Cabaletta Bio, Inc. · NASDAQ:CABA
Cabaletta Bio — Investor Presentation (June 2026)
51 slides from Cabaletta Bio's investor presentation, Jun 3, 2026
Slide 1: Corporate Presentation June 2026
Corporate Presentation June 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: Rese-cel: Delivering on the promise of CD19-CAR T in autoimmunity
2H27 BLA planned to include adult and pediatric DM with potential PRV; PC-free & automated mfg advancing Rese-cel: Delivering on the promise of CD19-CAR T in autoimmunity BLA – biologics license application; DM – dermatomyositis; f/u – follow-up; JDM – juvenile dermatomyositis; MG – myasthenia gravi
Slide 5: Advancing innovation with PC-free rese-cel and industrialized automated manufacturing
Beyond myositis and scleroderma, advancing innovation with PC-free rese-cel & industrialized automated mfg Immune reset with a single infusion and a favorable safety profile Transformative Value Proposition Elimination of PC Automated Manufacturing Expands the market Catalyzes outpatient use Reduces
Slide 6: Myositis and SSc programs advancing to registrational trials with preconditioning
Myositis and SSc programs advancing to registrational trials with preconditioning Innovative clinical strategy to support accelerated regulatory path Program Trial Preclinical Phase 1/2 Registrational Rese-cel (CABA-201) 4-1BB CD19-CAR T RESET-Myositis® CARTA Chimeric Antigen Receptor T cells for Au
Slide 7: 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 8: Rese-cel: Construct Design, PK/PD and Safety Data
Rese-cel: Construct Design, PK/PD and Safety Data
Slide 9: Rese-cel: CD19-CAR T specifically designed for autoimmunity
Rese-cel binder with similar in vitro & in vivo activity to construct used in academic studies in autoimmunity1,3 Rese-cel: CD19-CAR T specifically designed for autoimmunity Peng BJ, et al. Mol Ther Methods Clin Dev. 2024;32(2):101267. Dai, Zhenyu, et al. "Development and functional characterization
Slide 10: 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 RESETTM clinical trials have consistent design principles1 †Follow up period encompasses at least 15 years in total, ed to regulatory guidance for CAR T cell therapies. AE, adverse event; CABA, Cabaletta Approa
Slide 11: Peak rese-cel expansion and transient B cell depletion
B Cell Kinetics Peak rese-cel expansion and transient peripheral B cell depletion occurred by ~2 weeks post infusion Rese-cel expansion & B cell kinetics across indications* RESET-Myositis† RESET-SLE RESET-SSc Rese-cel Pharmacokinetics Rese-cel Pharmacokinetics Rese-cel Pharmacokinetics§ B Cell Ki
Slide 12: 94% of patients have no CRS or Grade 1 CRS; 97% have no ICANS
Across 4 RESET™ studies, 94% of patients have either no CRS or Grade 1 (fever) and 97% have no ICANS1 Demographics & CRS/ICANS in first 63 rese-cel patients by indication RESET-Myositis RESET-SLE RESET-SSc RESET-MG Number of patients 17 18 15 13 Age, years, mean (SD) 57.0 (15.1) 29.9 (7.4) 50.4 (14.
Slide 13: Myositis: Unmet Need, Clinical Data and Commercial Opportunity
Myositis: Unmet Need, Clinical Data and Commercial Opportunity
Slide 14: Myositis: High rates of disability and increased risk of mortality
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 15: Dermatomyositis: Limited treatment options for ~60k U.S. patients
IVIg is the only approved therapy (only for patients with the adult DM subtype) 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 quantitative survey
Slide 16: 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 17: Baseline characteristics: First 17 patients in RESET-Myositis
All patients had active, refractory disease despite multiple medications, including IVIg and B cell-targeting therapies Baseline characteristics: First 17 patients in RESET-Myositis DM N=6 ASyS N=4 IMNM N=6 JDM N=1 Age, years, median (min, max) 57 (45, 72) 44 (26, 57) 59 (33, 64) 14 Female, n (%) 5
Slide 18: Efficacy data in DM and JDM patients following rese-cel infusion
6 of 7 patients achieved moderate or major IM-free TIS response at Week 16 which was maintained through latest follow-up Efficacy data in DM and JDM patients following rese-cel infusion As of 16 Apr 2026. *Low-dose steroids is defined as 50% reduction from baseline or ≤7.5 mg/day. †Missing data were
Slide 19: Rese-cel safety profile facilitates outpatient administration
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 20: Outpatient administration reduces administrative burden
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 21: 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 22: Three-phase approach to rese-cel launch in myositis and beyond
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 23: Systemic Sclerosis: Unmet Need & Clinical Data
Systemic Sclerosis: Unmet Need & Clinical Data
Slide 24: Systemic sclerosis: Profound unmet need and limited options
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;1:15002. 2. Denton
Slide 25: 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 26: Efficacy data in SSc following rese-cel infusion
After discontinuing immunomodulators, FVC improvement or stabilization was observed in most patients with ILD* Efficacy data in SSc following rese-cel infusion As of 16 Apr 2026. *Based on HRCT at screening. †Missing data were imputed using last observation carried forward. ‡Median and n numbers are
Slide 27: Rese-cel Manufacturing Strategy & Innovation
Rese-cel Manufacturing Strategy & Innovation
Slide 28: 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 29: Process C: Consistent manufacturing and translational data vs. traditional CDMOs
Process C: Consistent manufacturing and translational rese-cel data in 1st 2 patients vs. traditional CDMOs Automated manufacturing initial manufacturing & translational data Cellares uses Celleca for viability measurement to enable automated testing. Viability data for Process C shown in this figur
Slide 30: Advancing 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 31: Rese-cel – PC-Free Data at Lowest Dose in PV and Lupus
Rese-cel – PC-Free Data at Lowest Dose in PV and Lupus
Slide 32: RESET-PV: refractory patients received 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 33: Similar CAR T expansion with complete B cell depletion in 3 of 4 PC-free patients
Similar CAR T expansion to PC-treated rese-cel pts with complete B cell depletion in 3 of 4 PC-free patients PK / PD for PC-free rese-cel in patients with pemphigus vulgaris1 LD, lymphodepletion Note: Gray vertical dotted line indicates day of rese-cel infusion (study visit Day 1). Median and 50th p
Slide 34: 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 35: 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 36: Lupus: Unmet Need & Clinical Data
Lupus: Unmet Need & Clinical Data
Slide 37: SLE and 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 38: 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 39: Efficacy data in SLE following rese-cel infusion
Improvements in SLEDAI-2K and PGA over time after discontinuing immunomodulators Efficacy data in SLE following rese-cel infusion As of 16 Apr 2026. *Missing data were imputed using last observation carried forward. †Dashed single patient trend lines represent patients receiving rescue immunomodulat
Slide 40: Myasthenia Gravis: Unmet Need & Clinical Data
Myasthenia Gravis: Unmet Need & Clinical Data
Slide 41: Myasthenia gravis: Significant disease and 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. Dresser L, et al. J Clin Med. May 2021. 3. Results from quantitative survey of U.S. MG-treating physici
Slide 42: Baseline Characteristics: 13 RESET-MG Patients
All patients had active, refractory disease despite multiple immunomodulatory agents Baseline Characteristics: 13 RESET-MG Patients* AChR Positive (n=7) AChR Negative (n=6) Age, years, mean (min, max) 54.0 (41, 65) 53.3 (37, 70) Female, n (%) 3 (42.9%) 6 (100.0%) Time from diagnosis to screening, ye
Slide 43: No CRS observed in most patients; no ICANS observed
No CRS was observed in 11 of 13 patients; CRS was mild and resolved with no sequelae; no ICANS observed Incidence of Relevant and Related Serious Adverse Events* Cohort AChR Positive AChR Negative Patient AChR-pos-1 AChR-pos-2 AChR-pos-3 AChR-pos-4 AChR-pos-5 AChR-pos-6 AChR-pos-7 AChR-neg-1 AChR-ne
Slide 44: Efficacy data in AChR-positive patients following rese-cel infusion
After discontinuation of all immunomodulators Efficacy data in AChR-positive patients following rese-cel infusion1* *As of 6 March, 2026. †Baseline disease activity = activity before preconditioning. ‡Mean and n numbers are based on dosed patients not receiving rescue medication for MG. §AChR-pos-1:
Slide 45: Efficacy data in AChR-negative patients following rese-cel infusion
After discontinuation of all immunomodulators Efficacy data in AChR-negative patients following rese-cel infusion1* *As of 6 March, 2026. †Baseline disease activity = activity before preconditioning. ‡Mean and n numbers are based on dosed patients not receiving rescue medication for MG. §AChR-neg-1,
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: Advancing innovation with PC-free rese-cel and industrialized automated manufacturing
Beyond myositis and scleroderma, advancing innovation with PC-free rese-cel & industrialized automated mfg Immune reset with a single infusion and a favorable safety profile Transformative Value Proposition Elimination of PC Automated Manufacturing Expands the market Catalyzes outpatient use Reduces
Slide 49: Appendix
Appendix Cabaletta Bio’
Slide 50: TIS is a composite tool measuring relative 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 51: Corporate Presentation June 2026
Corporate Presentation June 2026