Arun Das

About Arun Das

Arun Das, M.D., is Cabaletta Bio’s Chief Business Officer (CBO) since January 2022; he joined the company in July 2019 after consulting since 2017 and is 35 years old as of April 28, 2025 . He holds an M.D. from Johns Hopkins and dual B.A./B.S. degrees from the University of Pennsylvania, and is a Lecturer in the Health Care Management Department at Wharton . During his tenure, Cabaletta remained pre-commercial with no revenue in 2023–2024, and company “Pay vs. Performance” shows a highly volatile TSR (value of a $100 investment: $245.41 in 2023; $24.54 in 2024) with net income losses of $67.68 million (2023) and $115.86 million (2024) .

Past Roles

External Roles

Fixed Compensation

• Specific base salary, target bonus %, and actual bonus for Arun Das are not disclosed in recent proxies (he is not a named executive officer) . Company-wide, the compensation committee sets base salary and annual bonuses using market benchmarks and individual/company performance, and retains Radford as its independent consultant .

Performance Compensation

• Structure and metrics: Executives’ annual cash incentives are based on predefined company objectives and individual performance. 2024 company achievement was assessed at 108% across clinical development, business development, financial/operational goals, and culture; individual achievement modifiers were applied for NEOs (not disclosed for Das) .

• Long-term incentives: Cabaletta emphasizes stock options as the primary long-term incentive for executives to align with shareholders and drive retention; Das’s specific grants and vesting schedules are not disclosed in NEO tables .

Equity Ownership & Alignment

• Section 16 trading arrangements: Das terminated a Rule 10b5-1 plan on November 9, 2023 (originally effective Jan 16, 2024–Dec 31, 2024) and adopted a new Rule 10b5-1 plan on November 9, 2023 covering up to 29,168 shares, effective July 17, 2024–July 31, 2025 .

• Beneficial ownership: The 2025 proxy aggregates holdings of CFO, General Counsel, and CBO (Das): together they hold 50,000 common shares and 1,093,822 options exercisable within 60 days of April 28, 2025; the filing does not disaggregate Das’s specific portion of this total . The 2024 10-K shows similar aggregation (50,000 shares and 1,066,947 options as of March 7, 2025) .

• Hedging/pledging: Company policy expressly prohibits hedging, short sales, using company stock as margin collateral, and pledging; any waiver requires audit committee approval. The insider trading policy and clawback policy were adopted and disclosed (clawback on September 12, 2023) .

Employment Terms

• Das-specific employment agreement terms, severance, change-of-control, non-compete, or consulting arrangements are not disclosed in recent filings. NEOs’ agreements provide severance and COBRA benefits and change-of-control accelerations; the company indicates executives are employed at will and compensation is set by the compensation committee, but this detail is provided for NEOs only .

Performance & Track Record

• Role evolution: Das has advanced from consultant to Executive Director of New Product Planning & Business Development to CBO (Jan 2022), reflecting increased responsibility for corporate business development strategy .
• Company performance context in his tenure: Pay-versus-performance data show TSR volatility and continued net losses in 2023–2024 with no revenue, consistent with a pre-commercial biotech advancing clinical programs .

Board Governance

• Das is an executive officer, not a director; governance disclosures relevant to compensation setting include the compensation committee’s use of Radford and the company’s adoption of insider trading and clawback policies .

Compensation Committee Analysis

• The compensation committee targets competitive market positioning, uses independent consultant Radford, and ties annual incentives to company and individual achievements; long-term incentives primarily consist of stock options to align with shareholder value and retention .

Risk Indicators & Red Flags

• Hedging/pledging prohibited; Section 10b5-1 plan adoption and termination for Das are appropriately disclosed; no material legal proceedings involving executive officers are disclosed .
• Clawback policy adopted in 2023 in line with Dodd-Frank/SEC/Nasdaq final rules .

Say-on-Pay & Shareholder Feedback

• Cabaletta held a Say-on-Pay proposal for the first time in 2025 after emerging growth company status; preferred Say-on-Frequency of one year was recommended by the board, with outcomes to be considered for future decisions .

Investment Implications

• Alignment and retention: Das participates in an incentive framework emphasizing options and company-level objectives; prohibitions on hedging/pledging and the 2025 lock-up reduce near-term selling flexibility, while the active Rule 10b5-1 plan indicates potential orderly sales up to 29,168 shares through July 31, 2025 .
• Data gaps limit precise pay-for-performance assessment for Das (not a NEO); however, the company-wide use of option-heavy long-term incentives and disclosed company achievement factors support linkage to execution on clinical, BD, and operational milestones .
• Trading signal: The disclosed Rule 10b5-1 plan suggests measured selling rather than opportunistic trades; combined with lock-up terms in mid-2025, near-term insider selling pressure from Das is constrained, then potentially resumes under plan parameters after the lock-up period .