PHILADELPHIA, PA — Cabaletta Bio, Inc. (Nasdaq: CABA) has released its financial results for the third quarter of 2024, alongside updates on its clinical trial programs. A key highlight includes the company’s ongoing clinical trials under the RESET program, which are set to be showcased at the ACR Convergence 2024 conference.
The company has enrolled 16 patients across its RESET-Myositis™, RESET-SLE™, and RESET-SSc™ trials, with 10 patients having received doses by November 12. Cabaletta is actively recruiting at 40 clinical sites in the U.S. and has expanded into Europe with approval from the EMA for its RESET-SLE trial.
CEO Steven Nichtberger, M.D., expressed enthusiasm about the clinical progress, saying, “Focused clinical execution has resulted in 40 U.S. clinical sites actively recruiting patients for the RESET clinical trial program for CABA-201.” He also highlighted the potential to meet with the FDA in 2025 to discuss program designs for CABA-201.
Financially, Cabaletta reported research and development expenses of $26.3 million for Q3 2024, up from $13.8 million in the same quarter last year. General and administrative expenses rose to $6.8 million from $4.9 million. As of September 30, 2024, the company’s cash reserves stood at $183.0 million, expected to support operations into the first half of 2026.
Strategically, the company is strengthening its leadership team with the appointment of Gerwin Winter as Senior Vice President and Head of International, aiming to expand clinical development in Europe. Cabaletta is also preparing for further investor engagement with upcoming presentations planned at industry conferences.
The ongoing clinical developments and strategic expansions position Cabaletta Bio to potentially advance the treatment landscape for autoimmune diseases with its novel cell therapies.
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