CABA · Cabaletta Bio, Inc.

Cabaletta Bio's Q1 2026 results reflect ongoing investment in its rese-cel CAR T cell therapy program for autoimmune diseases, with R&D expenses rising 29% year-over-year to $37.4 million, driven by advancement of the RESET clinical trials across rheumatology, neurology, and dermatology indications. G&A expenses declined 15% to $6.9 million, suggesting improved efficiency in overhead amid clinical progress. Cash reserves of $116.6 million as of March 31, 2026, down from $133.6 million at year-end 2025, provide runway into mid-2027, significantly extended by the May 2026 $150 million registered direct offering from investors including Bain Capital Life Sciences, Eli Lilly, and others. CEO Steven Nichtberger highlighted compelling 6-to-9-month drug-free responses in half of pemphigus vulgaris patients on the lowest preconditioning-free rese-cel dose in RESET-PV, presented at ASGCT, alongside initial data from Cellares-manufactured product matching prior lots. The April 2026 10-year supply deal with Cellares enables low-cost scaling to thousands of patients annually using automated Cell Shuttle and Cell Q platforms. Pivotal RESET-Myositis enrollment progresses toward a 2027 BLA, with EULAR presentations in June 2026 for lupus, scleroderma, and myositis data. Upcoming PC-free data from RESET-SLE and higher doses in 2H26 further de-risks the profile, positioning rese-cel for potential commercial launch without chronic therapy needs.