PHILADELPHIA, PA — Cabaletta Bio, Inc. (Nasdaq: CABA) announced its financial results for the second quarter ended June 30, 2024, along with key business updates.
CEO Steven Nichtberger highlighted increased patient enrollment and the opening of additional clinical sites since June. “We look forward to sharing additional clinical data on CABA-201 in the second half of this year,” he said.
The RESET™ clinical development program now includes nine patients enrolled as of August 5, 2024, with 22 U.S. clinical sites actively enrolling participants. The company anticipates additional clinical data from the RESET-Myositis™ and RESET-SLE™ trials, as well as initial data from the RESET-SSc™ and RESET-MG™ trials, in the second half of 2024.
Cabaletta reported initial positive clinical data for the first patients in the RESET-Myositis and RESET-SLE trials at the EULAR Congress in June. A lupus nephritis patient dosed with CABA-201 experienced a dose-limiting toxicity, which resolved quickly. The study will proceed without delay at the current dose, following recommendations from the independent data monitoring committee.
The company has signed agreements with Lonza and Cellares to advance manufacturing strategies, ensuring the expansion of clinical supply and preparing for commercial scale. Financially, Cabaletta reported cash, cash equivalents, and short-term investments totaling $203.2 million as of June 30, 2024, expected to support operations into the first half of 2026.
Buy, Sell, or Hold?
Cabaletta Bio is making significant strides in its clinical trials and manufacturing capabilities. However, the financial resources and ongoing expenses indicate that the company is a Hold. Investors should watch for upcoming clinical data and strategic developments.
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