CABA: 1Q26 Recap—Financing Removes Near-term Overhang; PC-Free Data Encouraging; PT to $4

Research evidence excerpt

CABA: 1Q26 Recap—Financing Removes Near-term Overhang; PC-Free Data Encouraging; PT to $4

Cellares-produced rese-cel within broader RESET trials Prior NE NE NE NE (0.84) E

should answer questions around scaling CAR-T in I&I. This has been key investor debate. EPS: 2025 EPS accounted an equity raise in 2Q25.

Source: Company Data, Wells Fargo Securities estimates, and Factset.

Upcoming catalysts. CABA will also present complete Ph1/2 datasets across SSc and NA = Not Available, NC = No Change, NE = No Estimate

myositis at EULAR 2026 (June 3-6) including full lupus and scleroderma cohorts and

Derek Archilalonger-term myositis follow-up. Mgmt has indicated these datasets will inform selection Equity Analyst | Wells Fargo Securities, LLC

and announcement of second pivotal indication following the meeting. Derek.Archila@wellsfargo.com | 617-603-4353

Hao Shen, PhD

Cash runway extended to mid-2027. CABA recently strengthened its balance sheet with Associate Equity Analyst | Wells Fargo Securities, LLC

the ~$141MM in net equity raise. However, based on mgmt's timeline for a 2H27 BLA Hao.Shen@wellsfargo.com | 212-214-8047

filing for rese-cel in myositis, enrollment would need to be completed by YE26/early 2027 Simone Nasroodin, PharmD

with data in mid-2027 at the latest—CABA will likely need additional funding prior to the Associate Equity Analyst | Wells Fargo Securities, LLC

pivotal myositis read out—with potential use of their existing ATM or ~50M outstanding Simone.Nasroodin@wellsfargo.com | 212-214-6412

warrants, with the need to balance future dilution. Jacob Goell, PhD

Associate Equity Analyst | Wells Fargo Securities, LLC

Jacob.Goell@wellsfargo.com | 650-245-0208

Thoughts on the stock. Shares are up +62% YTD vs. XBI's +12%. Removing the near- Paloma Suckoo