Here’s a fresh, single-page style investment/business report on Cabaletta Bio (NASDAQ: CABA) that pulls in the August–September 2025 filings, company updates, and the latest clinical/CMC details.
1) Institutional holders — latest Schedule 13G/13G-A cluster (summer 2025)
Notes: figures below come from each filer’s Schedule 13G/13G-A (event date generally June 30, 2025; filings landed Aug 6–14, 2025, unless noted). Do not add Prudential (PFI) on top of Jennison (PFI is the parent; overlapping exposure). Percentages use each filer’s own denominator and blocker math where applicable.
Holder (form) Reported shares / power % of class Filed Jennison Associates LLC (IA) 10,107,167 7.2% Aug 6, 2025. Cabaletta Bio, Inc. Alyeska Investment Group, L.P. (+ GP & Anand Parekh) 8,904,367 (shared vote/dispo; includes warrants) 9.9% Aug 14, 2025. Cabaletta Bio, Inc.+1 Bain Capital Life Sciences Opportunities III, L.P. 9,677,125 (incl. exercisable portion of warrants; 9.99% blocker) 9.99% Aug 14, 2025. Cabaletta Bio, Inc.+1 Adage Capital (ACM/ACP; Gross & Atchinson) 9,002,580 (incl. 172,822 via warrants) 9.99% Aug 12, 2025. Cabaletta Bio, Inc.+2Cabaletta Bio, Inc.+2 Citadel (Advisors entities & Securities) ≈4.69M aggregated (shared vote/dispo) n/a Jun 20, 2025. SEC Cormorant Asset Management, LP 5,000,000 (shared vote/dispo) 5.47% (filer calc.) Aug 14, 2025. Stock Titan Prudential Financial, Inc. (umbrella for Jennison/PGIM) 10,391,167 consolidated 7.4% Aug–Sep 2025. (Umbrella disclosure; overlaps Jennison.) Stock Titan Vanguard Group, Inc. 3,450,727 3.83% Jul 29, 2025. Stock Titan BlackRock, Inc. 894,647 ~1.0% Jul 16, 2025. Stock Titan (Reference) Company’s SEC page with the full August cluster — — Aug–Sep 2025. Cabaletta Bio, Inc. Read-through: Multiple sophisticated, crossover/hedge funds sit near ~10% positions (often with warrants and 9.99% blockers). The concentration provides liquidity/support but also means the cap table can react quickly to data/financing.
2) Financials & operating posture (latest reported)
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Cash & securities: $194.7M at June 30, 2025; company guides runway into 2H 2026. Cabaletta Bio, Inc.+1
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Burn snapshot: Q2’25 disclosure highlights elevated R&D as registrational prep ramps; (press summary cites R&D ~$37.6M for Q2’25). Stock Titan
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Capital markets actions: Public offering priced June 11, 2025 (~$100M gross) to extend runway and prep commercial readiness. Cabaletta Bio, Inc.
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Option repricing (May 2025): Board repriced all outstanding options under 2018/2019 plans to $1.92 (close on May 19, 2025); other terms unchanged; disclosed via 8-K and insider Form 4 footnotes. SEC+3Cabaletta Bio, Inc.+3Cabaletta Bio, Inc.+3
3) Technology, clinical status & CMC
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Modality: Autologous CD19 CAR-T (rese-cel / CABA-201) for autoimmune disease (RESET program: myositis, SLE/LN, systemic sclerosis; also MG & PV studies).
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Regulatory path: After FDA alignment, company targets a 2027 BLA in myositis; two registrational cohorts (~15 pts each) added to RESET-Myositis (H2’25 start). Cabaletta Bio, Inc.+1
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Signal recap (EULAR 2025): In myositis, 7/8 patients achieved clinically meaningful TIS responses after discontinuing all immunomodulators and while off/tapering steroids; durability maintained across follow-up in responders. Broader 18-patient dataset (Myositis/SLE/SSc) presented across three orals. Cabaletta Bio, Inc.+1
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CMC & scale-up: Viral vector Oxford Biomedica; drug product process transferred to Lonza for registrational enrollment; 424B5 also references broader manufacturing network/tech transfer steps. Cabaletta Bio, Inc.+1
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Fresh materials: Corporate Presentation (Sept 3, 2025) furnished via 8-K; good for latest timelines and site maps. Cabaletta Bio, Inc.+1
4) Share-price outlook (2–4 years) — scenario framing
(Not investment advice; illustrative ranges hinge on efficacy durability, safety, enrollment speed, CMC, and financing.)
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Bull case (approval path visible): Registrational myositis cohorts reproduce early magnitude/durability with manageable CRS/ICANS; CMC runs clean; payer dialogues constructive. A first-wave autoimmune CAR-T approval narrative can support multi-$bn EV on commercialization math. Catalysts: registrational updates through 2026; BLA prep in 2027. Cabaletta Bio, Inc.+1
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Base case (solid but mixed): Positive efficacy with some variability; modest timeline slippage; 1–2 additional financings pre-BLA. Stock tracks data cadence and dilution quality. Cabaletta Bio, Inc.
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Bear case (execution/safety/CMC issues): Durability or safety setbacks in larger N, or CMC friction → regulators request more data; financing at discounts. Shares trade on runway/option value until de-risking. Cabaletta Bio, Inc.
12–24 mo. watch-items: Registrational cohort initiation/readouts; ≥6–12-mo durability in responders; neurotoxicity/CRS profile with larger N; Lonza/Oxford readiness and yields; net burn vs runway. Cabaletta Bio, Inc.
5) Takeover potential & likely interested acquirers
Is CABA a takeout candidate? Plausible in 12–24 months if registrational myositis data are convincingly positive and safety/CMC are on track. (There is no public report of active talks; this is strategic inference.)
Most logical buyers (fit rationales):
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Big Immunology owners: AbbVie, J&J, Roche, Sanofi, GSK — deep autoimmune franchises; acquiring a “one-and-done” CD19 CAR-T for autoimmunity would hedge biologic erosion and extend leadership.
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Cell-therapy leaders: Novartis, BMS, Gilead — existing CAR-T manufacturing/logistics; diversification from oncology to autoimmunity.
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Large biotechs seeking autoimmune depth: AstraZeneca, Regeneron — platform integration plus commercial muscle.
Signals to monitor: expanded CMC partnerships, structured ex-US deals, banker/advisor hires, unusual block trades, and headline registrational efficacy/safety that de-risks approval.
6) Key risks (what can break the thesis)
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Clinical & safety: Autoimmune CAR-T in larger populations is still early; durability and neurotoxicity risk (ICANS) must remain acceptable as N scales; breadth of evidence may be required by regulators. Cabaletta Bio, Inc.
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Manufacturing & cost-to-serve: Autologous CAR-T economics and logistics vs chronic SOC; execution with Lonza/Oxford is critical for registrational and early commercial phases. Cabaletta Bio, Inc.
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Financing/dilution: Runway to 2H’26 implies further capital likely ahead of BLA; option repricing aligned incentives but may be viewed as shareholder-unfriendly. Cabaletta Bio, Inc.+1
Appendices / source links
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SEC Filings hub (CABA) — latest 8-K (Sept 3, 2025), DEF 14A (May 13, 2025), Q2’25 10-Q links. Cabaletta Bio, Inc.
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Q2’25 results PR (Aug 7, 2025) — cash/runway, registrational plan, EULAR data summary, CMC partners. Cabaletta Bio, Inc.+1
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EULAR 2025 itemized data (Company 8-K & PR) — 7/8 TIS responders off immunomodulators; 18-patient dataset across Myositis/SLE/SSc. Cabaletta Bio, Inc.
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Manufacturing — Oxford Biomedica (vector), Lonza (drug product) in Q2’25 PR; broader manufacturing/TT in 424B5. Cabaletta Bio, Inc.+1
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Institutional holders — Bain 13G/A (Aug 14), Adage 13G/A (Aug 12), Alyeska 13G (Aug 14), Jennison 13G (Aug 6), Citadel 13G (Jun 20), Vanguard/BlackRock updates; umbrella PFI. Stock Titan+7Cabaletta Bio, Inc.+7SEC+7
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Option repricing — Company 8-K (May 15, 2025) and insider Form 4 footnotes (effective May 19, 2025; reset to $1.92). Cabaletta Bio, Inc.+2Cabaletta Bio, Inc.+2
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Corporate Presentation (Sept 2025) — furnished via 8-K and posted to IR site. Stock Titan+1
Bottom line
Cabaletta has a clear myositis BLA path (2027), supportive EULAR 2025 signals, credible CMC partners, and a cap table populated by sophisticated ~10% holders. Over the next 12–24 months, registrational efficacy/safety + CMC execution will determine whether CABA becomes (a) a high-value independent launch story, or (b) a logical take-out for a large immunology or CAR-T incumbent.
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Ed Note: we are long CABA stock!
🔍 Current Analyst Price Targets
Source Avg / Consensus Target High / Low Notes Fintel US$11.79 one-year target High $23.10, Low $2.02 Fintel StockAnalysis US$12.75 average High $25, Low $2 StockAnalysis MarketWatch / Zacks US$11.56 average / median ~ US$14.00 Low ~US$2.00, High ~US$22.00 MarketWatch+1 TipRanks US$12.00 average High ~US$22.00, Low ~US$2.00 TipRanks StocksGuide US$14.28 average among ~11 analysts High ~$23.10, Low ~$2.02 StocksGuide MarketBeat US$14.50 consensus – Based on 7 buy ratings, 1 hold; upside from current ~$2.18 price MarketBeat
💡 What This Implies
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The consensus range is roughly US$11-$15 under most recent coverage, with outliers up to high-teens or low-$20s in bullish analyst models.
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The lowest targets are in the $2-$3 range, reflecting some analysts factoring in risk of execution, safety / durability issues, or maybe skeptical timelines.
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The average upside is very large (several hundred percent) from current share price (~US$2) under many forecasts — which suggests analysts believe a lot of the potential is not yet priced in.
⚙️ Caveats & Reliability
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Volatility & data risk: Because CABA is clinical-stage, much depends on upcoming data (registrational cohorts, safety, durability). A miss could shift expected targets downward sharply.
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Wide ranges indicate uncertainty: The $2 lows are likely “if everything goes poorly or delays mount”; the $22+ highs assume strong execution, regulatory alignment, and favorable commercial environment.
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Time horizon: These are mostly 12-month targets; some assume BLA/registrational success is de-risked sooner. If delays happen, the target may shift.
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Analyst bias: Some high targets come from firms with more bullish biotech portfolios; they may assume best-case outcomes. Check which analysts have been conservative vs optimistic in similar names.
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Friday, September 19, 2025
Cabaletta Bio $CABA might just be that "needle in the haystack" of Microcap BioTechs poised for greater things
Friday, August 8, 2025
Here’s the latest on Cabaletta Bio Inc. (NASDAQ: CABA) as August 2025
Why CABA Could “Pop” with Catalysts This Summer
1. Clear Regulatory Path & BLA Target
Cabaletta secured RMAT designation and recently aligned with the FDA on a registrational Phase 1/2 myositis design. A BLA submission for rese‑cel is now anticipated in 2027.CSIMarket+15GlobeNewswire+15SEC+15 This clarity sets the stage for eventual major approval milestones that often excite investors.
2. Expanding Clinical Data
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In January 2025, Cabaletta reported strong safety data (90% of patients had no or mild CRS and no ICANS) across the first 10 dosed patients, with trials underway in multiple indications including juvenile myositis, pemphigus vulgaris, MS, SLE, and more.SEC+10GlobeNewswire+10Yahoo Finance+10
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This data was presented at prominent conferences (AAAS and Lymphocyte Engineering) in February 2025.Yahoo Finance+9BioSpace+9GlobeNewswire+9
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Clinical updates announced at EULAR 2025 in June featured encouraging outcomes across myositis, SLE, and systemic sclerosis.BioSpace+5GlobeNewswire+5GlobeNewswire+5
3. Solid Financial Position
A recent public offering in June 2025 raised ~$94M, bringing total cash to ~$195M—estimated to fund operations into H2 2026.TMCnet+2Nasdaq+2 Fewer capital concerns help reduce downside risk and support ongoing development.
4. Approaching Near-Term Catalysts
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FDA discussions for SLE/LN registrational study are anticipated in Q3 2025, and for systemic sclerosis in Q4 2025.GlobeNewswire+7GlobeNewswire+7GlobeNewswire+7
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EULAR 2025 data presentations are already complete, but further conference updates (e.g., ACR or others in late 2025) could bring fresh news.
Summary Table: Catalyst Potential vs. Risks
| Potential Catalysts | Why They Might Move the Stock |
|---|---|
| FDA alignment for SLE/LN and systemic sclerosis | Could validate registrational pathways—boost investor optimism |
| Continued safety/efficacy data releases | Reinforces confidence in CAR T strategy across multiple autoimmune diseases |
| Public offering funds operations | Extends runway, reducing dilution and financing concerns |
Risks to Monitor:
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Clinical setbacks or safety issues remain possible in early-stage trials.
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Manufacturing or regulatory delays could push timelines out and dampen momentum.
Verdict
Yes—CABA looks primed to “pop” on the right catalyst. Its strong financial footing, expanding clinical footprint across autoimmune conditions, and growing clarity on regulatory milestones collectively support high upside potential.
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Cures for autoimmune diseases such as MD, Lupus, Mytosis MS and others are targets for this cutting edge, Bio Tech microcap!
Friday, June 27, 2025
When the tech "hits the fan" so to speak, who might bid for Cabaletta Bio and their cutting edge technology?
Cabaletta Bio is a compelling acquisition target in a growing niche—cell therapy for autoimmune diseases. Its unique platform, strong early data, and relatively low valuation make it attractive to major players in biotech and pharma, particularly those with an existing CAR-T infrastructure or autoimmune drug pipeline.
CABA is a small but well-capitalized biotech with a pioneering CAR‑T approach for autoimmune diseases, showing promising data. Its next 12–18 months are defining—success in FDA discussions and continued data strength could trigger a meaningful re‑rating or acquisition by larger biotech/pharma. For risk-tolerant investors, it offers speculative upside tied closely to clinical and regulatory catalysts.
Institutional Ownership Overview
Based on recent filings and data summaries:
Institutional ownership ranges from ~53–63% of outstanding shares, with ~42–44 million shares held by institutions (13F data: 42.9 M shares; 62.97% per Investing.com)
Approximately 110–234 institutional investors have held CABA over the past 24 months (Fintel: 234 owners; MarketBeat: 110 active over 2 years)
📋 Top Institutional Shareholders (Equity Only, via 13F / Public Disclosures)
Citadel Advisors LLC – disclosed 4.82 million shares (~5.20%) as of June 20, 2025 (13G filing)
Bain Capital Life Sciences Investors, LLC – holds ~2.76 million shares (~5.17%) as of Mar 31, 2025 T. Rowe Price Investment Management – among top holders at ~8.36% (~4.46 M shares) BlackRock, Inc. – owns ~6.47% (~3.45 M shares)
Adage Capital Partners – holds ~5.69% (~3.03 M shares) The Vanguard Group – around ~5.33% (~2.84 M shares) .
Jennison Associates LLC – ~4.56% (~2.43 M shares)
Other notable asset managers include Commodore Capital, Cormorant Asset Management, Morgan Stanley, Venrock, Sofinnova, Redmile, Perceptive Advisors, and Fred Alger among active participants
Summary Table
| Institutional Holder | Stake % | Shares (Approx.) |
|---|---|---|
| Citadel Advisors LLC | 5.20% | 4.82 M |
| Bain Capital Life Sciences Investors, LLC | 5.17% | 2.76 M |
| T. Rowe Price Investment Mgmt | 8.36% | ~4.5 M |
| BlackRock, Inc. | 6.47% | ~3.4 M |
| Adage Capital Partners | 5.69% | ~3.0 M |
| Vanguard Group | 5.33% | ~2.8 M |
| Jennison Associates | 4.56% | ~2.4 M |
📝 Key Takeaways
Citadel Advisors is the largest disclosed institutional investor with over 5% ownership via 13G.
Bain, T. Rowe Price, BlackRock, Adage, Vanguard, and Jennison are major long-only holders.
In total, 50+ million shares are under institutional control—a majority of the float.
Smaller funds like Sofinnova, Perceptive, Commodore, Cormorant, Fred Alger, Redmile, etc., also have meaningful stakes and active trading.
Potential Suitors & M&A Landscape
Big biotech firms with existing autoimmune or cell therapy franchises may find Cabaletta attractive:
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Roche/Genentech, Bristol‑Myers Squibb, Pfizer, Novartis, Johnson & Johnson, Amgen, Gilead.
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These players already have CAR-T platforms or autoimmunity portfolios and could accelerate CABA’s path to commercialization via acquisition or a licensing deal following pivotal data or FDA alignment.
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A successful BLA in myositis could significantly increase attractiveness in M&A.
✅ Key Catalysts to Watch
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FDA meetings for registrational cohort alignment (mid-to-late-2025).
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Data readouts from SLE, SSc, myositis cohorts at upcoming medical meetings.
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BLA filing in myositis, expected 2027.
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Potential partnerships or M&A following strong clinical/regulatory momentum.
🧭 Investor Takeaway
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High-risk, high-reward: CABA remains speculative until regulatory approvals or acquisition materialize.
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Cash runway good through 2026, but watch future dilution/redemptions.
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Institutional support strong, but recent sell-offs suggest caution and profit-taking.
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M&A potential is strong if critical data milestones are met, making it a high-beta biotech micro-cap.
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Best suited for investors with tolerance for biotech volatility and an eye on upcoming newsflows.
📅 Timeline Summary
Event Expected Timing FDA alignment — myositis registrational Mid–2025 SLE/LN registrational discussions Q3 2025 SSc registrational discussions Q4 2025 gMG registrational discussions 1H 2026 Myositis BLA submission 2027 Key data updates from RESET trials Throughout 2025 -
June 2025 Stock Offering - Institutional buyers in at $2
The June ~12, 2025 underwritten public offering of Cabaletta Bio (ticker: CABA) at a combined unit price of $2.00 ($1.99999 for pre-funded warrants) triggered a Schedule 13G filing when institutional investors surpassed the 5% ownership threshold.
Here's who made the move:
📊 Institutional Buyers (via Schedule 13G filed June 20, 2025):
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Citadel Advisors LLC (and affiliated entities):
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Common stock held: 4,687,280 shares
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Beneficial ownership: ~5.0% of outstanding shares
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Voting/dispositive power: Shared over these shares
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Citadel Securities LLC (market-making arm):
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Common stock held: 131,280 shares
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Beneficial ownership: ~0.1%
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Voting/dispositive power: Shared
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Kenneth Griffin (CEO & Founder of Citadel):
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Total beneficial ownership: 4,818,560 shares (~5.2%)
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This reflects his aggregated share with shared voting/dispositive rights
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Why This Matters
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The ownership threshold exceeded 5% on June 12, 2025, mandating the 13G disclosure The shared voting structure indicates a passive, non-activist stake—no single entity holds sole control.
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This move reflects notable institutional backing, enhancing liquidity and signaling confidence in Cabaletta’s capital raise, but does not change Sandy Dahl’s governance control.
TL;DR
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Citadel Advisors – ≈4.69 M shares (~5.0%)
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Citadel Securities – ≈0.13 M shares (~0.1%)
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Kenneth Griffin – ≈4.82 M shares (~5.2%)
All stakes are shared vs. individually controlled, and the disclosure was triggered by crossing the 5% mark post-offering.
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