Named executive officer | FY2025 total | FY2024 total | FY2023 total | Δ FY2024→2025 |
|---|---|---|---|---|
| Steven Nichtberger | $2,401,555 | $8,096,947 | $4,808,279 | ↓ −5,695,392 |
| Gwendolyn Binder | 1,258,086 | 3,324,789 | 2,340,883 | ↓ −2,066,703 |
| David Chang | 1,236,144 | 3,346,126 | 2,101,052 | ↓ −2,109,982 |
Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.
Incentive-plan design — the Compensation Discussion & Analysis
The company targets a general competitive position based on independent third-party benchmark analytics to inform the mix of base salary, bonus, and long-term incentives. Compensation is designed to align executive interests with stockholders, motivate the achievement of short- and long-term results, and reflect individual performance against company objectives.
| CEO STI target (% of salary) | 60% |
|---|---|
| CEO LTI target (% of salary) | — |
| Independent consultant | Aon |
| Clawback policy | true |
| Anti-hedging | true |
| Anti-pledging | true |
Equity grants and outstanding awards
Grants of plan-based awards — fiscal year 2025
| Executive | Award | Grant date | Threshold | Target | Granted | Maximum | Grant-date fair value |
|---|---|---|---|---|---|---|---|
| Gwendolyn Binder | Option | — | — | — | — | — | $484,124 |
| Steven Nichtberger | Option | — | — | — | — | — | 1,266,978 |
| David Chang | Option | — | — | — | — | — | 429,009 |
Vehicle mix — grant-date fair value by award type
| Named executive officer | Time-vested (RSU) | Performance-vested (PSU) | Options / SARs | % performance-vested |
|---|---|---|---|---|
| Gwendolyn Binder | $0 | $0 | $484,124 | 0.0% |
| Steven Nichtberger | 0 | 0 | 1,266,978 | 0.0% |
| David Chang | 0 | 0 | 429,009 | 0.0% |
% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.
Outstanding equity awards at fiscal year-end 2025
| Executive | Award | Shares unvested | Exercise price | Market value unvested |
|---|---|---|---|---|
| David Chang | Option | 8,437 | 3.21 | — |
| Gwendolyn Binder | Option | 10,000 | 3.21 | — |
| Steven Nichtberger | Option | 23,750 | 3.21 | — |
| David Chang | Option | 46,875 | 11.09 | — |
| Gwendolyn Binder | Option | 55,000 | 11.09 | — |
| Gwendolyn Binder | Option | 73,125 | 23.97 | — |
| David Chang | Option | 73,125 | 23.97 | — |
| Steven Nichtberger | Option | 128,625 | 11.09 | — |
| Gwendolyn Binder | Option | 145,000 | 1.67 | — |
| David Chang | Option | 145,000 | 1.67 | — |
| Steven Nichtberger | Option | 198,562 | 23.97 | — |
| Steven Nichtberger | Option | 450,000 | 1.67 | — |
Director compensation
| Director | Cash fees | Stock awards | Option awards | Non-equity incentive | All other | Total |
|---|---|---|---|---|---|---|
| Richard HenriquesIndependent · Audit (Chair) · Compensation | $66,250 | $0 | $85,923 | — | $0 | $152,173 |
| Catherine BollardIndependent · Science and Technology (Chair) | 60,000 | 0 | 85,567 | — | 0 | 145,567 |
| Mark SimonIndependent · Audit · Compensation | 67,500 | 0 | 73,407 | — | 0 | 140,907 |
| Scott BrunIndependent · Audit · Science and Technology | 67,500 | 0 | 69,340 | — | 0 | 136,840 |
| Shawn TomaselloIndependent · Compensation (Chair) · Science and Technology | 53,750 | 0 | 65,420 | — | 0 | 119,170 |
| Steven NichtbergerEmployee director · Board Chair | 0 | 0 | 0 | — | 0 | 0 |
Board fee structure and ownership guideline
| Annual cash retainer | $40,000 |
|---|---|
| Annual equity retainer | — |
| Per board meeting fee | — |
| Committee chair fees (audit / comp / nom-gov) | 20,000 / 12,500 / 10,000 |
| Stock ownership guideline | — |
Total cost of the board
| Component | FY2025 |
|---|---|
| Cash retainers and fees | $315,000 |
| Equity awards (grant-date value) | $0 |
| All other compensation | $0 |
| Total cost of the board | $315,000 |
Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.
Peer group, and who names Cabaletta Bio as a peer
Companies that benchmark against CABA
4 companies name CABA as a compensation peer
- Allogene Therapeutics, Inc.ALLOFY2025
- Dianthus Therapeutics, Inc. /DE/DNTHFY2025
- Editas Medicine, Inc.EDITFY2025
- Generation Bio Co.GBIOFY2024
Each company listed discloses CABA in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named CABA in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.
Chief executive pay against the peer group
Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company’s own proxy statement.
| Rank | Company | FY | Chief executive | Salary | Stock awards | Option awards | Non-equity incentive | Total |
|---|---|---|---|---|---|---|---|---|
| 1 | Cabaletta Bio, Inc. | 2025 | Steven Nichtberger | $659,550 | $0 | $1,266,978 | $446,982 | $2,401,555 |
Each peer’s compensation is from its most recently filed proxy; fiscal years differ by company. Each peer’s figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.
Say-on-pay history and pay ratio
| Meeting year | Meeting date | For | Against | Abstain | Support | Outcome |
|---|---|---|---|---|---|---|
| 2026 | 2026-06-09 | 27,490,145 | 26,048,082 | 47,899 | 51.35% | Passed |
| 2025 | 2025-06-09 | 13,973,541 | 11,809,869 | 106,991 | 54.2% | Passed |
Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year’s compensation.
Say-on-pay — history, company’s computation
| Meeting year | Meeting date | Approval — company’s computation |
|---|---|---|
| 2026 | 2026-06-09 | 51.35%a |
| 2025 | 2025-06-09 | 54.2%b |
a. Approved under the standard stated in the filing — “Abstentions and broker non-votes, if any, will not be counted "For" or "Against" this proposal and will have no effect on this proposal.”.
b. Approved under the standard stated in the filing — “Abstentions and broker non-votes, if any, will not be counted "For" or "Against" this proposal and will have no effect on this proposal.”.
Approval percentages are the company’s own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.
CEO pay ratio
| Ratio (CEO : median employee) | — |
|---|---|
| CEO total compensation | — |
| Median employee compensation | — |
Insider trades since the proxy
Every insider equity transaction reported on Form 4 after the 2025 proxy statement — acquisitions, dispositions, exercises, and withholdings — and therefore not reflected in any table in that document.
| Insider | Role | Transaction date | Code | Shares | Price | Value | Security | Source |
|---|---|---|---|---|---|---|---|---|
| Shawn Tomasello | Director | 2026-06-09 | A | 22,000 | $0 | $0 | Derivative, Class A Common | Form 4 ↗ |
| Catherine Bollard | Director | 2026-06-09 | A | 22,000 | 0 | 0 | Derivative, Class A Common | Form 4 ↗ |
| Mark Simon | Director | 2026-06-09 | A | 22,000 | 0 | 0 | Derivative, Class A Common | Form 4 ↗ |
| Richard Henriques | Director | 2026-06-09 | A | 22,000 | 0 | 0 | Derivative, Class A Common | Form 4 ↗ |
| Scott Brun | Director | 2026-06-09 | A | 22,000 | 0 | 0 | Derivative, Class A Common | Form 4 ↗ |
Transaction codes per Form 4: A acquisition · S open-market sale · F tax withholding · M option exercise · G gift. Value = shares × price as reported. Dividend-equivalent and fractional-share accrual rows (derivative Class A, under $10,000 and under 2,000 shares) are aggregated per date; every row appears in full below.
Sources (24 citations)
Each figure is listed with the filing it comes from, where it appears in that filing, and the value as printed. Any figure can be independently confirmed against the source.
- Section 01, Steven Nichtberger. DEF 14A, filed 2026-04-28. Section “Executive Compensation”. As printed: 2,401,555. View filing ↗
- Section 01, Gwendolyn Binder. DEF 14A, filed 2026-04-28. Section “Executive Compensation”. As printed: 1,258,086. View filing ↗
- Section 01, David Chang. DEF 14A, filed 2026-04-28. Section “Executive Compensation”. As printed: 1,236,144. View filing ↗
- Section 03, Gwendolyn Binder Option. DEF 14A, filed 2026-04-28. Section “EXECUTIVE COMPENSATION” · grants of plan-based awards table. View filing ↗
- Section 03, Steven Nichtberger Option. DEF 14A, filed 2026-04-28. Section “EXECUTIVE COMPENSATION” · grants of plan-based awards table. View filing ↗
- Section 03, David Chang Option. DEF 14A, filed 2026-04-28. Section “EXECUTIVE COMPENSATION” · grants of plan-based awards table. View filing ↗
- Section 07, pay ratio. 10-K, filed 2026-03-23. Section “CEO Pay Ratio”. As printed: —. View filing ↗
- Section 08, Richard Henriques. DEF 14A, filed 2026-04-28. Section “Director Compensation”. As printed: 152,173. View filing ↗
- Section 08, Catherine Bollard. DEF 14A, filed 2026-04-28. Section “Director Compensation”. As printed: 145,567. View filing ↗
- Section 08, Mark Simon. DEF 14A, filed 2026-04-28. Section “Director Compensation”. As printed: 140,907. View filing ↗
- Section 08, Scott Brun. DEF 14A, filed 2026-04-28. Section “Director Compensation”. As printed: 136,840. View filing ↗
- Section 08, Shawn Tomasello. DEF 14A, filed 2026-04-28. Section “Director Compensation”. As printed: 119,170. View filing ↗
- Section 08, Steven Nichtberger. DEF 14A, filed 2026-04-28. Section “Director Compensation”. As printed: 0. View filing ↗
- Section 02, Shawn Tomasello 2026-06-09. Form 4, filed 2026-06-10. Insider equity transaction reported since the proxy statement. View filing ↗
- Section 02, Catherine Bollard 2026-06-09. Form 4, filed 2026-06-10. Insider equity transaction reported since the proxy statement. View filing ↗
- Section 02, Mark Simon 2026-06-09. Form 4, filed 2026-06-10. Insider equity transaction reported since the proxy statement. View filing ↗
- Section 02, Richard Henriques 2026-06-09. Form 4, filed 2026-06-10. Insider equity transaction reported since the proxy statement. View filing ↗
- Section 02, Scott Brun 2026-06-09. Form 4, filed 2026-06-10. Insider equity transaction reported since the proxy statement. View filing ↗
- Section 06, 2026 vote. Form 8-K, filed 2026-06-11. Item 5.07 · say-on-pay result. As reported: 51.35% (votes for as printed: 27,490,145). View filing ↗
- Section 06, 2025 vote. Form 8-K, filed 2025-06-10. Item 5.07 · say-on-pay result. As reported: 54.2% (votes for as printed: 13,973,541). View filing ↗
- Section 01 trend, Δ column (computed). Computed. Δ = current-FY total − prior-FY total per named officer.
- Section 03b vehicle mix (computed). Computed. RSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).
- Section 09b board cost (computed). Computed. Cash 315,000 + equity 0 + all other 0 = 315,000, summed across the director compensation table rows.
- Cabaletta Bio, Inc. (subject), Section 10b CEO total. DEF 14A, filed 2026-04-28. CEO total compensation as printed in Cabaletta Bio, Inc.'s own proxy. As printed: 2,401,555. View filing ↗