Cabaletta Bio Q3 net loss slightly beats analyst expectations
Overview
U.S. cell therapy developer's Q3 net loss slightly beat analyst expectations
Q3 operating expenses rose yr/yr to $54.7 mln
Company ended Q3 with $299.4 mln in cash, extending runway into Q1 2028
Outlook
Cabaletta expects RESET-Myositis topline results in 2H27, with BLA submission planned for 1Q28
Company plans to announce PC-free program clinical development plans in 1H27 based on maturing data
Company expects cash position to fund operations into 1Q28
Result Drivers
INCREASED ENROLLMENT - Co said enrollment and screening activity in adult myositis study rose after a slower Q3, citing patient and physician caution following safety events elsewhere
HIGHER R&D SPEND - Research and development expenses increased yr/yr as co advanced clinical trials across multiple autoimmune indications
OUTPATIENT DOSING OPTION - Co said registrational cohorts in myositis and systemic sclerosis now include outpatient dosing, citing safety profile of rese-cel
Company press release:
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q3 Net Loss | Slight Beat* | $53.05 mln | $53.39 mln (6 Analysts) |
Q3 Income from Operations | -$54.71 mln | ||
Q3 Operating Expenses | $54.71 mln |
*Applies to a deviation of less than 1%; not applicable for per-share numbers.
Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 8 "strong buy" or "buy", 2 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the biotechnology & medical research peer group is "buy"
Wall Street's median 12-month price target for Cabaletta Bio, Inc. is $13.50, about 850.7% above its November 4 closing price of $1.42
Reuters Recommended Reads
Nov 4 - Nurix says Sanofi discontinues autoimmune disease drug program
Nov 4 - Dianthus Therapeutics Q3 net loss widens as clinical spending rises; sees MMN data in December
Nov 4 - Kailera Therapeutics Q3 net loss widens on higher R&D costs
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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)