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      Cabaletta Bio, Inc. (CABA) Stock Plunged 7.38% Pre-Market, Here’s Why - Stocks Telegraph

      By Iqra Jamal

      Published on

      September 23, 2021

      8:10 AM UTC

      Cabaletta Bio, Inc. (CABA) Stock Plunged 7.38% Pre-Market, Here’s Why - Stocks Telegraph

      Cabaletta Bio, Inc. (CABA) stock plummeted 7.38% in the pre-market trading session at the price of $11.30 despite no recent developments. The last published news was the appointment of Michael Gerard as the company’s general counsel. CABA is a clinical-stage biotechnology company that identifies and develops engineered T-cell therapies to treat B cell-mediated autoimmune diseases.  

      CABA Appointed Michael Gerard 

      On 7th September 2021, CABA published that it had appointed Michael Gerard as general counsel. Mr. Gerard has previously served at Spark Therapeutics as Associate General Counsel. He has also worked at Aramark as Assistant General Counsel. Earlier, he joined Morrison & Foerster LLP after starting his legal career at K&L Gates LLP. He holds J.D. from Cornell Law School and has a B.A. degree in Political Science from Michigan University. 

      Clinical Data from the Second Dose Cohort in DesCAARTes Trial 

      On 18th August 2021, CABA published data from the second dose cohort in the DesCAARTes Phase 1 clinical trial of DSG3-CAART. The second dose cohort of DSG3-CAART treats patients with mucosal-dominant pemphigus Vulgaris (mPV). The DesCAARTes trial has started enrollment of patients in the third cohort at 500 million DSG3-CAART cells treatment dose. DLTs in the fourth dose cohort with 2.5 billion cells will also start dosing this year. The company anticipates announcing top-line data on biologic activity and safety of the 500 million dose cohort in the fourth quarter of 2021. CABA will also present additional data on a cohort-by-cohort basis for the DesCAARTes trial as soon as possible.  

      Second Quarter 2021 Financial Results 

      On 5th August 2021, CABA published financial results for the second quarter ended 30th June 2021, and provided corporate updates. The cash, cash equivalents, and investments were approximately $102.8 million as of 30th June 2021. The company reported cash and cash equivalents of $108.7 million as of 31st December 2020. Under its at-the-market stock offering program, the company received $7.7 million in net proceeds. The company anticipates that its cash and cash equivalents in the 2021 period will be sufficient to fund its fourth-quarter 2022 operating plans. 

      CABA reported research and development expenses of $7.9 million for the three months ended on 30th June 2021. R&D expenses were $5.3 million for the same period of the previous year. General and administrative expenses were $3.3 million for the three months ended on 30th June 2021. The reported G&A expenses were approximately $2.9 million for the same quarter in 2020. 

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