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Cabaletta Bio Inc. (CABA+0.58%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in research and development expenses to $26.3 million from $13.8 million in the same quarter the previous year. This increase is primarily due to higher personnel costs and clinical trial expenses.
General and administrative expenses rose to $6.8 million from $4.9 million, attributed to increased personnel costs and administrative expenses.
Net loss for the quarter was $30.6 million, compared to $16.4 million in the previous year. The increase in net loss is primarily due to higher operating expenses.
Interest income for the quarter was $2.4 million, up from $2.2 million in the previous year, driven by higher cash balances and interest rates.
Cabaletta Bio reported cash and cash equivalents of $170.6 million as of September 30, 2024, compared to $193.2 million at the end of 2023.
The company highlighted its ongoing clinical trials for its product candidates, including the RESET-SLETM Phase 1/2 clinical trial for CABA-201 in patients with systemic lupus erythematosus.
Cabaletta Bio continues to focus on advancing its product candidates through clinical development, with plans to expand its operational capabilities and manufacturing infrastructure.
The filing also discusses various risks associated with the company's business, including its reliance on third-party manufacturers and the regulatory approval process for its product candidates.
Cabaletta Bio acknowledges the need for additional financing to support its operations and development plans, with existing cash expected to fund operations into the first half of 2026.
The company is exploring potential strategic partnerships and collaborations to enhance its development and commercialization efforts.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Cabaletta Bio Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.