10-Q - Cabaletta Bio, Inc. (0001759138) (Filer)

Wed, May 15, 11:56 AM (309 days ago)

Cabaletta Bio, Inc. reported a net loss of $25.0 million for Q1 2024, up from $15.9 million in Q1 2023, driven by increased R&D and administrative expenses. Research and development costs rose by $9.5 million due to higher clinical trial costs, personnel expenses, and manufacturing expenses. General and administrative expenses increased by $1.6 million, primarily due to higher personnel costs and administrative expenses. The company has $223.8 million in cash, cash equivalents, and investments as of March 31, 2024, and expects these funds to support operations into the first half of 2026. Cabaletta Bio is focusing on developing engineered T cell therapies for autoimmune diseases, with significant ongoing clinical trials for its lead product candidate, CABA-201. The company faces risks including regulatory challenges, potential adverse side effects in trials, and the need for additional funding to continue its development programs. Recent financing activities include a $5.7 million net proceeds from an "at-the-market" offering in Q1 2024, completing its 2023 ATM Program. The company continues to invest heavily in its clinical development programs and anticipates further increases in expenses as it advances its pipeline.