1Q26 Update: What Investors Are Missing

Research evidence excerpt

1Q26 Update: What Investors Are Missing

Biotechnology

Cabaletta Bio, Inc. (CABA)

EQUITY RESEARCH Company Update

May 14, 2026

1Q26 Update: What Investors Are Missing Price: $3.59

Price Target: $30.00

CABA reported 1Q earnings before the open this morning. The company Rating: Overweight

continues to generate promising data and advance its leading auto-CAR-T

Key Statistics: (rese-cel) for autoimmune diseases.

Symbol NSQ: CABA

52-Week Range 1.26 - 4.23 ●CABA's financing overhang has been meaningfully addressed. Market Cap 551.6

ADV (3 mo) 3,099,772 Following the recent $150M financing, in addition to ~$116M of cash at

Shares Out (M) 152.2 the end of 1Q26, an ~$120M from warrant exercises expected through

their September expiry, along with a potential PRV for rese-cel - we

Research Analysts: believe CABA is just one more financing away from profitability.

Josh Schimmer

310-282-6513 ●ASGCT updates today highlighted encouraging results (2/4 durable

Josh.Schimmer@cantor.com drug-free remissions) for the lymphodepletion-free auto-CAR-T

Imogen Mansfield protocol in Pemphigus Vulgaris (with potential translatability to other 929-545-6495

Imogen.Mansfield@cantor.com autoimmune indications) and early evidence of clinical comparability

Funing Lin for the Cellares automated manufacturing product.

212-294-7739

Funing.Lin@cantor.com ●Data from a low-dose lymphodepletion-free regimen in SLE are

expected in 2Q26. REV ($M)

FYE Dec 2025A 2026E 2027E ●Updated data for lymphodepletion-free regimens, including a 1Q $0.0 $0.0A -

2Q $0.0 $0.0E - higher cell dose protocol, are expected in 2H26.

3Q $0.0 $0.0E -

4Q $0.0 $0.0E - ●The pivotal myositis trial continues to enroll well, with a BLA filing

Year $0.0 $0.0E $0.0 anticipated in 2027. Myositis is CABA’s most advanced path to market