Steve Gavel
About Steve Gavel
Steve Gavel was appointed Chief Commercial Officer (CCO) of Cabaletta Bio in October 2025, tasked with leading global commercial strategy and execution for rese-cel and future pipeline opportunities . He brings deep CAR-T commercialization experience from Legend Biotech, where he led the launch and commercialization of CARVYKTI from 2018–2025 . Age and education were not disclosed in the filings reviewed. As context on company performance (pre-dating his arrival), Cabaletta’s Pay vs. Performance table reports cumulative TSR for 2023 and 2024 as below .
| Metric | 2023 | 2024 |
|---|---|---|
| CABA TSR (Value of $100 investment) | $245.41 | $24.54 |
| Net Income (millions) | $(67.68) | $(115.86) |
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Legend Biotech | Led the launch and commercialization of CARVYKTI | 2018–2025 | Commercial leadership for a marketed autologous CAR‑T therapy |
Fixed Compensation
No offer letter or compensation terms for Mr. Gavel were disclosed in the October–November 2025 8‑Ks and press release reviewed . For context on Cabaletta’s executive pay framework in 2024 (prior to Mr. Gavel’s arrival):
- Base salaries (examples): CEO $638,300 effective Mar 1, 2024; other named executives $500,200 effective Mar 1, 2024 .
- Target bonus rates: CEO 55% of salary; other named executives 40% .
- Company 2024 achievement assessed at 108% vs predetermined company objectives (clinical, BD, financial/operational, culture) .
| Element | 2024 Company Framework (pre‑Gavel) | Notes |
|---|---|---|
| Base Salary (examples) | CEO $638,300; NEOs $500,200 (effective Mar 1, 2024) | Annual review by Compensation Committee |
| Target Bonus (%) | CEO 55%; NEOs 40% | Applied to base salary |
| Company Achievement | 108% for 2024 | Based on predetermined objectives |
Performance Compensation
Cabaletta uses annual cash incentives tied to company and individual performance, plus long-term equity (options) for executives . Specific 2025 performance metrics/weights for Mr. Gavel were not disclosed.
| Metric/Component | Weighting | Target | Actual/Assessment | Payout Mechanics | Vesting/Timing |
|---|---|---|---|---|---|
| Company Objectives (2024 framework) | Not disclosed | 100% | 108% assessed | Modifies annual bonus | Paid following year |
| Individual Performance (examples for 2024 NEOs) | Not disclosed | 100% | CEO 114%; NEOs 115%/125% | Adjusts bonus | Paid following year |
| Long-term Equity | N/A | N/A | Stock options used in 2024 | Retention/long-term alignment | Per award terms (not disclosed for Gavel) |
Equity Ownership & Alignment
| Item | Detail | Source |
|---|---|---|
| Section 16 Status | Officer (CCO) as of 10/13/2025 | Form 3 |
| Initial Beneficial Ownership | “No securities are beneficially owned” as of Form 3 filing (event date 10/13/2025) | Form 3 |
| Power of Attorney | Executed 10/03/2025 authorizing officers to file Forms 3/4/5 | POA filed with Form 3 |
| Hedging/Pledging/Hypothecation | Insider trading policy expressly prohibits short sales and derivative transactions; also expressly prohibits, without advance Audit Committee approval, purchases or sales of puts, calls, or other derivative securities that provide economic equivalent of ownership. The policy highlights risks of margin/pledged securities potentially being sold without consent . | DEF 14A (policy) |
| Clawback Policy | Adopted 09/12/2023; applies to current/former executive officers; in case of required financial restatement, recover incentive-based comp received in prior 3 years in excess of amount based on restated results (subject to limited exceptions) . | DEF 14A |
Note: No Form 4 equity grant for Mr. Gavel was identified in the company document set reviewed through mid‑Nov 2025; his Form 3 indicates zero initial beneficial ownership at appointment .
Employment Terms
| Term | Status/Detail | Source |
|---|---|---|
| Appointment | Appointed Chief Commercial Officer in October 2025 | Press release; 8‑K |
| Employment Agreement | Specific terms (salary, target bonus, equity grant, severance, CIC) not disclosed in reviewed 8‑Ks/press release . | Company filings reviewed |
| Company-wide Clawback | See Clawback Policy above . | DEF 14A |
| Trading Policy Constraints | See Hedging/Pledging policy above . | DEF 14A |
Reference point (for context only, not specific to Mr. Gavel): CEO severance/CIC terms include 12 months’ salary (non‑CIC) or 1.5× salary+target bonus (CIC), COBRA premium continuation, and full equity acceleration in CIC; other named executives have 9 months (non‑CIC) or 1× salary+target bonus (CIC) and equity acceleration in CIC; non‑compete of 12 months appears in NEO agreements .
Performance & Track Record
- Commercial pedigree: Led launch and commercialization of CARVYKTI at Legend Biotech (2018–2025), directly relevant to autologous CAR‑T commercial execution .
- Rese‑cel milestones shaping commercial build: Cabaletta targets a 2027 BLA submission in myositis based on a 14‑patient registrational cohort initiating enrollment in Q4’25; FDA alignment on additional registrational cohort designs for SSc and SLE targeted by year‑end 2025 . These timelines inform when commercial infrastructure under Mr. Gavel will need to be market‑ready.
Compensation Committee Analysis (Company context)
- Independent consultant: Radford (Aon) advises on executive compensation mix and market practices; Compensation Committee assessed as independent with no conflicts .
- Pay structure emphasizes at‑risk equity via stock options to align with long‑term value creation .
Say‑on‑Pay & Shareholder Feedback (Company context)
- 2025 proxy included a non‑binding Say‑on‑Pay proposal as the company transitioned out of EGC status; Board/Compensation Committee stated intent to consider vote outcomes and feedback in future decisions .
Investment Implications
- Execution positive: Hiring a CAR‑T commercial leader who led CARVYKTI’s launch should accelerate market access, treatment center activation, and patient journey readiness ahead of rese‑cel registrational timelines and a planned 2027 BLA, improving probability of commercial readiness if efficacy/safety and regulatory alignment persist .
- Alignment watchpoints: Mr. Gavel’s Form 3 shows no initial beneficial ownership, implying new‑hire equity grants (if any) had not been reported as of mid‑Oct/Nov 2025; monitor Form 4 filings for grant size, instrument mix (options vs RSUs/PSUs), vesting schedules, and performance conditions to gauge retention risk and future selling pressure windows .
- Governance safeguards: The company’s clawback policy and trading restrictions (short‑sale/derivatives controls and emphasis on risks of pledging/margin) reduce misalignment and reputational risk; continue to monitor any pledging disclosures and changes to hedging permissions .
- Key catalysts for comp-performance alignment: 2026–2027 clinical and regulatory milestones (registrational cohort execution, FDA design alignment, 2027 BLA) will likely influence performance‑based incentive realizations and any PSU metrics if adopted; track Compensation Committee disclosures in the next DEF 14A for CCO‑specific targets and payout curves .