Cabaletta Bio (Nasdaq: CABA), a Philadelphia-based clinical-stage cell therapy company, announced the pricing of an underwritten public offering to raise USD 150 million in gross proceeds, with the capital intended to extend its cash runway into mid-2027 and fund continued clinical and manufacturing development of its lead autoimmune cell therapy asset, rese-cel.
The offering comprises 51,725,000 shares of common stock priced at USD 2.90 per share, representing the at-the-market price under Nasdaq rules. No warrants were included in this transaction. The investor syndicate included existing institutional holders Bain Capital Life Sciences, Adage Capital Management, and Cormorant Asset Management, alongside multiple new mutual funds, sovereign wealth funds, and Eli Lilly and Company as a strategic corporate participant.
Cabaletta Bio is a late clinical-stage biotechnology company headquartered in Philadelphia, Pennsylvania, focused on engineered T cell therapies for autoimmune diseases. The company operates the Caba platform, which encompasses two complementary strategies. The primary approach, designated CARTA (Chimeric Antigen Receptor T cells for Autoimmunity), centers on rese-cel (resecabtagene autoleucel, formerly CABA-201), a 4-1BB-containing fully human CD19-directed CAR-T cell investigational therapy. Rese-cel is being evaluated across multiple therapeutic areas, including rheumatology, neurology, and dermatology, under the RESET (REstoring SElf-Tolerance) clinical development program, with several Phase I/II trials ongoing for a range of indications including generalized myesthenia gravis, systemic sclerosis, and systemic lupus erythematosus (SLE). The company has described a development trajectory oriented toward a BLA submission targeted for 2027.
The company's earlier pipeline included two CAAR-T (Chimeric Autoantibody Receptor T cell) programs: DSG3-CAART, targeting pemphigus vulgaris, and MuSK-CAART, targeting muscle-specific kinase myasthenia gravis. These programs reflect Cabaletta's historical focus on antigen-specific B cell depletion, which has since broadened toward the CD19-directed approach represented by rese-cel.