Cabaletta Bio, Inc. (Nasdaq: CABA) has announced its third-quarter 2024 financial results and provided updates on its ongoing clinical trial programs, notably the RESET program, which will be presented at the ACR Convergence 2024 conference. The RESET program is evaluating CABA-201, a cell therapy, in various autoimmune diseases.
Clinical Trial Progress
As of November 12, Cabaletta Bio has enrolled 16 patients across the RESET-Myositis™, RESET-SLE™, and RESET-SSc™ trials, with 10 patients having received doses. The company is actively recruiting at 40 clinical sites across the U.S. and has expanded its reach into Europe following approval from the European Medicines Agency (EMA) for the RESET-SLE trial.
"Focused clinical execution has resulted in 40 U.S. clinical sites actively recruiting patients for the RESET clinical trial program for CABA-201," said Steven Nichtberger, M.D., CEO of Cabaletta Bio. He also mentioned the potential for a meeting with the FDA in 2025 to discuss the future development plans for CABA-201.
Financial Highlights
For the third quarter of 2024, Cabaletta Bio reported research and development expenses of $26.3 million, an increase from $13.8 million in the same quarter of the previous year. General and administrative expenses also rose, from $4.9 million to $6.8 million. As of September 30, 2024, the company's cash, cash equivalents, and investments totaled $183.0 million, which is projected to fund operations into the first half of 2026.
Strategic Developments
Cabaletta Bio is also strengthening its leadership team, with the appointment of Gerwin Winter as Senior Vice President and Head of International, to spearhead clinical development efforts in Europe. The company is also planning to participate in upcoming industry conferences to engage with investors and share updates on its progress.
The advancement of the RESET program and strategic organizational moves are aimed at positioning Cabaletta Bio to potentially transform the treatment of autoimmune diseases through targeted cell therapies.
