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CABA-201 Clinical and Translational Data from the RESET Phase 1/2 Trials NOVEMBER 2024 2024 Cabaletta Bio. All rights reserved. Disclaimer The following presentation, including any printed or electronic copy of these sli

Key Takeaway: Cabaletta Bio has presented information regarding its clinical and translational data from the RESET Phase 1/2 trials for CABA-201, an investigational therapy aimed at treating autoimmune diseases. The company anticipates significant clinical data read-outs in late 2024 that may provide insights into the safety and efficacy of CABA-201 across multiple conditions. Despite the optimistic outlook, the presentation also outlines various risks associated with clinical trials, regulatory approvals, and patient enrollment challenges.

Market Sentiment Analysis

POSITIVE FACTORS

  • Cabaletta Bio is focused on autoimmune diseases, suggesting a targeted therapeutic approach.
  • The company is advancing its clinical trials for CABA-201, which may lead to significant market opportunities.
  • The anticipated data read-outs are expected to be clinically significant for various patient groups.

CONCERNS & RISKS

  • There are inherent uncertainties related to clinical trials and their outcomes.
  • Potential for regulatory hurdles and requirements that could delay product development.
  • Cabaletta acknowledges risks regarding patient enrollment and trial site activation, which may hinder clinical progress.

Full Press Release Details

Disclaimer The following 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 or material distributed at or in connection with the
presentation (collectively, the "Presentation") has been prepared by Cabaletta Bio, Inc. ("we," "us," "our," "Cabaletta" or the "Company") and is made for informational purposes
only. This Presentation does not purport to be a prospectus, to be complete or to contain all of the information you may desire. Statements contained herein are made as of the date of this Presentation unless stated otherwise, and this Presentation
shall not under any circumstances create an implication that the information contained herein is correct as of any time after such date or that information will be updated or revised to reflect information that subsequently becomes available or
changes occurring after the date hereof. This Presentation may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 relating to our business, operations, and financial
conditions, and include, but are not limited to, express or implied statements regarding our current beliefs, expectations and assumptions regarding: our business, future plans and strategies for our CAAR T and CARTA technologies; our ability to
grow our autoimmune-focused pipeline; the ability to capitalize on and potential benefits resulting from our research and translational insights; including those related to any similarly-designed constructs or dosing regimens; the anticipated market
opportunities for CABA-201 in patients with autoimmune diseases; our ability to successfully complete research and further development and commercialization of our candidates, including the timing and results of our clinical trials and our ability
to conduct and complete clinical trials; expectation that clinical results will support CABA-201's safety and activity profile; statements regarding the expectations of trial modifications and prophylactic measures, continued trial operations;
statements regarding the timing of regulatory filings and interactions, including timing of such interactions, with regulatory authorities, including such authorities' review of information from Cabaletta's ongoing clinical trials and
potential registrational program designs for CABA-201; our business plans and objectives; our expectations around the potential success and therapeutic benefits of CABA-201, our advancement of separate Phase 1/2 clinical trials of CABA-201 in
patients with systemic lupus erythematosus (SLE), myositis, SSc, and generalized myasthenia gravis (gMG), and advancement of a RESET-PV trial, including the timing thereof, including our anticipated progress, timing of enrollment, expectations for
the efficiency of the clinical trial designs, updates related to status, safety data, or otherwise and the expected timing of the related data read-outs, and ability to leverage our experience in autoimmune cell therapy; the clinical significance of
the clinical data read-out at the ACR Convergence 2024 in November 2024 for patients with myositis, SLE and SSc treated with CABA-201; our planned initial clinical data read-out for patients with gMG treated with CABA-201 in the first half of 2025;
our ability to increase enrollment from our rapidly expanding clinical network in the RESET clinical program in the United States and beyond; our ability to activate clinical trial sites and pursue patient enrollment for the RESET-SLE trial in
Europe and leverage our recent CTA; the expectation that Cabaletta may improve outcomes for patients suffering from SLE, SSc, myositis, gMG, mucosal pemphigus vulgaris, or other autoimmune diseases; the ability of our clinical strategy to reduce
risk, maximize reach and accelerate timelines of our Phase 1/2 clinical trials of CABA-201; statements related to the differentiation of CAR T in the autoimmune setting; our ability to successfully complete our preclinical and clinical studies for
our product candidates, including our ability to enroll the requisite number of patients, dose each dosing cohort in the intended manner, and progress the trial; our ability to obtain and maintain regulatory approval of our product candidates,
including our expectations regarding the intended incentives conferred by and ability to retain Orphan Drug Designation and Fast Track Designations for our product candidates, as applicable; our ability to accelerate our pipeline and to develop
meaningful therapies for patients, including in collaboration with academic and industry partners and the ability to optimize such collaborations on our development programs; and our expectations regarding our use of capital and other financial
results, including our ability to fund operations into the first half of 2026. Words such as, but not limited to, "look forward to," "believe," "expect," "anticipate," "estimate,"
"intend," "plan," "would," "should" and "could," and similar expressions or words, identify forward-looking statements. Various risks, uncertainties and assumptions could cause actual
results to differ materially from those anticipated or implied in our forward-looking statements. Such risks and uncertainties include, but are not limited to, risks related to the success, cost, and timing of our product candidate development
activities and preclinical studies and clinical trials, risks related to our ability to demonstrate sufficient evidence of safety, efficacy and tolerability in our preclinical studies and clinical trials of CABA-201, DSG3-CAART and MuSK-CAART, the
risk that the results observed with the similarly-designed construct, including, but not limited to, due to dosing regimen, are not indicative of the results we seek to achieve with CABA-201, ethe risk that signs of biologic activity or persistence
may not inform long-term results, the risk that interim results do not always inform later results, the risk that piersistence observed with effective CD19-CAR T oncology studies in combination with lymphodepletion is not indicative of, or
applicable to, clinical responses in patients with mPV, risks related to clinical trial site activation or enrollment rates that are lower than expected, our ability to protect and maintain our intellectual property position, risks related to our
relationships with third parties, uncertainties related to regulatory agencies' evaluation of regulatory filings and other information related to our product candidates, our ability to retain and recognize the intended incentives conferred by
any Orphan Drug Designations and Fast Track Designations, risks related to regulatory filings and potential clearance, the risk that any one or more of our product candidates will not be successfully developed and commercialized, the risk that the
results of preclinical studies or clinical studies will not be predictive of future results in connection with future studies, and risks related to volatile market and economic conditions and public health crises. New risks and uncertainties may
emerge from time to time, and it is not possible to predict all risks and uncertainties. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained herein, whether as a result of any
new information, future events, changed circumstances or otherwise. Although we believe the expectations reflected in such forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct.
Accordingly, you are cautioned not to place undue reliance on these forward-looking statements. No representations or warranties (expressed or implied) are made about the accuracy of any such forward-looking statements. For a discussion of these and
other risks and uncertainties, and other important factors, any of which could cause our actual results to differ materially from those contained in the forward-looking statements, see the section entitled Risk Factors in our most recent annual
report on Form 10-K, as well as discussions of potential risks, uncertainties, and other important factors in our other and subsequent filings with the Securities and Exchange Commission. Certain information contained in this Presentation relates to
or is based on studies, publications, surveys and other data obtained from third-party sources and the Company's own internal estimates and research. While the Company believes these third-party sources to be reliable as of the date of this
Presentation, it has not independently verified, and makes no representation as to the adequacy, fairness, accuracy or completeness of, any information obtained from third-party sources. The Company is the owner of various trademarks, trade names
and service marks. Certain other trademarks, trade names and service marks appearing in this Presentation are the property of third parties. Solely for convenience, the trademarks and trade names in this Presentation are referred to without the
and TM symbols, but such references should not be construed as any indicator that their respective owners will not assert, to the fullest extent under applicable law, their rights thereto. 2
Today's Agenda AGENDA TOPIC SPEAKER Steven Nichtberger, MD
CABA-201 Overview Chief Executive Officer Lessons from Oncology: Expanding CAR T Carl H. June, MD Director of the Center for Cellular Immunotherapies, Penn Medicine Cell Therapies into Autoimmunity CABA-201 Clinical and Translational Data David
Chang, MD, MPH, FACR TM Chief Medical Officer from the RESET Clinical Program Steven Nichtberger, MD Conclusions Chief Executive Officer Q&A 3
CABA-201: CD19-CAR T specifically designed for autoimmunity 1,3
Cabaletta's CD19 binder with similar in vitro & in vivo activity to construct used in academic studies Clinical data reported by IASO using 4 licensed CD19 binder in oncology Fully human anti-CD19 binder Similar binding affinity &
biologic activity to FMC63, 1,2 with binding to the same epitopes Fully human binder Evaluated as dual-CAR combined with CD22 binder with standard Flu/Cy preconditioning Data reported in ~20 patients to date 4-1BB costimulatory domain B cell
leukemia and lymphoma in IIT in China Same co-stim. domain as used in academic studies CD3- signaling domain Safety data supports autoimmune development 5 CABA-201 IIT - Investigator-initiated trial; Flu/Cy -
Fludarabine/Cyclophosphamide 1. Peng, Binghao J, et al. "Preclinical specificity and activity of CABA-201, a fully human 4-1BB containing CD19 CAR T therapy for treatment-resistant autoimmune disease." Poster presented at: American
Society Gene and Cell Therapy 26th Annual Meeting; 2023 May 19; Los Angeles, CA. 2. Dai, Zhenyu, et al. Development and functional characterization of novel fully human anti CD19 chimeric antigen receptors for T cell therapy. Journal
of Cellular Physiology 236.8 (2021): 5832-5847. 3. M ller, Fabian, et al. CD19 CAR T-Cell Therapy in Autoimmune Disease-A Case Series with Follow-up. New England Journal of Medicine 390.8 (2024): 687-700. 4. Evaluated as part of CT120, a
dual-CD19xCD22 CAR T product candidate under development by Nanjing IASO Biotherapeutics, Co., Ltd. (IASO Bio). 5. Transmembrane domain in CABA-201 is CD8 vs. TNFRSF19 (Troy) utilized in the academic construct. The two transmembrane domains
have not been shown to have a significant difference in function or 4 IFN- production in preclinical studies. The CD8 transmembrane domain is employed in tisagenlecleucel.
RESET clinical program for CABA-201, a CD19-directed CAR T Multiple
autoimmune diseases evaluated in distinct disease cohorts across five clinical trials Phase 1/2 Pivotal Program Trial Preclinical Dermatomyositis Rheumatology Anti-synthetase syndrome Neurology RESET-Myositis IMNM Dermatology Contains cohort(s)
without preconditioning Juvenile Myositis Pediatric Indication Lupus Nephritis FTD RESET-SLE CABA-201 Non-Renal SLE 4-1BB CD19-CAR T Skin + Organ Cohort RESET-SSc Skin Cohort AChR-Ab pos. gMG RESET-MG AChR-Ab neg. gMG 2 Mucocutaneous & mucosal
pemphigus vulgaris RESET-PV RESET - REstoring SElf-Tolerance; IMNM - Immune-mediated necrotizing myopathy; SLE - Systemic lupus erythematosus; Ab - Antibody; AChR - Acetylcholine receptor; gMG - Generalized
myasthenia gravis 5 1. FDA Fast Track Designation received in dermatomyositis, SLE and lupus nephritis, systemic sclerosis, mucosal pemphigus vulgaris, and MuSK-Ab positive MG.
1 Expanding clinical site footprint across RESET program TM 16 patients
enrolled and 10 patients dosed across RESET studies, with 40 actively recruiting U.S. sites TM Clinical development expanding to Europe in 2025 with EMA CTA authorization for CABA-201 received for RESET-SLE Gerwin Winter appointed as
SVP and Head of International at Cabaletta Bio SLE sites Myositis sites SSc sites MG sites PV sites TM RESET Program Upcoming Milestone: 2025: Data permitting, anticipate meeting with FDA regarding potential registrational trial designs for
CABA-201 6 1. Data per clinicaltrials.gov as of November 12, 2024, as compared to companies with actively recruiting U.S. clinical sites for autoimmune cell therapy trials under company-sponsored INDs.
Lessons from Oncology: Expanding CAR T Cell Therapies into Autoimmunity
Success of CAR T in oncology established over decades B cell cancer
experience with CAR T informs use in autoimmune patients 1987 1994 2003 2017 1 First CAR design First report of CAR T cells First anti-CD19 First CAR T cell therapy approved by FDA 2 5 7 killing tumor cells in mice CAR reported (tisagenlecleucel)
1994 1998 2004 2021 First clinical trial of First CD28- First 4-1BB- Early report of CAR T cell CAR T for HIV costimulated CAR costimulated CAR therapy for autoimmune 3 4 6 8 initiated reported reported disease in humans 9 Multiple types of
cell therapies are in Phase 1/2 studies, with the majority being autologous CAR T cell therapy 10 ~800 ongoing CAR T trials, with the majority in the US and China Experience in oncology has established foundation for application in
autoimmune disease 1. Kuwana Y, et al. Biochem Biophys Res Commun. 1987;149(3):960-968. 2. Moritz D, et al. Proc Natl Acad Sci USA. 1994;91:4318-4322. 3. Roberts MR, et al. Blood. 1994;84(9):2878-2889. 4. Krause A, et al. J Exp Med.
1998;188:619-626. 5. Brentjens RJ, et al. Nat Med. 2003;101(4):1637-1644. 6. Imai C, et al. Leukemia. 2004;18:676-684. 7. O'Leary MC, et al. Clin Cancer Res. 2019;25(4):1142-146. 8. Mougiakakos D, et al. N Engl J Med. 2021;385(6):567-569. 9.
Krishnamurthy A, et al. Wells Fargo, November 2017. 10. Clinicaltrials.gov. Accessed November 14, 2024. 8 https://clinicaltrials.gov/search?intr=chimeric%20antigen%20receptor.
Considerations for CAR T therapy in cancer and autoimmunity 1 Factors
that predict adverse events and relapse differ in patients with autoimmune diseases Cancer Autoimmune disease Risk of side effects related to target B cell burden (including 1-5 CAR CRS and ICANS) T cell Healthy cells Risk of treatment failure due
to Necrotic 1,2 cell mutational load (antigen escape) Cancer cells T reg Risk of permanent B cell aplasia 2 Fibroblast due to prior bone marrow damage TME Diseased cell Risk of environmental barriers Cancer (DLBCL) Healthy B cells for CAR T cell
infiltration 7 ~10 trillion cells 300 billion cells Anticipated risk of 1-5 1,6 High risk Lower Risk suboptimal outcomes 1 Images adapted from Baker DJ, et al. 2023. TME, tumor microenvironment. 1. Baker DJ, et al. Nature. 2023;619(7971):707-715. 2.
Sterner RC, Sterner RM. Blood Cancer J. 2021;11(4):69. 3. Breyanzi. Prescribing information; 2024. 4. Yescarta. Prescribing information; 2024. 5. 9 Kymriah. Prescribing information; 2022. 6. M ller F, et al. N Engl J Med. 2024;390(8):687-700.
7. Sender, R et al. PNAS 2023 e2308511120.
Potential adverse events after CAR T cell therapy in cancer Physician
experience in oncology has established algorithms for routine management of common AEs 1 CRS/ICANS assessment parameters Measures alterations in speech, Fever orientation, handwriting, attention, ICE score 2 & receptive aphasia Hypogamma- CRS
events globulinemia Consciousness with ICANS CRS Hypotension Graded 1-4 Graded 1-4 Seizure depending on depending on severity & severity & manifestations manifestations and/or Motor findings Hypoxia Cytopenias & neutropenias,
ICANS events increasing risk of ICP/cerebral edema infection Managing CRS & ICANS events 3 CRS: Tocilizumab +/- steroids & supportive care 4 ICANS: Steroids, supportive care and anti-seizure medications when appropriate 5-8
Seizure prophylaxis is a routine part of some CAR T therapy administration protocols 9 10 11 Image adapted from Bonifant CL, et al. 2016, Verdun N and Marks P. 2024, Adkins S, et al. 2019. AE, adverse event; CAR, chimeric antigen receptor;
CRS, cytokine release syndrome; ICANS, immune effector cell-associated neurotoxicity syndrome; ICE, immune effector cell encephalopathy; ICP, intracranial pressure 1. Lee DW, et al. Biol Blood Marrow Transplant. 2019;25(4):625-638. 2. Herr MM,
et al. Biol Blood Marrow Transplant. 2020;26(11):e271-e2744. 3. Zhang Y, et al. J Clin Med. 2023;12(19):6124. 4. Jain MD, et al. Blood. 2023;141(20):2430-2442. 5. The EBMT/EHA CAR-T Cell Handbook. Available at:
www.ebmt.org/sites/default/files/2022-02/2022_Book_TheEBMTEHACAR-TCellHandbook.pdf (accessed 10 October 2022). 6. Pensato U, et al. J Neurol. 2023;270(5):2659-2673. 7. Pensato U, et al. Neurol Sci. 2024;45(8):4007-4014. 8. Mackensen A,
et al. Nat Med. 2022;28(10):2124-2132. 9. Bonifant CL, et al. Mol Ther Oncolytics. 2016;3:16011. 10. Verdun N, Marks P. N Eng J Med. 2024;390(7):584-586. 11. Adkins S. J Adv Pract Oncol. 2019;10(suppl 3):21-28.
CABA-201 Clinical and Translational Data TM from the RESET Clinical
Autoimmune disease patients face substantial unmet medical needs 1-4
Despite therapies with chronic broad immunosuppression, mortality is increased, and quality of life is reduced* Systemic lupus Myositis Systemic sclerosis erythematosus 6 Chronic inflammation often leads to Progressive, multi-organ
damage Progressive skin and organ fibrosis, which 1 permanent tissue damage often leads to irreversible lung, cardiac and 2 ~40% develop lupus nephritis with 25% risk kidney damage 7,8 Progressive weakness, pain, dysphagia,
and of death or ESKD within 10 years extramuscular manifestations are also 9 Average survival from diagnosis is ~12 years 5 common Patients are seeking a drug-free, symptom-free life; 10 physicians also prioritize prevention of end-organ
damage *Compared with the general population ESKD, end-stage kidney disease 1. Lundberg IE, et al. Nat Rev Dis Primers. 2021;7(1):86. 2. Allanore Y, et al. Nat Rev Dis Primers. 2015;1:15002. 3. Zen M, et al. Eur J Intern Med. 2023;112:45-51.
4. Refai RH, et al. Sci Rep. 2024;14(1):5234. 5. Suh J, Amato AA. Muscle Nerve. 2024;70(2):166-172. 6. Murimi-Worstell IB, et al. BMJ Open. 2020;10(5):e031850. 7. Anders HJ, et al. 12 Nat Rev Dis Primers. 2020;6(1):7. 8. Hoover PJ, Costenbader
KH. Kidney Int. 2016;90(3):487-492. 9. Mayes MD. Rheum Dis Clin North Am. 2003;29(2):239-254. 10. Golder, et al. Lupus. 2018;27(3): 501-506
TM Key inclusion and exclusion criteria in RESET clinical program
Designed to evaluate the safety and tolerability of CABA-201 in subjects with active, refractory disease 1-3 Key inclusion criteria Evidence of active disease despite prior or current treatment with standard of care RESET-Myositis
RESET-SLE RESET-SSc Age 18 and 65 with an SLE diagnosis Age 18 and 75 with a diagnosis of IIM Positive ANA or anti-dsDNA at screening Age 18 and 70 with a limited or diffuse
(ASyS, DM, or IMNM) SLE (non-renal): active, moderate to severe SSc diagnosis Presence of at least one MSA SLE, SLEDAI-2K 8; pure class V LN patients Evidence of significant skin, pulmonary, eligible for this cohort
JIIM: Age 6 and 17 with presence of at least renal, or cardiac involvement one MSA or MAA LN: active, biopsy-proven LN class III or IV ( class V) 1-3 Key exclusion criteria B cell-depleting agent within
prior 3-6 months; Previous CAR T therapy and/or HSCT Presence of kidney disease other than LN Cancer-associated myositis Severe lung or cardiac impairment Current symptoms of severe, progressive, or
Significant lung or cardiac impairment uncontrolled pulmonary or cardiac disease ASyS, antisynthetase syndrome; CAR, chimeric antigen receptor; DM, dermatomyositis; HSCT, hematopoietic stem cell transplantation; IIM, idiopathic inflammatory
myopathy; JIIM, juvenile idiopathic inflammatory myopathy; LN, lupus nephritis; MAA, myositis-associated antibody; MSA, myositis-specific antibodies; SLEDAI-2k, SLE disease activity index 2000; SSc, systemic sclerosis. 1. ClinicalTrials.gov.

Frequently Asked Questions

What is the purpose of the Cabaletta Bio Presentation?

The Presentation is for informational purposes only and does not claim to be complete.

What are forward-looking statements?

Forward-looking statements reflect beliefs and expectations regarding future business activities.

What risks does Cabaletta Bio face?

The company faces risks related to product development, regulatory approval, and market conditions.

When will CABA-201 data read-outs occur?

Initial clinical data read-out for gMG is expected in the first half of 2025.

How does Cabaletta plan to fund operations?

Cabaletta aims to fund operations into the first half of 2026.

Last updated: Nov 12, 2024