Cabaletta Bio (CABA) lifts cash to $225M while advancing rese-cel toward BLA
Rhea-AI Filing Summary
Cabaletta Bio reported second quarter 2026 results and updated progress for its lead CAR T cell therapy, rese-cel, across multiple autoimmune indications. Net loss was $51.0 million for the quarter, compared with $45.1 million a year earlier, driven mainly by higher research and development spending of $44.4 million versus $37.6 million. General and administrative expenses were $7.6 million, slightly below $8.3 million in the prior-year quarter.
As of June 30, 2026, Cabaletta held $225.1 million in cash, cash equivalents and short-term investments, up from $133.6 million at year-end 2025, and expects this to fund its operating plan into mid-2027. The company is advancing rese-cel through its RESET program, with registrational RESET-Myositis data expected in mid-2027 to support a planned BLA submission in 2H27, and a registrational SSc-associated ILD cohort targeted to start in 4Q26.
Cabaletta highlighted favorable safety data to support outpatient dosing, PC-free dosing strategies in multiple RESET trials, and expanded manufacturing partnerships with ElevateBio, Lonza and Cellares, including a 10-year commercial supply agreement to support large-scale, potentially lower-cost autologous cell therapy production.
Positive
- Cash and investments of $225.1 million at June 30, 2026, up from $133.6 million at year-end 2025, strengthen the balance sheet following a May 2026 registered direct offering.
- The company expects its current cash position to fund operations into mid-2027, providing visibility through key registrational milestones for rese-cel.
- Rese-cel’s RESET-Myositis program targets mid-2027 registrational data to support a planned 2H27 BLA submission, outlining a clear potential path to first approval.
- RESET-Myositis Phase 1/2 data showed 80% (8/10) of evaluable adult DM/ASyS patients would have met the registrational primary endpoint, with durable responses up to 1.5 years.
- Across 17 RESET-Myositis Phase 1/2 patients, 100% experienced no or Grade 1 CRS and no ICANS, supporting an outpatient dosing strategy.
- Manufacturing strength is enhanced by adding ElevateBio alongside Lonza and a 10-year commercial supply agreement with Cellares, supporting scalable, automated rese-cel production.
Negative
- Quarterly net loss increased to $51.0 million from $45.1 million a year earlier, reflecting higher operating expenses.
- Total operating expenses rose to $52.0 million in Q2 2026 from $45.9 million in Q2 2025, driven primarily by increased research and development activity.
8-K Event Classification
Key Figures
Key Terms
Biologics License Application regulatory
Priority Review Voucher regulatory
Regenerative Medicine Advanced Therapy designation regulatory
cytokine release syndrome medical
autologous cell therapy medical
contract development and manufacturing organization technical
Earnings Snapshot
The company expects its cash, cash equivalents and short-term investments to fund its operating plan into mid-2027.
FAQ
How did Cabaletta Bio (CABA) perform financially in Q2 2026?
What is Cabaletta Bio’s cash runway after Q2 2026?
What are the key upcoming milestones for Cabaletta Bio’s rese-cel program?
How strong are the clinical results for rese-cel in myositis reported by Cabaletta Bio (CABA)?
What safety profile has rese-cel shown in Cabaletta Bio’s trials?
How is Cabaletta Bio strengthening manufacturing for rese-cel?
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Securities registered pursuant to Section 12(b) of the Act:
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On August 13, 2026, Cabaletta Bio, Inc. (the “Company”) announced its financial results for the second quarter ended June 30, 2026. A copy of the press release is being furnished as Exhibit 99.1 to this Report on Form 8-K.
The information contained in Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1 attached hereto, is being furnished and shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section and shall not be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
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99.1 |
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Press Release issued by the registrant on August 13, 2026, furnished herewith. |
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Cover Page Interactive Data File (embedded within the Inline XBRL Document). |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
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CABALETTA BIO, INC. |
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Date: August 13, 2026 |
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/s/ Steven Nichtberger |
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Steven Nichtberger |
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Chief Executive Officer and President (Principal Executive Officer) |
Exhibit 99.1
Cabaletta Bio Reports Second Quarter 2026 Financial Results and Provides Business Update
Registrational RESET-Myositis® clinical data on track to be reported in mid-2027 to support 2H27 BLA submission for rese-cel
Juvenile myositis Phase 1/2 data expected to be submitted with BLA to support potential FDA Priority Review Voucher
Registrational RESET-SSc® enrollment in approximately 25 patients with SSc-associated interstitial lung disease anticipated to initiate in 4Q26
PC-free approach being incorporated in RESET-MG® based on emerging insights from PC-free RESET-SLE® and RESET-PV® cohorts and previously reported Phase 1/2 clinical data
Pursuing expansion of outpatient dosing option for rese-cel within the RESET™ clinical development program based in part on favorable safety data reported at EULAR 2026
ElevateBio selected as second CDMO for clinical and commercial manufacturing of rese-cel
PHILADELPHIA, Aug. 13, 2026 (GLOBE NEWSWIRE) -- Cabaletta Bio, Inc. (Nasdaq: CABA), a late-stage clinical biotechnology company focused on developing and launching curative targeted cell therapies designed specifically for patients with autoimmune diseases, today reported financial results for the second quarter ended June 30, 2026, and provided a business update.
“A single infusion of rese-cel has demonstrated the potential to deliver deep, clinical responses after discontinuation of all immunomodulators with up to 1.5 years of follow-up as reported in the most recent Phase 1/2 clinical experience. Continued expansion of the outpatient dosing option with rese-cel remains a top priority, and we believe the reported safety profile supports its incorporation across the RESET clinical development program,” said Steven Nichtberger, M.D., Chief Executive Officer of Cabaletta. “Additionally, we view the product design and development characteristics of rese-cel, including the use of a fully-human CAR construct, weight-based dosing, and a well-characterized manufacturing process, to have contributed to the compelling clinical outcomes reported in adult and juvenile patients across multiple autoimmune diseases. As we progress rese-cel through and into registrational trials for myositis and systemic sclerosis, respectively, we are also particularly encouraged by the reported PC-free data in lupus and PV patients which have prompted us to incorporate the PC-free approach in RESET-MG.”
Recent Operational Highlights and Anticipated Upcoming Milestones
Resecabtagene autoleucel (rese-cel) for autoimmune diseases
Cabaletta is advancing rese-cel as an investigational CAR T cell therapy designed to reset the immune system in patients living with autoimmune diseases. Following a single, weight-based intravenous infusion after discontinuation of immunomodulators, rese-cel has shown the ability
to deliver an immune system reset in treated patients across multiple autoimmune diseases, leading to compelling clinical outcomes that have persisted over time. Cabaletta is evaluating rese-cel across the RESET (REstoring SElf-Tolerance) clinical development program, which includes multiple ongoing company-sponsored trials in rheumatology, neurology, and dermatology with disease-specific cohorts designed to evolve directly into registrational studies. Cabaletta is also advancing a program of innovations to broaden and deepen the treatment potential of rese-cel across autoimmune diseases.
Registrational RESET-Myositis data on track for mid-2027 to support first potential BLA submission for rese-cel in 2H27
SSc-associated ILD selected as second registrational cohort to initiate in 4Q26
PC-free approach being incorporated in RESET-MG and enrolling in higher-dose cohorts in RESET-PV and RESET-SLE
Manufacturing partnerships expanded for long-term supply chain resiliency at scale
Second Quarter 2026 Financial Results
About Cabaletta Bio
Cabaletta Bio (Nasdaq: CABA) is a late-stage clinical biotechnology company focused on developing and launching curative targeted cell therapies designed specifically for patients with autoimmune diseases. Cabaletta’s lead product candidate, rese-cel, is an investigational 4-1BB-containing fully human CD19-CAR T cell therapy being advanced across the RESET™ (REstoring SElf-Tolerance) clinical development program spanning multiple therapeutic areas, including rheumatology, neurology and dermatology. Cabaletta Bio’s headquarters and labs are located in Philadelphia, PA. For more information, visit www.cabalettabio.com and connect with us on LinkedIn.
Forward-Looking Statements
This press release contains “forward-looking statements” of Cabaletta Bio within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including without limitation, express or implied statements regarding: Cabaletta’s business plans and objectives as a whole; Cabaletta’s ability to realize its vision of launching curative targeted cell therapies designed specifically for patients with autoimmune diseases; Cabaletta’s ability to successfully complete research and further development and commercialization of its drug candidates in current or future indications, including the timing and results of Cabaletta’s clinical trials and its ability to conduct and complete clinical trials; expectation that clinical results will support rese-cel’s safety and activity profile; statements regarding the timing of interactions with the FDA, including review of safety information from Cabaletta’s ongoing clinical trials and discussions with the FDA on potential registrational pathways for rese-cel, including the timing and acceptance of registrational designs related thereto; Cabaletta's expectations regarding the timing of topline data from the registrational DM/ASyS cohort in mid-2027 and its plans to submit a BLA for rese-cel in myositis, inclusive of adult and juvenile DM data, in 2H27; Cabaletta's expectations regarding the potential eligibility for a Priority Review Voucher based on Rare Pediatric Disease Designation for juvenile DM; Cabaletta's plans regarding the initiation of a SSc-associated ILD registrational program in 4Q26; significance of the clinical data read-out at upcoming scientific meetings and timing thereof; Cabaletta’s expectations around the potential success and therapeutic benefits of rese-cel; the advancement of clinical trials of rese-cel in patients with SLE, myositis, SSc, gMG and PV and advancement of the RESET-MS trial, including updates related to status, enrollment, safety data, trial design and timing of data read-outs or otherwise; Cabaletta’s plans and expectations regarding the timing and results of clinical data from patients treated with rese-cel without preconditioning; Cabaletta’s plans to generate and report PC-free dose-ranging data across multiple autoimmune indications; Cabaletta's expectations regarding the safety profile of rese-cel and its belief that such profile supports outpatient administration; Cabaletta's plans to expand the outpatient dosing option across the RESET clinical development program; Cabaletta's plans to advance rese-cel to potential commercial launch; Cabaletta's expectations regarding its manufacturing strategies, including the anticipated transition from clinical to commercial supply and plans to implement automated manufacturing of rese-cel with Cellares; the anticipated benefits of the 10-year commercial supply agreement with Cellares; and Cabaletta’s use of capital, expense and other financial results in the future and its ability to fund operations into mid-2027.
Any forward-looking statements in this press release are based on management’s current expectations and beliefs of future events and are subject to a number of risks and uncertainties that could cause actual results to differ materially and adversely from those set forth in or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to: risks related to regulatory filings and potential clearance; the risk that preclinical or clinical data, including signs of biologic activity or clinical response, may not be predictive of long-term results or translate across programs; Cabaletta’s ability to demonstrate sufficient evidence of safety, efficacy and tolerability in its preclinical studies and clinical trials of rese-cel; the risk that the results observed with the similarly-designed construct employed in academic publications, including due to the dosing regimen, are not indicative of the results Cabaletta seeks to achieve with rese-cel; risks that modifications to trial design or approach may not have the intended benefits and that the trial design may need to be further modified; risks related to clinical trial site activation, delays in enrollment generally or enrollment rates that are lower than expected; delays related to assessment of clinical trial results; risks related to unexpected safety or efficacy data observed during clinical studies; risks related to volatile market and economic conditions and public health crises; Cabaletta’s ability to retain and recognize the intended incentives conferred by Orphan Drug Designation, Fast Track Designation, Regenerative Medicine Advanced Therapy Designation or other designations for its product candidates, as
applicable; risks related to Cabaletta’s ability to protect and maintain its intellectual property position; risks related to fostering and maintaining successful relationships with Cabaletta’s collaboration and manufacturing partners; uncertainties related to the initiation and conduct of studies and other development requirements for its product candidates; the risk that any one or more of Cabaletta’s product candidates will not be successfully developed and/or commercialized; and the risk that the initial or interim results of preclinical studies or clinical studies will not be predictive of future results in connection with future studies. For a discussion of these and other risks and uncertainties, and other important factors, any of which could cause Cabaletta’s actual results to differ from those contained in the forward-looking statements, see the section entitled “Risk Factors” in Cabaletta’s most recent annual report on Form 10-K as well as discussions of potential risks, uncertainties, and other important factors in Cabaletta’s other subsequent filings with the Securities and Exchange Commission. All information in this press release is as of the date of the release, and Cabaletta undertakes no duty to update this information unless required by law.
CABALETTA BIO, INC.
SELECTED FINANCIAL DATA
(unaudited; in thousands, except share and per share data)
Statements of Operations
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Three Months Ended |
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Six Months Ended |
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2026 |
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2025 |
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2026 |
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2025 |
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Unaudited |
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Unaudited |
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Operating expenses: |
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Research and development |
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$ |
44,430 |
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$ |
37,638 |
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$ |
81,783 |
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$ |
66,656 |
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General and administrative |
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7,591 |
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8,268 |
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14,534 |
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16,386 |
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Total operating expenses |
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52,021 |
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45,906 |
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96,317 |
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83,042 |
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Loss from operations |
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(52,021 |
) |
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(45,906 |
) |
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(96,317 |
) |
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(83,042 |
) |
Other income (expense): |
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Interest income |
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1,604 |
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1,410 |
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2,680 |
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2,897 |
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Interest expense |
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(517 |
) |
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(571 |
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(1,153 |
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(865 |
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Other income (expense), net |
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(84 |
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(61 |
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257 |
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(61 |
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Net loss |
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$ |
(51,018 |
) |
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$ |
(45,128 |
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$ |
(94,533 |
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$ |
(81,071 |
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Net loss per common stock share, basic and diluted |
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$ |
(0.34 |
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$ |
(0.73 |
) |
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$ |
(0.72 |
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$ |
(1.44 |
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Selected Balance Sheet Data
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June 30, |
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December 31, |
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2026 |
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2025 |
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Unaudited |
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Cash, cash equivalents and short-term investments |
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$ |
225,101 |
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$ |
133,599 |
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Total assets |
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256,728 |
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165,083 |
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Total liabilities |
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46,135 |
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53,032 |
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Total stockholders’ equity |
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210,593 |
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112,051 |
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Contacts
Investors: investors@cabalettabio.com
Media: media@cabalettabio.com