Cabaletta Bio, a clinical-stage biotechnology company focused on developing curative targeted cell therapies for autoimmune diseases, announced on June 11, 2025, that it has commenced an underwritten public offering of common stock and accompanying warrants. The Philadelphia-based company expects the offering to close on or about June 12, 2025, subject to customary closing conditions.
Financing Structure and Terms
The public offering includes shares of common stock and accompanying warrants to purchase additional shares, with pre-funded warrants available as alternatives for certain investors. Cabaletta has granted underwriters a 30-day option to purchase up to an additional 15% of the shares and warrants offered in the public offering.
Jefferies, TD Cowen, and Cantor are serving as joint book-running managers for the proposed offering. The securities are being offered pursuant to a shelf registration statement on Form S-3 that was filed with the U.S. Securities and Exchange Commission on March 31, 2025, and declared effective the same day.
CABA Platform and Lead Therapy
Cabaletta Bio's CABA platform encompasses two complementary strategies aimed at advancing the discovery and development of engineered T cell therapies with the potential to become deep and durable, perhaps curative, treatments for a broad range of autoimmune diseases.
The company's lead CARTA (Chimeric Antigen Receptor T cells for Autoimmunity) strategy prioritizes the development of rese-cel, a 4-1BB-containing fully human CD19-CAR T cell investigational therapy. This represents a novel approach to treating autoimmune diseases through targeted cell therapy.
Clinical Development Program
Rese-cel is currently being evaluated in the RESET (REstoring SElf-Tolerance) clinical development program, which spans multiple therapeutic areas including rheumatology, neurology, and dermatology. This comprehensive approach reflects the company's vision of launching the first curative targeted cell therapy designed specifically for patients with autoimmune diseases.
Market Conditions and Risk Factors
The offering is subject to market and other conditions, with no assurance as to whether or when the offering may be completed, or regarding the actual size or terms of the offering. The company has noted that forward-looking statements regarding the public offering are subject to risks and uncertainties, including market conditions and the satisfaction of customary closing conditions.
