PFI’s 13G: 10.4 M Cabaletta Bio shares under Jennison & PGIM

Rhea-AI Filing Summary

Prudential Financial, Inc. (PFI) has filed Amendment No. 2 to Schedule 13G for Cabaletta Bio, Inc. (NASDAQ: CABA). As of 30 June 2025, PFI reports beneficial ownership of 10,391,167 common shares, representing 7.4 % of CABA’s outstanding stock. All shares are held with shared voting and dispositive power; PFI claims no sole authority over the shares.

The position is held through two investment-management subsidiaries: Jennison Associates LLC (10,107,167 shares; 7.2 %) and PGIM, Inc. (284,000 shares; 0.2 %). PFI classifies itself as a “parent holding company/ control person” under Rule 13d-1(b)(1)(ii)(G) and certifies the shares are held in the ordinary course of business, not to influence control of Cabaletta Bio.

Key takeaways for investors: 1) PFI remains a >5 % holder, indicating continued institutional support; 2) the stake size affords PFI meaningful, though not controlling, influence in shareholder matters; 3) no sale intention or activist purpose is disclosed.

Positive

• Institutional support: A large, reputable asset manager holds 7.4 % of CABA, signalling confidence in the issuer.
• Liquidity benefit: High institutional ownership can improve trading volumes and market visibility.

Negative

• Potential share overhang: If Prudential reallocates capital, a sizable block could enter the market.
• Concentration risk: A single shareholder controls a material portion of float, which may affect minority influence.

Insights

Buy-side Portfolio Manager

TL;DR – Prudential still owns 7.4 % of CABA through its asset-management arms; passive, ordinary-course position.

Prudential’s amended 13G confirms it maintains a sizeable but passive stake in Cabaletta Bio. The bulk (≈97 %) sits with growth specialist Jennison Associates, suggesting a long-only mandate rather than activism. Because the filing shows shared voting/dispositive power and lacks control intent language, risk of governance disruption is low. Institutional ownership at this level can aid liquidity and lends credibility to CABA’s equity story, but it also introduces potential supply overhang if mandates shift. Overall impact on valuation or near-term trading dynamics is modest.

Corporate Governance Analyst

TL;DR – Passive 13G amendment; no governance red flags, moderate signalling value.

The filing is routine: PFI crosses the 5 % threshold and updates share count. Absence of Item 4 corrective actions or coordination language supports a non-activist stance. Investors should note the consolidated voting block could reach quorum thresholds, but shared power across subsidiaries dilutes any single-entity influence. From a governance risk perspective, this is neutral.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 2)

Cabaletta Bio, Inc.

(Name of Issuer)

Common Stock

(Title of Class of Securities)

12674W109

(CUSIP Number)

06/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 12674W109

1

Names of Reporting Persons

PRUDENTIAL FINANCIAL INC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

NEW JERSEY

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 10,391,167.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 10,391,167.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

10,391,167.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

7.4 %

12

Type of Reporting Person (See Instructions)

HC

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Cabaletta Bio, Inc.
(b)	Address of issuer's principal executive offices: 2929 ARCH STREET, SUITE 600, PHILADELPHIA, PENNSYLVANIA, 19104.
Item 2.
(a)	Name of person filing: Prudential Financial, Inc.
(b)	Address or principal business office or, if none, residence: 751 Broad Street Newark, New Jersey 07102-3777
(c)	Citizenship: New Jersey
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 12674W109
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 10,391,167
(b)	Percent of class: 7.4 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 0
	(ii) Shared power to vote or to direct the vote: 10,391,167
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 10,391,167
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. Our clients may have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities which are the subject of this filing.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary. Subsidiary Number of Shares Percentage Jennison Associates LLC IA 10,107,167 7.2 PGIM, Inc. IA 284,000 0.2
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

PRUDENTIAL FINANCIAL INC

Signature:	/s/ DANNY FIORE
Name/Title:	SECOND VICE PRESIDENT
Date:	08/06/2025

FAQ

How many Cabaletta Bio shares does Prudential Financial own?

Prudential beneficially owns 10,391,167 common shares of CABA.

What percentage of CABA’s outstanding stock does this represent?

The filing states 7.4 % of the outstanding common stock as of 30 June 2025.

Does Prudential have sole voting power over its CABA shares?

No. Prudential reports 0 shares with sole voting/dispositive power; all authority is shared.

Which Prudential subsidiaries hold the Cabaletta Bio shares?

Jennison Associates LLC holds 10,107,167 shares; PGIM, Inc. holds 284,000 shares.

Is Prudential’s stake in Cabaletta Bio activist in nature?

No. The certification states the shares are held in the ordinary course of business, not to influence control.