Cabaletta Bio, Inc. · NASDAQ:CABA
Cabaletta Bio — Investor Presentation (November 2026)
48 slides from Cabaletta Bio's investor presentation, Nov 9, 2026
Slide 1: Corporate Presentation November 2026
Corporate Presentation November 2026 Exhibit 99.2
Slide 2: Disclaimer
Disclaimer This presentation, including any printed or electronic copy of these slides, the talks given by the presenters, the information communicated during any delivery of the presentation and any question and answer session and any document distributed at or in connection with the presentation (
Slide 3: Develop and launch the first curative targeted cellular therapies for autoimmune diseases
Develop and launch the first curative targeted cellular therapies for patients with autoimmune diseases
Slide 4: Cabaletta: Advancing rese-cel closer to patients with autoimmune diseases
Cabaletta: Advancing rese-cel closer to patients with autoimmune diseases All data as of September 4, 2026. BLA, Biologics License Application; DM, dermatomyositis; DORIS, definition of remission in systemic lupus erythematosus; FDA, U.S. Food and Drug Administration; FVC, forced vital capacity; ILD
Slide 5: Investigating rese-cel in autoimmune diseases with high unmet need
Trial Preclinical Phase 1/2 Registrational Investigating rese-cel in autoimmune diseases with high unmet need Ab – Antibody; AChR – Acetylcholine receptor; JDM – Juvenile dermatomyositis; PC – Preconditioning; PRV – Priority review voucher Myositis patients can also be treated by neurologists or der
Slide 6: Broad portfolio of trials designed to address high unmet need
Broad portfolio of trials designed to address high unmet need and realize the potential of rese-cel RESET™ program advancing trials in a broad portfolio of diseases SLE – Systemic lupus erythematosus; DM – Dermatomyositis; SSc – Systemic sclerosis; gMG – Generalized myasthenia gravis; PC – Precondit
Slide 7: Rese-cel: Construct Design, PK/PD and Safety Data
Rese-cel: Construct Design, PK/PD and Safety Data
Slide 8: Rese-cel: CD19-CAR T specifically designed for autoimmunity
Risk-benefit profile reinforced by compelling clinical responses with safety data supporting outpatient use6,8 Rese-cel: CD19-CAR T specifically designed for autoimmunity Müller, F., Hagen, M., Wirsching, A. et al. “CD19 CAR-T cells for treatment-refractory autoimmune diseases: the phase 1/2 CASTLE
Slide 9: Many RESET trials share common elements of preconditioning, dose, and study design
Many of the RESET trials share common elements of preconditioning, dose, and study design RESET™ clinical trials have consistent design principles1 †Follow up period encompasses at least 15 years in total, according to regulatory guidance for CAR T cell therapies. AE, adverse event; CABA, Cabaletta
Slide 10: Post-infusion rese-cel expansion & B cell kinetics across indications
Post-infusion rese-cel expansion & B cell kinetics across indications* All data is as of 4 September 2026. *Rese-cel pharmacokinetics represented as CAR T cells per μL blood as measured by digital PCR. B cell counts (CD19+CD20+) in peripheral blood at baseline and over time following rese-cel infusi
Slide 11: 94% of patients have either no CRS or Grade 1 CRS; 96% have no ICANS
94% of patients have either no CRS or Grade 1 (fever), 96% have no ICANS & no IEC-HS was reported1 Demographics & key safety data in first 71 rese-cel patients by indication RESET-Myositis RESET-SLE RESET-SSc RESET-MG Number of patients 19 19 19 14 Age, years, mean (SD) 51.4 (13.6) 30.3 (7.3) 49.1 (
Slide 12: Myositis: Unmet Need, Clinical Data and Commercial Opportunity
Myositis: Unmet Need, Clinical Data and Commercial Opportunity
Slide 13: Highly concentrated US treatment network; dermatomyositis ~75% of market
Highly concentrated treatment network in the US; dermatomyositis represents ~75% of this market Myositis: High rates of disability & increased risk of mortality High disease burden: disability & mortality Typical patient is a middle-aged female who experiences muscle weakness, fatigue, pain, shortne
Slide 14: Approved treatments limited to adults and require chronic use
Approved treatments limited to adults and require chronic use on top of immunomodulators Dermatomyositis (DM): Limited treatment options for ~60k U.S. patients Lundberg, Ingrid E., et al. "Idiopathic inflammatory myopathies." Nature Reviews Disease Primers 7.1 (2021): 86. Analysis from quantitativ
Slide 15: Myositis registrational cohort – key design elements
Single-arm cohort including DM/ASyS patients with a primary endpoint at 16 weeks Myositis registrational cohort – Key design elements Registrational Cohort2 ASyS DM & ASyS (n=17) Phase 1/2 Cohorts DM (combined n ~6) JDM, juvenile dermatomyositis; TIS, total improvement score. Pediatric JDM submissio
Slide 16: Baseline characteristics: first 6 adult DM patients in RESET-Myositis
All patients had active, refractory disease despite multiple medications, including IVIg and B cell-targeting therapies Baseline characteristics: First 6 adult DM patients in RESET-Myositis DM N=6 Age, years, median (min, max) 57 (45, 72) Female, n (%) 5 (83) Disease duration, years, median (min, ma
Slide 17: 100% (6/6) achieved durable, immunomodulator-free moderate or major TIS response at Week 52
100% (6/6) of patients achieved durable, immunomodulator-free moderate or major TIS response at Week 52 Immunomodulator-free efficacy data in adult DM patients following rese-cel infusion As of 4 September 2026. *Prednisone or equivalent dose. DM-4 was treated with a protocol-permitted GC burst up t
Slide 18: TIS is a composite tool measuring improvement from baseline
TIS is a composite tool measuring a patient’s relative improvement from their baseline Myositis outcomes captured through validated composite endpoint Major Total Improvement Score 100 80 0 Minimal Moderate 60 40 20 Week 24 Baseline Week 12 None Extramuscular Activity 20 max achievable score Manual
Slide 19: Systemic Sclerosis: Unmet Need & Clinical Data
Systemic Sclerosis: Unmet Need & Clinical Data
Slide 20: Systemic sclerosis: Profound unmet need & limited options
Middle age onset associated with progressive morbidity and high mortality1,2 Systemic sclerosis: Profound unmet need & limited options AHSCT, autologous hematopoietic stem cell transplantation; ILD, interstitial lung disease; SSc, systemic sclerosis. 1. Allanore Y, et al. Nat Rev Dis Primers. 2015;1
Slide 21: Baseline characteristics: first 15 patients in RESET-SSc
All patients had active, refractory disease despite multiple SSc therapies, and 12/15 had ILD Baseline characteristics: First 15 Patients in RESET-SSc As of 16 Apr 2026. *Time of diagnosis to screening. †Per HRCT. ‡Baseline disease activity = activity before preconditioning. §The severe skin cohort
Slide 22: Continued lung function improvement through Week 52 after immunomodulators discontinued
After immunomodulators discontinued, continued improvement in lung function was observed through Week 52 Immunomodulator-free efficacy data in SSc following rese-cel infusion As of 4 September 2026. *Based on HRCT at screening. †Missing data were imputed using last observation carried forward. Dashe
Slide 23: Lupus: Unmet Need & Clinical Data
Lupus: Unmet Need & Clinical Data
Slide 24: SLE & LN: high unmet clinical need
Increased mortality risk & negative impact on quality of life for patients with SLE & LN SLE & LN: Represent a high unmet clinical need ESRD, end-stage renal disease; LN, lupus nephritis; SLE, systemic lupus erythematosus. 1. Zen M, et al. Eur J Intern Med. 2023;112:45–51. 2. Rahman P, et al. Lupus.
Slide 25: Baseline characteristics: first 18 patients in RESET-SLE
All patients had active, refractory disease and had failed multiple B cell-targeted therapies Baseline characteristics: First 18 patients in RESET-SLE As of 16 Apr 2026. *Time from diagnosis to screening. †Baseline disease activity = activity before preconditioning. ‡SLE medications may include biol
Slide 26: Immunomodulator-free efficacy data in SLE and LN following rese-cel
Discontinued all SLE immunomodulators After discontinuing immunomodulators, SLEDAI-2K improves rapidly and continuously; LN patients with post-treatment biopsy demonstrate histological remission or response as well as DORIS Immunomodulator-free efficacy data in SLE and LN following rese-cel infusion
Slide 27: Myasthenia Gravis: Unmet Need & Clinical Data
Myasthenia Gravis: Unmet Need & Clinical Data
Slide 28: Myasthenia gravis: significant disease & treatment burden
High impact of disease due to patient symptoms & cost burden, particularly for refractory patients Myasthenia gravis: Significant disease & treatment burden Gilhus NE, et al. Eur J Neurol. 2024 2. Results from quantitative survey of U.S. MG-treating physicians (neurologists), conducted 3Q25. N = ~10
Slide 29: Baseline Characteristics: 14 RESET-MG Patients
All patients had active, refractory disease despite multiple immunomodulatory agents Baseline Characteristics: 14 RESET-MG Patients As of 4 September 2026. *Baseline disease activity = activity before preconditioning. †MG therapies include acetylcholinesterase inhibitors, neonatal Fc receptor inhibi
Slide 30: Efficacy data in AChR-positive patients following rese-cel
6 of 8 AChR-positive patients showed clinically meaningful improvements on the MG-ADL scale while 2 patients required rescue medications, as of latest follow-up Efficacy Data in AChR-Positive Patients Following Rese-cel Infusion1 As of 4 September 2026. *Missing data were imputed using last observat
Slide 31: Efficacy data in AChR-negative patients following rese-cel
4 of 6 AChR-negative patients showed clinically meaningful improvements on the MG-ADL scale while 2 patients received rescue medications, as of latest follow-up Efficacy Data in AChR-Negative Patients Following Rese-cel Infusion1 As of 4 September 2026. *Missing data were imputed using last observat
Slide 32: Preconditioning-free Rese-cel: Data at Lowest Dose in PV and Lupus
Preconditioning-free Rese-cel: Data at Lowest Dose in PV and Lupus
Slide 33: RESET-PV: rese-cel at lowest dose without preconditioning
In the RESET-PV trial, 4 refractory patients received rese-cel at the lowest dose without preconditioning and had follow-up between 24 and 36 weeks as of the data cut-off 2 of 4 patients demonstrated compelling clinical activity through 6 months follow-up Complete peripheral B cell elimination was o
Slide 34: Pemphigus vulgaris: PC-free PK and PD
Similar CAR T expansion to PC-treated rese-cel pts with complete B cell depletion in 3 of 4 PC-free patients Pemphigus Vulgaris: PC-free PK and PD1 LD, lymphodepletion Note: Gray vertical dotted line indicates day of rese-cel infusion (study visit Day 1). Median and 50th percentile intervals of valu
Slide 35: Near complete resolution of clinical symptoms off all medicines in 2 of 4 patients
Near complete resolution of clinical symptoms off all medicines in 2 of 4 patients through 6 months follow-up1 Unanticipated efficacy at lowest PC-free dose supports dose escalation *As of 2 April 2026. Cabaletta Bio: Data on file. Disease severity intervals as defined Krain RL, et al. Br J Dermatol
Slide 36: Lupus: PC-free rese-cel PK and PD
Similar CAR T expansion as PC-treated patients with deep B cell depletion in 1 of 2 PC-free patients Lupus: PC-free rese-cel PK and PD1 LD, lymphodepletion 1. Shading indicates interquartile range, IQR. Individual dashed lines represent PC-free SLE and LN subjects. Rese-cel infusion shown as vertica
Slide 37: Rese-cel Commercial Planning
Rese-cel Commercial Planning
Slide 38: Safety profile facilitates outpatient administration and favorable reimbursement
Rese-cel safety profile facilitates outpatient administration which could allow for favorable reimbursement CAR T may eliminate active disease & use of expensive medications Cancer patients experience early and frequent CRS/ICANS following CAR T therapy, which increases inpatient admissions and shif
Slide 39: Outpatient administration reduces burden and improves accessibility
Outpatient administration reduces administrative burden and improves patient and provider accessibility RESET™ program designed for outpatient administration at launch INPATIENT MODEL OUTPATIENT MODEL Limited patient beds and resource infrastructure Increases inpatient resource pressure: ↑ total cos
Slide 40: Rese-cel commercial model – manufacturing and COGM
Health status of patient population and slower disease progression improve manufacturing cost efficiency Rese-cel commercial model – manufacturing and COGM Late-stage oncology patients have high drop-off rate due to rapid disease progression and compromised T cell fitness, leading to higher manufact
Slide 41: Plan to target academic centers at launch with rapid community expansion
Rese-cel safety data facilitates plan to target academic centers at launch with rapid community expansion Three-phase approach to rese-cel launch in myositis and beyond1 Rese-cel is an investigational product candidate and has not been approved by the FDA. L+2yr+ Phase 3 Academic, Community Hospital
Slide 42: Rese-cel: Manufacturing Strategy & Innovation
Rese-cel: Manufacturing Strategy & Innovation
Slide 43: Rese-cel Manufacturing Process – Commercial Readiness
Rese-cel Manufacturing Process – Commercial Readiness T cell collection Rese-cel manufacture (9 day) Rese-cel administration apheresis cell selection and activation cell expansion cell harvest preconditioning infusion Product release QC testing and QA release Partial automation anticipated at launch
Slide 44: Cellares automation: consistent manufacturing vs. traditional CDMOs
Cellares automation: consistent manufacturing and translational rese-cel data in 1st 2 patients vs. traditional CDMOs Initial automated manufacturing & translational data Cellares uses Celleca for viability measurement to enable automated testing. Viability data for Process C shown in this figure we
Slide 45: Breakthrough innovations to improve scalability and costs
Automation plus elimination of preconditioning and apheresis could impact patient preference & experience Advancing breakthrough innovations to improve scalability and costs Stratton et al, ESGCT 2024. Poster available at https://www.cabalettabio.com/technology/posters-publications (https://d1io3yog
Slide 46: Corporate Summary
Corporate Summary Cabaletta Bio’
Slide 47: Cabaletta Bio leadership and scientific advisory board
Track record of operational success evaluating & developing novel cell therapy candidates in autoimmunity Cabaletta Bio leadership LEADERSHIP TEAM Anup Marda Chief Financial Officer Nicolette Sherman Chief HR Officer Michael Gerard General Counsel Steven Nichtberger, M.D. President, CEO & Chairman H
Slide 48: Corporate Presentation November 2026
Corporate Presentation November 2026
Cabaletta Bio — Investor Presentation (November 2026) on 6ix