ASGCT Updates Continue to Support CABA Value-Building Path on PC-free and CMC

Research evidence excerpt

ASGCT Updates Continue to Support CABA Value-Building Path on PC-free and CMC

USA | Biotechnology

Cabaletta Bio Inc EquityMayResearch14, 2026

ESTIMATE CHANGEASGCT Updates Continue to Support CABA

RATING BUYValue-Building Path on PC-free and CMC

PRICE $3.61^

Cabaletta’s ASGCT presentations reinforced 2 key differentiators – no

preconditioning (PC) regimen & automated manufacturing – supporting a PRICE TARGET | % TO PT $14.00 | +288%

strengthening setup into '27. Initial no-PC low-dose data in PV showed early 52W HIGH-LOW $4.23 - $1.26

promise of efficacy while keeping safety pristine. Initial SLE data from no-PC FLOAT (%) | ADV MM (USD) 71.5% | 13.89

will come later this Q, and longer-term/high-dose PV/SLE data in 2H. Pivotal IIM MARKET CAP $404.3M

enrollment on track/SSc/MG pivotal update next. More RESET data at EULAR. TICKER CABA ^Prior trading day's closing price unless otherwise

noted.

Bottom line. CABA is well-positioned for the pivotal stage. The 1st BLA in '27/2nd pivotal coming

together. Core no-PC strategy and durable manufacturing/scalability continue to differentiate,

FY (Dec) CHANGE TO JEFe JEF vs CONS

delivering rese-cel to multiple autoimmune disease patients while building a viable business.

2026 2027 2026 2027

ASGCT updates. EPS +15% +15% NA NA

EPS +15% +15% NA NA

1) Co presented 6–9 month PC-free data from initial PV pts, showing 2 of 4 refractory PV pts (50%)

achieved durable, drug-free responses at 6 mon after a single infusion at the lowest dose w/o 2026 ($) Q1A Q2 Q3 Q4 FY

lympho depletion/3rd pt had partial PDAI response and 4th pt back on rescue Tx at W20. 3/4 had EPS (0.39) (0.73) (0.47) (0.51) (1.80)

complete B cell depletion Chart 1. Safety was benign (no DLTs/neurotox; one Gr1 CRS fever). Data

PREV (0.47) (0.55) (0.60) (2.13)