Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-06-11

Cabaletta Bio (CABA)

CEO Steven Nichtberger was paid $2,401,555 in fiscal year 2025, ↓ down 70.3% from fiscal year 2024 (SEC filing 0001193125-26-183557 ↗): executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$2,401,555 ↓
Steven Nichtberger total, FY2025
—
CEO pay percentile vs peers
—
CEO-to-median pay ratio
51.35%
Say-on-pay support, latest vote

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Sample answer — “What is the CEO’s total compensation?”
- Steven Nichtberger (President and Chief Executive Officer), FY2025 total compensation $2,401,555 (base salary $659,550) [exec_comp, SEC accession 0001193125-26-183557, filed 2026-04-28]

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CABA's next annual pay disclosure, estimated April 28, 2027.est. Filing ↗

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Steven Nichtberger$659,550$0$0$1,266,978$446,982$0$28,045$2,401,555
President and Chief Executive Officer
Gwendolyn Binder516,70000484,124243,262014,0001,258,086
President, Science and Technology
David Chang516,70000429,009276,435014,0001,236,144
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 officerFY2025 totalFY2024 totalFY2023 totalΔ FY2024→2025
Steven Nichtberger$2,401,555$8,096,947$4,808,279↓ −5,695,392
Gwendolyn Binder1,258,0863,324,7892,340,883↓ −2,066,703
David Chang1,236,1443,346,1262,101,052↓ −2,109,982

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

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Companies that benchmark against CABA
4 companies name CABA as a compensation peer

The list of companies that name CABA as a peer is temporarily unavailable — recheck shortly.

01b

Executives — the named officers

One page per officer: the same table above, read for one person at a time — his own figure and every fiscal year the register holds.

ExecutiveRoleFY2025 total
David ChangChief Medical Officer$1,236,144
Steven NichtbergerCEO$2,401,555
Gwendolyn BinderPresident$1,258,086
01c

Board of directors

One page per director: the seat, the committees and the fee table, read for one person at a time.

DirectorRoleFY2025 total
Catherine BollardIndependent Director$145,567
Mark SimonIndependent Director$140,907
Richard HenriquesIndependent Director$152,173
Scott BrunIndependent Director$136,840
Shawn TomaselloIndependent Director$119,170
02

Equity transactions since the proxy statement was filed

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.

InsiderRoleTransaction dateCodeSharesPriceValueSecuritySource
Shawn TomaselloDirector2026-06-09A22,000$0$0Derivative, Class A CommonForm 4 ↗
Catherine BollardDirector2026-06-09A22,00000Derivative, Class A CommonForm 4 ↗
Mark SimonDirector2026-06-09A22,00000Derivative, Class A CommonForm 4 ↗
Richard HenriquesDirector2026-06-09A22,00000Derivative, Class A CommonForm 4 ↗
Scott BrunDirector2026-06-09A22,00000Derivative, Class A CommonForm 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.

03

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Steven NichtbergerOption—————$1,266,978
David ChangOption—————429,009
Gwendolyn BinderOption—————484,124
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Steven Nichtberger$0$0$1,266,9780.0%
David Chang00429,0090.0%
Gwendolyn Binder00484,1240.0%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Gwendolyn BinderOption145,0001.67—
Gwendolyn BinderOption73,12523.97—
David ChangOption73,12523.97—
David ChangOption145,0001.67—
Steven NichtbergerOption23,7503.21—
Steven NichtbergerOption198,56223.97—
Steven NichtbergerOption450,0001.67—
Steven NichtbergerOption128,62511.09—
Gwendolyn BinderOption55,00011.09—
David ChangOption8,4373.21—
David ChangOption46,87511.09—
Gwendolyn BinderOption10,0003.21—
05

Incentive-plan design — the Compensation Discussion & Analysis

We target a general competitive position, based on independent third-party benchmark analytics to inform the mix of compensation of base salary, bonus or long-term incentives.

CEO STI target (% of salary)60%
CEO LTI target (% of salary)—
Independent consultantAon
Clawback policyTrue
Anti-hedgingTrue
Anti-pledgingTrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-06-0927,490,14526,048,08247,89951.35%Passed
20252025-06-0913,973,54111,809,869106,99154.2%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 yearMeeting dateApproval — company's computation
20262026-06-0951.35%a
20252025-06-0954.2%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.

07

CEO pay ratio

Ratio (CEO : median employee)—
CEO total compensation—
Median employee compensation—
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Richard HenriquesIndependent · Audit (Chair) · Compensation$66,250$0$85,923—$0$152,173
Catherine BollardIndependent · Nominating/Governance · Science and Technology (Chair)60,000085,567—0145,567
Mark SimonIndependent · Audit · Compensation · Nominating/Governance67,500073,407—0140,907
Scott BrunIndependent · Audit · Nominating/Governance (Chair) · Science and Technology67,500069,340—0136,840
Shawn TomaselloIndependent · Compensation (Chair) · Science and Technology53,750065,420—0119,170
Steven NichtbergerEmployee director000—00
09

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—
09b

Total cost of the board

ComponentFY2025
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.

10b

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.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Cabaletta Bio2025Steven 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.

10d

Frequently asked questions

Who was the highest-paid executive at Cabaletta Bio in fiscal 2025?
As disclosed, Steven Nichtberger (President and Chief Executive Officer) was the highest-paid executive at Cabaletta Bio in fiscal 2025, with total compensation of $2,401,555.
How did shareholders vote on Cabaletta Bio's executive compensation?
As disclosed, 51.35% of shareholders supported Cabaletta Bio's executive compensation in the latest say-on-pay vote.
How much does Cabaletta Bio spend in total on board compensation for fiscal 2025?
As disclosed, Cabaletta Bio reported total board compensation of $315,000 for fiscal 2025.

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.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Steven NichtbergerDEF 14A2026-04-280001193125-26-183557Section “Executive Compensation”. As printed: 2,401,555. Filing ↗
2Section 01, Gwendolyn BinderDEF 14A2026-04-280001193125-26-183557Section “Executive Compensation”. As printed: 1,258,086. Filing ↗
3Section 01, David ChangDEF 14A2026-04-280001193125-26-183557Section “Executive Compensation”. As printed: 1,236,144. Filing ↗
4Section 03, Steven Nichtberger OptionDEF 14A2026-04-280001193125-26-183557Section “EXECUTIVE COMPENSATION” · grants of plan-based awards table. Filing ↗machine: t72 · r2 · c15 · span 311094–311103
5Section 03, David Chang OptionDEF 14A2026-04-280001193125-26-183557Section “EXECUTIVE COMPENSATION” · grants of plan-based awards table. Filing ↗machine: t72 · r6 · c15 · span 319708–319715
6Section 03, Gwendolyn Binder OptionDEF 14A2026-04-280001193125-26-183557Section “EXECUTIVE COMPENSATION” · grants of plan-based awards table. Filing ↗machine: t72 · r4 · c15 · span 315399–315406
7Section 07, pay ratio10-K2026-03-230001759138-26-000011Section “CEO Pay Ratio”. As printed: —. Filing ↗
8Section 08, Richard HenriquesDEF 14A2026-04-280001193125-26-183557Section “Director Compensation”. As printed: 152,173. Filing ↗machine: t111 · r4 · c19 · span 509885–509892
9Section 08, Catherine BollardDEF 14A2026-04-280001193125-26-183557Section “Director Compensation”. As printed: 145,567. Filing ↗machine: t111 · r2 · c19 · span 506878–506885
10Section 08, Mark SimonDEF 14A2026-04-280001193125-26-183557Section “Director Compensation”. As printed: 140,907. Filing ↗machine: t111 · r5 · c19 · span 511372–511379
11Section 08, Scott BrunDEF 14A2026-04-280001193125-26-183557Section “Director Compensation”. As printed: 136,840. Filing ↗machine: t111 · r3 · c19 · span 508366–508373
12Section 08, Shawn TomaselloDEF 14A2026-04-280001193125-26-183557Section “Director Compensation”. As printed: 119,170. Filing ↗machine: t111 · r6 · c19 · span 512889–512896
13Section 08, Steven NichtbergerDEF 14A2026-04-280001193125-26-183557Section “Director Compensation”. As printed: 0. Filing ↗
14Section 02, Shawn Tomasello 2026-06-09Form 42026-06-100001193125-26-266239Insider equity transaction reported since the proxy statement. Filing ↗
15Section 02, Catherine Bollard 2026-06-09Form 42026-06-100001193125-26-266224Insider equity transaction reported since the proxy statement. Filing ↗
16Section 02, Mark Simon 2026-06-09Form 42026-06-100001193125-26-266232Insider equity transaction reported since the proxy statement. Filing ↗
17Section 02, Richard Henriques 2026-06-09Form 42026-06-100001193125-26-266229Insider equity transaction reported since the proxy statement. Filing ↗
18Section 02, Scott Brun 2026-06-09Form 42026-06-100001193125-26-266220Insider equity transaction reported since the proxy statement. Filing ↗
19Section 06, 2026 voteForm 8-K2026-06-110001759138-26-000033Item 5.07 · say-on-pay result. As reported: 51.35% (votes for as printed: 27,490,145). Filing ↗
20Section 06, 2025 voteForm 8-K2025-06-100001193125-25-137954Item 5.07 · say-on-pay result. As reported: 54.2% (votes for as printed: 13,973,541). Filing ↗
21Section 01 trend, Δ column (computed)Computed——Δ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
22Section 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).machine: formula: sums + PSU ratio
23Section 09b board cost (computed)Computed——Cash 315,000 + equity 0 + all other 0 = 315,000, summed across the director compensation table rows.machine: formula: Σ = 315,000
24Cabaletta Bio (subject), Section 10b CEO totalDEF 14A2026-04-280001193125-26-183557CEO total compensation as printed in Cabaletta Bio's own proxy. As printed: 2,401,555. Filing ↗

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