Summary
- Cabaletta Bio has filed proposed terms for its U.S. IPO.
- The firm is advancing a pipeline of candidates for the treatment of various autoimmune diseases.
- CABA is still at pre-Phase 1 safety trial stage, so the IPO is an ultra-high-risk and likely more suited to institutional investors.
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Quick Take
Cabaletta Bio (CABA) has filed to raise $87 million in an IPO of its common stock, according to an S-1/A registration statement.
The firm is developing drug treatments for Pemphigus and other autoimmune conditions.
CABA is an ultra-high-risk pre-Phase 1 stage biopharma, and the IPO is likely more suited for very long-term hold institutional investors.
Company & Technology
Philadelphia-based Cabaletta was founded to advance treatments for various autoimmune diseases.
Management is headed by President and Chief Executive Officer Steven Nichtberger, M.D., who has been with the firm since inception and is also an adjunct professor at The Wharton School and is Chairman of the Board at ControlRad.
CABA's lead program is DSG3-CAART, a CAAR T-based candidate for the treatment of mucosal pemphigus vulgaris, an autoimmune skin blistering disease.
Below is the current status of the company's drug development pipeline:
Source: Company registration statement
Investors in the firm include 5AM Ventures, Adage Capital Partners, Baker Bros. Advisors, Boxer Capital, and Deerfield Management.
