Anup Marda
About Anup Marda
Anup Marda is Chief Financial Officer of Cabaletta Bio (officer since 2019; age 47 as of April 28, 2025). He joined Cabaletta in January 2019 after 18 years at Bristol-Myers Squibb, where roles included VP, Head of Global Corporate FP&A; Head of Finance, R&D Operations; Head of Finance, R&D Portfolio Management and Global Medical; Executive Director, U.S. Pharmaceuticals; and Assistant Treasurer, Capital Markets. He holds an MBA from Purdue University’s Krannert School and a B.Tech in Chemical Engineering from IIT Bombay . Cabaletta disclosed no commercial revenue for 2023–2024, so traditional growth metrics are not applicable; company TSR in the SEC Pay-Versus-Performance table moved from $245.41 (value of $100 invested at 12/31/2022) in 2023 to $24.54 in 2024, highlighting high volatility typical of clinical-stage biotech .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Bristol-Myers Squibb | VP, Head Global Corporate FP&A; Head of Finance, R&D Ops; Head of Finance, R&D Portfolio Mgmt & Global Medical; Executive Director, U.S. Pharmaceuticals; Assistant Treasurer, Capital Markets | 2001–2019 | Led enterprise FP&A and multiple R&D and U.S. finance functions; capital markets experience supporting treasury/capital access |
External Roles
- Not disclosed for Marda in Cabaletta’s 2023–2025 proxy statements .
Fixed Compensation
- Cabaletta’s 2025 and 2024 proxy statements list CEO, President S&T, and CMO as NEOs; CFO compensation detail (base salary, target bonus, actual bonus) is not itemized and therefore not disclosed in the Summary Compensation Tables for 2023–2024 .
| Item | 2023 | 2024 | Notes |
|---|---|---|---|
| Base salary (CFO) | Not disclosed | Not disclosed | CFO not a named executive officer in these years |
| Target bonus % (CFO) | Not disclosed | Not disclosed | Company disclosed target bonus % for CEO (55%) and other NEOs (40%), but not CFO |
| Actual annual bonus (CFO) | Not disclosed | Not disclosed | Company-level achievement: 107% (2023), 108% (2024) used in NEO payouts; CFO-specific payout not disclosed |
Performance Compensation
Cabaletta’s program combines annual cash incentives tied to company and individual objectives and long-term equity incentives in the form of stock options. For 2024, company achievement was set at 108% with individual modifiers applied to NEOs; 2023 company achievement was 107%. Metrics include clinical development, business development, financial/operational goals, and culture; detailed metric weightings were not disclosed .
- Annual Cash Incentive Program (company context; CFO specifics not disclosed)
| Metric year | Company achievement (%) | Individual modifier ranges disclosed (NEOs) | Payout formula notes |
|---|---|---|---|
| 2023 | 107% | CEO 119%; President S&T 120%; CMO 120% | Applied to target bonus % of base salary for NEOs; CFO not disclosed |
| 2024 | 108% | CEO 114%; President S&T 115%; CMO 125% | Applied to target bonus % of base salary for NEOs; CFO not disclosed |
- Long-Term Equity Incentives (program structure)
| Feature | Detail |
|---|---|
| Equity type | Stock options; 2024 grants reported for NEOs; CFO grants not disclosed |
| Vesting mechanics | Typical schedules disclosed: 4-year vesting with 25% at first anniversary, remainder in 12 equal quarterly installments (applies to grants noted in NEO “Outstanding Equity Awards” table) |
| 2024 NEO grant example | CEO options: various tranches including a 2024 grant (353,000 unexercisable at $23.97, vesting 25% on Mar 1, 2025, then quarterly). CFO-specific awards not listed |
Equity Ownership & Alignment
- Individual CFO beneficial ownership is not separately shown in the 2024–2025 principal stockholders tables. A combined footnote states that, in aggregate, the CFO (Marda), General Counsel (Gerard), and Chief Business Officer (Das) held 50,000 common shares plus 1,093,822 options exercisable within 60 days of April 28, 2025; individual breakdown is not provided .
- Shares outstanding used for the table were 50,743,101 as of April 28, 2025 (context for percentages), but CFO’s individual percentage cannot be calculated from disclosures .
| Ownership item (as of 4/28/2025) | Anup Marda (CFO) |
|---|---|
| Shares beneficially owned (number, %) | Not disclosed individually; included in an aggregate 50,000 shares across three executives (Marda, Gerard, Das) |
| Options exercisable within 60 days | Not disclosed individually; included in an aggregate 1,093,822 options across three executives (Marda, Gerard, Das) |
| Pledging/hedging | No CFO-specific pledging disclosed in the proxy; no pledging references identified for executives in cited sections |
| Ownership guidelines | Not disclosed for executives in cited materials |
Employment Terms
- Cabaletta entered amended and restated employment agreements with each of its named executive officers in October 2019; all are employed at-will. The proxy details severance and change-in-control terms for certain NEOs (CEO, President S&T, CMO), but CFO-specific severance, change-in-control multiples, and vesting acceleration terms are not summarized in the 2023–2025 proxies reviewed .
| Term | CFO (Marda) |
|---|---|
| Employment agreement | Not specifically summarized; company notes amended/restated employment agreements for NEOs (Oct 2019) and at-will employment |
| Severance (without cause/good reason) | Not disclosed for CFO in proxies reviewed (CEO and other NEOs have detailed terms) |
| Change-in-control (trigger, multiples, acceleration) | Not disclosed for CFO in proxies reviewed (CEO and other NEOs have detailed terms; double-trigger with multiples and acceleration) |
| Non-compete / non-solicit | Not disclosed for CFO; included for certain other executives (e.g., 12 months post-termination for CMO/Binder) |
Performance & Track Record
| Measure | 2023 | 2024 |
|---|---|---|
| Company TSR (value of $100 invested on 12/31/2022) | $245.41 | $24.54 |
| Net income (loss), $mm (per Pay vs Performance table) | (67.68) | (115.86) |
| Commercial revenue status | No revenue (clinical-stage) | No revenue (clinical-stage) |
Sources: TSR and net income from Pay-Versus-Performance table; revenue status per narrative .
Additional governance note: Cabaletta disclosed certain Form 4s (including one for Marda) related to January 18, 2023 annual option grants were filed January 27, 2023, noted under “Delinquent Section 16(a) Reports” in the 2024 proxy .
Compensation Structure Analysis
- Equity-heavy, option-only long-term incentives strongly align pay with stock performance, which can both incentivize value creation and amplify retention risk if options go materially out-of-the-money (NEO program; CFO awards not disclosed) .
- Annual bonuses are driven by company clinical, BD, and operational goals with an individual achievement modifier; company achievement was modestly above target in 2023–2024 (107%/108%), indicating payouts likely above target for NEOs in those years; CFO specifics not disclosed .
- No evidence in reviewed materials of repricing, PSU usage, tax gross-ups, or executive pledging; not disclosed items are omitted .
Investment Implications
- Alignment: Option-only LTI design and lack of disclosed guaranteed elements point to high at-risk compensation tied to share performance; however, absence of CFO-specific grant detail limits precision on his realized alignment and near-term vest-driven selling pressure .
- Retention and CoC risk: Detailed severance/CoC protection is published for CEO and other NEOs but not for CFO, creating visibility gaps around Marda’s protection in strategic scenarios; this can affect perceived retention risk around financing or M&A events common in clinical-stage biotech .
- Trading signals: No CFO-specific Form 4 trend data was disclosed in the proxies; one administrative delay in 2023 Form 4 filings was noted but appears procedural. Without Form 4 detail, there is insufficient evidence of systematic insider selling or hedging pressure related to Marda .
- Execution: Marda’s background (global FP&A, R&D finance, capital markets at BMS) is suited to funding strategy, portfolio runway planning, and trial resourcing as Cabaletta navigates multi-indication development and potential registrational cohorts; balance sheet commentary in recent 8-Ks positions cash into 2H26, underscoring the importance of CFO discipline through pivotal milestones .