Why did CABA's EPS remain flat throughout 2024?

Cabaletta Bio's (CABA) EPS remained flat throughout 2024 due to a combination of factors: 1. **Consistent Financial Performance**: Cabaletta Bio has maintained a relatively consistent net loss and EPS of -$0.51 for Q1 2024 and -$0.56 for Q2 2024, as reported by Seeking Alpha. 2. **No Revenue Recognition**: The company has not reported any revenue for the quarters in which the earnings were released, which could be a contributing factor to the flat EPS. This is particularly evident in Q1 and Q2 2024, where no revenue was recognized despite the reported net losses and EPS. 3. **Investment in Clinical Trials and Product Development**: Cabaletta Bio has continued to invest in clinical trials and product development, as evidenced by the increased research and development expenses. This investment may not have translated into revenue recognition, which could have helped maintain the EPS at a relatively stable level. 4. **Institutional Investor Activity**: There have been changes in institutional investor holdings, with some increasing their stakes in Cabaletta Bio. However, these changes in investor composition and investment amounts do not directly influence the company's EPS, but they may reflect broader market perceptions and potential future developments. In summary, Cabaletta Bio's flat EPS throughout 2024 can be attributed to a combination of consistent financial performance, lack of revenue recognition, ongoing investment in clinical trials and product development, and institutional investor activity.