Cabelletta Bio reported its third‑quarter 2025 financial results, posting a GAAP earnings per share of –$0.44, a beat of $0.04 against the consensus estimate of –$0.48. The company’s net loss was smaller than analysts had expected, largely because disciplined cost management kept research and development spending in line with the company’s growth strategy.
The company remains pre‑revenue, with total revenue at zero for the quarter. However, it reported a robust cash balance of $159.9 million as of September 30 2025, giving it a runway that extends into the second half of 2026. This liquidity cushion supports continued investment in the company’s lead CAR‑T candidate, rese‑cel, and the broader RESET™ clinical development program.
Clinical updates were a key focus of the release. Cabaletta Bio highlighted rapid enrollment in the RESET™ program and presented data that demonstrate drug‑free, transformative responses in several autoimmune indications. The company’s regulatory milestones were also underscored, noting that rese‑cel has received EMA PRIME, FDA RMAT, and Fast‑Track designations—designations that can accelerate the review and approval process.
Management emphasized disciplined execution and the strategic importance of rese‑cel. CEO Steven Nichtberger stated that the company is focused on maintaining a strong cash position while advancing the clinical program, a stance that aligns with the company’s long‑term goal of delivering a curative therapy for autoimmune diseases. The earnings beat, combined with the company’s clinical momentum and regulatory support, signals confidence in the near‑term trajectory of the program.
The company did not provide forward guidance in this release, but the combination of a solid cash position, regulatory designations, and positive clinical data suggests that management remains optimistic about the future progress of the RESET™ program and the commercial potential of rese‑cel.
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