Cabaletta Bio(CABA) - 2024 Q2 - Quarterly Results

Financial Performance - As of June 30, 2024, Cabaletta Bio reported cash, cash equivalents, and short-term investments totaling $203.2 million, down from $241.2 million as of December 31, 2023, expected to fund operations into the first half of 2026[11] - Research and development expenses for Q2 2024 were $23.4 million, compared to $11.8 million for the same period in 2023, indicating a significant increase in investment in R&D[11] - General and administrative expenses for Q2 2024 were $6.9 million, up from $4.1 million in Q2 2023, reflecting increased operational costs[11] - Total operating expenses for the first half of 2024 reached $58,310,000, compared to $32,846,000 for the same period in 2023, reflecting a 77% increase[16] - The net loss for Q2 2024 was $27,602,000, compared to a net loss of $14,487,000 in Q2 2023, representing an increase of 91%[16] - The net loss per share for Q2 2024 was $0.56, compared to $0.37 in Q2 2023, indicating a 51% increase in loss per share[16] - Interest income for Q2 2024 was $2,677,000, an increase from $1,403,000 in Q2 2023, marking a 91% rise[16] - Total liabilities as of June 30, 2024, were $17,899,000, slightly up from $17,452,000 at the end of 2023[17] - Total assets decreased to $217,418,000 as of June 30, 2024, from $253,650,000 at the end of 2023[17] - Total stockholders' equity fell to $199,519,000 as of June 30, 2024, down from $236,198,000 at the end of 2023[17] Clinical Development - Nine patients have been enrolled in the RESET™ clinical development program as of August 5, 2024, with 22 U.S. clinical sites now actively enrolling[1] - Initial clinical data from the RESET-Myositis™ and RESET-SLE™ trials were presented at EULAR 2024, showing CABA-201 was well-tolerated with no serious adverse events reported[8] - The independent data monitoring committee recommended the continuation of the RESET-SLE trial at the current dose after a patient experienced a Grade 4 ICANS, which resolved rapidly[5] - Additional clinical data from the RESET-Myositis and RESET-SLE trials are anticipated in the second half of 2024, with ongoing patient enrollment in both trials[4][5] - Cabaletta is evaluating CABA-201 for multiple autoimmune conditions, including myositis, systemic lupus erythematosus, systemic sclerosis, generalized myasthenia gravis, and pemphigus vulgaris[12] Strategic Partnerships and Appointments - Cabaletta has signed agreements with Lonza and Cellares to enhance its manufacturing strategy for CABA-201, supporting clinical supply expansion and commercial readiness[1][10] - The company has appointed Sarah Yuan, Ph.D., as Chief Technology Officer, bringing extensive experience in cell therapy development and manufacturing[10]